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Fibonacci Retracement

Today's Analysis: Ethereum & Bitcoin at Critical Levels📅Today, we're diving into the analysis of Ethereum (ETH) in both weekly and daily timeframes, alongside our usual analysis of Bitcoin (BTC). Let's kick things off with a detailed look at Bitcoin in the 1-hour timeframe. 👑 Bitcoin Analysis 🔍 1-Hour Timeframe Technical Analysis After a prolonged bearish wave, Bitcoin hit support at 53921 and entered a correction phase. Currently, it is breaking through the 0.382 Fibonacci level, which significantly supports the bearish trend as the volume of green candles is much lower than the red ones from the previous days. This indicates volume and trend convergence, confirming the trend's health. The next correction levels are 58516 and 59550. Upon reaching and confirming these levels, short positions can be considered. 📈 Long Position Strategy For long positions, I will hold off until the price stabilizes above the 99-day Simple Moving Average (SMA99). Once the price secures this level, I will announce the entry point for a long position. 📉 Short Position Strategy For short positions, you can utilize the levels of 58516 and 59550 during market corrections. If the market declines or you miss these two levels, you can open positions upon breaking 56045 or 53921. The levels mentioned for corrections are reactive, and since we adopt a breakout strategy, we must wait for the price to range at these levels. With a break below the range's floor and increasing sell volume, you can enter the position. The RSI trigger for confirming momentum entry is 44.10. 💰 Ethereum Analysis 🗂 Project Overview Ethereum is a blockchain-based project and one of the best in the crypto space, particularly for those interested in DeFi. Besides its native coin and blockchain, Ethereum also supports Layer 2 (L2) blockchains like Arbitrum, zkSync, Optimism (OP), Base, Linea, and Mode, which help manage transactions to reduce the load on the main blockchain, optimizing transaction fees and speeds. Ethereum's transaction fees have significantly decreased following the Shanghai and Dencun updates, dropping from 60-70 Gwei to 2-9 Gwei, attracting more users to the blockchain. Various earning methods exist on the Ethereum network. The primary method is staking 32 ETH to become an Ethereum node, which ensures network security and earns fees from network transactions and block creation. Other methods include creating Liquidity Pool Tokens (LP tokens) on DEXs and earning fees from trades and swaps or engaging in lending and borrowing, which is a vast field in itself. 🔍 Weekly Timeframe Technical Analysis In the weekly timeframe, Ethereum began an upward move from the 1550$ area, continuing up to 4100$, then faced resistance at 3876$ and started to correct. It has now formed a double top pattern, which hasn't activated yet. Remember, a pattern holds no significance until it activates. So, we disregard this pattern unless the price stabilizes below 2914. If that happens, we can say the pattern is activated, and the price could move downward. The critical point now is that the curved trendline is broken, the strong bullish momentum in the market has faded, and the price has been stabilizing below the 25-day SMA. Additionally, the 51.51 support in RSI is broken, potentially pushing the price down. 📈 Bullish Scenarios We have a few scenarios for bullish movements. First, the price doesn't stabilize below 2914, gets supported, and starts creating higher highs. Second, a further correction to the 24709 support, a significant support level for Ethereum, might prevent further price drops. Third, reaching the double top target of 2188, which is the last stronghold for Ethereum's bullish trend. 🛒 Spot Trading Strategy For spot trading, it’s better to move to the daily timeframe for clearer charts. In this timeframe, a bearish momentum has caused the price to drop from 3919 to 2883, and it’s currently resting. If the price ranges adequately and forms a suitable structure for buying, you can enter upon breaking its range box. If it doesn't range and moves directly upward, our trigger is breaking the main resistance at 3919 unless we buy according to Dow Theory rules. Upon breaking 2883, the first support is 2620, and the second is 2188. 📊 Volume Analysis The significant volume of red candles suggests a probable break of 2883, but since yesterday’s candle was a selloff, and today and tomorrow are holidays, the price might range for a few days before selling volume re-enters the market. 🔔 Entry Points Regarding the entry points mentioned, don't place orders in advance. Wait for the price to react to these levels and form a range structure. After buy volume enters and breaks the range box, you can proceed with your purchase. 📝 Conclusion In conclusion, both Bitcoin and Ethereum are at critical levels, with Bitcoin showing bearish tendencies and Ethereum facing significant support challenges. It's crucial to wait for confirmation signals and volume trends before entering any positions. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
9
