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Bitcoin Calm Before The Storm! Bulls vs Bears !Hello Traders, Welcome back to another update, this time on BTC, The Calm Before The Storm! Bitcoin has been trading within a very tight range coming into its apex within the macro descending triangle formation. Usually this is a bearish formation, however coming from a very strong impulse move up, we can literally break either direction… Points to consider at current given time - Price approaching apex within descending triangle - Volume decreasing noticeably - Major support at $9300 - $9200 area (green zone) - Major resistance at $11,400 to $11,600 area, also in confluence with .50 Fibonacci - EMA’s currently neutral - RSI itself also approaching apex - Stochs neutral and testing its own resistance It is quite obvious that the volatility will be coming back into Bitcoin after trading in this range for some time now. This structure has been putting in lower highs over the past couple months after a crazy impulse move up from the bear market earlier this year. Bitcoin has also established a strong base of support, which has been tested multiple times, we must remember, the more times a level is tested the more it’s prone to break… Bitcoin right now is testing a smaller uptrend within the descending triangle where it is bound to break. We have a local resistance that needs to break, if not then this can be a potential triple top. To test this level, Bitcoin would have broken the major downwards trending line, changing the macro trend and putting a higher low, this need to be confirmed with increasing bull volume. The .50 Fibonacci is a strong resistance area as Bitcoin has had multiple rejections, break this area (Red Zone), will put in a higher high in the macro trend, which is quite bullish. If Bitcoin fails to break bullish from current apex, then the probability of testing support will be much greater, this time it’s more likely to give way as support has been tested multiple times. A break from this area will be quite bearish as this will confirm yet another macro lower high and also hold the descending formation true. EMA’s are quite neutral at current given time as price is trading within in, we can’t really establish if its given price any support or resistance… The RSI is looking interesting, we can see that its respecting its downwards trend, coming closer to its apex and with a break in either direction can determine which way Bitcoin will break. Similarly, the Stochastics are neutral, however a break from or a rejection from its local resistance will also help determine which way bitcoin breaks... Overall, it’s just a matter of time for an impulsive move to come to fruition, Bitcoin has been trading range bounce for a while now coming into its major apex, and we can expect a break within the next couple days! What are your thoughts on Bitcoin price action? Will it break bullish or bearish? Please leave a like and comment And remember, “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
BYBIT:BTCUSD.P
by AzizKhanZamani
4.9.2019 - MaticHi Traders! Today we look at MATIC/USD. Matic is a new cryptocurrency that passed through the Binance Launchpad . The coins that have gone through the Binance Launchpad have quite similar charts and the big point is that they usually start to grow among the altcoins first. Matic is also marked by a decline, and although we have seen slight growth in the last few hours that could be plotted into 5 waves, the decline may not yet be at the end, as we are below the trend resistance. In the analysis of the higher time zone, however, we came to the key support and the final zone, so the point of entry was ideal. We are currently expecting ABC correction and then breaking the trend resistance . Looking at the graph in more detail, the breakthrough might well be based on the 3rd subwave in 3rd wave . Elliot's wave theory tells us that the third wave is often the longest one, never the shortest, and usually breaks the RSI into the extreme zone and has a high volume . To put it simply, if you see a pump or break on the chart, then it is 95% 3rd wave. Logically, therefore, 3rd subwave in 3rd wave is the longest and most impulsive. So Matic looks like preparing land for a break . Coin rarely breaks such a strong resistance for the first time, and therefore it usually happens that coin arrives at the resistance and bounces downward to recharge and then break. This is our bullish scenario. May the crypto be with you!
MLong
by DolleroTechnology
GOLD - Break & Retest Waiting for GOLD to break one of the SR zones. After breaking, we put a pending order to the outer edge of the zone. Highly recommend to use Twin Trading, for bigger potential profit. Stop Loss - I'm using max 40 pips stop loss. The most important is, to put it behind the SR zone. But it all depends on your strategy and RRR. Take Profit - Put take profit at the next potential SR zone, but as i said before, highly recommending using Twin Trading (take profit for just one order, and at the second one just moving stop loss to the profit with market). At break&retest strategy even the smallest chance for one successful Twin trading can be highly profitable.
FX:XAUUSD
by ErikHupka
Weekly trendline break may happenContinued Euro weakness and uncertainly may strengthen the Yen. Technical trendline break is a possibility if the pair close below for the week. Considering cloud analysis, its still very much bearish but it is at a level of support which may stall the move down. Will have to wait for price action to indicate otherwise to proceed with long sell of the pair. If trade is taken, there is a 300 pip risk for a profit of 600 for next support level.
Short
by MKJabsFX