Get started

Consolidationrange

Will BTC Break Its Consolidation Range This Week?Over the past few weeks, BTC has consolidated around the $19,246 level, which is the Fibonacci level of interest discussed in a number of recent posts in the past couple of weeks. See the links embedded in the Primary Chart above. BTC has chopped above and below this $19,246 level quite a few times, forming a tight consolidation range between and $18,232 and $20,225 approximately. Each breakout move has resulted in a bear or bull trap that fails to follow through with a sharp reversal back to the opposite side of this level. See the intraday Supplementary Chart below for an overview of the past two weeks of price action with some of the prominent failed breakouts highlighted with circles. Supplementary Chart: Key Fibonacci Level at $19,246 with Multiple False Breakouts in Both Directions The failed breakouts in both directions have likely been a source of frustration for bulls and bears alike. Each move has been essentially a trap move that failed to follow through, with a sharp reversal to the opposite side of the $19,246. As pressure mounts on major equity indices like the S&P 500 ( SP:SPX ) and NDX 100 ( NASDAQ:NDX / NASDAQ:QQQ ), with many of them undercutting June 2022 lows, BTC is like to follow suit in short order. This does not negate the possibility of BTC yielding a sharp OS bounce in the coming week or two after a trend move lower. One argument for the bulls is that BTC's sideways chop action has resulted in its relative strength becoming quite impressive. Equity indices have been plummeting sharply since mid-August 2022 with little reprieve. But BTC during this time has largely chopped sideways after losing a few key levels in late August and early September 2022. BINANCE:BTCUSDT BITSTAMP:BTCUSD COINBASE:BTCUSD KUCOIN:BTCUSDT KRAKEN:BTCUSD CME:BTC1! ________________________________________ Author's Comments: (1) Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate in the comment section. Shared charts are especially helpful to support any opposing or alternative view. (2) This technical-analysis view does not constitute a trade recommendation or trade setup. Instead, it attempts to offer technical commentary that describes and analyzes price levels, trends, price action, or the broader technical environment as of the publication date. Technical-analysis commentary does not equate to trade setups or recommendations. Within a given price environment, traders bear responsibility for their own trading strategy, risk tolerance, and time frame, and for any due diligence associated with such trades. (3) This technical-analysis viewpoint could change at a moment's notice, e.g., when price violates a key level of invalidation for a particular view. Further, proper risk-management techniques are vital to trading success. (4) To the extent countertrend price moves are discussed, consider that countertrend or mean-reversion trading, e.g., trading a rally in a bear market, remains higher risk and lower probability even for the most experienced traders and investors. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified / licensed financial adviser or other financial or investment professional before entering any trade, investment or other transaction.
Short
by SquishTrade
12
AUDJPY | Perspective for the new weekThis is going to be a short one as the daily chart explains the interaction between the sellers and buyers in the last 10-months. With a simple supply and demand structure identified on the daily timeframe, I am of the opinion that we might be witnessing a short term downside for the Aussie in the coming week as the JY85.600 area reflects a strong memory for selling pressure (May and October 2021). Tendency: Downtrend (Bearish) Structure: Supply & Demand Observation: i. It is a wide range of consolidation phase since May 2021 as price oscillates within JY86.000 and JY78.400 (approximately 700pips in 10months) ii. Connecting a series of prices with a line drawn above pivot highs on the monthly chart shows the prevailing direction and speed of price in the last 8 years. iii. The supply zone appears to share a confluence with the bearish trendline identified on the monthly chart hence I shall be looking for a significant reversal structure to plan a selling opportunity in the coming week. iv. Key level at JY85 shall be my yardstick for sell continuation... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:6 Potential Duration: 7 to 20days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored... I shall be sharing a video of how I am going to take advantage of this trade if the price goes as planned on my new jou tube channel. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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