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GBPCHF - Retracement then LongWe are currently inside a Discount Area, above a weekly bullish Orderblock and a daily Mitigation Block. A retracement should happen and it should test the mitigation block or Deeper into the Weekly bullish Orderblock. Targeting the Bearish Breaker (Our first PD Array), or the Weekly Orderblock area into Equilibrium. We also have a Liquidity Void (imbalance) to be targeted as extra confirmation. This is just my perspective on the pair. Do your own research and good luck!
Long
by Bastianelton
USDCAD Faking a Continuation Higher to Catch Buy StopsWe have been consolidating for about a month now with strong resistance at the 1.26000 key level. My Ideas is a run to the bullish OB and rejection at this level once again to run out the equal lows beneath the start of this trend line. Remember, USD Retail sales are coming out this week so stay alert. I am not expecting much volatility today in anticipation of Tuesdays and Wednesday's news. We also have CAD CPI on Wednesday which will also have an effect on price. Let me know your thoughts in the comments below!
Short
by MrBrickTrades
1
Possible Scenarios for Bitcoin#BTCUSDT #Binance #4HR #Midterm #Elliottwave - It’s been a while everyone. Today I’ve brought up some of the possible scenarios for Bitcoin based on the Elliott wave Theory. EW traders can refer to my insights and perspectives on midterm trends and major supports/resistances. - Out of countless Elliott Wave counts, I’ve summarized those that are relatively more plausible and credible. All the cases here were interpreted assuming that the all-time high at 65K(on Binance Chart) is the start of a corrective waves, either as 5-3-5 corrective wave or 5-3-5-3-5 impulsive wave(regarding it as a wave A). - First of all, let’s look at the scenario A. The swing low formed at 7/21 has been considered as the end of the 5-3-5-3-5 yellow bearish impulsive wave, and thus a whole green wave A. Then the bullish wave structure after that low can be interpreted as green wave B. In this case, Bitcoin is going through yellow wave B of the green wave C and their target prices are 50.8K~52.0K(valid until 8/18) and 53.3K~54.5K. - Similarly, scenario B also indicates that Bitcoin is forming green wave B currently, but is a bit different that the start of the yellow wave A is at the low formed at 6/22 rather than 7/21. If bears become more dominant from this current price, we can target yellow wave B within the green wave B, at 36.5K~37.7K(valid until 8/29) and 32.8K~34.0K(valid until 9/20). - Scenario C is one of my bearish counts, viewing that yellow bearish impulsive wave is still ongoing. Adapting the Elliott wave rule that the micro wave 5 of the macro wave 3 cannot be truncated, I have comprehended the low at 6/22 as the yellow wave 3. Hence, the upward wave after becomes yellow wave 4. In this case, we have to make sure that the recent high doesn’t overlap the end of yellow wave 1 which means if Bitcoin succeeds to make higher swing, this counting becomes invalid. The yellow wave 5 can be targeted at 32.8K~34.0K(Valid until 9/20) and 25.6K~26.9K. - My bullish scenario is the last one. Here, I have considered the current circumstance that the green ABC corrective wave is done and we are now on a new bullish impulsive wave. Whether the end of the green wave C is the low at 6/22 or 7/21, the bullish wave structure can be interpreted as an impulsive wave. In other words, Bitcoin is on yellow wave 3 or 5 of the green wave 1. If Bitcoin shows some bullish movement, the target prices of the green wave 1 are 50.8K~52.0K(valid until8/18) and 53.3K~54.5K. On the other hand, if we observe failure of the swing high, then green wave 2 is to be targeted at 36.5K~37.7K(valid until 8/29) and 32.8K~34.0K(valid until 9/20).
by Tommy_Trader
2
Possible Scenarios for Bitcoin#BTCUSDT #Binance #4HR #Midterm #Elliottwave - It’s been a while everyone. Today I’ve brought up some of the possible scenarios for Bitcoin based on the Elliott wave Theory. EW traders can refer to my insights and perspectives on midterm trends and major supports/resistances. - Out of countless Elliott Wave counts, I’ve summarized those that are relatively more plausible and credible. All the cases here were interpreted assuming that the all-time high at 65K(on Binance Chart) is the start of a corrective waves, either as 5-3-5 corrective wave or 5-3-5-3-5 impulsive wave(regarding it as a wave A). - First of all, let’s look at the scenario A. The swing low formed at 7/21 has been considered as the end of the 5-3-5-3-5 yellow bearish impulsive wave, and thus a whole green wave A. Then the bullish wave structure after that low can be interpreted as green wave B. In this case, Bitcoin is going through yellow wave B of the green wave C and their target prices are 50.8K~52.0K(valid until 8/18) and 53.3K~54.5K. - Similarly, scenario B also indicates that Bitcoin is forming green wave B currently, but is a bit different that the start of the yellow wave A is at the low formed at 6/22 rather than 7/21. If bears become more dominant from this current price, we can target yellow wave B within the green wave B, at 36.5K~37.7K(valid until 8/29) and 32.8K~34.0K(valid until 9/20). - Scenario C is one of my bearish counts, viewing that yellow bearish impulsive wave is still ongoing. Adapting the Elliott wave rule that the micro wave 5 of the macro wave 3 cannot be truncated, I have comprehended the low at 6/22 as the yellow wave 3. Hence, the upward wave after becomes yellow wave 4. In this case, we have to make sure that the recent high doesn’t overlap the end of yellow wave 1 which means if Bitcoin succeeds to make higher swing, this counting becomes invalid. The yellow wave 5 can be targeted at 32.8K~34.0K(Valid until 9/20) and 25.6K~26.9K. - My bullish scenario is the last one. Here, I have considered the current circumstance that the green ABC corrective wave is done and we are now on a new bullish impulsive wave. Whether the end of the green wave C is the low at 6/22 or 7/21, the bullish wave structure can be interpreted as an impulsive wave. In other words, Bitcoin is on yellow wave 3 or 5 of the green wave 1. If Bitcoin shows some bullish movement, the target prices of the green wave 1 are 50.8K~52.0K(valid until8/18) and 53.3K~54.5K. On the other hand, if we observe failure of the swing high, then green wave 2 is to be targeted at 36.5K~37.7K(valid until 8/29) and 32.8K~34.0K(valid until 9/20).
by Tommy_Trader