EURUSD - Secret pattern no one talks about! (big crash coming)In my previous EURUSD post, I analyzed the historical chart (1971 - 2024). You know that EURO is heading for a big crash. If you haven't seen this very important post, please check out the related section down below. You have to see it if you are a real EURUSD trader.  Today, let's take a look at the actual 2023/2024 price action to see what is going on here. We have a secret head and shoulders pattern, that no one knows about. In general, the head and shoulders pattern is a reversal pattern and usually occurs at the top of the trend. These patterns are pretty much never perfect, so it's not always easy to spot them. This one is really hard to see, but I made it easy for you. We have 2 shoulders, and each shoulder is composed of a parallel channel. Neckline / HEAD is in the middle. This is of course an important level and strong support/resistance. Right now, it's a support, but once we break it, it turns into a resistance. Of course, I expect a breakdown on this bearish pattern, so make sure you are prepared for what is coming! Is it good to short EURO now? Yes. Where to take profit? It depends on how long you want to wait. I have market 3 strong levels on the way down. The first is the neckline of the HaS pattern. The second is the POC (Point of Control) of the previous market structure. The third is the previous major swing low. From the Elliott Wave perspective, I see a bearish Elliott Nest, that is composed of waves (1-2-1-2). This is an extremely strong fractal because once wave 3 starts, a steep downtrend begins. Usually, wave 3 is the strongest of all waves. Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Short
by Xanrox
47
Bitcoin - 54% crash, bull market over!Is the bullish cycle really over? Definitely yes, and in this analysis, I will tell you why! The crypto market is dying in front of our eyes, if you are a hodler of many coins, you can see it very clearly on your account balance. Bitcoin failed to sustain the key level of 62k (0.618 FIB), which is an extremely strong sign of weakness. If you take a look at my Elliott Wave count, you see that the major impulse wave (12345) is complete. This is an impulse wave from the start of the bull market (15476) to the end of the bull market (73777). Take a look at wave (2) and wave (4), they both have a 21.35% pullback, so this Elliott Wave count perfectly matches. The next reason is the rectangular range at the top of the uptrend. The range is clearly breaking down, which is another sign of weakness. What's more, we have an upward-sloping trendline that is breaking down as well. Currently, there is nothing bullish on this chart. Statistically, what is a classic correction for Bitcoin during major bear markets? 90%, 84%, or 77%. On the chart, I highlighted the 0.618 Fibonacci retracement for a 54% correction. But will this Fibonacci level really hold? Maybe temporary, but at the end, the price will go below it sooner or later. What we can also consider is the 20 weekly moving average. Bitcoin is currently below it, and we didn't even see any reaction whatsoever.  What to do now? Should you sell your Bitcoin? My arguments are really strong, and I don't even want to know what is going to happen with altcoins. Will altcoins become dust? I am bearish. Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Short
by Xanrox
291
Alikze »» ETH | Rising waveIn the weekly time, it is moving in an ascending channel, which after a complex correction and higher floors has formed a runner zone, which can now complete an ascending wave in the specified area, which is the supply area. Therefore, 🔰 in the first scenario, I expect a correction with the support of the $2,500 area after touching the zone, which can appear more in the form of price, considering that the recent correction was a running zone, and then enter the upward phase. 🔰But the second scenario can break this wave of the region and continue the upward path after the pullback. »»»«««»»»«««»»»««« Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support. Sincerely.❤️
Long
by alikze
10
Bitcoin's Deep Dive: Critical Support Levels & Trend Analysis📅 Let's dive into today's analysis. Bitcoin has finally broken the 59323 support level, indicating that in addition to the Low Wave Cycle (LWC), the Medium Wave Cycle (MWC) trend has also turned bearish. This suggests that Bitcoin may undergo a deeper correction. 🗂 Bitcoin Analysis 🔍 Daily Timeframe Technical Analysis In the daily timeframe, after reaching the 71509 resistance and a fake move towards 73000, Bitcoin began to rest and formed a range box between 71509 and 60273. Over 110 days, the price reacted to the floor and ceiling four times each, with one fake breakdown from the floor, and then rebounded from 0.382. On the fifth attempt, the box was broken, and now it has dropped to the 0.5 level or 55213. 📊 Volume Analysis The candle volume is very high, indicating strong selling pressure. If the market intends to correct and the volume decreases, it means the volume is confirming the trend. Otherwise, if the volume is diverging with the upward trend, we have a divergence. If the price continues its downward movement, the volume must increase, or else we'll see divergence again. 📉 Key Support Levels The next significant support area is between 50000 and 52000. This is a critical area that could halt the price decline, as it's an important zone both in terms of price action and the 0.618 Fibonacci retracement level, known as the Golden Zone. I anticipate the price will reach this range and then enter a consolidation phase after a significant selloff candle. The RSI trigger in the daily timeframe is breaking 26.33, and if this level is broken, we might see a large selloff candle. However, more bearish momentum could enter the market, so we shouldn't place orders at the 50000-52000 range yet, as the price might drop sharply to lower levels. 🎈 Additional Support If the 50000-52000 support is broken, the next level is 47000. I believe this is the final support for maintaining the bullish trend in the High Wave Cycle. If we are to see a bull run in Bitcoin, the price should not stabilize below 47000. 🧩 Pullback Scenario Another possible scenario is a pullback to the 60273 area. Given the 15% drop over three days and the overall bullish trend in the High Wave Cycle, a pullback is not out of the question. If the price pulls back to this level or the 58715 area and then breaks the floor of the pullback, we can confirm that the downward MWC trend is healthy and could continue to lower levels. 📈 Bullish Strategy Currently, I don't have a plan for a bullish market, as it seems illogical with the current bearish trend and momentum. I will wait for the market to create a suitable structure for a long position. If you recall, since reaching 60000, I only announced one long trigger at 62800, which never activated as the market continued its decline. So, it's better to wait until the market forms a proper structure for a long entry point. Under current conditions, I won't open a long position unless the RSI stabilizes above 45.13, or the market creates a suitable structure for a long position. ♟ Strategy for Short Positions As for my short position strategy, I will wait for the market to exit the oversold state. By oversold, I don't mean RSI levels but price-wise oversold, as price volatility has increased. So, I will wait and observe until the market forms a new structure in the 1-hour or 4-hour timeframes before entering a short position upon breaking the trigger. 📝 Conclusion In conclusion, Bitcoin is at a critical juncture where it has broken significant support levels, suggesting a deeper correction might be underway. The next key support areas to watch are 50000-52000 and 47000, which will determine if the long-term bullish trend can be maintained. Volume and RSI indicators will be crucial in confirming the next move. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
Price Discount in USD/JPY - Trend ContinuationThe market is a discounting mechanism. When prices rise too high, buyers start taking profits, aiming to buy at lower prices during an uptrend. This behavior sustains the trend. In USD/JPY, this concept is evident. The swing low at 160.26 attracted strong buyers, pushing the price above the previous high, creating a new higher high. At this peak, buyers no longer saw value and took profits, seeking a discount to buy at a lower price. Fibonacci retracement is useful in trending markets, as its key ratios indicate potential levels of trader participation. Currently, the price has been discounted to the 76.4% retracement level of the rally. The corrective ABC pattern brought the price from the high to the current discount. Based on this scenario, we expect more buyers at this higher low, pushing the price above the recent high. Using Fibonacci as a target tool, we anticipate the price reaching at least the 123.6% level of the current rally. The risk in this trade is if the swing low of 160.26 is broken, buyers won't be profitable, so this level will be our stop loss. The risk/reward ratio for this trade is 7.05. Always think in probabilities.
Long
by Charts247TradingAcademy
1
BTC 1d Chart ! The BTC price recovered strongly, descending to the main upward trend line. Currently, we are staying above a very strong buying zone, but when it is broken, we may see the price drop to around $46,000, the next very important point is the support around $38,900, although I am not taking this place into account at the moment. On the other hand, when the price stabilizes and we see a rebound, we first see a resistance zone, then resistance at the levels of $67,400, $70,200, and then around $74,000
by cryptodailyuk
GOLD → From rally to consolidation. Rest before NFP...FX:XAUUSD strengthens on the back of Powell's comments. Light positive notes lead to DXY sell-off and a small rally of XAU to 2364. Today is a day off in the US and tomorrow is NFP..... It's a day off in the US and there is no liquidity. There may be high volatility during trading, but the movements may be weak. Locally, the price is testing resistance and liquidity area. Within a strong distribution there are not many chances to break through the mentioned area. Most likely the formation of a correction, and local bearish patterns appear on the chart, which may lead to a correction in order to gather energy before tomorrow's NFP. Resistance levels: 2364, 2375 Support levels: 2353, 2341 Technically, a false breakout after distribution is forming. There is no potential to go up now. High probability of correction or consolidation. Regards R. Linda!
FX:XAUUSDShort
by RLinda
5
GOLD → A change in mood amidst the comments and newsGOLD is testing the previously broken channel boundary. The market maker is driving the price into the liquidity area before the strong news. Powell corrected the direction a bit within yesterday's speech The chance of a September interest rate cut rises after Fed Chair Powell acknowledged progress on disinflation. Jeremy reverses course slightly to dovish. Markets are awaiting the release of the minutes of the latest FOMC meeting (due later today) to get more information on the Fed's next steps. The regulator needs more data before it can start cutting rates. Data from the US labor sector is also in focus: All eyes now turn to ADP's US employment change report after JOLTS showed a rise in job openings on Tuesday. The next important event for the gold price remains the minutes of the June 11-12 Federal Reserve meeting, which could shed light on the central bank's outlook on rates and inflation, having a significant impact on the value of the U.S. dollar and the gold price. Resistance levels: 2346, 2352, 2363, 2380 Support levels: 2341, 2328, 2319 Technically, we have buyers appearing on the local change of fundamental background. The bulls are winning within the consolidation. There is a possibility of strengthening, but we should pay attention to the news.... Regards R. Linda!
FX:XAUUSDLong
by RLinda
10
$GME: Summer rally inbound. Strap in!!!Hello everyone, I’m back with another analysis. First, a quick nod to Leenixus for the incorrect predictions over the past three years, which unfortunately misled many. Let’s review some history. During 2020-21, the indicators were overwhelmingly bullish, with hourly, daily, and weekly measures all above the monthly. This setup led to a wild, rollercoaster ride in stock prices. From 2021 to 2024, the indicators aligned bearishly, resulting in a gradual downtrend. It wasn’t until the hourly and daily crossed above the weekly that prices tested the monthly levels (refer to my previous post for details). Looking ahead, I anticipate a significant surge in the coming weeks or possibly the next month, should the weekly cross above the monthly. For this bullish cross to materialize, prices must maintain above both the monthly and weekly levels. This transition may not trigger an immediate reaction, but I expect a price movement similar to what we saw from December 2020 to January 2021. Our price target is derived from a Fibonacci retracement from the high in March 2021 to the low in April 2024. For GME to reach new heights, it will need to overcome resistance in the $30-40 and $60-80 ranges. Breaking above $80 could propel the price to test $120, and beyond that, we might see it soar to $200 or higher. As always, this is not financial advice . Happy trading!
NYSE:GMELong
by SierrasTrades
1
BITCOIN CRASH TO 54.7K MINIMUM MT. GOX DUMP!!!Hello as you can see we have 5 waves up and an abc correction. we are working on the C wave and i expect it to hit 54.7k because that is the 1.1 extension fib of wave a measured from wave b (be careful tho as wave C can go to 1.618 which would be 44k i dont see that happening this time tho as we still need to make a wave 5 on the super large time frame), as well as having a FVG that needs filled there, as well as being the base of the channel we are in. It is a triple confluence. If you look at RSI we have a bearish divergence as well. The two bottom indicators i am using are also showing to be in the middle of a wave right now. that would be the C wave on the large time frame. we will be making the 5th wave down on the lower time frame which on the lower time frame of that will be a 5 wave impulse move because we are in a downtrend. Also, Mt. Gox, an old exchange that went down like 12 years ago is starting to repay their creditors in July, which is now, so those people are sitting on like 14000% profit and are going to cash out and dump hard. it is a total of like 18 billion. This is a negative outlook but its just what the data show. when the data show bullish then i will be bullish but there is just so many things right at this moment ab to crash btc so just hold on tight and open a short. i have one open from 63.2k and a target of 54.7k. Lets see if it hits.
INDEX:BTCUSDShort
by member_berry
Rivian Makes the Right Moves & the Stock Rebounds to Key TechRivian had a tough couple of years, as unprofitable startups are more vulnerable to the adverse external environment from high interest rates and lingering inflation. This has softened EV demand and deliveries have been disappointing in recent quarters. Highlighting the challenges, executives believe 2024 production will not surpass that the last year. But the large output-delivery gap of Q2 shows that Rivian is offloading its inventory. Rivian is making the right moves to turn things around and it will be launching two smaller EVs, starting in 2026. These are crucial for its future, as they will help it increase its customer base, stop the cash burn and eventually make money. The recently announced cash injection from auto giant Volkswagen can help it whether the storm and accelerate its progress. These developments have helped the stock to relief rally from the April record lows, bringing it to a critical technical juncture. RIVN tries to take out the 38.2% Fibonacci of the slump for the end of 2023 and the EM200 (black line). Surpassing them would shift momentum to the upside and facilitate further gains. Despite the turnaround plan and promising developments recently, the off-road EV maker is not out of the woods yet. On the technical front, a rejection of the aforementioned critical resistance cluster would reaffirm the bearish bias and enhance risk of lower lows. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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. Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website: Stratos Markets Limited clients please see: www.fxcm.com Stratos Europe Ltd clients please see: www.fxcm.com Stratos Trading Pty. Limited clients please see: www.fxcm.com Stratos Global LLC clients please see: www.fxcm.com Past Performance is not an indicator of future results.
NASDAQ:RIVNLong
by FXCM
GOLD → 2319 keeps the market from falling, but for how long?FX:XAUUSD GOLD is still consolidating within the local range of 2340 - 2320, which is formed after breaking a strong trend line support. The dollar index is still heading northward Gold is still unable to break downside resistance, as well as forming price consolidation below previously broken support. The key risk zone on which the bulls put so much is 2319-2320. A breakdown and consolidation of the price below this line may trigger a rally to 2290-2275. All eyes are on Fed Chairman Jerome Powell's speech today at 13:30 GMT The recent rise in gold prices can be attributed to lower US Treasury yields as traders resort to profit taking ahead of important US events. ISM, FOMC, NFP are ahead, but the fundamental background for gold is still weak and buyers do not believe in upward movement yet. Resistance levels: 2332, 2341 Support levels: 2319, 2306, 2297 Technically, a bearish pattern is developing on the senior timeframe, unless Powell says something unpredictable today, the general background will remain the same, which will be favorable for further price decline to these areas. Regards R. Linda!
FX:XAUUSDShort
by RLinda
21
XRP → Rally to 0.730 ↑ The fundamental denouement is comingBINANCE:XRPUSDT is approaching a possible decoupling, both technically and fundamentally. Positive signs of life could lead to a rally, first stop could be around 0.73. On W1, the coin is trying to live, but there is a huge fundamental reason that keeps the price from going beyond resistance and flat: The SEC v. Ripple litigation. The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority. Ripple's CEO believes that the final verdict could come at the end of the summer. Everyone is counting on a positive outcome for XRP: The court found that Ripple violated federal securities laws by making institutional sales of XRP, but dismissed other charges brought by the SEC. Ripple Labs opposed the SEC's proposal to fine the company nearly $2 billion. Ripple Labs said the court should impose a civil penalty of no more than $10 million Technically: Price continues to test the wedge resistance with the aim of breaking it, volatility decreases and consolidation continues. Below 0.4637 buyers are not letting the price in yet, which may lead to another retest of the resistance, which will only increase the chances of a breakout. Price consolidation above 0.4962 will be the root cause of market character change and possible rally to 0.6265 - 0.73. Support levels: 0.4637 Resistance levels: 0.4962, 0.5720 I expect that the buyers will still be able to break through the resistance of the bearish figure in the near future and ride the rally to the mentioned targets. Regards R. Linda!
Long
by RLinda
57
Bitcoin's Parabolic Potential & MANA's Key Levels Revealed📅 Let's dive into today's analysis. We are focusing on the crypto market, where we've seen an upward move, and Bitcoin is at a critical and exciting position. The coin I'll be analyzing today is MANA. 👑 Bitcoin Analysis 🔍 Bitcoin Technical Analysis In the 1-hour timeframe, Bitcoin has started to correct after reaching the 59323 support level and has now created a bullish structure in this timeframe, reaching the 63700 resistance level. A correction to 0.382 of this upward wave has been made, creating a box between 36700 and 62634. 🧲 Trend Line Analysis Additionally, there is a curved trend line supporting the price. Since this line is curved, it could trigger a parabolic movement in the market. Conversely, if this trend line breaks, we might witness another sharp drop in the market. 📊 Volume Analysis The market volume is ranging and is neither converging with buyers nor sellers. The direction will likely depend on which side increases its volume. 📈 Long Position Strategy Long Position: We can enter a long position with a break above 63700, targeting 64530 as the first target. A riskier trigger is at 63122. RSI stabilization above the 55.87 resistance can act as confirmation for these positions. 📉 Short Position Strategy Short Position: For a short position, first wait for a candle to stabilize below the curved trend line and activate the 62634 trigger. The second trigger is breaking the trend line at 62168. The RSI confirmation trigger is at 40.72. 🔍 MANA Analysis 🗂 Project Overview Decentraland is a crypto and metaverse project where everyone can buy land and introduce their projects to others. The native token of this platform is MANA, and all transactions on this platform are conducted using this token. 🧲 Trend Line Analysis In the 4-hour timeframe, this coin has started a downward trend from 0.4832 and dropped to the 0.3170 support level. After reaching this support, it corrected up to 0.236 and created a range box. This coin also has an upward curved trend line that could trigger a parabolic movement in the coin. 📈 Long Position Strategy Long Position: Stabilizing the candle above the 0.236 area could push the price upward, creating bullish momentum to move towards the 0.5 Fibonacci area, which coincides with 0.3896. For this position, buying volume must enter the market, and the RSI trigger is at 59.26. 📉 Short Position Strategy Short Position: For a short position, first wait for the curved trend line to break. For additional confirmation, we have two triggers: the first is at 0.3287, and the second is at 0.3170. If these levels break, we can expect the price to move down to 0.2792 based on Fibonacci Extension. Personally, I would open a position with a break below 0.3170 only if the selling volume increases and the RSI is below 50. Otherwise, I will wait for a break below 0.2792. 📝 Conclusion In conclusion, both Bitcoin and MANA are showing critical levels that could determine their next major moves. Bitcoin's parabolic potential hinges on its curved trend line support, while MANA's future depends on its range and trend line dynamics. Keep an eye on the volume and RSI confirmations for better entry points. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
ADAUSDT → Change of character, are the bulls coming back? ↑ 0.77BINANCE:ADAUSDT forms a change of market character, and also breaks the resistance of the wedge. Regarding the reversal zone on W1 a false breakout is formed. The coin may move into the realization phase. The token is lagging behind the overall capitalization and market movement, still in the consolidation phase, the boundaries of which are 0.2392 (0.4) - 0.777. In the distribution phase, ADA has chances to recover. At the moment we should consider trading inside the range and after confirmation of the formation of an intermediate bottom above 0.4 (consolidation above this zone) the market will define a new range for itself. 0.4 - 0.77. The potential in this case will be the corridor with the width of 93%. Technically, if the bulls hold the price above 0.4, it will be a good signal for the price distribution to 0.52, further to 0.678. Support levels: 3775, 0.400 Resistance levels: 0.42, 0.522 The bearish wedge is a strong technical pattern, capable of turning the market, but in order to start the realization, the bulls need to take the defense above the key zone, in our case it is 0.400. With Respect R. Linda!
Long
by RLinda
8
NZDUSD → Traders prepare for bearish rally to 0.60OANDA:NZDUSD is consolidating after breaking the uptrend support. There are no signs on the chart for possible growth, only if the fundamental environment does not change drastically... Technically, a bearish situation is forming on the senior timeframe within the 0.6219 - 0.6084 range. Traders do not believe that the dollar will start to fall and are forming sell-offs of the New Zealand dollar. A break of 0.6083 could lead to a strong sell-off that could spill the market to 0.60 - 0.587. But as the US GDP will be released tomorrow, the market may continue to move flat until some important measures are taken by the major traders. Resistance levels: 0.6140, 0.6215 Support levels: 0.6083, 0.600 I expect a retest of the support against which a small rebound may follow. But, if the situation both technically and fundamentally will not change in the near future, we should expect the formation of a bearish trend. Regards R. Linda!
Short
by RLinda
7
GBPUSD → The rallies in GBP continue. Falling to 1.26?FX:GBPUSD on Friday updates the local low and confirms the bearish nature of the market. Since the opening session traders have been trying to buy back some of the decline and are heading towards the liquidity zone, from which bears may intensify selling Traders increased selling in GBP to a 16-month high amid expectations that the Central Bank of England will start cutting interest rates sooner than the US Fed. Investors are expecting the GDP of both countries (UK and US) on Wednesday and Thursday. This will help to form a medium-term strategy. Technically, price is heading towards the 1.270 zone of interest (psychological area), which previously played the underlying consolidation support. A retest and capture of the liquids could change the imbalance in the market, which could lead to an intensified sell-off from the said area Resistance levels: 1.27, 1.275 Support levels: 1.26, 1.257 The dollar index looks stronger than the pound sterling, which continues to weaken due to fundamental reasons. The Feds are not yet ready to take premature action, which generally determines a negative fundamental background for the currency pair. Regards R. Linda!
Short
by RLinda
13