Get started

Chart Patterns

Is a Trend Reversal Coming?OANDA:EURUSD Multi-Timeframe Analysis Current Price: 1.07962 Potential for a Bullish Reversal: EUR/USD is showing strong signs of a possible bullish reversal across multiple timeframes, marked by key technical indicators: • Breakout of Descending Channel Upper Trendline • Weekly Major Support Zone • Potential Double Bottom Formation • Emerging Bullish Divergence Descending Channel Breakout: The price has broken above the descending channel’s upper trendline (highlighted in the red circle on the chart), turning this line into a weaker resistance zone. Weekly Major Support Zone: We anticipate that price may retest the major weekly support level at 1.07421. This zone could serve as a solid foundation for a double bottom formation, combined with a bullish divergence. If this occurs, it could present an optimal entry point for buyers. Top of Trading Range: Should price rally, the next significant resistance lies at the top of the trading range, around 1.08635. Given the strength of this resistance, we might see a pullback at this level before further movement upward. Price Target: Based on technical indicators and chart patterns, the final target stands around the psychological level of 1.10000. Key Levels to Watch: • Support: 1.07421 • Resistance: 1.08635 • Target: 1.10000 Stay tuned and happy trading!
Long
by SpicyPips
SasanSeifi| Dogecoin on the Rise? Hey there, ✌ In the daily timeframe, Dogecoin BINANCE:DOGEUSDT has entered a ranging phase following a lengthy downtrend, effectively maintaining the vital support level at 0.90 cents. As depicted in the chart, the downtrend line has been decisively broken, with the price currently trading around 0.11300. This shift may signal a potential reversal in market sentiment. 🔶If Dogecoin manages to maintain the crucial range between 0.10000 and 0.096, it is expected to target short-term goals of 0.12500 and subsequently aim for the 0.14 to 0.15 cent range. These levels are pivotal for reinforcing a bullish trend. 🔵As the price progresses, it’s crucial to observe Dogecoin’s reaction around the 0.12500 level and the liquidity zone at 0.14. The expected trend is outlined in the chart, and the overall outlook currently leans bullish. Nevertheless, vigilance regarding market volatility remains essential. 💢This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊
Long
by SasanSeifi
GOLD ANALYSIS: Sell above 2.800?Hi Traders| Gold remained above $2,780 per ounce on Thursday, holding at record levels due to increased demand for safe-haven assets amid uncertainties surrounding the US elections and geopolitical risks. Markets are also evaluating the latest US economic data, which shows a 2.8% annualized GDP growth for the third quarter, slightly below the 3% expectation. Meanwhile, personal consumption and sales rose significantly, indicating American consumers' resilience and maintaining elevated inflation risks, as highlighted by unexpectedly high core PCE price figures from the last quarter. Still, traders are poised for further monetary easing at the upcoming meeting, which benefits gold as lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion. Investors are now awaiting PCE figures and payroll data due Thursday and Friday. 📊 TECHNICAL ANALYSIS That said our bullish setup is still in play with Target 2 (see chart below), but at the same time, above the 2,800 area an important resistance area and some Reversal Patterns on lower time frames should appear in the short term. If this happens we can try to take a short position. 🔴 ANALYSIS TARGET 1 (long/bullish) (click & play on chart below) 🔴 ANALYSIS TARGET 2 (long/bullish) (click & play on chart below) Thanks for watching.
OANDA:XAUUSDShort
by TheAnonymousBanker
EURUSD_118 2024.10.31 10:17:05 Trading Signal SELLFrankPro Signal for EURUSD_118 Type: Screen Signal: SELL TP: 1.08204 SL: 1.08756 Entry Price: 1.08687 Analysis for EURUSD Forecast Overall(Short-Term, Long-Term): ST= Strong Down LT= Probably Up Forecast Methods(Short-Term, Long-Term): ST=Down LT=Same ST=Down LT=Up ST=Down LT=Same Analysis Method(0) Based on the provided analysis, here is my assessment of the EUR/USD price movement: **Short-term analysis (next few days):** The price is expected to go **down**. The reasons for this assessment are: * The price has tested the resistance line at 1.0865 and has started to rebound bearishly, indicating a potential reversal. * The forecast for October 31, 2024, suggests an attempt to develop a decline in the EUR/USD pair, with a potential test of the support area near key levels. * The surge ahead of PCE and NFP data has pushed the pair up to its 200-day moving average, but this may be a temporary move, and the pair may retreat from this level. **Long-term analysis (weeks or months):** The price is expected to **stay the same** or experience a **slight decline**. The reasons for this assessment are: * The Elliott Wave analysis provides a comprehensive overview of the current EUR/USD price action, suggesting potential wave patterns and future price movements. While the analysis does not provide a clear direction, it implies that the pair may be in a consolidation phase. * The influence of economic data and central bank policies on the EUR/USD exchange rate may lead to a range-bound market, with the pair trading within a narrow range. * The recent surge in the pair may be a temporary move, and the pair may return to its long-term trend, which could be a slight decline or a sideways movement. Please note that these assessments are based on the provided analysis and may not reflect the current market situation. The foreign exchange market is highly volatile, and prices can change rapidly due to various factors, including economic data, central bank policies, and geopolitical events. Result: ST=Down LT=Same Analysis Method(1) Based on the provided analysis and forecasts, here is my assessment of the EUR/USD exchange rate: **Short-term (next few days/weeks):** The price is expected to be volatile, with a slight bias towards a decline. The current price is around 1.0859, and analysts suggest that if it remains above 1.0846, it could strengthen. However, there is also an expectation of a decline, with a test of the support area near current levels. Therefore, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short term. **Long-term (next few months/years):** The forecasts suggest that the EUR/USD exchange rate is expected to **go up** in the long term. Commerzbank analysts predict the rate to strengthen to 1.12 by June 2024, and ING forecasts suggest the pair could trade above 1.20 in the next few years. Although there are some predictions of the rate being trapped around 1.08 due to economic factors, the overall long-term outlook appears to be bullish. Please note that these assessments are based on the provided analysis and forecasts, and the actual market movements may differ due to various factors, including unforeseen economic events and changes in market sentiment. Result: ST=Down LT=Up Analysis Method(2) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days):** * The pair's recent slip below the mid-1.0800s and the bearish rebound from the resistance line at 1.0865 suggest downward pressure. * The upcoming economic data releases (Eurozone CPI and US PCE Price Index) may further influence the pair's direction, but the current sentiment appears bearish. * Therefore, in the short-term, I expect the EUR/USD price to **go down**. **Long-term (next few weeks/months):** * The pair's earlier test of the 200-day moving average and the ECB's pushback on rate cuts suggest that there may be underlying bullish sentiment. * However, the recent bearish rebound and the cautious market ahead of key economic data releases may delay any potential upward movement. * Considering the conflicting signals, I expect the EUR/USD price to **stay the same** or experience a period of consolidation in the long-term, as the market awaits further clarity on economic data and central bank decisions. Please note that this analysis is based on the provided information and may not reflect the full complexity of market conditions. Result: ST=Down LT=Same
Short
by frankiepro
EUR/JPY Weakness Post BOJ Comments - Further Direction?Governor Ueda was on the wires last night with variance comments supporting a slightly stronger Yen. Lots of caution was issued but overall seems that slight leaning to hikes/when they'll be has given a bit of a shift in sentiment. Unlikely BOJ will allow another series of devaluation and likely look for rate hikes to control currency rates VS major economies. Any shorts for me are higher up the FIB scale (and value scale). If no real follow through comes would not be surprising to see this occur.
by WillSebastian
EURUSD_112 2024.10.31 09:18:07 Trading Signal SELLFrankPro Signal for EURUSD_112 Type: Screen Signal: SELL TP: 1.082955 SL: 1.08627 Entry Price: 1.08576 Analysis for EURUSD Forecast Overall(Short-Term, Long-Term): ST= Strong Down LT= Probably Up Forecast Methods(Short-Term, Long-Term): ST=Down LT=Same ST=Down LT=Up ST=Down LT=Same Analysis Method(0) Based on the provided analysis, here is my assessment of the EUR/USD price movement: **Short-term analysis (next few days):** The price is expected to go **down**. The reasons for this assessment are: * The price has tested the resistance line at 1.0865 and has started to rebound bearishly, indicating a potential reversal. * The forecast for October 31, 2024, suggests an attempt to develop a decline in the EUR/USD pair, with a potential test of the support area near key levels. * The surge ahead of PCE and NFP data has pushed the pair up to its 200-day moving average, but this may be a temporary move, and the pair may retreat from this level. **Long-term analysis (weeks or months):** The price is expected to **stay the same** or experience a **slight decline**. The reasons for this assessment are: * The Elliott Wave analysis provides a comprehensive overview of the current EUR/USD price action, suggesting potential wave patterns and future price movements. While the analysis does not provide a clear direction, it implies that the pair may be in a consolidation phase. * The influence of economic data and central bank policies on the EUR/USD exchange rate may lead to a range-bound market, with the pair trading within a narrow range. * The recent surge in the pair may be a temporary move, and the pair may return to its long-term trend, which could be a slight decline or a sideways movement. Please note that these assessments are based on the provided analysis and may not reflect the current market situation. The foreign exchange market is highly volatile, and prices can change rapidly due to various factors, including economic data, central bank policies, and geopolitical events. Result: ST=Down LT=Same Analysis Method(1) Based on the provided analysis and forecasts, here is my assessment of the EUR/USD exchange rate: **Short-term (next few days/weeks):** The price is expected to be volatile, with a slight bias towards a decline. The current price is around 1.0859, and analysts suggest that if it remains above 1.0846, it could strengthen. However, there is also an expectation of a decline, with a test of the support area near current levels. Therefore, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short term. **Long-term (next few months/years):** The forecasts suggest that the EUR/USD exchange rate is expected to **go up** in the long term. Commerzbank analysts predict the rate to strengthen to 1.12 by June 2024, and ING forecasts suggest the pair could trade above 1.20 in the next few years. Although there are some predictions of the rate being trapped around 1.08 due to economic factors, the overall long-term outlook appears to be bullish. Please note that these assessments are based on the provided analysis and forecasts, and the actual market movements may differ due to various factors, including unforeseen economic events and changes in market sentiment. Result: ST=Down LT=Up Analysis Method(2) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days):** * The pair's recent slip below the mid-1.0800s and the bearish rebound from the resistance line at 1.0865 suggest downward pressure. * The upcoming economic data releases (Eurozone CPI and US PCE Price Index) may further influence the pair's direction, but the current sentiment appears bearish. * Therefore, in the short-term, I expect the EUR/USD price to **go down**. **Long-term (next few weeks/months):** * The pair's earlier test of the 200-day moving average and the ECB's pushback on rate cuts suggest that there may be underlying bullish sentiment. * However, the recent bearish rebound and the cautious market ahead of key economic data releases may delay any potential upward movement. * Considering the conflicting signals, I expect the EUR/USD price to **stay the same** or experience a period of consolidation in the long-term, as the market awaits further clarity on economic data and central bank decisions. Please note that this analysis is based on the provided information and may not reflect the full complexity of market conditions. Result: ST=Down LT=Same
Short
by frankiepro
2
BTC AI Thesis TodayInvestment Thesis As a trader specializing in intraday scalping strategies, the current market conditions for Bitcoin (BTC) present a mix of bullish momentum and cautionary signals. Over the next 14 hours, we will dynamically adjust our positions to optimize profits and minimize losses based on the following detailed analysis. News Recent Developments SEC Review of Bitcoin ETFs The U.S. Securities and Exchange Commission (SEC) is actively reviewing multiple applications for Bitcoin Exchange-Traded Funds (ETFs). Approval of a Bitcoin ETF could significantly enhance institutional investment and liquidity, potentially driving Bitcoin prices higher. Global Regulatory Updates Recent regulatory announcements in key markets, including the European Union and Japan, have introduced clearer guidelines for cryptocurrency trading and taxation. Enhanced regulatory clarity can boost investor confidence and participation. Macro-Economic Factors Concerns over inflation and potential interest rate hikes by central banks are influencing investor behavior towards cryptocurrencies as a hedge against traditional financial market volatility. Institutional Adoption Several large financial institutions have announced plans to integrate Bitcoin services into their offerings, including custody solutions and trading platforms, which may enhance Bitcoin's accessibility and appeal to a broader investor base. Technological Upgrades Ongoing upgrades to the Bitcoin network, such as the implementation of the Taproot upgrade, aim to improve scalability and privacy, potentially enhancing Bitcoin's utility and attractiveness to users and investors. Impact Analysis Positive Impact: Approval of Bitcoin ETFs and increased institutional adoption are likely to drive demand and liquidity, supporting upward price momentum. Negative Impact: Potential regulatory crackdowns or unfavorable macroeconomic developments could introduce volatility and downside risks. Data Analysis Open Interest: Increasing, indicating strong market participation. Weighted Funding Rate: Slightly positive, suggesting that long positions are favored. Liquidation Levels: Critical around the $68,000 mark, where significant liquidations could occur if the price reverses sharply. Analysis: The increasing open interest and positive funding rate support the bullish sentiment observed in the market, while monitoring liquidation levels is essential to mitigate risks associated with sudden price drops. Binance Data Trading Volume: Robust over the last 24 hours, with a notable increase in buy orders. Trader Sentiment: Cautiously optimistic, with many experts predicting a potential breakout above the $72,000 level if current trends continue. Expert Consultations: CryptoCred and Rekt Capital have highlighted the importance of monitoring key support levels and the potential for a continuation of the upward trend post-halving. Analysis: The consensus among experts emphasizes monitoring key resistance and support levels and considering long positions as BTC approaches these levels. CoinMarketCap Data 24-Hour Trading Volume: Approximately $1.5000 billion. Circulating Supply: 19 million BTC. Market Capitalization: Around $1.3600 trillion. Analysis: Strong liquidity and high trading volume indicate significant interest in BTC, supporting the bullish outlook. However, traders should remain vigilant for any sudden changes in volume that could indicate a reversal. Sentiment Analysis Sentiment Score: 75%, indicating a predominantly bullish sentiment towards Bitcoin. Top Crypto Sentiments: "Bullish" and "Buy". Implications: A favorable environment for long positions, as positive sentiment can drive further price appreciation. Technical Analysis Daily (1d) Analysis RSI: 68.7300, approaching overbought levels. Bollinger Bands: Price is near the upper band at $71,452.91, suggesting potential resistance. MACD: Remains bullish, but the trend is weak according to the ADX. 4-hour (4h) Analysis RSI: 72.6400, indicating overbought conditions. ADX: Indicates a strong trend, supporting the bullish sentiment. 1-hour (1h) Analysis RSI: 53.5900, suggesting a neutral position. MACD: Suggests potential bearish momentum, indicating indecision. 15-minute (15m) Analysis RSI: 49.7300, indicating potential oversold conditions, suggesting a possible short-term reversal. Moving Averages MA20: $71,500. Price Position: Above the MA20, suggesting a continuation of the bullish trend. Support/Resistance Levels Support: $70,100. Resistance: $72,931.8400. Trend Indicators ADX: Indicates a strong trend on shorter timeframes, supporting the bullish outlook. Bollinger Bands: Proximity to the upper band on the daily chart warns of a possible pullback if resistance is not breached. Summary of Technical Indicators RSI: Shows overbought conditions on the daily and 4-hour charts, while remaining neutral on the 1-hour and indicating potential oversold on the 15-minute chart. MACD: Bullish on longer timeframes but shows potential bearish momentum on the 1-hour chart. Moving Averages: Price above MA20 supports the bullish trend. Bollinger Bands: Approaching upper band suggests resistance and potential for consolidation or pullback. Top BTC Pairs Performance Strong Performance: BTC/ETH, BTC/USDT, BTC/BNB Weak Performance: BTC/XRP, BTC/ADA, BTC/DOT Analysis: Strong performance in major pairs like BTC/ETH, BTC/USDT, and BTC/BNB indicates robust liquidity and market interest, while weaker performance in smaller pairs like BTC/XRP, BTC/ADA, and BTC/DOT suggests limited momentum in those areas. Summary The current market conditions for Bitcoin (BTC) indicate a bullish trend supported by increasing open interest, positive funding rates, and optimistic market sentiment. Technical indicators across multiple timeframes suggest potential upward momentum, with key resistance levels at $72,931.8400 and $72,000. The significant trading volume and positive sentiment from both analysts and retail investors reinforce the potential for short-term gains through intraday scalping strategies. However, caution is advised as the RSI approaches overbought levels, which could lead to a pullback or consolidation. Trade Recommendation Outcome: HOLD_BUY Confidence Level: 78% Current Price: $72,273.7300 Stop Loss: $71,500 Take Profit: $73,500 Exit Point: $73,000 Entry Criteria RSI: Above 60 on the 15-minute chart indicates potential upward movement. MACD: Bullish crossover above the signal line. Price Position: Above MA20 suggests continuation of the trend. Current Indicators: RSI: 49.7300 MACD: Slightly below the signal line MA20: $71,500 Action Plan Monitor the Price Closely: Breakout Strategy: If Price Holds Above $71,500: Action: Consider maintaining or adding to the long position. Adjust Stop Loss: Tighten the STOP_LOSS to $70,700 as the price approaches resistance levels to minimize potential losses. Take Profit Strategy: As Price Approaches $73,500: Action: Consider taking profits. Adjust Exit Point: Move the EXIT_POINT to $73,000 to secure profits. Risk Management: Set Stop Loss at $71,500 to limit potential losses. Take Profit at $73,500 to capitalize on expected price movement. Exit Point at $73,000 as an intermediate target. Be Prepared to Act: If RSI Falls Below 50: Action: Indicate a potential reversal; consider taking profits or adjusting positions accordingly. Monitor Market Sentiment: Stay informed about any changes in market sentiment or technical signals that could impact the trade outcome. By @Titan_Karma
Long
by titankarma
2