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Fibonacci Retracement

GOLD → Correction for the purpose of elimination. Target 2400?FX:XAUUSD is forming a correction from the opening despite the bullish closing of the session on Friday. Fundamental background is calm, technical reaction to the false break of 2387. Friday's move was formed on relatively positive economic news for gold - higher unemployment in the U.S. reinforces the dollar sell-off as the chance of a possible U.S. interest rate cut rose slightly. This week traders' focus is on CPI and PPI, which will be released on Thursday and Friday. Technically, there is a buyer's presence in the market. MM, as consolidation and elimination of the buyer forms a correction to the liquidity zone 2364-2355. Possible consolidation or false breakdown before the subsequent growth. Resistance levels: 2387, 2411 Support levels: 2364, 2355 Today, at 14:00 Powell speaks, it is worth paying attention to his speech. High volatility is possible. In general, the fundamental background is favorable, technically, the bull market is forming a correction to support. Emphasis on the bulls. Regards R. Linda!
FX:XAUUSDLong
by RLinda
26
BNB/USDT Short-TermHello everyone, I invite you to a quick review of the BNB to USDT chart, taking into account the one-hour interval. Taking into account the short time interval, we will first determine possible stop losses: SL1: $501, SL2: $487, SL3: $477, SL4: $464. Looking the other way, we will determine the closest to the targets: T1: $517, T2: $530, T3: $547. The RSI indicator shows a rebound, but there is still more room for a decline than for the current upward movement.
by cryptodailyuk
EUR/USD: Awaiting a Breakout from the Symmetrical Triangle📅 Let's dive into today's analysis. We'll be focusing on the EUR/USD pair in the daily time frame. 🧲 Symmetrical Triangle Formation In the daily time frame for EUR/USD, we can observe a symmetrical triangle pattern. Currently, the price is in the last third of this triangle, indicating that the best course of action is to hold off on trading this pair until one of the dynamic lines is broken. 🎲 Moving Averages The moving averages are not particularly useful for analysis right now. As you can see, the SMA99 has flattened out, indicating a lack of momentum in the market. 🪤 Momentum Oscillators Given the lack of momentum, there's no reason to use momentum oscillators like the RSI. These oscillators are only useful in markets with momentum, so checking the RSI would just provide unnecessary data. 🧩 Breakout Scenarios If the descending trendline is broken and the price stabilizes above this area, we can expect the price to move up to the 1.11056 resistance level. The trigger for this scenario to be activated is at 1.09066. ⚡️ If the 1.09066 trigger is not activated, we need to wait for a new structure to form and draw new triggers on the chart accordingly. If the ascending trendline is broken, the trigger for this scenario is 1.06774. The next support level is very close to the price, at 1.06057, which aligns with the 0.382 Fibonacci level in the weekly time frame, forming a crucial area. 📉 Downside Targets If the price declines, the final target I see is 1.04225, which corresponds to the 0.5 Fibonacci level on the weekly chart. However, there is also a significant support zone between 1.04225 and 1.05007, where substantial demand is likely to enter the market, making it difficult to break through easily. ⌛️ Apex Point of the Triangle The converging lines of the triangle always intersect at a point called the apex. From a timing perspective, this is an interesting point. Although it's not always exact, we can expect a potential structural change around November 29. This change could be a continuation of the trend, a reversal, or the end of the current trend. Typically, something significant happens around this time. 🎈 Range-Bound Market Scenario If the price ignores the trendlines and starts ranging, the triggers at 1.09066 and 1.06774 can still be relevant. However, a ranging market will likely create a new structure and provide new triggers accordingly. 📝 Conclusion The EUR/USD pair is currently trading within a symmetrical triangle, indicating indecision and low momentum in the market. The moving averages and momentum oscillators provide little insight due to the flat market. Traders should wait for a breakout from this triangle to confirm the next direction of price movement. Whether the breakout is to the upside or downside, it will set the stage for subsequent trading opportunities. Patience is key until clear signals emerge from this consolidation pattern. 🧠💼 Always remember that trading futures involves inherent risks, and improper risk management can lead to margin calls. Stick to your capital management principles and use stop-loss orders, aiming for an initial risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please like and share this analysis. Feel free to leave your comments or suggest a coin you'd like me to analyze next.
