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XAUUSD: Gold Short with good pip potential and high rewardsGold is well known for its volatility as has been seen over the past few weeks, where we've seen it rocket up to the 1680 range due to investors rushing in with the threat of Coronavirus. However, they have since had a reality check and as a result gold has reached a channel. This channel is easy money whilst it holds. As shown on the graph we have been seeing lower highers and lower lows on the hourly, creating a descending, closing channel. It has twice rebounded off the pivot point which is the reason for taking partial profits but overall has a great potential to reach 1600 and below in the event it breaks to the downside, and if not plenty of profit will be banked regardless. Keep in mind Donald Trump is speaking later today and that can create unpredictable volatility so suitable risk should be used.
FX:XAUUSDShort
by benaston50
XRP holding strong with good supportMorning from sunny Arizona! Once again looking at the 4hr chart, we can see the 0.5 fib level created a lovely support for XRP at the .2340 mark. It has established a nice ascending channel which i believe XRP will follow until we have enough volume to make some sort of parabolic move. More so, we are well above the 200 MA which is very bullish in my opinion and most certainly establishing a long term trend reversal back to the long awaited bull market. Long way to go yet, but positive signs for HODLERS waiting to recoup their cash! Have a great day and an even better weekend.
BITFINEX:XRPUSDLong
by AZEB1A
2
BTCUSD Falling Wedge| Low Volume| Break Imminent!Hello Traders! Quick update today on BTCUSD's immediate trend, where we have a probable falling wedge formation bound to break. Points to consider, - Trend testing resistance - .382 and 128 MA holding support - Stochastics in lower regions - RSI respecting trend line - Volume declining BTC’s immediate trend is trading very close to its apex of this falling wedge; this signals a break will be imminent as key levels converge. The .382 Fibonacci in confluence with the 128 MA acting as support establishes the case of strong buy pressure being evident. The stochastics is coming close to its apparent apex whilst being in lower regions, evidently signalling stored momentum to the upside. RSI is respecting it local trend line, must hold for a bullish bias, a break will increase the probabilities of BTC breaking bearish. Volume is clearly declining, which is a strong indicator of signalling a move being imminent in the near future. Overall, in my opinion, BTC’s immediate trend will manifest a break in either direction as volume is clearly declining as price comes close to its apex. This current formation of a falling wedge has a greater probability of breaking up as it serves as a bullish continuation pattern. What are your thoughts? Please leave a like and comment, And remember, “Freedom from blind reactivity begins with self-awareness.” ― Yvan Byeajee,
BITFINEX:BTCUSDLong
by AzizKhanZamani
7