Downtrend
Well This Isn't A Good Look For BitcoinIt's been a hard couple of weeks in the crypto markets, and it is not looking much better when you zoom out to the weekly timeframe. The Logical Trading Indicator is flashing a sell signal on this week's candle which means that we have some serious downward momentum hitting the Bitcoin market.
For you new guys, this means that there is way more selling pressure coming into the market than buying pressure. Trading is nothing but a game of supply and demand. My thought is that the Bitcoin ETF news event earlier in the year caused us to go into an early cycle that broke all time highs WAY too soon. Now we are paying the price for that, literally...
Now that the big boys of Wall Street are manipulating the price, there is no telling what is going to happen. As retail traders, we just need to be able to catch and ride the waves because we don't have enough capital to move the price on our own anymore.
What I see happening is that if this weekly candle closes with this sell signal, that will drive the price of Bitcoin down closer to the next somewhat level of market structure, which is around $50k. After that, the next solid level is around $37K-$40K. Not saying it's going to happen, we all want to be optimistic about the price, but we have to face reality that Wall Street wants cheaper Bitcoin so they are going to short futures until they get it to the price they want to buy it at. Once they get their fill, then we could see some real fire works when it comes to a pump in price, but we just have to be patient and ride their wake for a while until it happens.
It's very important to not get caught up in the noise on social media and focus on the data in the charts. Fundamentally, Bitcoin is not making any changes. The only news is about regulations and on and off ramps, but nothing about the actual blockchain or it's mechanics. So based on that, BTC traders can really just focus on price movements for now. Don't let a small price pump fool you either, Wall Street wants cheaper Bitcoin, and they will get what they want.
Now on the flip side of this, if we hold this level as support, which honestly is not looking like the case as of this post, but if buyers do hold this level, we look at this dump as a shake out and may start the next leg up. So again, we have to be ready for anything. This is really why I just let the Logical Trading Indicator tell me when it's time to pay attention and when to trade.
Are you bears ready for another ride down? Or are you bulls gearing up for a moonshot?
Be careful out there in these volatile markets and trade logically!
BTC Next Move 53,000The price has fluctuated between approximately $60,546.94 and $61,431.89 in the last day. In the short term, the price shows a downward trend, as indicated by the recent lower highs and lower lows since mid-June. Over the past few weeks, there's a clear bearish trend, with consistent declines from the highs of approximately $72,000 in early June.
Around $60,500, which is the low of the last trading day and a level where buyers have previously entered the market. Around $62,000, a psychological level and a recent high where selling pressure may increase. The previous high near $66,000, where the price faced significant resistance before declining.
The volume appears relatively consistent, with no significant spikes or drops. This suggests that the recent price movements are likely supported by a stable amount of trading activity, rather than being driven by low-volume fluctuations.
Given the recent downward movement, the RSI might be approaching oversold levels, suggesting a potential for a rebound.
The price is currently consolidating, and traders should watch for a break below this support level or a recovery above $62,000 for clues about the next significant movement. The lack of strong volume spikes suggests that there might not be a significant change in trend unless accompanied by higher volume. It's crucial to keep an eye on macroeconomic factors and market sentiment, which can significantly impact Bitcoin's price.
Strong Support at 53,000
Down trends for xauusdGold price is going down today.
Average Hourly Earnings measures the change in
the price businesses pay for labor, not including the
agricultural sector.
A higher than expected reading should be taken
as positive/ bullish for the USD, while a lower than
expected reading should be taken as negative/ bearish
for the USD,
EUR-AUD Will Keep Falling! Sell!
Hello,Traders!
EUR-AUD is trading in a
Downtrend and the pair is
Going down after the retest
Of the resistance of 1.6169
So we are bearish biased
And we will be expecting a
Further move down
Sell!
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EUR-AUD Will Go Down! Sell!
Hello,Traders!
EUR-AUD is going up
To retest a strong horizontal
Resistance level of 1.6173
And as the pair is in the
Downtrend we are bearish biased
So after the retest we will be
Expecting a bearish continuation
Sell!
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EUR_AUD WILL KEEP FALLING|SHORT|
✅EUR_AUD is trading in a
Downtrend and the pair is
Making a retest of the broken
Key level of 1.6160 which is now
A resistance and as we are
Bearish biased a further
Bearish continuation
Is to be expected from
The resistance level
SHORT🔥
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Is the mexican index in danger?Even with great companies conforming this index, it's impossible to ignore the effect that Claudia Sheinbaum's victory had over the markets. It's shocking to see the pessimism of the markets after her victory. Unfortunately, this has now created an infliction point in the BMV:ME index. With no recent clear support, it could be possible for price to drop quite a bit more, opening great buying opportunities.
However, if price does not begin to reverse this trend soon, it's possible that we will test lower lows.
EUR-CHF Bearish Breakout! Sell!
Hello,Traders!
EUR-CHF is trading in a
Downtrend and the pair
Made a strong bearish
Breakout of the key
Horizontal level of 0.953
And the breakout is confirmed
So we will be expecting
A further move down
Sell!
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EUR-NZD Will Keep Falling! Sell!
Hello,Traders!
EUR-NZD is trading in a
Downtrend and the pair
Broke the key horizontal
Level of 1.7637 which is
Now a resistance and the
Pair made a retest and
And is going down again
So I am bearish biased
And I will be expecting
A further move down
Sell!
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