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How far the price of Bitcoin will drop?Today Bitcoin has tested the support at $6280, which previously has been rejected. This is a 427.2% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout. BTC/USD still struggling to break below the support which might result in a consolidation between the $6280 and $6330 levels. While the price is stuck between the support and resistance, trend is considered sideways. Although it is reasonable to wait for the breakout, either above the $6330 resistance or below the $6270 support. Break below the support at this point seems to be more probable, since the trend is clearly bearish. In this scenario, price would reach next Fibonacci retracement level at $6230. But if it breaks above the resistance, more gains can be expected. BTC then could rise towards the $6380 or $6420 level, confided by the 127.2% Fibs, along with the price where the most trading volume had been generated previously.
COINBASE:BTCUSD
by CryptalDash
NZDCAD reached strong levelNZDCAD is in a long downtrend lasting more than a half year. A few weeks ago traders saw a chance to go in buy position as the market almost reached monthly support, but it went up before reaching it. Now NZDCAD reached a strong level, where we expect a pullback downwards. The best entry in short position will be right after the market open or on a retest of the high from October 19. Appropriate stoploss would be 0.872 and takeprofit at 0.85. There is high probability that the market will create a pullback after making a bottom at monthly resistance. It can also retest the low at 0.8281.
Short
by AtlantisCapitalGroup
GBPAUD: Moving Strong Into Strong Resistance Good Afternoon Everyone, we are looking at the GBPAUD chart on a daily time frame right now. I was short this pair last week when price formed the first high with divergence. It was clear that there will be a pullback, but i was not sure how high it will go. Honestly it was way too high. Price broke my trading expected structure and run straight up with a new high, sitting right now in a huge resistance area. I do not really believe in this move, could be only another retest and maybe we see price tomorrow coming down again. Just wanted to share this chart and lets keep an eye on this...
Short
by darian_fx
EURAUD: Short From Now Hey guys, we are looking at the EURAUD which is currently at the best zone for shorting it. I drew a down trend line where it stays in the 4h for now. Also price is in a first level of consolidation, marked in the yellow box. The high of the box is my favorite 6.81 fibonacci level. Paired with the trend line and the wicks formed in the 4h chart its actually the best moment to short this pair. Using proper risk management and stop loss above those levels price could move a lot lower. Same situation as on other pairs we are in right now. Gonna link them below. Hope everyones week is going great so far.
Short
by darian_fx
GBPCAD: Big Swing TradeWishing everyone a great Sunday with this swing setup on GBPCAD. On the daily timeframe we see a clear downtrend with a trend line which was touched two times now. We expect price to reach this level in combination with the 0.5 fib level, where we would enter a short with a minimum drawdown of like 150 pips. Take profits should stay way more down with over 1000 pips at the last low (where the bullish uptrend started). Risk reward is over 5. The last two daily candles from now are wicks so lets keep an eye closely to price in the next days. i will keep you updated if the trade is active.
Short
by darian_fx
2
Low Risk On USDJPY Long - Soon at 114.500 ? Hey Traders hope everyone has a good start of the week, we are starting strong over here with a long trade on USDJPY. Pulling out our Fibonacci from the last low to the high we see price clearly bouncing back from the 0.61 key level. This is the level where we enter with a very low risk, because there is no level behind this. Another reason is that we are looking at a real longterm uptrend and price retraced the 2rd time (mentioned in the two blue boxes) at this point. First take profit for this trade will be the last high at 113.200 and another one even higher at 114.500. Lets start this week strong.
Long
by darian_fx
Tron – fireworks or busted flush?Hello, TRX is at a key-level at the moment, I think. Either the bulls break through the wall at 0.023/0.025 or the bears take over to drop TRX down to 0.005 as a final sell-off, or to kill it totally. If the bulls win, it will not be easy because there’s much resistance waiting at the upside for the bulls (blue levels in the chart). In Elliott-wave-Speech… We have seen a huge complex correction starting at the end of superordinate wave 1 at all-time-high (the correction is marked with abc in the chart). Now we are in the last wave, wave c of corrective wave 2 (blue in brackets). Wave c is a 5-wave down. So, we are in wave 5 of c of 2 to be precise. Scenario 1 (green line) The bulls will fight the bears down and hit through the blue trend channel. If that happens, we have to check how strong the uptrend will be, impulsive or corrective. And have to look out for an entry point then (the next 1-2 wave setup will make it). Scenario 2 (red line) The bulls will lose the battle of 0.023/0.025. TRX will drop down to earth – nearly (0.0075/0.0050). If that happens Tron may even never come back again. But: Also possible: we will see an epic turn around searching for new highs! It remains exciting! Please leave a comment or a message, if you have any questions! If you have any other ideas, please leave a comment here! Take care tgo
BINANCE:TRXUSD
by HK-Capital-Management
2
USDCAD idea update - why you must get your entry rightHere's another example of the larger time frame providing plenty of chances on the lower time frame. A healthy breakout is one with buildup against the level under attack. If we keep probing/failing....and STILL attacking the level from closer and closer, you know where the pressure is. I'm sure you already use variable size to consistently risk the same % of your account per trade. i.e. keeping risk the same whether you're accounting for 10, 20, or 30 ticks/pips. I'd suggest adding another filter - standardizing the SIZE of your stops. By that I mean if you're taking trades with stops between 10-30 ticks/pips, that's fine. But what if another move suggests a stop of 100 pips/ticks? Can you expect the same R out of the move? Are you actually just chasing price? This filter will get you to be more disciplined about your entries, keeping them tight and decisive. This move was already extended. But the level was attractive enough I expected a healthy push at least to the levels I marked out. This is very different to trying to get in with a young, strong trend. You've got to recognize what you're trying to get out of the move and how the market is likely to react at SPECIFIC points.
Education
by structuredtrader
Why an early fail can actually HELP a breakoutThis is a great example for traders of all timeframes to study. I don't really have time for people basing trades on wide zones - that's fine for analysis, but for a TRADE, you've got to see the fight at a specific level. When you draw these correctly, you can get a really great picture of evolving sentiment and balance of power shifts. Most traders treat breakouts way too lazily. You don't just enter at a new High/Low. You NEED buildup. Any naked attack from distance is likely to fail. But what if it only pauses, instead of crashing? Do you redraw the level? Do you avoid the trade completely? What works for me: Talk out the developing scenario. A fail failed? Ooh, interesting. Maybe there's more power on the original side than expected. Once the breakout's happened, how is the other side thinking? I was biased long, getting everything I wanted to see....but what would the Bears want to see? Probably a close back under the grey/yellow boxes, right? But wait, now that we created another temporary level during the failed probe, there's another level price needs to break through before even attempting the yellow level and then grey boxes! --> this makes for a likely bounce point, and creates several chances for late entries. Best of all, it means a breakout entry at the original level will be protected by that bounce and your trade stays green.
CBOT_MINI:YM1!Education
by structuredtrader