Price is aiming for the bottom lineThe price could reach the channel bottom line.
It might not happen but I'm waiting for a buy between 4-5$
Parallel Channel
[WARNING] Last chance to buy Bitcoin.Hello, I've written this post to share my perspective on Bitcoin.😊
My analytical tool is the "Elliott Wave"
Using the trading view, I will analyze Bitcoin Chart.
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▼ BTCUSDT.P | 1D | Logarthmic
The chart above represents the direction I consider for Bitcoin.
The chart shows the start of the second zigzag after the first zigzag has completed.
This pattern is called a "Double Zigzag" pattern.
The first zigzag was formed within a "perfect channel."
That is the reason why I have identified the direction as a "Double Zigzag."
The second zigzag is also highly likely to form in the same way.
I will provide a detailed explanation of the second zigzag in the chart below.
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▼ BTCUSDT.P | 1D | Logarthmic
This is a zoomed-in view of the second zigzag.
Currently, the second zigzag is in progress.
According to the Elliott Wave Theory, this third wave is highly likely to consist of five sub-waves.
Currently, as it is still in the early stages, there is a possibility of a significant rise occurring.
Let's take a closer look at this third wave in the chart below.
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▼ BTCUSDT.P | 2H | Logarthmic
This is the final wave currently in progress.
I anticipate this wave to form as an "Expanding Diagonal" pattern.
(This pattern can also be referred to as an "Ending Diagonal")
The "Expanding Diagonal" is classified as an impulsive wave.
Therefore, it is a pattern that aligns with the principles of the "Elliott Wave Theory."
This is a pattern that often appears when the market is unstable.
Its most notable characteristic is that it progresses in the shape of a "megaphone."
As a result, the 2nd and 4th waves naturally overlap.
The exact potential for the upward movement is still uncertain, but if you examine the second chart mentioned above, there are some hints.
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▼ BTCUSDT.P | 1D | Logarthmic
'Wave A' can be 61.8% or 100% or 161.8% of 'Wave C'.
This is the most significant clue.
✔️ The "1:1 ratio" level is located at $84,331.6
✔️ The "1:1.618 ratio" level is located at $106,219.6
If the wave is short, resistance is likely to appear at the "1:1 ratio" level, and if it is longer, resistance may emerge at the "1:1.618 ratio" level.
If you have purchased Bitcoin, it would be wise to closely monitor these two levels and manage your risk accordingly.
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I bought Bitcoin because I believe it will rise in value.
Wishing everyone the best of luck.
GER30 W BUY IDEA 2/2/24Price has finally broken a W CONSOLIDATION ZONE that started on 12/4/23. Looking for price to retest the consolidation zone + the mid point of the bullish M channel and then continue bullish.
GOlD → stick to the long positionhello guys.
I believe gold is still bullish and only long positions are logical.
Channel Breakout: The price of gold has broken out of the main ascending channel, indicating a strong bullish move.
Fake Divergence: A fake divergence was spotted, but the price continued to rise, rejecting bearish signals.
Support Zone: The price is currently hovering above a significant support zone (highlighted in blue), which could serve as a springboard for further upward movement.
Target: The next potential target lies near the upper boundary of the newly formed channel, around the $2,550 mark.
Summary
Breakout: Price broke above the main ascending channel.
Support: Holding above a key support zone.
Target: Aiming for $2,550 as the next potential resistance level.
___________________________
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HelenP. I Euro can make small movement up and then start fallHi folks today I'm prepared for you Euro analytics. Some days ago price reached the support zone, which coincided with support 2 inside the upward channel, and after a small correction, it broke this level. Also, the price made a gap, after which rose to the resistance line, making a second gap and later corrected to support 2. After this movement, the Euro turned around and rebounded up from the trend line to support 1, but at once fell back to the trend line, thereby exiting from the channel as well. Price some time traded near the trend line and then made impulse up from this line to 1.1200 points, thereby breaking support 1, which coincided with one more support zone. Now, I expect that EURUSD will make one more movement up and then drop to the trend line. That's why I set my goal at 1.1120 points, which coincides with the trend line. If you like my analytics you may support me with your like/comment ❤️
Gold can continue to move up inside upward wedgeHello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price entered to upward channel, where it first fell to the support line from the resistance line, after which rebounded up. Soon, the price broke the 2355 level, which coincided with the buyer zone, and then continued to move up inside the upward channel. Later Gold reached the resistance line exited from the channel and even entered to support area, after which turned around and made a correction movement. Price fell to 2355 level and at once rebounded up back to the current support level and then bounced down. As well then the price started to grow inside an upward wedge, where it in a short time rose to the 2475 level, then made little correction, after which it rebounded up, breaking this level. After this, XAU reached the resistance line and then dropped to the support level. But a not long time ago started to grow, so, I think that Gold can little decline and then continue to move up in a wedge. Therefore I set my TP at 2555 points. Please share this idea with your friends and click Boost 🚀
Bitcoin can exit from triangle and continue rise to 65600 levelHello traders, I want share with you my opinion about Bitcoin. Observing the chart, we can see that the price some days ago started to grow inside the upward channel, where it soon reached a resistance level, which coincided with the seller zone. Later price broke the 65600 level and rose to the resistance line of the channel, after which rebounded and made a correction to the support line of the channel. Next, the price rose back, but soon turned around and entered to triangle, where it in a short time declined from the resistance line to the support line, thereby breaking the 65600 and 57500 levels and exiting from the upward channel. Then Bitcoin turned around and made impulse up from the support line, breaking the 57500 support level, which coincided with the buyer zone, and then made a retest. Also later, the price declined to almost the support line of the triangle, after which bounced and at the moment trades very close to the resistance line of the triangle. In my opinion, BTC can little correct to support line and then rebound up, thereby exiting from the triangle pattern. After this, price will continue to move up to the 65600 resistance level, so, that's why this level is my TP. Please share this idea with your friends and click Boost 🚀
BITCOIN - Price can bounce up from wedge to $70K pointsHi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊
Recently price declined in falling channel, where it broke $65000 level and fell to $57900 level.
