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Potential head & shoulders pattern on the 30 minute chartAfter an insane 1 day candle that pumped its way above every resistance on the chart except 2 but then ultimately couldn't stay above the always magical 61.80% fibonacci retracement level at 13600, we witnessed price action plummet a whopping 10% to the 11.6k range in under a minute and then quickly jump its way back to the 13k range liquidating shorts and longs alike! Once it got back up above 13k most have now assumed the correction is over and the bull run will now resume however we are currently forming this head and shoudler top pattern on the 30 minute chart which if triggered could drop us to 9.7k and reveal the correction is much more than just a 10% correction. We've been long overdue for the normal 31-41% percent correction that most bull runs tend to get much sooner than this far into the bull run so its very possible this may be the beginning of hat level of correction. In fact, a 39% dip from our current top would take us right back to our strong red horizontal trendline at 8504. Not only that, but the 1 day 50ma (not shown here) happens to be currently overlapping the 8504 trendline and creating double reinforced support with it so it would likely create a huge rebound bounce up in price if price action were to dip 39% to test it. One more confluence with that zone is that it was at 8500 or so where the gap up was found on the CME Futures chart and those kind of gaps tend to always get filled before too long so a revisit to the 8k zone is not out of the question. Of course 10k could provide enough support to prevent that or we could also already be done correcting entirely. Because all these possibilities are currently on the table his idea will be marked neutral but these are all zones to watch indeed.
BITSTAMP:BTCUSD
by DrDovetail
EUR/JPY Consolidation Area 1HR Breakout Entry Bearish BiasI have been documenting this pair quite a lot recently because of the heavy downside movement which has created multiple entries for this pair. After a clear breakout of a counter trendline earlier today we can see we are in a consolidation period but the market is presenting its hand to us. Analyising the price action we can see that everytime buyers came back into the market the sellers would take the momentum away quickly with bearish engulfing candles which suggests to me that the sellers are still in control of the market. I would like to see a clear breakout of this consolidation period on the 1HR to the downside confirmed also on the 2HR. I am unsure if there would be a pullback but I would like to see a touch of The EMA and a rejection once we breakout of the consolidation to confirm the direction of the market. Be patient though as on the daily we can see a spinning top being created which could suggest a reversal in the next couple of days.
Short
by FXEntries
EUR/JPY 1HR Short Trade - Fib Retracement Trendline Monthly AreaAfter keeping an eye on this pair since the bearish movement I posted last week I want to keep an eye on how price was going to react to this very dynamic area of monthly support/resistance (124.000) and as we can see from this analysis we broke through with a very bearish engulfing candle, consolidated on this key area as the market could not decide what will happen next but was giving some clues with the price action. We could see when the buyers tried to take control on a number of occasions shortly after we would see huge engulfing candles taking all the progress made. We do have a 50% fib retracement in play right now and a new trendline which is being respected. I would like to see price come back up and tap the trendline one last time before taking an entry short just to confirm the overall bias of the market or a clear rejection of the monthly resistance area (124.000) I believe there is alot of downside potential here so I would keep an eye on this pair for any obvious price action to favour the bearish bias.
Short
by FXEntries