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Bitcoin Analysis: Potential Resistance AheadOverview: Bitcoin (BTC/USD) is approaching a key resistance level at $72,295, which could impact its near-term price action. Here's a breakdown of the current analysis and potential trading opportunities. Technical Analysis: - Resistance Level: Bitcoin is approaching a significant resistance level at $72,295. - 4-Hourly Chart: A close above this level could indicate further upside potential, with the next resistance at $73,785. - Buying Opportunities: Potential buying opportunities exist at $67,923 and $65,244, where price action may pause or reverse. Trade Strategy: - Resistance Breakout: If Bitcoin closes above $72,295, it could signal a bullish continuation, with targets towards $73,785 and beyond. - Buying Zones: Look for buying opportunities at $67,923 and $65,244, with confirmation from candlestick patterns indicating a potential reversal or pause in the downtrend. Risk Management: - Set stop-loss orders below key support levels to manage risk. - Adjust position sizes according to risk tolerance and trading strategy. Your Opinion Matters! What's your take on Bitcoin? Do you anticipate an upward or downward movement? Share your thoughts in the comments below! 👍 Like if you found this analysis helpful! Follow for more updates on Bitcoin and other cryptocurrencies! Remember to perform your own analysis before making any trading decisions.
BITSTAMP:BTCUSDShort
by RaynLim
Buying Opportunity on NZDUSDThis week, I'm eyeing a potential buying opportunity on NZDUSD, and here's my trade plan: 1. Bullish 5-0 Pattern on Weekly Chart: The NZDUSD is currently in the zone of the Bullish 5-0 Pattern on the Weekly Chart, signaling a potential buying opportunity. 2. 4-hourly Chart Setup: The 4-hourly chart presents a candlestick confirmation at the Potential Reversal Zone (PRZ), indicating a possible entry point for long positions. 3. Confirmation with 3-Bar Reversal: Despite the candlestick confirmation at the PRZ, I remain cautious and will wait for further confirmation. I'm looking for a 3-bar reversal pattern, where the next candle closes above 0.6089 and retests the level at 0.6083 before considering a buying opportunity. By waiting for the 3-bar reversal pattern, I aim to ensure a stronger confirmation of the bullish momentum before entering the trade. What are your thoughts on NZDUSD? Feel free to share your trade plans and insights below! Wishing everyone profitable trading ahead!
Long
by RaynLim
Counter-Trend for Greater ProfitsThis week, I'm looking at NZDJPY with a bearish perspective, and here's my trade plan: 1. Bearish Shark Pattern Confirmation at 91.74: I'll be patiently waiting for the Bearish Shark Pattern to confirm at the level of 91.74. This level coincides with the formation of a Head & Shoulders pattern, adding confluence to the bearish setup. 2. Extended Trading Targets: If the Bearish Shark Pattern sets up as anticipated, I'll extend my trading targets beyond the traditional Target1 and Target2. By doing so, I aim to capitalize on the potential bearish momentum and maximize profits from the trade. 3. Stop Loss Management: Once the market reaches the traditional Target1 of the Shark Pattern, I'll shift my stops to the entry level to protect profits and minimize risk. By patiently waiting for the bearish setup to confirm and managing stops effectively, I aim to capitalize on the shorting opportunity presented by NZDJPY this week. What are your thoughts on NZDJPY? Feel free to share your trade plans and insights below! Wishing everyone successful trading ahead!
Short
by RaynLim
Long on USDJPYThis week, I'm maintaining my bullish sentiment on USDJPY, and here's my trade plan: 1. Support Retest at 148.53: I'm looking for a buying opportunity if the market retests the support level at 148.53. This level has shown previous support and could act as a launching pad for further upward movement. 2. Bullish Trendline Retest: Alternatively, I'll keep an eye on the bullish trendline. If the market retraces and retests this trendline, I'll consider it as another potential buying opportunity. By patiently waiting for these retest levels, I aim to enter long positions on USDJPY and ride the potential bullish momentum. What are your thoughts on USDJPY this week? Feel free to share your trade plans and insights below! Wishing everyone successful trading ahead! Best regards.
Long
by RaynLim
Long on GBPUSDThis week, I'm feeling bullish on GBPUSD, and here's why: 1. Weaker Bullish Trend on Daily Chart: Although the bullish trend on the daily chart is weaker, the recent violation of previous resistance suggests potential upward momentum. 2. RSI Divergence on 1-hourly Chart: The presence of RSI Divergence on the 1-hourly chart indicates a possible reversal or continuation of the bullish trend. Given these factors, I'm patiently waiting for a buying opportunity at 1.2730, where I'll enter a long position on GBPUSD. What are your thoughts on GBPUSD this week? Share your trade plans and insights below! Wishing everyone profitable trades ahead! Happy Trading!
Long
by RaynLim
Short on EURUSDThis week, I'm leaning towards a shorting opportunity on EURUSD for a couple of reasons: 1. **Bearish Shark Pattern on Daily Timeframe:** The presence of a Bearish Shark Pattern on the daily timeframe suggests a potential downward movement in the price. 2. **Breakthrough of Bullish Gartley Pattern:** The Bullish Gartley Pattern on the 4-hourly chart breaking through the Potential Reversal Zone (PRZ) indicates a weakening bullish sentiment. 3. **Waiting for Retest:** I'll be patient and wait for the market to retest the resistance level at 1.09121 before entering a short position. What are your thoughts on EURUSD? Share your trade plans and perspectives below! Let's make this week a profitable one! Happy Trading!
Short
by RaynLim
2
Long on EURJPY with CautionThis week, I'm taking a long position on EURJPY based on the 4-hourly chart. While some may see it as a Bullish Gartley pattern with a warning sign, others may interpret it differently, perhaps as a Bullish Gartley on PEZ or a key support level. My Trade Plan on EURJPY 1. Long position initiated based on the 4-hourly chart. 2. Watching closely for any violation of 161.23, which could prompt a reevaluation. 3. Awaiting the market to hit the first target. Share your thoughts and trade plans for EURJPY. How are you interpreting the pattern? Let's continue the discussion!
Long
by RaynLim
Counter-Trend Trade on NZDUSDThis week, while many counter-trend traders might be eyeing a short on NZDUSD due to a potential setup on the 4-hourly chart, I'm taking a different approach. Why I'm Bullish: 1. The market retested the previous resistance without creating an RSI Divergence, which raises concerns for a strong bearish move. 2. I'm looking for a buying opportunity at 0.6153. Share your thoughts and trade plans for NZDUSD. What's your approach this week? Let's keep the conversation going!
Long
by RaynLim
1
Bullish Bias with Buying Opportunity on RetestGBPUSD is on my radar, and here's my outlook: 1. Bullish Bias: - I have a bullish outlook on GBPUSD. - The Friday close indicates a potential bullish movement. 2. Buying Opportunity at 1.2819: - I'll be patiently waiting for the market to retest 1.2819. - Preferably, a double bottom formation with RSI Divergence would be ideal for a buying opportunity. Share your thoughts and trade plans for GBPUSD in the comments below. Let's exchange ideas and insights!
Long
by RaynLim
Anticipating a Buying Opportunity on Daily ChartEURUSD is catching my attention, and here's my perspective: 1. Bearish Shark Pattern on Daily Chart: - For traders seeking shorting opportunities, there's a Bearish Shark Pattern on the Daily chart. - The completion of this pattern might indicate a potential bearish move. 2. Buying Opportunity at 1.0879: - Personally, I'm eyeing a buying opportunity on EURUSD. - Despite a flawed Bullish Shark Pattern, I'm looking to enter long at 1.0879. Share your thoughts and trade plans for EURUSD in the comments below. Let's keep the discussion going!
Long
by RaynLim
Bullish Flag Breakout and 5-0 Pattern Combo TradeI'm closely monitoring AUDCAD, and here's why: 1. Bullish Flag Channel Breakout on 4-hourly chart: - AUDCAD has recently broken out of a Bullish Flag Channel on the 4-hourly chart. - This breakout suggests a potential bullish move in the market. 2. 5-0 Pattern on 1-hourly chart at 0.8829: - Waiting for a retracement, I'm eyeing the completion of a 5-0 Pattern at 0.8829 on the 1-hourly chart for a potential long opportunity. - Utilizing a combo trade strategy to manage risk and enhance returns. This combo trade involves combining the breakout from the Bullish Flag Channel with a harmonic pattern entry on a lower timeframe (1-hourly 5-0 pattern). Feel free to share your insights and trade plans for AUDCAD in the comments below. Check the chart link for a visual representation.
Long
by RaynLim
RSI Divergence and Bearish Shark Pattern Combo TradeToday, let's delve into an intriguing setup on GBPJPY that combines a Weekly Chart RSI Divergence with a 1-hourly Bearish Shark Pattern: 1. Weekly Chart RSI Divergence: - Observe the RSI Divergence on the Weekly Chart, signaling a potential weakening of the bullish trend. - This divergence might serve as a precursor to a reversal or retracement. 2. 1-hourly Bearish Shark Pattern at 190.72: - Look for a shorting opportunity as the Bearish Shark Pattern completes at 190.72 on the 1-hourly chart. - Engaging in a short position aligns with the potential bearish sentiment suggested by the RSI Divergence. This combo trade approach involves using higher timeframes for trend analysis (Weekly RSI Divergence) and pinpointing a precise entry with a harmonic pattern on a lower timeframe (1-hourly Bearish Shark). Feel free to share your thoughts and trade plans for GBPJPY in the comments below. For a visual representation, refer to the chart link provided.
Short
by RaynLim
Bullish 5-0 vs. Type2 Bearish Shark PatternIf you're navigating conflicting biases, here are two potential setups: 1. Bullish 5-0 Pattern at 149.96: Long Opportunity - Engage in a long position based on the completion of the Bullish 5-0 pattern at 149.96. - This pattern signals a bullish bias, providing an opportunity for traders expecting an upward move. 2. Type2 Bearish Shark Pattern at 150.67: Shorting Opportunity - Consider a short position if the Type2 Bearish Shark Pattern completes at 150.67. - This approach factors in the possibility of Fed rate cuts in June, potentially influencing a bearish move. As a trader, it's essential to weigh the conflicting signals and align your strategy with your overarching market outlook. Feel free to share your preferences and insights on these setups.
Long
by RaynLim
Science of Trading ApproachToday, I'm excited to share a detailed approach for trading GBPUSD. If you're considering a short position, here's a comprehensive strategy: 1. 1-Hourly Chart: Shark Patterns at 1.2676 - Wait for Shark Patterns to complete at 1.2676 on the 1-hourly chart. - Look for a trading combo within the chart when the market retests the Trendline Break (red line). - Ensure the market doesn't violate the trendline during this process. 2. 4-Hourly Chart: Bearish Gartley Pattern at 1.2725 - The ideal scenario is for the Bearish Gartley Pattern to complete at 1.2725 on the 4-hourly chart. - Aim for completion before Monday, March 4, 2024, by 5 pm. Patterns completing after this time are considered disqualified. This Science of Trading approach allows for a meticulous analysis and synchronization of different patterns across multiple timeframes. It provides a well-defined strategy for traders looking to short GBPUSD. Feel free to share your thoughts and insights. Are you considering a similar approach or have different plans for GBPUSD? For a visual representation, please refer to the chart link in the TradingView post.
Short
by RaynLim
EURUSD Type2 Bullish Shark Pattern - Two-Trade StrategyI'm pleased to share an update on the EURUSD Type2 Bullish Shark Pattern trade. If you've been following my TradingView post, you might have already profited from the first target, and now we're looking at a potential second target. Here's the current strategy: - First Target : Already Profited - Second Target: Awaiting Fulfillment In the event of a retracement to 1.0815, I am considering engaging in an additional long position. This strategy involves a Double Bottom retest trade. Essentially, if the market retraces and reaches 1.0815, I'll enter another long position. This way, if the market moves in my favor, I'll have two trades in profit. On the flip side, if the market goes against me, I'll have one trade incurring losses. Feel free to share your thoughts and trade plans for EURUSD. Are you considering a similar two-trade strategy or have other plans in mind? For a visual representation, please refer to the chart link in the TradingView post.
Long
by RaynLim
GBPAUD Sideway Bounce Trading SetupI'm excited to share a trading setup on GBPAUD utilising the Sideway Bounce strategy. Here are the details: - Setup: Sideway Bounce Trading - Short Entry: 1.9324 - Long Entry: 1.9230 The Sideway Bounce strategy is a technique I've tested and traded since 2005, and I find it a comfortable and reliable approach. In this scenario, I'm considering a short position at 1.9324 or a long position at 1.9230, aiming to capitalise on potential movements within this range. This setup offers approximately 100 pips of profit potential, making it an intriguing opportunity to watch closely. Feel free to share your thoughts and trade plans for GBPAUD. Are you inclined to go short or long?
by RaynLim
Bullish Shark PatternI'm closely monitoring GBPJPY for a potential buying opportunity based on the Bullish Shark Pattern. Here are the details: - Setup: Bullish Shark Pattern - Completion Level: 189.06 Given the recent decline in the JPY and the resulting upward movement in JPY pairs, I'm anticipating a bullish scenario on GBPJPY. The completion of the Bullish Shark Pattern at 189.06 is the level I'm eyeing for a buying opportunity. Feel free to share your insights and trading plans for GBPJPY. Are you considering a long or short position?
Long
by RaynLim
USDJPY Trading Plan: Bullish Shark PatternI'm maintaining my bullish outlook on USDJPY and currently eyeing a potential buying opportunity. Here are the details: - Setup: Bullish Shark Pattern - Completion Level: 150.09 It's crucial to note the presence of the Type2 Bearish Fib-3 Bat on USDJPY's Weekly Chart. While it signals caution, my focus is on the bullish scenario with the completion of the Bullish Shark Pattern at 150.09. Feel free to share your thoughts and trading plans for USDJPY. Are you considering a long or short position? Check the chart link within the TradingView post for a visual representation.
Long
by RaynLim
1
EURUSD Trading Plan: Bearish Shark Pattern RetestIn our EURUSD analysis, we are identifying a potential shorting opportunity for counter-trend traders. Here are the details: 1. Setup: Bearish Shark Pattern Retest 2. Timeframe: 1-Hourly Chart 3. Key Levels: - Retest Level 1: 1.0852 - Retest Level 2: 1.0874 The Weekly Chart suggests a weaker bull trading setup, and on the 4-hourly chart, a bearish trend is noticeable. The Bearish Shark Pattern on the 1-hourly chart provides a counter-trend trading opportunity. Feel free to share your thoughts on which retest level you find more suitable for a shorting opportunity.
Short
by RaynLim
NZDJPY Trading Plan: Bearish Shark Pattern RetestIn our NZDJPY analysis, we are observing a potential shorting opportunity on the 1-hourly chart. Here are the details: 1. Setup: Bearish Shark Pattern Retest 2. Timeframe: 1-Hourly Chart 3. Key Level: - Entry Point: Bearish Shark Pattern Retest at 92.07 The Daily Chart reveals a Bearish Gartley Pattern at X with RSI Divergence, suggesting a potential bearish move. On the 1-hourly chart, the Bearish Shark Pattern provides an additional layer of confirmation for a shorting opportunity. Feel free to share your insights, and let's navigate this market together.
Short
by RaynLim