Bitcoin is at the crucial stage BINANCE:BTCUSDT (1D CHART) Technical Analysis Update
Bitcoin is currently trading inside the triangle on 1H chart and price is heading towards the support zone. Its crucial that bitcoin holds the support zone around 91K.
if price breaks below 91K then we are headed for a bearish trend. If price holds above 91K then we can expect the current bullish trend to continue.
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A Trader’s Guide to ABCD PatternsIntroduction to ABCD Patterns
The ABCD pattern is a tool in technical analysis that measures up and down moves within a trend. It consists of three consecutive price swings, forming a very specific shape as shown on the chart above. Note that the dark solid line on the chart above is the ABCD pattern while the dotted lines are retracement measurements. The ABCD pattern is valuable because it reflects the rhythmic and cyclical nature of market movements. While it may support such a nature, please note that past performance is not always indicative of future results.
The ABCD pattern is often used as a way to map out existing and potential price movements. This pattern is composed of four key points: A, B, C, and D. From point A to B, a new prevailing trend begins. The market then retraces from point B to point C, followed by a resumption of the initial trend from C to D. This sequence can help traders draw and see the movements within a trend.
One of the strengths of the ABCD pattern is its versatility. It can appear in both bullish and bearish forms, making it applicable across various markets, including forex like the FOREXCOM:EURUSD and other symbols. Additionally, it can be used in different market conditions, such as range-bound markets, uptrends, and downtrends, and across various timeframes, from intraday to long-term charts.
Typically, the tool is used to measure the retracements between each move. The dotted lines on the chart indicate the size of the retracement compared to where the previous trend began. This makes it easy to see where the ABCD pattern is finding its bottom (or top) within the trend. By analyzing these retracements, traders can gauge the strength of the trend and identify potential entry and exit points.
The key takeaway from the ABCD pattern is that it is a tool used to draw, measure, and see price movements within a trend. Imagine the market as a roller coaster ride with four key points: A, B, C, and D. At point A, the excitement kicks off with a fresh, dominant trend. As the ride progresses, it dips to point B, offering a brief pause. But hold on tight, because at point C, the initial trend roars back to life. Finally, traders eagerly anticipate the next twist at point D. This dynamic sequence allows traders to map out and visualize the market's journey.
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GOLD if it breaks 2955 will go to 3000.Resistance at 2955 plays a key role. The clear line shows the bears' defense, which is gradually giving weakness and can be broken. A break of 2955 will open the way to 3000.
Bulls are buying the potential within the rising support line. Any false breakout or touch of the line is aggressively bought out and the price rises. This could continue for a long time for fundamental reasons.
Scenario: waiting for either a break of resistance or a false break of support. Medium-term target of 3K is still relevant
EURUSD in Focus After the Conservatives win the German ElectionEURUSD has traded as high as 1.0528 overnight after the Conservatives, led by Friedrich Merz won the German election.
Whether this move is capable of becoming something more than a relief rally response is likely to be determined by a number of factors, some of which are specific to Germany, including how quickly a new government can be formed, their approach to Ukraine, and perceived willingness to embrace removing the ‘debt break’, strict limits enshrined in German law after the 2008 financial crisis, to fund spending on much needed infrastructure.
Other factors likely to impact EURUSD this week include President Trump’s next moves on Ukraine and trade tariffs, as well as the release on Friday of the latest US PCE Index release, which is the Federal Reserve’s preferred gauge of inflation (1330 GMT Friday).
The Final Factor Relates to the Technicals.
Having posted a high at 1.0514 on February 14th 2025, EURUSD entered into a choppy trading period ahead of the weekends German elections. This likely reflected trader uncertainty ahead of what was potentially an important driver of future EURUSD price sentiment.
However, what this sideways activity has provided are several potentially important levels to monitor over coming sessions as we move into the new trading week. Closing breaks below support or above the resistance points, might offer clues to the potential direction of next EURUSD price moves.
Reaction to Election Results So Far…
The initial EURUSD price reaction to the election results saw EURUSD rally to challenge the first possible resistance offered by the February 14th high at 1.0514. This level has managed to cap attempts to move higher but traders may well be watching this level on a closing basis, as confirmed breaks above it might suggest a more sustained phase of price strength.
While a closing break of a previous failure price high can reflect potential for an improving technical picture, there is perhaps an even more important resistance band, we may also need to focus on.
Take a look at the above chart, there are 2 further failure highs near to today's price activity, which were posted on December 17th 2024 at 1.0534 and at 1.0533 on January 27th 2025. If possibilities of a more sustained phase of EURUSD price strength are to be seen, this 1.0533/34 area may be the one to watch on a closing basis.
