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BTCUSD: Bullish Confirmation Means Wait For Better Buy.BTCUSD update: Short squeeze straight to the 7381 resistance level. Impressive move and the kind that has not been seen in some time. The move serves as the confirmation that a broader recovery is in progress, but the high is no place to buy. The objective now is to identify where the next buying opportunity is likely to materialize. As I wrote in my previous BTC report, a break above 6850 activates the inverted head and shoulders and that is now in the realm of Captain Obvious. All of the "experts" who were all shouting BTC 3K are now all shouting BTC 10K. Where were they in June? The confirmed inverted head and shoulders signifies a broader bullish movement is now in progress. This means support levels are more likely to hold and resistances break. 7381 is the .382 resistance of the bearish structure relative to 9990 high. This is a key level that needs to be cleared in order to pave the way for a recovery back to 10K. There will be minor resistances along the way, and they will serve as potential targets, not levels to short. As of now, this is a location to lock in profit if you have some. Do not be distracted by the noise emanating from the talking heads or your own urge to buy. Patience pays, not forced trades. At S.C., we are waiting for the next swing trade setup. Based on current structure, the first attractive location is the 6823 support (.382 of the recent bullish structure relative to the 5750 low). In summary, no one can predict when these types of moves are going to unfold. It is all about the probability of the location. At the lows I specifically pointed out that sentiment was completely inverse to where we were at the December highs. Now that price has established clear bullish structure, we can form new expectations about behavior in the near future. It is reasonable to expect higher lows and supports to hold. We know where the most attractive prices are, but we don't know if the market will test them. No market rallies in a straight line. Over the next week or so, a retrace of an unknown magnitude is likely. At S.C. patience is our guide as we follow best practices and wait for a favorable setup. Also there is a rumor that I am leaving TV. I am flattered that the community would notice something like that, but it is NOT true. This community has been very warm and supportive and I am grateful for the ability and experience to be able to help others on here. I was new to this game once and understand the struggles all too well. There is no better reward than people reaching out to thank me for providing a better learning experience. All I wrote in my previous report was at S.C. we are making some changes in regard to the availability of our content.
BITFINEX:BTCUSD
by MarcPMarkets
53
Potential Buy for Gold??$1237 – $1247 is the key area of support on the weekly chart and we are likely to see the Gold price got pushed up from this support level, maybe due to profit taking from the recent Short Sellers. Zooming into the 4hr timeframe, the down-trendline has been broken and the Gold price has entered into the Buy Zone. Not only that, the lower lows and lower highs which form a downtrend have been violated as higher high was formed, this is also another sign of strength. I will be watching for Buy signal to go Long in Gold when the market opens tomorrow. Stay tuned. ** This is not a Buy/Sell recommendation ** ** Please do your own due diligence **
FX:XAUUSDLong
by M-royce
BTCUSD: Break Of Bearish Trend Line Means Bulls Taking Control.BTCUSD update: Inside bar formation leads to price spike into the 6431 to 6614 resistance zone. This should not be that surprising if you have been following my recent articles on S.C. and on here. The bearish trend line which was compromised in this move is the first confirmation that a broader bullish move is in progress. It all started with the pin bar 8 days ago. I wrote about the significance of it's size and location. The 6431 to 6614 resistance happens to be a minor .618 zone relative to the recent 6850 high. The simultaneous break of this zone and bearish trend line are significant signs of strength. As I wrote in my S.C. article earlier today, the shallow higher low which has been established by the inside bar, is a riskier location for a swing trade. Our plan is to wait for the next retrace in order to enter a swing trade long. An attractive location for a setup would be the 6126 to 5977 support zone (.618 of current bullish swing). In light of the probability of this broader area, we are anticipating a higher low formation rather than a retest of the lows on the next pull back. The mistake to avoid is to chase this market now. Even though it has potential on the bigger picture, the risk of retrace increases as it climbs. At S.C. we have been writing about accumulating inventory for weeks across all of these coins. As this market bottoms, we are in a general position to benefit, whether we catch the smaller individual trades or not. And that is the whole point of employing strategies across multiple time horizons. In summary, do not worry if you missed this squeeze. As I wrote on S.C., opportunities are infinite but at the same time infrequent. Patience is your best friend in these markets. One of the most valuable skills you can develop as a trader is the ability to wait. If a broader move higher is truely in progress, there will be more opportunities to get long that offer much better reward/risk. The next retrace will be a very important test for this market. Prepare for it now rather than fretting over the movement that has resulted from signs that appeared days ago.
BITFINEX:BTCUSD
by MarcPMarkets
11
BTCUSD: Poised To Push 10K, But Far From Levels For New Longs.BTCUSD update: Price fluctuates around the 9861 reversal zone boundary as it breaks an inside bar in an attempt to go higher. Great price action if you are long, but as price continues higher, the risk of retrace increases. Price is now pushing further into the 9683 to 10561 resistance zone (.618 of recent bearish structure). For the short sighted, it appears that price will continue higher and higher, which is possible, but more often than not, resistance levels attract selling. The 9861 reversal zone boundary happens to be inside this wide resistance zone which emphasizes the resistance even more. Now keep in mind, there are plenty of bullish signs that are still intact which can present a very conflicting situation. Price is maintaining a clearly bullish trend line, and the 8514 support (.382 of current bullish swing) is still intact. With bullish momentum still in play, higher prices are likely. The problem is the level of risk. When I mention risk, I am talking about risk in terms of initiating new swing trade longs. Buying within this resistance zone is like buying at 18.5K. Yeah there is some upside left, but if you are not nimble, or just distracted by greed, you will more than likely stay in the trade if it weakness sets in. Weakness can take this market back to the 8514 level which will be a perfectly healthy and normal retrace. Do you want buy now and take that chance? In summary, temporary weakness can engulf this market out of nowhere, especially at these levels. Price can go as high as 10561 before any signs of weakness set in which can be very seductive. At S.C., we observe best practices which simply means we buy supports and sell resistances. As great as price action looks, the predetermined levels are what help us maintain consistency, even if it means sitting out during what appears to be "hot" market moves. We want to capitalize on the herd mentality, not be part of it and that means we wait for a retrace, no matter how far the market moves without us. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
37
ETHUSD: Not Buying Highs While Waiting For Retrace To 590s.ETHUSD update: Price pushing into major resistance zone and breaks the 764 key level. Like I wrote in my earlier report on S.C., buying in this area for a swing trade carries a high degree of risk. When a market trades like the way this one is, where it consolidated above the trend line and broke out to new highs, it looks like an easy trade after the fact. What you don't see is the amount of risk if the trade does not work out. As I wrote in a previous report, price needs to either retrace to the relevant support (now 591) or push into the resistance zone which it has. Environments like this, that are trending but carry a lot of risk on larger time frames are better suited for day trading. The reason is time. If you took the breakout above the 700 level, if it faked out, since you are day trading, you can get out immediately for a small loss. If the trade works out, you capture some of the move, and then have the option to hold it longer once you have a nice cushion to play with. Working with smaller time frames, you will have more signals and conditions to consider that can provide a level of nimbleness that is not within the scope of a swing trade. With this being said, I am not looking at this market from a day trading perspective, only the swing trading perspective which means I must stick to my swing trade rules and criteria no matter how enticing a market looks. The 741 to 845 resistance zone is the .618 of the recent bearish structure. From a swing trade perspective, it is not an area to buy, it is an area to consider selling or locking in profits if you are long from lower prices. This is where the reactionary herd of buyers pile in and offer a nice liquidity spike to unload inventory into. The 764 resistance is the .382 of the entire bearish structure relative to the 1420 high. Price has not cleared it dramatically, so there is still a high probability that this market falls out of this zone. If the market does sell, the 591 support (.382 of current bullish swing) is the level to watch for the much more attractive reward/risk swing trade long. In summary, as I wrote earlier in today's S.C. report, patience is essential during times like this. Do not let your greed get the best of you. No market goes in one direction forever. It will retrace at some point, and that is when we can evaluate the next swing trade opportunity. As this market continues to unfold, we will be posting updates and signals (if the market cooperates) on S.C. only. Questions and comments welcome.
BITFINEX:ETHUSD
by MarcPMarkets
28
BTCUSD: Bullish Price Action But Unattractive Location?BTCUSD update: Price is fluctuating within a reversal zone defined by the 9861 boundary level. The fact that price does not reject this level quickly can be interpreted as a sign of strength but being in an unattractive location along with no trade signal prevents us from issuing a buy signal. Even if price appears to by going higher. Price is still fluctuating above the bullish trend line but alone, that is not a reason to justify taking a risk. The purpose of a trade setup is to provide a visual representation of a market condition that offers a specific and repetitive advantage. Setups help to filter out randomness in our trading performance and also help prevent the typical reactionary trade that is so common to the market herd. And right now in this market, there is no setup. As I have written before, reactive trading that results in a profit is nothing more than reinforcement of ineffective behavior. That same trade over a large number of repetitions will result in an overall loss in the long run. That is why even if this market goes higher from this point, it is a losing proposition because of the potential future losses that will result from this ineffective behavior or bad habit that you will be reinforcing. 8514 which is the .382 of the recent bullish structure is the nearest level that we are waiting for in order to go long again. Price has to produce a reversal pattern there, otherwise again there will be no reason to take risk. In summary, until 9861 is taken out and a new higher low formation is established, this market does not offer any attractive opportunities in terms of reward/risk at the moment. Being in a reversal zone increases the chances that this market will pullback even though that often happens much faster at levels such as these. Don't let greed drive you into reactive trading even if the market goes higher without you. You may turn a profit this time, but the next 8 times you attempt to trade a similar situation, you will give back your profit and then some. Opportunities in financial markets are infinite, while your capital is not. Missing a market move is only emotionally painful, as long as you let your emotions drive your decisions. Know your levels, know your setup and wait, that alone will put you in a more advantageous position over the herd in the long run. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
32
GBPUSD: Minor Resistance Zone Not Affecting Buyers. Yet?GBPUSD update: Momentum is bullish as price is within a minor resistance zone between 1.4138 and 1.4184. At the moment there is no selling activity which means it is likely to continue higher. For those of you who don't know, we cover many markets at S.C. Forex is one such market and a technical perspective is published frequently there. What I am presenting here is an example. With the bullish trend line far from beyond compromised, price is more likely to reach the 1.4301 reversal zone boundary. Forex is a market that I trade both long and short, on a day trading and swing trading basis. This means that IF price action establishes a clear reversal pattern near the 1.4301 area, I will be open to looking for shorts, even in the face of a generally bullish trend. The key to navigating markets like these is having realistic expectations that are relative to market structure, not random opinions or feelings. If price never produces the bearish signs that I would look for, then I stay out and wait for the next setup. I share this perspective frequently on S.C., You will see updates to this perspective and any trade calls there. Comments and questions welcome (PM for response).
by MarcPMarkets
3
Bitcoin :- 4hr Chart Analysis A considerable fall has been seen on BTC all the way from first touching 9k now back down to 7800 levels. Points to Keep in Mind :- 1.A Possible Higher Low is still in place unless we break 7300. 2.The next higher high target has been reduced to 9600 due to the new higher low at the moment in place. 3.A break of the trendline is key to see any further upside. 4.Weekly Support of 8024 is Key and that is what i am holding out for. 5.PRICE + RSI DIVERGENCE + DOWNTRENDLINE IS VISIBLE ON RSI.THIS WILL SHAPE AND DECIDE WHAT HAPPENS NEXT WITH BTC.
by Akshath1994
BTC :- 4HR Higher High - Higher Low FormationBitcoin has taken support at its previous area of demand zone :- 8300. Prices are within a bigger Flag Breakdown Downtrend but have begun forming a Higher High and Possible Higher Low Formation. Target for the Next Leg of up move will be confirmed once we break the higher high and then its a throttle all the way to the Higher High Target of 9985. 9985 coincidentally is not the target for the next leg up but also the line of Daily Resistance. Such matching of targets usually work in tandem.
Long
by Akshath1994