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Warning! Touch of 215-223 Area for a 4th Time can trigger DoomAn warning update on my previous chart from a 2-3 weeks ago roughly, we see that BTC decided to delay the inevitable by not touching down a 4th time at the time I published my initial chart back then. Instead it decided to consolidate furthermore and attempted a break out again only to be stopped at the top of the downtrend channel outlined on my chart by the red line. The demand is so low for BTC that market makers could not push it to regain 250-260. The bearish magnet effect is clearly seen and BTC will touch for a 4th time and wash down within the next 72 hours most likely. See annotation on chart as usual! Please zoom in to see all the levels properly. This level is really dangerous to trade, you can just wait for the wash-down or short and sit down and watch the show. But I have outlined additional scenario in case we do get a bounce from 210-216 level. If the bounce does occur then we will retest 228-232 then drop in total capitulation down to156-180 initially (a bounce not shown on the chart is very possible from there to 215 or 260 due to a double bottom) then $123 to $98 range. But we could also fail to bounce and wash down to 156-178 area and maybe bounce there a little before washing down further.
BITFINEX:BTCUSDShort
by BitcoinGuru
3
GBP/USD Analysis 01.05.2013Background: Price found enough demand to halt its current downmove @1.46300 where the current minor rally broke the (red) supplyline indicating that demand outweight supply at this moment , the rally stopped near the current high @1.5552 which can bee seen as current resistance which needs to be overcome in order to speak for returning strenght to the market , if we break the (green) demandline we may head down to at least 1.50280 which is the 50% retracement level of the current rally, any buying occuring at that level can bee seen as a further sign of strenght , however if we fail to hold this level we head back to the support @1.4630 and any rejection at this level can be seen as strenght yet again , however we may form a trading range between res.1.55520 and sup. 1.4630 for the time beeing . Signs of Strenght: Downmove came to an halt Broken Supplyline Signs of Weakness: Price failed to take out the actual high Key Levels above current price: 1.5520 1.5870 Key Levels below current price: 1.5028 1.4630 sidenote: A downmove can only last for so long till their is a change in demand, and the balance of supply and demand changes in the favour of demand , ie. the buyers are at least heads up with the sellers and stop price from going any lower , if price then is in equibilirium ie., going sideways most traders agree on the same price "fair value" value = price over time , this balance(cause) aswell only goes on so long till there is a change in demand and supply and we have an imbalance(effect) and a new trend establishes till we find balance again..
by Invezted
AUD/USD Analysis 30.04.2015Background: Aud/Usd Remains in a downtrend but we found support @0.75600 ish level and price found balance, we formed a minor range between 0.7560 support and 0.7914 resistance , where price broke thru resistance but price traded back into the broken resistance, however its not over for the bulls as the up channel is still intact and if we find buyers we may head back aboove to retest the current high @0.80600 Signs of Strenght: price found support broken resistance up channel Signs of Weakness: Downtrend broken resistance didnt turned support @ retest Key Levels above current price: 80750 82500 79800 Key Levels below current price: 78180 77200 75600 sidenote: A Trading channel is nothing but a diagonal trading range where the upper limits is the oversold level and the lower limits is the oversold level , whereas the mean in this case rising represents fair value. and as it rises so does demand , if price fails to take out the lower limits of the channel and we break the RED trendlines this indicates that demand is in charge and any higher low can be used as an entry signal for a long position
by Invezted
EURUSD high likely downtrend continuationEURUSD is at the 32.8% fib retracement, wich then holds we can see the major downtrend continuation. If it doesn't hold then the EUR could reach for a higher position to the 23.6% fib retracement, wich it then should fall if it's about to follow the major downtrend wich it likely will. When we see a break of the 23.6% fib retracement level then it would no longer be considered a retracement but a likely trend reversal, wich would be unlikely. At this page( fxbootcamp.com ) you can see, under euro that the majority of traders are dramatically short(wich is the faded red line) against the traders who are long(wich is the faded grey line). The red line is the trend and finaly the black line is the net measure between long and short, wich is far below the 0 level wich confirms the strong downward movement.
by Vranken
BITCOIN: The coming hours there will be some nice red candles.The double top of yesterday broke down, although it did not go straight down to 240, we were able to take profit. Unfortunately that same pattern is not visible on the huobi charts, where there was a weird head and shoulder / triple top-ish pattern. Nevertheless, all charts where pointing down. Today I use BTC / CNY on huobi for chart because it illustrates a perfect bearish wedge which is about to break, most likely to the downside. Time to stay alert, wait for the break down and open shorts with a very tight stop loss just above the lower trend line of the current wedge. When the break down occurs, it will be a FACT that we will visit 1540 support (which is about 245 USD, same target as called yesterday, it is still valid). I think we will see some nice rebound after 245, so stay tuned as I will update as soon as the current targets are reached. Good luck!
BShort
by moker-X
9
Rebound complete, BTC to resume downtrend. Target sub 260The retracement from the 255 low seems to be completing at the moment, an ABC correction should be expected at this point. After this, we will resume the decline towards sub 260 prices to retest the lower trendline of the big descending wedge. After the first corrective leg down (correctionA) there will be a correction to about 50% of the fall, this should put the top of wave B at around 292, which presents a nice opportunity to open (leveraged) shorts... Good luck to all!
BITFINEX:BTCUSDShort
by moker-X
7