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Double Top or Bottom

EURAUD ready to go up? Double bottom pattern on D1EURAUD ready to go up? Double bottom pattern on D1 The euro to Australian dollar (EURAUD) currency pair is in a support region on the daily chart and could show a possible upward movement over the next few days. EURAUD has just formed a pattern known as a “double bottom” around the support region on the daily chart at the 1.6000 mark – a significant area that previously held the price on June 26, preventing it from continuing to fall. Another element that supports the idea of ​​an upward movement in the coming days is the fact that the price accumulated a low of -6.85% between Aug. 5 and Oct. 2. In fact, the RSI reading on Oct. 2 was 29.47, signaling a possible oversold scenario. Bullish engulfing pattern: EURAUD may see buying momentum Today’s price action is showing a clear bullish engulfing pattern, with the current candle trading above yesterday’s high. This formation suggests a potential surge in buying momentum, following a touch on the support level on the daily chart (D1), indicating a possible shift in market sentiment. Analyzing the EUR/AUD setup, several bullish signals are emerging: The pair is currently in a support region on the daily chart (D1), which generally favors upward momentum. A double bottom pattern has formed on D1, another bullish indicator. The RSI dropped below 30 yesterday, suggesting the selling pressure may be exhausted. An engulfing pattern has developed on D1, indicating potential buying momentum could be ignited. These factors together suggest a possible bullish reversal in the near term. EURAUD may rise to 1.6275 in near term From a technical point of view, EURAUD has a chance to rise to the 1.6275 region over the next few days, where it should find temporary resistance. If the price manages to break above 1.6275, it is possible that it will rise to 1.6620 throughout the month of November. Events to watch: US nonfarm payrolls, ECB rate decision, RBA minutes Traders should closely monitor the release of the US nonfarm payrolls data on Friday, as it has the potential to significantly impact market movements. Additionally, those planning to hold positions for a longer term should keep in mind the European Central Bank’s interest rate decision on Oct. 17, which could drastically alter the outlook for EUR/AUD. The release of the Reserve Bank of Australia’s policy meeting minutes on Oct. 7 may also impact the strength of the Australian dollar. Recent forecasts and analyst polls have indicated that the RBA intends to maintain a restrictive monetary policy and keep rates on hold until the end of 2024, with a possible rate cut coming at some point in Q1 2025, which could weaken the Aussie. Disclaimer: 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Long
by Marketscom
Artyfact- Great buy for medium termAfter a challenging start to the year, during which OKX:ARTYUSDT token dropped significantly from above $2 to around the $0.35-$0.37 range, the token finally appears to have found its bottom during the summer. Since then, it has entered a period of consolidation, showing signs of stabilization after a long period of decline. In recent months, OKX:ARTYUSDT price has been trading within a tight range. However, it has now broken out to the upside, signaling a strong possibility of a trend reversal. This breakout is a positive indicator for the token, suggesting that it may be preparing for a more sustained upward move. At the time of writing, the price sits just above $0.50. As long as it holds above the key support level of $0.45, there are solid bullish prospects for the token. This level acts as a crucial threshold; if the price remains above it, it could pave the way for further gains. My Trading Strategy: Personally, my strategy is to buy on dips below the $0.50 level. Given the upcoming beta version release and, most importantly, the token’s very low market cap, I see significant potential for upside. In fact, I wouldn’t be surprised to see at least a 5x return on this project over the medium to long term. For traders with a short-term outlook, the $1.00 level could also serve as a reasonable target. If momentum continues to build, this zone may offer a strong point to take some profits or reassess the position. Conclusion: Artyfact has faced its share of struggles, but recent price action suggests the token may be gearing up for a comeback. The combination of technical signals, a key breakout, and the token’s low market cap all contribute to a positive outlook. Whether you’re in it for the long haul or just looking for short-term opportunities
Long
by Mihai_Iacob
Bearish Reversal Setup for BNBUSD - Targeting Key Support at 472Description: In this daily analysis of BNBUSD, several bearish indicators suggest a potential decline towards the $472 support level: Bearish Divergence on RSI: The RSI is showing bearish divergence, forming lower highs while the price has formed higher highs, indicating weakening momentum and a potential trend reversal. Resistance at $607 - $628: The price is currently facing strong resistance within the $607 - $628 range. This resistance zone has previously acted as a supply area, and the recent rejection indicates that sellers are in control. Double Top and Descending Triangle Formation: The recent price action suggests a potential double top formation around the $620 level, coupled with a descending triangle pattern, which are both bearish signs. Price Target at $472: If the bearish scenario plays out, we can expect the price to move towards the key support at $472, which represents a strong area of demand. Trading Plan: Entry: Consider a short entry if the price breaks below $593 or on a confirmed retest of the resistance zone. Stop-Loss: Set a stop-loss above $628 to manage risk. Target: The primary target is $472, with potential for further movement depending on market conditions. Remember to manage your risk appropriately, as market conditions can change quickly. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research or consult a financial advisor before making trading decisions.
BINANCE:BNBUSDShort
by Ayrop-Dev
Selling EURUSDHello traders I hope you are having a wonderful week:) This is a very nice trade: The ZONE(Supply): We have this nice zone here some of you might call it supply. It can be observed that every time we gen near the ZONE we see a lot of bearish power. The Triangle: This Triangle is neither bearish or bullish as it is a neutral pattern but if we see a breakout on the bearish side it will be a nice A+ setup. Be careful of the retest Divergence: This is not an A+ divergence as it is has been disturbed by the shadows. The Double top and entry: I've identified a double dop which will give me a nice entry at the neckline. A+ setup or what?
Short
by Linkhive001