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Breakdown

Weak volumes suggest further dumpWeak volumes off the sudden crash indicates low buyer interest. We should see another break of the red trendline to do a second test of Fib 0.382 @ 4.7 cents, then a slight drawback and another dump down to break through 4.7 and hit a new low at fib 0.28 (3.7 cents) I expect to see a price channel between 3.7 and just above four cents as a possible accumulation zone. The end of accumulation should be characterized by the second hard dump down to high 3, low 4 cents before being bought up and making all sorts of ascending triangles and teacup formations.
Short
by pokp
BTC BOOMI feel like BTC is ahead of the other moves in forex and futures. Looks to be in a month long ascending wedge on daily chart and ascending on hourly as well. Found support on the blue lower trend line from a couple days ago and already bounced off 3x, though could be consolidating for further downside. Just slid out of the overbought condition on daily RSI and MACD looking to be lightening up as well. Could retest the the 40000 range again or it could be a beast and not. That's all folks
BITSTAMP:BTCUSD
by moonman777
1
NZDCAD | Perspective for the new week | Follow-upThis is a follow up on my previous publication (see link below for reference purposes) on this pair as the price action continues to flow according to expectations! Unlike my previous publication, Excited to let you know that I have captured a distinct and tradable pattern on this pair. The appearance of a Double Top pattern - a strong Reversal structure appears to fine-tune a Bearish setup as Buyers gradually lose momentum and price continues to show tendencies of risking a further decline in the nearest future. Tendency: Downtrend ( Bearish ) Structure: Reversal pattern | Supply & Demand | Double Top | Channel Observation: i. Since late January 2021, the price has been caught within a Channel and since the Breakdown of CA$0.91850 followed by a significant rejection of this level... my Bearish bias becomes a little stronger. ii. This been said, I am anticipating a significant Breakdown/Retest of CA$0.91400 in the coming week(s) to join the decline as CA$0.91900/0.91500 remains a level to watch out for in this regard. Trading plan: SELL confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:5 Potential Duration: 2 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
2
Longer Term Targets for EURUSDEURUSD has barreled through my previous targets tagged to this post. It has continued to consolidate and after a busy news week and despite volatility there was no true movement in the exchange rate it seems to have found some acceptance. However, with another busy news week that holds lots of weight in both pairs, I expect to see some nice movement in the price and have set swing targets for the rate from early November 2020 when the expeditious end of year run ultimately began. Though buyers now will have time to get out of positions with ease, I expect for it to have some crazy swings through these levels.
Short
by crawfordpaul
Bitcoin Breakdown: Psychology and VolumeBTCUSD has put on a show finding new highs over the course of two days. What sparked this large move? Well, part of it can be accredited to Tesla announcing that they were buying $1.5 billion dollars worth of Bitcoin. Crypto is no stranger to the wonders of Elon Musk and this was likely a huge pull for a lot of investors. There is a lot that can be taken away from this rally and there are some observations I made and would like to focus on, volume and psychology to be exact. 1st Observation: Volume on the break of 40k. Last time bitcoin had a large run up, 40k was hit and blown through very rapidly and prices quickly made their way to 42k within the same night. We see similar volume in both of these situations where the prevailing demand creates these long green candles and the volume to match it. 2nd Observation: Pullbacks at Psychological Price Points. While 40k had no problem being broken as price has experienced buying there prior to this run, it is interesting that at 42k, the former highs, Bitcoin began to experience some turbulence (see 2. on chart). Buying took prices more than $1,000 over former highs, but there is brief moment where the rally looked as though it might have been coming to an end. A huge pullback occurs and the price of Bitcoin briefly breaks under 41k. Shortly after, there is some absorption from buyers to take the 15 minute candle back up where it closes above the former highs. Going back to January 8 when these highs were made, there was a similar psychology surrounding 40k, price broke above 40k briefly only to then have what appears to be a rally ending downturn, followed by a quick buyback. Conclusion: The prevailing bullish sentiment towards Bitcoin continues to astonish me, and as I watch this rally in awe, I only hope to guess what is to come next. However, what can be observed can be the edge needed to make wise decisions while investing and trading. In the wise words of Warren Buffett, "Risk comes from not knowing what you are doing."
BITSTAMP:BTCUSD
by crawfordpaul
2
4hr chart h&s pattern could send us back to the golden .618 fibAs always we must wait for confirmation of this pattern before attempting to trade it. There is compelling bearish confluence here with the breakdown target from this pattern lining up perfectly with the .618 golden fib retracement. Not only this, but this zone is also just below where the extremely strong support from the weekly 21 ema (not shown here) is located. As we have seen in the previous bull market of 2015-2017, the weekly 21 ema was able to maintain support for price action throughout the entire bull market and was retested every correction except one during that bull market. These 3 things combined increases the probability of a breakdown to this zibe significantly where we could see a wick all the way down to the golden fib fulfilling the H&s breakdown target while the body of the candle still manages to close above that with the weekly 21 ema maintaining support. Of course, it's also possible the correction could be over well before that with such parabolic bullish fever still very much in the air....the coming FUD concerning the 14 trillion tether lawsuit as well as the recent executive order passed against chinese companies also suggests a deeper correction is likely...but ultimately we must still wait to see if this h&s breakdown confirms first. I will be watching to see if this top ascending plum colored trendline from the previous ascending broadening wedge we were in can maintain its support. I will not be convinced the h&s breakdown will occur until it is clear that this trendline has been flipped to solidified resistance. This is as always only my personal strategy and not financial advice nor am I a financial advisor. Best of luck in whatever trade you decide to take and thanks for reading!
