Is GOLD planning a SELL OFF to 1572??Gold is on my watchlist for the coming week, as always, I focus on assets I want to trade during the week.
We have seen a Major SUPPORT ZONE around February, 2020, and a retest creating a consolidation to the SUPPORT ZONE around April - May of 2020, a successful break-out seeing the price rally to the ATH in 2020 with a steady decline to the SUPPORT ZONE in November 2020.
Fast forward to the current PRICE ACTION, we see a consolidation and a Bullish break out at the SUPPORT ZONE that occurred around November 2020. A second consolidation is ongoing at the SUPPORT ZONE which I expect a break below with strong Bearish Candle, also if you look closely at the 200 EMA which there was a rejection from the previous candle before the candle which eventually broke below the Dynamic Support, the consolidation just below the support is a valid confirmation when you add the DOTS together.
Things to note;
1) SUPPORT ZONE from November 2020, there is consolidation currently happening at the SUPPORT ZONE.
2) Dynamic Support now Resistance with consolidation acting below it.
A successful break out of the consolidation forcing the price to sell below the SUPPORT ZONE from November 2020, we will see the price rallying to the next SUPPORT from February 2020.
Another clear break below February 2020 ZONE should see GOLD rallying to 1572.
Consolidation-breakout
BTC 20% Pump To 55 EMA!!Hello Community!
Let's take a look at BTC /USD on the Daily TF. I went ahead and mapped THE NEXT MAJOR S/R zones. BTC did what's called a fake-out it dropped below the 31k support to 28ks and was quickly bought back up causing a massive hammer after a sell-off indicating a bullish move is on the way. It has already had a nice pump and based on the S/R zones mapped I can see BTC pumping 20% to the 55 ema on the daily TF. Also, let's keep an eye on the blue resistance line drawn in the RSI indicator. My guess is when the price hits the 55 EMA it will also hit the blue line on the RSI! This is just my prediction. Let's see how it plays out!
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BTC Consolidation... Then off to the moon! Bitcoin is consolidating at the same price range as it did back in January. Once we broke that STRONG Resistance, it flipped to Support while BTC Ranged up.
Now that same critical level is back to being a Resistance Area. The longer a coin/token consolidates, the stronger the Breakout will be. Think of it as a wall, and the more times we hit it in a short period, the more likely it is to break. Right now, Bitcoin is coiling up, ready to strike.
The bulls stepped in with force and held the line $29,500.
If you are newer to crypto and just got into the market this year, then you've only experienced up, and this is your first significant drop.
You won't ever forget this, I'm sure of it.
Take the lessons presented during these events and forge them into your psyche as they will continue to benefit you over and over the longer, you stay in this market.
Remember, the market must cause the most amount of people the maximum amount of pain.
When you invest and pull a 2-3X, take your initial $ out of the position.
Always cover your ass and manage your risk.
For now, we stay range-bound from $30k-$42k.
We are in no way out of the woods just yet, but we dodged a massive nuke in the market.
Depending on what your strategy is, continue to DCA into BTC and strong adults.
It's not about timing the market; it's about TIME IN THE MARKET.
BTC first attempt to go below 30k... Today we witnessed the first attempt for BTC to go below, in humble opinion it is normal scenario and it should create fake signal for uptrend. I suspect that when BTC went below 30k it wiped out loads of stop losses which pushed price higher. 200 Ema should dump price in next weeks or days. Be aware that full moon is in next 4 days which is very important when dealing with financial markets. In short there is a higher activity with buying or selling during this period of time.
I think that if BTC will not go below 30k during full moon this could create very solid support to rely on for the next month or so.
to be clear here I am like 80% sure that BTC will go below 30k and will attempt to reach 20k but if it will not in the next weeks or days I would observe how the price will react to the upper resistance/support area of the channel.
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Anticipated Break-Out and Retest Continuation Triple BottomAfter a temporary consolidation at support turned resistance zone, we saw a strong momentum to the downside creating a LOW on the 13th May, 2021. Then a correction 61%+ which created triple top pattern with a sell off creating a confirmed (SUPPORT) TREND-LINE on the 23rd May, 2021. With this confirmed trendline in view, we also confirmed a double bottom which later went BULLISH, fast forward to the last bottom which nearly hit the trendline ( But didnt touch), a BULLISH move occurred with the RESISTANCE ZONE been tested and a retest which has lasted for about 4-5 days, seeing this creating a channel up, I am anticipating a break above the and a retest back to the channel creating a support and then a BULLISH MOMENTUM to take a BUY ENTRY. Our target would be the resistance level.
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