While much will depend on future price trends, successful closing breaks above 1.0533/34 might be an indication that risks are turning towards a further attempt to push to higher levels.
What if 1.0533/34 Resistance Holds?
Having found EURUSD sellers previously at this 1.0533/34 level, it is just as possible they will be found again and even prove strong enough to hold and reverse current price strength. As such, we must also be aware of the support levels on the downside that if broken, may see a resumption of price weakness.
Last week’s low posted on February 19th at 1.0401, coincides with the 38.2% Fibonacci retracement of price strength seen in February, which stands at 1.0406.
These may well provide strong support on any dips in EURUSD prices, however if closing breaks of this support range were to develop, evidence may well be building for a more extended phase of price weakness.
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JUP USDT#JUP is currently trading within a descending wedge pattern, approaching a strong assembly area near key support. This zone represents a potential accumulation phase, signaling a possible trend reversal.
Volume and momentum need confirmation for a strong rally.
Confirmation Entry: If price breaks the wedge resistance, confirming a bullish reversal.
Target Levels :
Final Target: $1.7894
NZDUSD INTRADAY Bullish consolidation The NZDUSD currency pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a sideways consolidation towards the breakout level, previous resistance, and now a new support zone.
The key trading level is at 0.5730 level, the previous consolidation price range and also the support trendline zone. A corrective pullback from the current levels and a bullish bounce back from the 0.5730 level could target the upside resistance at 0.5770 followed by the 0.5800 and 0.5825 levels over the longer timeframe.
Alternatively, a confirmed loss of the 0.5730 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 0.5690 support level followed by 0.5635.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
EURJPY Wave Analysis – 24 February 2025
- EURJPY reversed from support zone
- Likely to rise to resistance level 158.00
EURJPY currency pair recently reversed up from the support zone between the multi-month support level 156.00 (which has been reversing the pair rom last August) and the lower daily Bollinger Band.
The upward reversal from this support zone is likely to form the daily Japanese candlesticks reversal pattern Piercing Line – if the pair closes today near the current levels.
Given the strength of the support level 156.00 and the bullish euro sentiment seen today, EURJPY currency pair can be expected to rise to the next resistance level 158.00.
$QQQ Analysis, Key Levels & Targets for Feb 24
50 Day moving average and 1hr 200MA underneath us. That’s a nice reinforced support level.
At least on the day.
Bottom of the implied move today is 520
That is a level on the day - and the next support is 513
Don’t forget to grab the chart and let’s go….
AUDUSD ENTRY CHARTOn this Pair, we are expecting a continuation of trend to the upside, from the H4, price is hitting an area of structure which is in align with the D1 trend, also on the DXY, we expect more push to the downside, as the trend on the DXY is still BEARISH,we got a lower TF entry within the structure and we took the trade, Update will be giving in the UPDATE SESSION. Thank YOU.
Gold weekly swing trade with both buy and sell levelsGold last week making new all-time highs practically every day what can we expect this week?
Let's have a look using charts and indicators with weekly, and daily trend lines to find the best entries for us.
I am expecting a retracement down to 2923.668 (2924 for entry) for a move of 78 pips.
If this happens wait for rejection at
2924/23 before entering a buy to Fibonacci level 1.618 which is 2970 for a total profit of 544 pips on the buy and 78 pips on the sell.
Did you know that if looking at this chart on a computer with a browser you get the option to copy the chart? You can see what indicators and set your own alarms at these levels.
As always with these types of trades use proper risk management, take profit along the way and realise you are trading one of the most volatile pairs especially around news time so be carful
Check out my other trade ideas below
24/2 Today's Market Analysis and SignalsGold technical analysis.
Daily resistance 3000,
Support below 2892
Four-hour resistance 3000,
Support below 2930
Gold operation suggestions: Gold 4-hour level enters high-level fluctuations, with 2920-2915 area as support below, maintaining high-level strong fluctuations, the daily level upward trend remains unchanged, gold prices will rebound every time they step back on the 10-day moving average, the key support area, bulls will strengthen after touching it. The short-term bullish trend remains unchanged.
From the current 4-hour analysis, the support below continues to focus on the vicinity of 2930, and the short-term pressure above focuses on the 2940-45 line. Focus on the 2930 line support at the four-hour level. If the four-hour closing price falls below 30, it will be bearish. The overall trend continues to rely on this range to maintain high selling and low buying, and patiently wait for key points to enter the market.
BUY:2930near SL:2925
BUY:2892near SL:2888
Use small size, control risk