GEMINI:BTCUSD
by DrDovetail
2
Warning: ♫Bitcoin Plunge is coming to town!♫ Bitcoin has been silent lately in a symmetric triangle. A sideways Bitcoin sort of irritates people. But you shouldn't worry! The Bitcoin plunge is coming! If we can see the yellow-colored oscillator, the Effective Divergence indicator, it gave us a similar symmetric triangle compared to the price. Well, EffDi gives us an early breakdown... nice! It was accompanied by a dump from 38k to 34k. We have a potential breakdown of the price's symmetric triangle! Also, the Moving Average Channel, which composes of a MA 100 for the high and the low, was also broken with the recent dump! This Channel prevented the pullback from 42k about a week ago. This breakdown is strong. Don't forget the extra volume during the dump. Early signal for an impending plunge! It is coming! We may see the correction go all the way to 30.2k, strong support, which halted the previous pullbacks. Get ready! ♫Bitcoin plunge is coming to town!♫ Also, I noticed when Bitcoin plunges, many altcoins plunge too. Interesting! Get ready for the next crypto movement! What do you think? Leave a comment below! Also hit that like button and change that "Follow" to "Following". Thank you!
BITSTAMP:BTCUSD
by Trader_ph
9
NZDUSD | Perspective for the new weekIt is fascinating to see how the Key level @ $0.71600 appears to be a decision-maker for traders in the last 30days as Breakdown/Breakout of this level points at the prevailing direction of the price. Looking beyond this... We are now at a juncture in the market where the chart formation that predicts a bullish-to-bearish trend reversal becomes a unique tool for us to make a trading decision. On the chart is a baseline with three peaks, with the outside two close in height and the middle is highest (Head and Shoulder). Tendency: Downtrend ( Bearish ) Structure: Reversal pattern (H & S) | Breakdown | Supply & Demand Observation: i. After making a peak @ $0.73100, Price have continue to risk further decline as it keeps finding Lower Lows. ii. A significant breakdown of my Key Level @ $0.71600 (Neckline) last week confirms the completion of a Head and Shoulder pattern. iii. My attention in the coming week shall be shifted to Selling opportunities and the Neckline area shall be the risk limit. Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
3
AUDCAD | Perspective for the new weekIt appears that the rally that began early Dec 2020 has found a reversal point as the appearance of a Double Top structure becomes visible. Tendency: Downtrend ( Bearish ) Structure: Reversal pattern (Double Top) | Breakdown | Supply & Demand Observation: i. DT: Bearish technical reversal pattern forms after the price reaches peak @ CA$0.99000 two consecutive times with a moderate decline between the two highs. ii. The Breakdown of Bullish Trendline @ CA$0.98400 emphasizes a change in direction as price action disregard Trendline. iii. I shall be patience to watch out for weakness in the strength of buyers at the Demand zone (CA$0.98000) which is also the Neckline for signal confirmation. iv. Please note that a significant breakdown of Demand zone might see the price go into a correction phase where buyers will try to push the price up from this level one more time; when this happens, CA$0.98200/0.98400 shall be a Sell window for me in the coming week(s). Trading plan: SELL confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:4 Potential Duration: 3 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
5
USDCNH | Perspective for the new weekIt has been months since I published any speculation as our last publication on this pair saw us bag over 1,000pips ( see link below for reference purposes). China is on the brink of launching its CBDC - Digital Yuan. To facilitate its smooth launch, the digital yuan had to undergo several testings. In line with this, the government in Shenzhen, a metropolis in China, has disclosed plans to distribute 20 million digital yuan (approximately $3 million) to the city’s residents... This could be an exciting development for investors as the Yuan continue to rise against the Greenback in recent times. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Trendline | Harmonic (AB = CD) Observation: i. Y6.95000 level remains my key level as this zone shall be the yardstick for selling opportunity in the coming week(s). ii. Successful Breakdown of Key level at the beginning of the new year is a sign that the Yuan will continue to appreciate. iii. Presently experiencing traders profiting from the boom that began the year, a correction into 61.8/78.6% is on my radar for a trading opportunity. iv. Suspected ABCD pattern parameters explained below; a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is at 61.8% currently (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move. Trading plan: SELL confirmation with a minimum potential profit of 1,000 pips. Risk/Reward : 1:3.5 Potential Duration: 10 to 20 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry