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Eth 1850 Hold or Back to Prev Daily Lows 1824 ⚔️Never Sell into Support! We can observe due to candle closures that we may return to previous day's lows at 1842 and ultimately 1824. The 8Hr and the 4Hr timeframes have just closed bearish after some rather large engulfing candles have printed on the Daily TF's and the weekly candle is closing in 7 hours. We may drop further on the Daily to somewhere around 1809 but we must see volume and maybe a break and retest below 1850 on the 30m TF if we can get that far. Selling into to support can be hazardous. Price may respect 1850 and continue to range. Always maintain a good risk/reward. At least 3:1 R walking into the trade. Also the RR changes throughout a trade.
COINBASE:ETHUSDShort
by ShrewdCatfx
📣 Weekend Key Levels for BTC/USD 📣Hey there, #Crypto enthusiasts! 👋 Ready for a rollercoaster ride this weekend? 🎢 Here are the key levels to watch for #Bitcoin against the US Dollar. 📈 Make sure to check the accompanying chart image for a visual breakdown! 🔍 ✅ Support Levels: 1️⃣ S1: £28,200 - The first line of defence. A break below could signal a short-term downtrend. 2️⃣ S2: £27,600 - Stronger support lies here. Watch for a potential bounce. ❌ Resistance Levels: 1️⃣ R1: £28,800 - First target for the bulls. A break above could open doors for more gains. 2️⃣ R2: £29,200 - A key resistance zone. Keep a close eye as it could prove tough for the bulls. Remember, crypto trading can be volatile! 💥 So keep your risk management in check, and don't forget to set stop losses. Trade safely, and may the odds be ever in your favour! 🍀 Hit the like button if you find these levels helpful, and don't forget to share with fellow traders! 👍💬 #BTCUSD #BitcoinTrading #WeekendTrading #CryptoMarket #TradingLevels
COINBASE:BTCUSD
by JoelWarby
Deciphering: Analyzing Leading Diagonal Patterns and Key LevelsThe financial markets are a complex ecosystem where a multitude of factors influence the movement of securities. One of the key aspects of understanding market dynamics is recognizing patterns and monitoring key levels that can indicate possible future trends. In this article, I will discuss the leading diagonal pattern, its importance in technical analysis, and compare the ES futures to the SPX cash index. I will also delve into the significance of key levels and how they are essential for identifying support and resistance. Leading Diagonal: A Brief Overview A leading diagonal is a specific pattern in the Elliott Wave Theory, a form of technical analysis used to predict market trends by identifying recurring wave patterns. The leading diagonal pattern is typically found in the initial wave of a new trend and is characterized by a five-wave structure, with each wave subdividing into three smaller waves. This creates a 5-3-5-3-5 pattern, indicating that the market is likely to experience a significant trend reversal. In my analysis of the ES futures and the SPX cash index, it appears that we have observed a leading diagonal pattern, which may suggest a short-term bottom and a potential upside move in the coming weeks. Comparing ES Futures and SPX Cash Index When analyzing market trends, it is crucial to understand that different instruments may display different chart patterns. In our case, the ES futures and SPX cash index exhibit a disparity due to contango, a situation where the futures price is higher than the spot price. This results in the futures chart looking somewhat different when compared to the cash index. Nevertheless, it is essential to take both into consideration when making predictions about the market's direction. The Importance of Key Levels Key levels in technical analysis are price points that serve as significant support or resistance areas for a financial instrument. They are essential for identifying potential entry and exit points in trades and can help determine if a trend will continue or reverse. In my analysis of the ES futures, we are currently sitting at the 3967 level, which is an important support level. If the market breaks below this level, it could drop down to the next key level around 3925 before making a corrective move up to the 4000-4010 area. Observing these levels allows you to make informed decisions on when to enter or exit positions based on market behavior. In the current scenario, the leading diagonal pattern suggests that we may see a short-term bottom soon, followed by a corrective move up and potential further downside. Keeping an eye on key levels, such as 3967 and 3925, will help us determine potential support and resistance areas, which in turn can guide our trading decisions. Moving forward, it is important to continually monitor the market and adjust your analysis based on new information, always taking into account both the futures and cash indices to get a comprehensive understanding of market dynamics since futures trades ~23/5 and the cash indicies do not. By staying vigilant and utilizing the principles of technical analysis, such as leading diagonal patterns and key levels, you can better navigate the ever-changing landscape of the financial markets. This approach, combined with other fundamental and technical indicators, can provide a solid foundation for making informed decisions and managing risk in an often unpredictable environment.
CME_MINI:ES1!
by bitdoctor
GOLD Key Levels! Analysis! Hello,Traders! GOLD seems unstoppable As it is breaking key levels On it's way up however, We are still guided by the Technical analysis in our Decision making so as Gold Is retesting a resistance we Might see some crrection However, if the current Momentum is kept, We will see a bullish breakout And the next target will be a Powerful resistance at 2060$ Analysis! Like, comment and subscribe to boost your trading! See other ideas below too!
OANDA:XAUUSDShort
by TopTradingSignals
4
ETH May Reach $1826 after a Pullback to ConsolidatePrimary Chart: ETHUSD on a 2D Time Frame The Primary Chart shows ETH's major down trendlines over the past 14 months. The first down trendline (magenta) remains effective and has contained price since the all-time high in November 2021. The second down trendline (gold) has been broken. The anchored VWAP from the all-time high (teal) is currently at $2230. Fibonacci levels are also shown on the primary chart, as well as major support and resistance levels from the past few months. This is a short-term bullish idea. It's odd having a bullish idea in the crypto space—but this idea is very short-term. Despite recent progress, much more structural change is needed before bulls can call victory with a new primary degree uptrend. Bear markets commonly see multi-week and multi-month corrective rallies. SquishTrade is *not* calling a new bull market / long-term uptrend in ETH. To the contrary, this is just a corrective rally until the weight of the evidence proves otherwise. Down trendlines can break and be readjusted without a new uptrend being established, and inversely, up trendlines can break and be readjusted without a new downtrend being created. In any event, long-term buy and "hodlers" should be careful here and use stops consistent with prudent / professional trading principles. If the time horizon is extremely long (forever) because you believe no other technology could ever possibly render ETH obsolete, then maybe you have inside information that does not require any caution whatsoever. The key technical points are summarized below: The logarithmic down trendline remains intact currently. BTC's equivalent down trendline (on a log chart from all-time highs) has been broken, and it remains to see if that break will hold. It might hold for some time as the shape and structure of the downtrend is reestablished. The best the bulls can achieve, however, is a sideways to neutral trend for some time. Major bear markets do not typically reverse in a V-shaped fashion. Price is currently contending with a key Fibonacci level, the .618 retracement of the mid-August 2022 to November 2022 decline. This level lies at $1664.82. Price could push a little higher from here if it wants to extend a bit more. The move in BTC and ETH has been nothing short of explosive, typical in bear markets, likely fueled by shorts covering and a lot of upside hedging and FOMO. But in all likelihood, a consolidation / pullback is in the cards soon. See the RSI divergence (bearish) on Supplementary Chart A that has now arisen on daily charts. Divergences also appear in momentum on the 8-hour and 4-hour charts using RSI and other indicators, including the Bollinger Bands. Supplementary Chart A Because the November 3, 2022, high was broken, this sets up a shorter-term bullish structure potentially. The key word here is shorter-term. Again, this is not a call for a new bull market. But traders can try to capture upside moves with tight stops at logical supports. Right now, price is extended. Don't recommend chasing unless you really know what you're doing! If the down trendline (magenta) is broken, the measured move target is the more aggressive target for this move. That target lies at $2473. This target is not worth discussing, and not viable, unless and until the down TL from the all-time high is convincingly broken. Thank you for reading this post. ________________________________________ Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed. Please note further that this technical-analysis viewpoint is short-term in nature. This is not a trade recommendation but a technical-analysis overview and commentary with levels to watch for the near term. This technical-analysis viewpoint could change at a moment's notice should price move beyond a level of invalidation. Further, proper risk-management techniques are vital to trading success. And countertrend or mean-reversion trading, e.g., trading a rally in a bear market, is lower probability and is tricky and challenging even for the most experienced traders. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
BITSTAMP:ETHUSDLong
by SquishTrade
11