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BTC undergoing correctionHello everyone, let's take a look at the BTC to USDT chart on a one-day time frame. As we can see, the price rebounded from the upper border of the downward trend channel, and what is more, we can see how the local downward trend line was broken inside the channel. Let's start by determining the support line and here there is a strong support at the level of $65,372, at which the price currently holds, then there is support at the level of $61,397, the third support at the price of $58,444, and further support at the lower border of the downward trend channel at the level of $54,792 . Looking the other way again using the trend based fib extension tool, we can determine resistance. However, here it is worth starting by marking a strong resistance zone which the price cannot overcome from $70,105 to $73,515, then there is resistance at $76,267 and then at around $80,000. Looking at the RSI indicator, we can see how we have approached the place where we could previously observe a change in direction, while on the STOCH indicator we are moving towards the lower border, which may also indicate an upcoming change in direction.
by cryptodailyuk
If bonk validates the channel breakout here target = .00003736The previous daily candle closed with he top trendline of the channel as support and now the current candle is seeing a bullish impulse suggesting the tp trendline has been flipped to solidified support and that it could already potentially be validating the breakout. I’ve seen bigger fakeouts than this before so I’m not ready to say the breakout is confirmed jsut yet but so far probability is favoring it. *not financial advice*
COINBASE:BONKUSD
by DrDovetail
1
ETH fighting against strong resistanceHello everyone, let's take a look at the ETH to USDT chart on a one-day time frame. As you can see, the price is currently bouncing off the downtrend line. Let's start by determining the support line and as you can see, the first support in the near future is $3,530, then you can see support at $3,250, and then we have a strong support zone from $3,046 to $2,796 Now let's move on to determining the resistance points. And here we must start by identifying a very strong resistance zone from $3,821 to $4,110, only when we manage to break out and positively test this zone, we can see a move towards the resistance at $4,917. Looking at the EMA Cross 50 and 200 indicator, they still indicate that the strong upward trend is maintained. There is still room for growth on the RSI indicator, while the STOCH indicator shows a move towards the upper limit, so you should be careful and take into account a possible recovery.
by cryptodailyuk
Ether breaking up from bullflag.Very likely validating the breakout up from this flag with this big candle move/close today.. If so the target is all the way up at $5034. Reaching this price target can take price well above the purple line which is a neckline to a big inverse head and shoulders pattern. Once we were to trigger the breakout of the big inverse head and shoulders target we will likely be looking at a measured move target for it around 7300-7400! For now the current target to focus on is 5034, as it could still correct enough to dip back below the purple neckline after reaching the bull flags breakout target. Also chances at consolidations or pullbacks along the way to the bull flag target as well so tread wisely. *not financial advice*
BITSTAMP:ETHUSD
by DrDovetail
Propy already trying to trigger bigger invh&s pattern? Prop has technically already completed a right shoulder and currently has a decent sized green candle above the neckline. That shoulder is extremely small and disproportional to the rest of the inverse head and shoulder pattern, but I’ve seen even uglier looking versions of this pattern get validated so it is quite possible we could see it validate on the current breach above the neckline. What I’ve also seen many times is price action going back below the neckline 1-4 more time before the official breakout validation happens. Either way once the first breach happens it’s always wise to start keeping a close eye on an inv h&s patter. The breakout target for this one is pretty massive, around $42 or so, so I plan on trying to add some more propy to my holdings before the validation is confirmed. *not financial advice*
COINBASE:PROUSD
by DrDovetail
7
ABTUSD Breaking upward from a bull pennantIt looks like it is validating the break upward, full emasured move target can lead to 180% gains from current price range. Of course always possible it corrects all the way back don to the top trendline of the pennant before reaching the full target. If so that’s simply an opportunity to enter at a zone with even bigger gains potential. It could just as easily keep pumping until it reaches the full target as well. If longer consolidation it could take 1 as many as 1-3 weeks to reach the full target also…and then of course a possibility with the least probability as it somehow does a 180 and doesnt reach the full target as all since anything’s possible…but as I said, that scenario is the one with the lowest probability at the moment. *not financial advice*
COINBASE:ABTUSD
by DrDovetail
2
Propy’s Linear chart has a more realistic invh&s targetI posted my previous Propy chart on here before realizing I had the chart mode set to logarithmic. Log charts also do usually reach their targets as well but sometimes it can take multiple bull runs to hit the really high targets on a logarithmic chart. So I thought it would be wise to switch the chart to linear and show what the linear breakout target would be for the inverse head and shoulders target as it has a much higher probability of reaching this target within a month or few of it validating the inv h&s breakout. We can see the target for the pattern on the linear chart is considerably lower and only at $5.60 instead of the $42 price the log chart has the measured move target at. I can believe that propy could eventually hit $42 but theres no guarantee that happens this bull run, sometimes log chart targets take multiple bull runs to get reached. That being said, it is still very possible propy could reach such a price this bull run, so its wise to include that price target as a real possibility, but also even wiser to not consider it a certainty by any means(at least not for the current bullrun). For now I’m setting my pragmatic sights for the invh&s breakout target at around $5.60(depending on whenever the breakout is actually validated which could take many more dips back below the neckline first) *not financial advice*
COINBASE:PROUSD
by DrDovetail
3
Will MATIC move towards $1.6Altcoins with small capitalization (young/new) have already made huge increases in the bull market, and what about altcoins with larger capitalization? The boom doesn't apply to them? I present to you possible growth scenarios with potential key places for continued growth. The first scenario assumes increases after repeating the 1:1 black correction, i.e. wave 2 as wave 4. The condition is that the price will rise above 1.54usdt. The second scenario is a flat ABC correction, where the condition is that the price increases to the red zone without breaking the top of wave 1 and falls to the green zone as wave C, ending the correction, after which I assume increases. Regards.
