DXY: Holding up so far and should rally one more timeDXY Dollar Index holding up so far but it still looks like a continuation pattern and that holds whilst unable to break above 97.75. But there's a little uptrend off the lows and it should work on this, the 4th strike, creating another little rally...still cannot do much other than play between the lines at moment, but next move is building, as per comment
Move
TRJEFFCRB Index testing critical support break below spells doomCRB INDEX tesing critical support at 176.721. This level separates the last Bulls from the Bears. If it fails at any point by more than 10 pips it will turn already poor technicals even more bearish and signal another significant down-wave across most complexes associated with this index has begun.
GBPUSD Under Equilibrium: The Measured Move ConceptSorry been a bit busy lately. Have been in this short, didn't take the time to pin the idea here. I wanted to magnify the measured move concept here (after the fact yeah I know). But really it's because it helps find a point out of your trades or (if you don't want out) at least help identify where we are in the larger perspectives.
For those still short, I would highly advise not to move the stoploss down too far. Price could rally to the Equilibrium and slightly above. Thanks and good luck!
Bitcoin at an Important Short Term Cross RoadUp until now Bitcoin was still consolidating in a wide range of $680-630 in the ascending triangle and did not rally as I expected after the halving day yet to retest $750-790 area. One thing you can learn from Bitcoin's behavior over the years is that it ALWAYS retests the previous high a second time. Also Bitcoin LOVES to bounce within triangles.
Currently we have a series of 1H 2H 4H and 1D Bollinger Band Squeeze on the Bitcoin chart which indicate that Bitcoin will strongly move in one direction. Both bear and bull directions are depicted on the chart. If you have not been trading Bitcoin for several weeks now well now is the time to watch for the big move that will unfold in the next few hours and buy/long or sell/short the breakout accordingly.
In case of a strong move down and increased volatility Bitcoin could still head to $560-570 to double bottom.
Other indicators and factors to consider:
$660 support has held strongly so far
The 1W RSI megabull trend is still holding strong
We have 2 ascending triangle as shown on the chart (kind of a failover just like we had at the 400s
The 1D and 1W momentum are still bullish showing that the longterm bulltrend is still intact
Google trends shows an expected interest calm which is usual after the strong interest surge of the last spike from $450 to $790: prntscr.com
Longterm: Bitcoin is still in a bull market and should reach $950-1000 USD by end of September and new highs close to December 2016- January 2017
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USDJPY long opportunity coming up.Plenty of support showing up on the daily after a Bullish Bat completion. Targets one and two on the chart for that pattern.
If the Bat fails (0.886 retracement of XA), then there's also a Bullish Alternative Bat (1.13 retracement of XA) and Bullish Crab (1.618 retracement of XA) in the making. All of this is made possible by the close to 0.382 retracement of B into the XA leg, followed by the less than 0.886 retracement (0.793) of C into the AB leg.