by itsparham96
1
GOLD → Pre-breakdown structure, but NFP is ahead. ↑ or ↓ ?FX:XAUUSD is updating the high within consolidation after rallying. Technically, this is a good sign, but NFP and unemployment are ahead. The news could either reinforce the move or completely derail it.... A nice bullish pattern is forming on D1 against resistance at 2365. The deceleration and consolidation in front of the level indicates bullish interest in further growth. But today it is worth paying attention to the fundamental background. From this point of view, the outlook for gold depends on the upcoming news and the reaction of the Fed. Based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270K in the previous month, and the unemployment rate to remain unchanged. But the actual data plays a bigger role. Rising unemployment and slowing economic growth may support the gold, as the dollar may continue its localized decline on this background. But, unpredictable data can increase the volatility and affect the market structure in a very opposite way. Resistance levels: 2364. 2387 Support levels: 2355, 2350, 2341 Technically, on D1-H4 gold shows bullish prerequisites, but the economic component plays a big role, which can both support the current movement and reverse it up to liquidation and decline to 2340-2320. Regards R. Linda!
FX:XAUUSDLong
by RLinda
21
Today's Analysis: Bitcoin and BNB📅Today, the market, after experiencing a dip, is in a ranging phase. We can expect the next wave of decline to begin after this correction and rest period. The coin I want to analyze today is BNB, but as always, let's start with Bitcoin. 👑 Bitcoin Analysis 🔍 1-Hour Time Frame Analysis In the 1-hour time frame, Bitcoin has corrected to 58516 and then started to decline. In recent candles, significant selling volume has entered the market. The price has also pulled back to the SMA99 and is now consolidating below the 0.382 Fibonacci level. RSI has triggered at 44.10. The next trigger is 56045, and if a candle closes below this level, we can target 53921 again. 📈 Long Position For a long position, the market structure still doesn't seem favorable. However, if you insist on opening a long position, 58516 can be a suitable trigger. As mentioned, I won't open a long position until a suitable structure forms. 📉 Short Position The next trigger for a short position is 56045. I will wait for the price to react to this level once, and on the next attempt, if it breaks, I'll open a position. The trigger at 57033 has slightly shifted, and now we can open a position if 56693 is broken, though the target for this position is smaller than the target for the 56045 trigger. 📊 Volume Analysis If the market declines, the volume of red candles should increase. If not, I will open the position with lower volume and risk since volume and momentum are crucial when opening a position. 🔍 BNB Analysis 🗂 Binance Overview Binance is one of the top crypto exchanges, handling the majority of crypto trading volume and being the most reputable exchange for traders. In addition to its trading platform, Binance also has its own blockchain with BNB as the main coin. All activities on this blockchain are conducted using BNB, which has secured the 4th position in market cap after Bitcoin, Ethereum, and Tether. 🧩 Daily Time Frame Technical Analysis In the daily time frame, as seen, after forming an ascending triangle and breaking resistance at 619, BNB couldn't hold above this level, resulting in a fake breakout and a return to the box. The trigger for confirming the fake breakout was at 591. Currently, the price has reached the support level at 499, which aligns with the 0.382 Fibonacci level. If this level is broken, the next targets are 450$ and 390$. 📊 Volume Analysis for BNB The volume of red candles is currently much higher than green ones, indicating strong downward momentum. However, due to the selloff candle two days ago, the market might rest for a few days before deciding whether to continue the HWC uptrend or start a correction. 🛒 Spot Buying Strategy For buying BNB in spot, I don't recommend it while the market has downward momentum, unless a daily or weekly candle closes above 619. In my opinion, waiting for the market to form a new structure can provide better entry points. 📝 Conclusion Both Bitcoin and BNB are at critical points. Bitcoin continues to show signs of a downtrend, and BNB is trying to stabilize at significant support levels amid strong selling pressure. Wait for the necessary confirmations before entering positions and closely monitor volume and momentum. 🧠💼 Always remember that trading futures involves inherent risks, and improper risk management can lead to margin calls. Stick to your capital management principles and use stop-loss orders, aiming for an initial risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please like and share this analysis. Feel free to leave your comments or suggest a coin you'd like me to analyze next.
by itsparham96
2
Is LTC approaching a trend reversal?I invite you to check the situation of LTC in pair with USDT on a one-weekend basis. We see on the chart that the price is at the intersection of two lines, an upward trend line and a downward trend line. These are the two main trend lines that have currently formed a triangle from which the price will choose the direction of movement. Locally, we can see a sideways trend channel with smaller and smaller lows. The RSI indicator shows that we have approached the place where we could previously observe price rebounds, the STOCH indicator looks similar, but here we can see a movement at the lower limit, which may translate into an upward movement. Moreover, the chart shows how the price remains in a strong support zone, which may also influence the upcoming rebound towards the designated resistances.
Long
by cryptodailyuk
ETh/USDT 1DInterval Chart ReviewHello everyone, I invite you to review the chart of ETH versus USDT, taking into account the one-day time frame. As you can see, the price has risen from the first channel of the downward trend, marked with blue lines, but currently we are staying just at the lower border of the lateral trend channel, marked with purple lines. Currently, the price has bounced off the strong support zone which starts around $2,954 and ends at $2,681. A breakout from this zone could result in a price drop to around $2,000. Looking the other way, you can see how the price remains ahead of a strong resistance zone from $3,083 to $3,253, going further you can determine the second zone from $3,531 to $3,732. If the price breaks higher from these two zones, there is still strong resistance at $3,977. On the RSI indicator, we can see that we are bouncing just before the lower limit, which may potentially result in further upward movement, but it is worth monitoring the behavior of BTC to see if the current panic will deepen market corrections again.
by cryptodailyuk
EURUSD → The bulls are coming back. Trend change. Target 1.1FX:EURUSD is breaking the downtrend pattern on a smooth change of fundamental background. Traders are selling off the dollar, which is favorable for the euro. A local bullish pattern is forming on D1 on the background of the global downtrend. Strong fundamental background is favorable for the strengthening of the currency pair. On H4, the price is correcting after updating the local maximum and consolidates above the level formed by the gap. Bulls are trying to keep the defense above this area. The key focus is on the breakout of the 1.0816 zone. This will open the way to the zones of interest: liquidity and imbalance. Today is a day off in the US, the fundamentals are still in place, trading may be calm. Resistance levels: 1.0816, 1.0852, 1.0916 Support levels: 1.078, 1.073 I expect the trend to continue, as traders are showing interest in the market. Local ATH may become a potential target for MM Regards R. Linda!
Long
by RLinda
5
NZDUSD → Traders believe in the best outcome. NFP aheadFX:NZDUSD strengthens after a false breakdown. The change of the fundamental background leads to a change in the character of the market. Traders are looking at a breakout of 0.614 and growth in the future, but ahead of NFP... On D1 the price is not going to leave the sideways range yet, as we are told by the false breakdown and return to the channel with the subsequent formation of the impulse. Technically, on H4 a pre-breakdown consolidation is forming and the price is gradually pushing up to resistance, which may lead to a breakout and further growth. Fundamentally, based on previous data, traders expect Friday's employment report to show only 189K new jobs compared to 270,000 in the previous month, and unemployment to remain flat. But it's worth paying attention to the actual data. As a mild reminder of slowing economic growth could weigh heavily on the Fed. Resistance levels: 0.614 Support levels: 0.61, 0.608 Technically traders believe in the continuation of the growth. A break of resistance may trigger a rally. But unpredictable news may change the market mood and in this case active selling may start. Regards R. Linda!
Long
by RLinda
3
TON → Is the coin still bullish? When is $10.00?OKX:TONUSDT still continues to accumulate potential with the purpose of breaking through resistance 7.671 and continuing growth. Bulls are actively defending the zones of interest and continue to hold the positive market structure. Demonstration of a bullish structure. Continuation of upward movement on W1 Earlier, on the background of the general market correction the price formed a false breakout, which did not lead to a break of the bullish structure or to a strong fall. From the area of interest (without capturing liquidity) buyers are actively buying the asset and again trying to return to the resistance retest, which will only increase the chance of a breakout. Fundamentally and technically, TON looks very positive at the moment. But this does not mean that sellers are unable to change the nature of the price movement. Conditions under which the upward movement and positive structure will be broken Resistance levels: 7.671, 8.288 Support levels: 6.727, 6.202 Technically, there is a high probability of a continuation of the upward trend, but there is also a probability of a support break, which will break the uptrend and change the market imbalance. At this point, while the price is consolidating and continues to shrink to resistance, we should consider a bullish set-up. Regards R. Linda!
Long
by RLinda
5
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