MLong
by cryptodailyuk
LTC/USDT 1DInterval ChartHello everyone, let's take a look at the LTC to USDT chart on a one-day time frame. As you can see, the price had a dynamic decline and a temporary descent below the upward trend line, but has now returned to the trend line level. Let's start by determining the support line and as you can see, the price dropped and quickly returned to support around the level of $77.74, then there is an important support level at $68, and then a very strong support level at $56. Looking the other way, you can see how strong the resistance level is again at $92.5, which may stop the price from rising again to the resistance zone from $102.5 to $115. Looking at the RSI indicator, we can see how we remain in a downward trend and the confirmation of a return to the downward trend, while the STOCH indicator bounced off the lower end of the range with room to give a greater increase in the current price rebound.
by cryptodailyuk
Is gold finally ready to breakout from the pink channel/flag?You can see here on this chart how gold seems confidently above the pink trendline but you can also see to the left of that that we were above this line once before not too long ago and that resulted in a big wick and dip back below the trendline to correct for awhile, as is often the case whenever an any asset breaks above a key trendline like this for the 1st time…now that it is the second time above it and it seems to be holding much better support as of now the chances of this being the breach of the trendline that triggers the breakout is much better with a much higher probability, though there is still some lesser probability for it to go back below the trendline once twice or even thrice again. With each time it goes back below the trendline, the odds of the very next breach up above the trendline being the one that validates the breakout begin to increase exponentially. The current one looks confident enough that its very plausible we could see the breakout validated this go-around, so I’m going to post a chart of this idea with the measured move lines adjusted accordingly to reflect this current spot s the breakout point just so I can more easily keep tabs on it in the coming weeks ahead. *not financial advice*
OANDA:XAUUSD
by DrDovetail
SasanSeifi 💁‍♂DXY/ Daily Hello, The dollar index TVC:DXY started an uptrend from 100.600. After reaching the liquidity zone around 104.900, it faced a correction due to profit-taking by buyers. The correction extended down to the demand zone at 102.300. The index has bounced back from the demand zone and is trading at 104.000. The EMA is moving between the candlesticks, indicating a range-bound market. If the daily candle closes with a strong body, we can expect positive movements towards 104.400 and 104.975. We must observe how the price reacts at these levels to understand the further trend. If the index breaks above 104.970/105 and consolidates, it can create a new high above 104.976 and potentially reach 105.500/106. Otherwise, after ranging and confirmation of SELL in lower time frames, we may see a correction. The key support levels are 103 and 102.350. Remember, this is just a technical analysis and not financial advice. Always do your research before making any investment decisions.❗❌ I hope this analysis was helpful! If you have any questions, feel free to ask.🙌
TVC:DXY
by SasanSeifi
The right shoulder of the Dow’s Inv H&S is its own inv h&S!!We are looking at the Dow jones on the daily here and can see 2 distinct inverse head and shoulder patterns have formed here. The larger one I have indicated with a lavender neckline and the smaller one with a green neckline. Price action is currently above both of them and overall this is looking very bullish, however we must remember that the daily timeframe is less effective in traditional stock markets than in the crypto market because the market is much more mature. That being said , I’m pretty certain the larger of the 2 inverse head and shoulder patterns would qualify as a weekly pattern or possibly even a monthly timeframe pattern so if we can get a few weekly and maybe a coupe monthly candle closes above the lavender neckline this will be a very bullish development for the Dow and greatly increase the likelihood of these patterns validating their breakout. For now though, it’s looking awfully ripe. *not financial advice*
TVC:DJI
by DrDovetail
An update to my Dow Jones chart I posted July 18th 2023The original chart was on a much larger time frame, but we are getting so close to the second measured move target now I figured I’d make this update on the daily chart. We are now about 3 pips away from hitting the 2nd bigger invh&s pattern’s full measured move breakout target. Always amazes me how these things come to fruition, and in this case I was able to predict with macro chart patterns it would reach these heights 7 months before it happens. That’s not to say it wasnt happening this whole time because it essentially was, just had to not fall for the initial break above the necklines and also the follow up break back below the neckline….classic head fakes I expect to see this higher target hit in February, where the market will go from there I’m really not sure..this could indeed be a fulcrum point but it could also behave like solana just recently did and just blast well above the target or after reaching the target continue to pump. Either way I expect this will at least reach within a half pi of the target but think probability is high of it hitting the target 100% still. *not financial advice* I will post a link to the original chart from last July down below. Thanks for reading, following, and rocket boosting my charts. Much respect.
TVC:DJI
by DrDovetail
2
Inverse h&s target hit on xrpusd; now the head of bigger invh&sWe just hit the 4 hour charts inverse head and shoulder breakout target for xrpusd (shown here in teal). In doing so we actually formed another slightly bigger, daily chart inverse head & shoulders pattern (shown here in brown) The head of the brown inverse head and shoulder’s pattern is actually the entire teal invh& pattern. Let’s see if price action becomes attracted to the dotted brown trendline like a magnet which is often what tends to happen during the breakout. *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail