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Descending Triangle

💱GBPCAD - Triangle on the background of the uptrend GBPCAD in the format of a global ascending price channel forms a setup that may resume upward movement after a small stagnation in the flat format TA on the high timeframe: 1) The market is in a bullish trend. Consolidation is forming above 1.71000. 2) The liquidity area on the support side may not let the price down, but on the contrary, push it up and make the price break the resistance TA on the low timeframe: 1) A triangle continues to form. The price is consolidating 2) A false breakout of resistance is formed, the price forms a rebound. 3) Two scenarios are possible: 1) price will form a quick retest of resistance - a situation with a high chance of a breakout. 2) price will reach the support and market reaction will be formed from this area. Key support📉: 1.70987 Key resistance📈: 1.71750, 1.71910
Long
by Gold-Tech
8
BELUSDT → Moving into the realization phase of consolidationBINANCE:BELUSDT feel better than the same BITSTAMP:BTCUSD which is preparing to fall. The weak market and red bitcoin speaks volumes, but at the same time there are coins in the market that can show good potential On the BINANCE:BELUSDT chart, I pointed out the descending triangle and we see the breakdown of the main scenario and purpose of this pattern. The price is breaking the resistance and trying to form an impulse. The market is moving into the phase of realization of the accumulated potential and only 0.6894 area separates us from the distribution. If this resistance is broken, a rather active bullish impulse to 0.9000 or even to 1.2000 may be formed. In the near term, the price may move into local consolidation between the previously broken triangle boundary and 0.6894. Another retest of the resistance may lead to its breakout and impulse. The price is testing MA-200. There may be a retest after the pullback. Support levels: 0.6210, 0.564 Resistance levels: 0.6894, 0.7150. I expect consolidation and retests of 0.6894. One of the next retests may lead to a breakout of this resistance, which will form an impulse to the above targets. Regards R. Linda!
Long
by RLinda
11
📈 PERP/USDT Descending Triangle Breakout 🚀Hey traders! 👋 PERP/USDT just made an exciting move that caught our attention. 🚀📉 Chart Analysis: We've been tracking PERP/USDT for a while, and it's been forming a descending triangle pattern. This pattern typically signals a potential breakout on the horizon. 📉📈 Today, we witnessed the anticipated breakout to the upside! 🚀🚀 This bullish move is certainly exciting news for PERP traders. Key Points: 🔹 PERP/USDT broke above the upper trendline of the descending triangle. 🔹 Volume surged during the breakout, confirming the move's strength. 🔹 The next resistance levels to watch are at $12 and $14. Trading Strategy: While this breakout is promising, it's essential to exercise caution. Always have a clear risk management strategy in place. Consider setting stop-loss orders to protect your positions and locking in profits as the price continues to rise. 🛡️💰 Remember, trading involves risks, so trade responsibly and only with what you can afford to lose. 🚨 Keep an eye on PERP/USDT as it continues its journey. The crypto market is full of surprises, and this breakout could lead to exciting opportunities. 🌟 Happy trading, and may the charts be in your favor! 📊🤞 #PERP #USDT #CryptoTrading #TechnicalAnalysis #Breakout #DescendingTriangle #CryptoMarket #TradingView #CryptoAlert
Long
by STP_MrNodeItAll
2
OCEANUSDT → Wedge resistance breakthrough. New signal BINANCE:OCEANUSDT is making a liquidity shakeout from the support side. This maneuver gives a reserve of energy within which the price overcomes the resistance and breaks the wedge As bitcoin tests an important support area (25000 zone) and then forms a bullish momentum, the altcoin market starts to react accordingly. For us, it is important that bitcoin's reaction is not a short-term correction, but is supported by the trend. As for OCEAN - pay attention to the wedge (descending triangle). After the shakeout we see active growth and resistance breakout. Earlier there were retests and everything ended in a false breakout, so in our case it is now necessary to wait for the price to consolidate above the broken line, only then it is logical to open long positions in the hope that the market will strengthen. Support levels: 0.3027, previously broken line Resistance levels: 0.3335, MA50 and MA200 The market can perform quite well, but we need to wait for a more stable situation. I expect OCEAN to rise to 0.4477 in the medium term Regards R. Linda!
OLong
by RLinda
11
CVXUSDT → The coin is preparing to break through resistance BINANCE:CVXUSDT against the backdrop of COINBASE:BTCUSD , which has been falling for a long time and finally stopped, is forming a rather interesting consolidation near the wedge resistance. The coin on the chart is testing the bottom at 2.417, after which it forms a decrease in volatility and consolidation, within which the coin is creeping up to the trend resistance.There is a high probability that with a small bitcoin consolidation CVX will break the trend resistance and give a gorgeous bullish impulse. If the accumulated potential is realized, the price could reach the 3.180, 4.235 and 6.400 area quite quickly. The moving averages indicate a bearish trend, the price will have to go quite a long way to retest the SMA. Support levels: 2.417 Resistance levels: wedge resistance, 3.180 The altcoin market is waiting for any bullish reaction in the market, including from bitcoin, which plays an important role in this market. Altcoins react weakly to the fall of the flagship and react strongly to the rise. We expect a breakout of the wedge Regards R. Linda!
Long
by RLinda
6
SPY Bear Trend DaySince printing a SL on 2023-08-18, AMEX:SPY had retraced 38% of the 2023-07-23 decline. Selling pressure remained heavy; though three of the four candles were positive, every bar dipped into the body of the previous bar approximately 50%. So while it seemed like a BTD, it did not seem like there was market consensus prices here were too good to pass up. We have DTLR connecting the 2023-07-23 and 2023-08-10 SHs with three tags total but none since Aug 10. In pre-market, SPY was looking to open at $445 which was just over DTLR. On the H2 we can also identify a descending price channel. This channel has two positive outliers and eight tags going into Aug 24 along channel resistance. Support had been broken on Aug 16, successfully retested shortly after, but was retested again where it failed on Aug 22. Since, we've been back in the channel. On the H1 I also have marked an ascending channel off the Aug 18 L. Channel support was tested four times; resistance only once though four times if you're a little more generous (I'm not specific with how close price has to come which probably could be better). We also have support from the 2023-08-11 O which was tested several times before failing on Aug 15, tested again from below on Aug 16. It was reasonable to expect some type of inflection here, I thought. I had posted an idea to TradingView yesterday morning that stated the following: SPY is $1.67 from a slightly-ascending SMA(50) only a little further from a descending SMA(20). Yesterday's close was a HH and HC and the highest since Aug 14. As of this writing, SPY is looking at a FGU over the 50. I will be watching the gap to see how SPY reacts. On the hourly I have outlined a rising channel that, if the current forecast open of $445 holds will be above channel resistance. This strongly suggests the gap will fill early and, my best guess is, completely. At that point we can assume a risk-on position at least from a day-trading perspective. But, we must see the reversal first. There is potential support on the H1 at $443.85 which is the 2023-08-11 O. Next support is $442.60, the 2023-06-15 C. This level has seen several instances of some type of reaction. So no reason to think otherwise. And then from there, $441.18, the 2023-08-22 O. Until channel support breaks, long positions may be held as swings while short positions should be day trades only. Mentally, I was not in the frame of mind to look for a short. During the rally on Aug 23 I had kept expecting the market to turn over but it just never did; I was focused more on what I wanted than what I saw. I have not seen enough evidence to be convinced the Aug 18 pivot was a BTD moment for the reasons mentioned above. And, though I wasn't looking for a deep PB, I was looking for something. So, I went into yesterday morning with the idea of just letting the market dictate to me what it wanted to do. But, when I saw the open, again remembering shorting the Aug 23 rally, I saw it as an opportunity to BTD, even knowing the obstacles ahead. I just was not in the right frame of mind. When the market opened we got an immediate gap fill which, as I wrote above, I was expecting. The market printed a reversal doji, got the FT, and retested the O where it printed a new HOD on the 10:00 bar. The key bar, obviously, is the 10:05 bar. This bar completely wipes out nearly all of the gains off the LOD. It is the largest bar of any color, in quite some time (unverified; I do not have the stats). This is a signal bar! Off a double top, the market is screaming "we're going down!". (One could argue the 09:55 bar was the signal bar with the bearish doji and the 10:00 bar was the entry bar.) For thirty minutes we fell with only two retracements into the previous bar. From there until into the 12:00 bar we get small corrections that barely tag the 9EMA. Beginning at the 12:00 bar we start to get a bounce and now we see where late-arriving sellers are trapped; the easy money is over and the early sellers start covering to protect profits. We get a steep rising channel that surely can't be held, printing a zigzag that retraces 25-30% of the decline. From there we work out a descending triangle that devolves into a descending price channel before finally breaking down going into the end of the day. Sellers can certainly consider the day a win. It doesn't mean anything without FT. I strongly suspect we get it as I'm sure most of the market does, as well. Which, perhaps, makes it more likely it's just a fluke. We'll see. Some retracement is likely. But new resistance has been set and it's now on buyers to tell us if we are actually in a BTD market or STR.
AMEX:SPY
by timtrice
💱CADCHF - Dynamic Seller VS Limit Buyer CADCHF is in a strong bearish trend, as the D1 chart tells us. Price is forming a retest of strong support, which prepares the market for further decline TA on the high timeframe: 1) Support at 0.64863 plays an important role for us 2) The liquidity area is under intense attack from buyers. A break of 0.64888 - 0.6475 area will form a strong downside momentum TA on the low timeframe: 1) A descending triangle is forming. This setup can be interpreted as pressure from dynamic sellers on the limit support level that buyers, mainly whales and managers, have built up 2) Another retest and breakout of 0.64888 will form a strong momentum as this area is already tight liquidity area Key support📉: 0.64888 - 0.64750 Key resistance📈: triangle boundary, 0.65150
Short
by Gold-Tech
5
TRADING SYMMETRICAL⬇️⬆️🔄 ASCENDING📈 DESCENDING📉🔻⬇️TRIANGLES Hello traders, today we will delve into three types of triangles, which are significant chart patterns providing valuable insights into potential market movements. Understanding these patterns can play a pivotal role in making well-informed trading decisions. Let's explore each type and learn how to identify and interpret them effectively. **1. Symmetrical Triangle:** The symmetrical triangle pattern is formed by a series of lower highs and higher lows, resulting in converging trendlines. It indicates a period of market consolidation, where the price oscillates between lower highs and higher lows, signaling an imminent breakout in either direction. **Key Characteristics:** - **Shape:** Resembles a triangle, with converging trendlines. The horizontal resistance line connects the price highs, while the rising trendline connects the higher lows. - **Duration:** Can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** As the symmetrical triangle develops, the trading volume tends to diminish. However, during the breakout, there may be an increase in volume, confirming the validity of the pattern. - **Breakout:** The pattern is confirmed once the price breaks decisively above the horizontal resistance line (bullish breakout) or below the rising trendline (bearish breakout). - **Price Target:** To estimate the potential price target after the breakout, measure the height of the triangle at its widest point (the distance between the highest high and lowest low within the triangle) and project it in the direction of the breakout. - **Stop Loss:** Traders typically place their stop-loss orders just outside the triangle, slightly beyond the opposite trendline from the direction of the breakout, to protect against false breakouts. Traders often enter a long (buy) position when the price breaks above the horizontal resistance line with a significant increase in volume or below the rising trendline in the case of a bearish breakout. **Limitations:** - **False Breakouts:** Sometimes, the price may briefly break above the resistance line or below the rising trendline, only to reverse in the opposite direction, causing a false breakout. Waiting for confirmation is crucial to avoid getting trapped in false signals - **Market Context:** While the symmetrical triangle indicates potential continuation, it's essential to consider the broader market context and use other technical indicators or fundamental analysis to support trading decisions. **2. Ascending Triangle:** The ascending triangle pattern is a bullish chart pattern that forms during an uptrend and represents a continuation pattern. It is formed by a horizontal resistance level and an upward-sloping trendline acting as support. This pattern suggests that buying pressure is gradually intensifying, and a breakout above the horizontal resistance may trigger a bullish move. **Key Characteristics:** - **Shape:** Resembles a triangle, where the horizontal resistance line connects two or more price highs, and the rising trendline connects higher lows. - **Duration:** The pattern can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** Volume tends to diminish as the pattern develops. However, during the breakout, there is often an increase in volume, confirming the pattern's validity. - **Breakout:** The pattern is confirmed once the price breaks above the horizontal resistance line. The breakout is considered a bullish signal, suggesting that the upward trend is likely to continue. - **Price Target:** To estimate the potential price target after the breakout, measure the height of the triangle's base (the distance between the horizontal resistance line and the rising trendline) and project it upward from the breakout point. - **Stop Loss:** Traders typically place their stop-loss orders just below the rising trendline to protect against a false breakout. **Trading the ascending triangle:** - **Entry:** Traders often enter a long (buy) position when the price breaks above the horizontal resistance line with a surge in volume. - **Stop Loss:** The stop-loss level is usually set just below the rising trendline. - **Take Profit:** The take-profit level is determined using the measured move method by adding the height of the triangle's base to the breakout point. - **Confirmation:** It is crucial to wait for a clear breakout before entering the trade, as false breakouts can occur. A significant increase in volume during the breakout is often considered a strong confirmation signal. **Limitations:** - **False breakouts:** Sometimes, the price may break above the resistance line temporarily and then reverse lower, causing a false breakout. It is essential to wait for a clear confirmation. - **Market context:** While the ascending triangle is a bullish pattern, it's important to consider the broader market context and analyze other indicators to confirm the likelihood of the pattern leading to a successful trade. **3. Descending Triangle:** The descending triangle pattern is a bearish chart pattern that forms during a downtrend and represents a continuation pattern. It is formed by a horizontal support level and a downward-sloping trendline as resistance. This pattern indicates that selling pressure is progressively strengthening, and a breakdown below the horizontal support might lead to a bearish move. **Key Characteristics:** - **Shape:** Resembles a triangle, where the horizontal support line connects two or more price lows, and the downward-sloping trendline connects lower highs. - **Duration:** The pattern can take several weeks or even months to form, depending on the time frame being analyzed. - **Volume:** Volume tends to diminish as the pattern develops. However, during the breakdown, there is often an increase in volume, confirming the pattern's validity. - **Breakdown:** The pattern is confirmed once the price breaks below the horizontal support line. The breakdown is considered a bearish signal, suggesting that the downtrend is likely to continue. - **Price Target:** To estimate the potential price target after the breakdown, measure the height of the triangle's base (the distance between the horizontal support line and the downward-sloping trendline) and project it downward from the breakdown point. - **Stop Loss:** Traders typically place their stop-loss orders just above the downward-sloping trendline to protect against a false breakdown. **Trading the descending triangle:** - **Entry:** Traders often enter a short (sell) position when the price breaks below the horizontal support line with a surge in volume. - **Stop Loss:** The stop-loss level is usually set just above the downward-sloping trendline. - **Take Profit:** The take-profit level is determined using the measured move method by subtracting the height of the triangle's base from the breakdown point. - **Confirmation:** It is crucial to wait for a clear breakdown before entering the trade, as false breakdowns can occur. A significant increase in volume during the breakdown is often considered a strong confirmation signal. **Limitations:** - **False breakdowns:** Sometimes, the price may break below the support line temporarily and then reverse higher, causing a false breakdown . It is essential to wait for a clear confirmation. - **Market context:** While the descending triangle is a bearish pattern, it's important to consider the broader market context and analyze other indicators to confirm the likelihood of the pattern leading to a successful trade. **In conclusion, understanding these triangle patterns can provide valuable insights into potential market movements. Traders should use them as part of their technical analysis toolkit and combine them with other forms of analysis to make well-informed trading decisions. Happy trading! 📈💹** TCPLTP
Education
by TradeChartPatternsLikeThePros
2
CADCHF → Downtrend triangle on the background of a bearish trendFX:CADCHF under trend pressure is forming a setup to continue the trend and update the global lows. The currency pair is in the bearish phase. The price continues to decline and test the strong limit support line at 0.64990. A descending triangle pattern is forming on the chart, which can be interpreted as pressure from dynamic sellers on limit buyers at 0.64990. The price is within the descending price channel, a retest of the trend resistance each time sends the price to the indicated support - a strong signal for a breakout Moving averages act as resistance Support levels: 0.64990 Resistance levels: trend boundary, 0.65450 I expect a bounce from resistance, which will lead the price to another retest of support, which may help the price to breakout. Regards R. Linda!
Short
by RLinda
13
🥇GOLD - Can the market turn around? Or will it keep falling? Gold against the background of a bearish trend is forming a setup that could reverse the price direction. The bearish trend, with a small degree of probability can stop TA on the high timeframe: 1) Price forms a retest of 1902.87 after a month and a half. The price will not break the level from the first time, most likely a rebound may be formed 2) A sideways range may be formed when a rebound from support is formed. TA on the low timeframe: 1) A bearish channel is forming. 2) A descending wedge is formed against the background of the bearish channel. A retest of the figure support may push the price upwards 3) A retest of the figure's resistance may well break the local line and the price may form a surge to 1914 or 1930. Key support📉: 1902 Key resistance📈: downtrend line and 1914
OANDA:XAUUSD
by Gold-Tech
11
OCEANUSDT → A break of resistance will give a 30% increaseBINANCE:OCEANUSDT forms a bottom at 0.1208 and forms a false breakout. After formation of the formation, the price rallies and goes into consolidation in the triangle format After retesting the triangle resistance on July 22, the price forms a small correction after which the price forms a pre-breakout consolidation near the upper boundary of the formation. Altcoins have been showing positive dynamics lately and most likely the breakout of resistance at OCEAN will give excellent potential. While bitcoin is forming a correction and forming a local support area, the altcoin price is updating the local high and breaking the resistance. The price is testing MA-50 and may soon test MA-200 as resistance Support levels: 0.3335 Resistance levels: 0.3605 I expect the final breakout of the triangle resistance with the subsequent strengthening of the price to these levels. Regards R. Linda!
OLong
by RLinda
10
📉$UNFI Descending Triangle Pattern Alert!📉Hey traders! 📈📊 Exciting updates on the $UNFI:USDT chart. 🚀 It seems a descending triangle pattern could be forming. 📉 This pattern features a horizontal support line and a series of lower highs, indicating potential downward pressure. 📌 Symbol: $UNFI:USDT 📅 Timeframe: Weekly 📊 Chart Pattern: Descending Triangle 🔍 Pattern Description: The descending triangle pattern consists of a flat support level and lower swing highs, often signaling a possible bearish continuation. 🚀 What to Watch: Keep an eye on the price as it nears the support level. A breakdown below the support line could lead to a potential downward move, possibly confirming the bearish sentiment. 🎯 Target Levels: Short-term: Targeting the 50% retracement level around $7.40 Mid-term: Aiming for the 61.8% retracement level near $11.25 Long-term: Setting sights beyond the golden mean ratio to the 1.272 fib extension, potentially around $115 by the end of the 2025 bull cycle 🛑 Stop-loss: Consider placing your stop-loss just above the descending trendline to manage risk in case of a false breakdown. 📉 Indicators to Watch: Utilize RSI, MACD, and volume indicators to gauge potential confirmation of the pattern. 📈 Risks: Remember that trading involves risks, and the pattern might not always play out as expected. Stay updated on market news and adapt to changing conditions. Trade with care! 📊📉💰 #TradingView #TechnicalAnalysis #DescendingTriangle #UNFI #TradeSmart (Note: This is a fictional trading post and not financial advice. Always conduct thorough research and consult a financial advisor before making any trading decisions.)
CRYPTO:UNFIUSDLong
by STP_MrNodeItAll
🥇GOLD - Retest of resistance gives a sell signal Gold is testing a new low and updating the low. Price is forming a bounce and testing trend resistance, but more likely another decline may be formed which will further weaken the price. TA on the high timeframe: 1) We should consider 1902.87 as a medium-term target 2) Yesterday's daily candle formed a strong enough signal to fall - a shakeout was formed (a candle with a long shadow). The market sold off everything it bought and closed the session at the very low. TA on the low timeframe: 1) The market bought back the decline a bit and tested bearish trend resistance. 2) If price does not break trend resistance on the retest, the decline will continue 3) A sell signal is forming now, it is important to wait for the confirmation of the signal Key resistance📈: 1919.7 Key support📉: 1914
OANDA:XAUUSDShort
by Gold-Tech
11
GOLD → Counter-trend correction before further decline OANDA:XAUUSD is testing a key liquidity area after breaking triangle support. The price updates the global lows and confirms the presence of an ongoing bearish trend The price fails to reach the support at 1912.7 and forms a rebound. Most likely the target of 1912.7 is still valid, but before the support is retested the market needs more liquidity and for this purpose a correction is formed to retest the previously broken level. The price is heading towards the triangle pattern. The line of 1922.5 can be tested, or the price can go a little further, for example to 1927.5 or to 1932. It is impossible to talk about global growth now, the price is in a strong falling movement and continues to update the lows. We are looking for strong resistance areas to sell. Resistance levels: MA-50, 1922.5, 1927.5. Support levels: 1915,5, 1912.7 I expect the decline to continue after the retest of these resistance levels. Bearish trend reigns on the market. Take it into account in your trading. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
24
GOLD → The bear's paw regulates the market. The red zone OANDA:XAUUSD is forming a setup that can accumulate the potential to continue falling. The price is testing local support and forming a rebound before further decline The global bearish trend continues to develop. The price failed to pass through the 1980 area, forming a false breakout of the resistance area. A downward price channel is formed on the chart, after breaking the trend support the price forms a prolonged consolidation below the support. A descending triangle is formed, which can be interpreted as a dpavlenie prodlavleniya on buyers in the area of 1922. Moving averages show a strong trend and act as resistance. MA-50 confirm the local resistance of the triangle. Support levels: 1923,5 Resistance levels: 1927.5, triangle resistance In the medium term, I expect a continuation of the fall, but before that there may be a rebound to 1927-1930. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
15
GOLD → Support retest indicates buyer weakness OANDA:XAUUSD has weak buying power at the moment. There is no update of local highs, the price is returning to the support retest. The probability of support breakdown is increasing On the daily timeframe the price tried to test the strong resistance 1939, a false breakdown is formed and consolidation below the level. After this phase we saw a local distribution and another retest of the downtrend support. The price is testing another support at 1935.8, consolidation below the level will create a bearish potential and in the short term the price may form an impulse to 1927. Support levels: trend support, 1935.8, 1927.5. Resistance levels: 1943.3, 1954. The probability that the support breakout will be true at this point is very high, the above described prerequisites for why the bulls are weak. On these bases, I am prioritizing a decline Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
25
USDCAD → Range breakout. Realization of consolidation FX:USDCAD has been forming a bearish price channel for a long time. For the last few days, the price has been forming a symmetrical triangle, which is forming an attempt to change trend The price is moving out of the range on August 2. The impulse is formed on the background of strengthening of the dollar index and the price is testing 1.3370. Today such news are published as: 1) NonFarm Payrolls (Expected to decline) 2) Unemployment Rate (expected to decrease). Expectations of the news were not met earlier, the indicators are quite positive for the dollar index, which indicates a stronger economy even as fitch downgraded the US credit rating from AAA to AA+, but this does not say much in the current realities. The USDCAD currency pair is consolidating in the range of 1.3370 - 1.3320, with another retest of resistance, the level may be broken, but if the price starts a correction, it may head towards the channel boundary. Support levels: 1.3320 Resistance levels: 1.3370 I expect that on the background of strengthening of the dollar the price may break the resistance and form a movement to 1.3565, but there is a chance of correction formation. Regards R. Linda!
Long
by RLinda
18
GOLD → Resistance pressure on D1. Waiting for news OANDA:XAUUSD is forming a descending range after breaking the local trend. On D1, the chart is showing strong pressure from resistance and is forming a descending triangle which could give a strong fall, but there is news ahead... The price is testing the support at 1943 with the last move, making a false break and thus updating the local low to 1941.29. Based on the situation on the local timeframe and on the D1 we can say that the sellers are stronger, the fundamental background of the last trading week adds some confidence for this. Today ADP NonFarm Employment Change is published ( analysts expect a decline in the indicator, therefore the dollar may react negatively ), this press release can give us a rough mood for Thursday and Friday ( INJ, ISM, Nfp, UR are published ) Still, technical analysis initially lays a large percentage of the expected movement, even before the publication of the news and at the moment there is a preponderance of forces in the direction that the market is preparing for a fall. When enough weighty news is published, this imbalance may shift and in this case the price may break 1954, 1960 and head towards 1974 Support levels: 1943 Resistance levels: 1954, 1960 In priority I expect a decline to 1943 with the subsequent breakout, but on the background of news the price may act unpredictably and break the resistance. Watch the price reaction. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
29
🥇 GOLD - Retest of market support, readiness to decline Gold breaks through the 1963 resistance, but as it turns out this maneuver is false. The descending price channel is contributing to the price action, while at the same time price is retesting the support area and retracing back to that area to test the breakout attempt. TA on the high timeframe: 1) Price is approaching range support. NFP related news may negatively affect the price 2) The liquidity area against which an entry point can be formed is around 1942. A breakout or false breakdown is possible TA on the low timeframe: 1) On July 27, the price tests 1942 and forms a rally to 1973, after which the price does not go further, but comes back and tests 1942 again, but now already updating the local bottom 2) After a few hours and a retest of the liquidity area 1950-1955, the price returns to the support retest. Most likely the market is negative. 3) A pre-breakout consolidation is forming, which may break the market support under the pressure of fundamental factors. Key resistance📈: 1950 Key support📉: 1942.5
OANDA:XAUUSDShort
by Gold-Tech
10
🥇GOLD - The current scenario is a bear channel Gold is forming a bearish channel, the area of density on the side of resistance, which the price failed to pass, begins to pressure the market and thus makes the price of the asset weaken. TA on the high timeframe: 1) Price is still in a range 2) The bearish trend is valid 3) The liquidity area where the price can go is below 1943. TA on the low timeframe: 1) Price breaks 1963 again and forms a false break of the level 2) We should expect price to consolidate below the level, or below 1953 to look for a selling entry point 3) The price is likely to acquire a target in the form of a downtrend support area around 1940. Key resistance📈: 1963 Key support📉: 1953
OANDA:XAUUSDShort
by Gold-Tech
7