Then price broke this level too, also exiting from falling channel and entering to wedge, where it fell to support line.
Next, price at once made upward impulse to resistance line, breaking $57900 level again and then made correction.
Price some time traded near this support level and later started to grow to resistance line of wedge.
In a short time, BTC reached this line, which coincided with resistance level and at once fell little below.
I think that Bitcoin can fall almost support line and then bounce up from wedge to $70000, breaking resistance level too.
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PEPE → Pre-break consolidation and retest of MA-200BINANCE:PEPEUSDT is consolidating after a shakeout. Bulls are emphasizing the resistance at 0.00000827. On W1, the coin is consolidating above key support, which is a good sign amid the overall bullish trend.
PEPE is trading above trend support and is not going to go down yet. A decrease in volatility is forming - “consolidation” character of the movement. After retesting the resistance, the price returns to the level for another test, which only increases the chances of a breakout of the area. Consolidation of the price above this area may affect the breakout of MA-200, which will be a confirmation of the readiness to go up. Technically, the zone of interest is 0.00001088 and “ob” in the zone 0.000013.
Resistance levels: 0.00000827
Support levels: 0.000007615
We continue to follow the price. The trend is bullish and there are no preconditions that would lead to a trend change. Technically, I expect an attempt to break the upper boundary of consolidation and further growth to the specified targets.
Regards R. Linda!
Technical Outlook on XAU/USD: Rising Wedge and Ascending Channel1. Daily Chart (D1)
Pattern Observed: There is a noticeable ascending channel forming. The upper boundary is marked by a series of higher highs (HH), and the lower boundary is marked by higher lows (HL).
Resistance Zone: The chart indicates a key resistance around the 2,540–2,560 level, highlighted by the upper trendline of the ascending channel.
Support Levels: Key support zones are marked around 2,267 (Weekly LQZ) and 2,353 (4HR LQZ), which coincide with significant price action in the past, potentially serving as strong support areas in case of a pullback.
Market Behavior: The market is currently testing the upper trendline resistance of the ascending channel. A rejection from this level could indicate a potential reversal or a pullback to the lower boundary of the channel.
2. 4-Hour Chart (H4)
Pattern Observed: The 4-hour chart also shows a more defined rising wedge pattern, which is typically a bearish reversal pattern when it forms in an uptrend. The price is trading near the upper resistance line of this wedge.
Liquidity Zone: An important liquidity grab/rejection area is marked around 2,476, which aligns with previous price consolidations and rejections. This area could serve as a strong inflection point where price could either rebound or break below, leading to a deeper correction.
Highs and Lows: A series of higher highs (HH) are visible, but the formation of a recent lower high (LH) could signal the start of a potential reversal if the price fails to create a new higher high above the previous peaks.
3. 1-Hour Chart (H1)
Pattern Observed: The 1-hour chart presents a more detailed look into the price action within the wedge. The price action is currently within a tightening range, reflecting indecision and possible consolidation before a breakout.
Support and Resistance: Near-term support is identified at the liquidity zone around 2,476, and the resistance aligns with the upper boundary of the wedge pattern.
Potential Setup: A bearish divergence could be developing, given the price action nearing resistance while momentum indicators (not shown here) might start to flatten or decline.
4. Multi-Time Frame Analysis
Higher Time Frame Influence: The weekly flag pattern identified on the daily chart is influencing the overall bullish bias. However, the rising wedge pattern on both the daily and 4-hour charts suggests caution as a potential bearish reversal could occur.
Key Decision Zones: If the price breaks above the upper boundary of the wedge, it would likely aim for the next resistance levels around 2,560 and possibly beyond, towards 2,600+. Conversely, a breakdown below the wedge's lower boundary could accelerate selling towards the 2,353 and 2,267 levels, where major liquidity zones reside.
5. Trading Strategy Insights
For Long Positions: Consider entries upon a confirmed breakout above the upper boundary of the ascending channel/wedge, targeting the next significant resistance levels. Utilize tight stop losses to minimize risk in case of a false breakout.
For Short Positions: Look for bearish confirmation such as rejection from the upper boundary or a breakdown below the support trendline. Potential targets would be the 4HR LQZ and the Weekly LQZ, with stops above recent highs to protect against unexpected volatility.
Conclusion:
The current price action suggests a critical juncture where the Gold Spot (XAU/USD) is at a significant resistance area. Traders should watch for a breakout or breakdown from the wedge pattern on the 4-hour and daily charts to determine the next directional move. Keep an eye on volume and momentum indicators for confirmation, as well as news events that could influence gold prices.
NKE continues to show some strengthThis is a update to my previous NKE post (I know I can update that post but I wanted to add a more current photo.
I have added MACD to my to try and get a better feel for buying and selling pressure, and also using Channel lines, which have been quite helpful. In this example, NKE was trading between $71-$76 until a spike above $76 into the low $80's with no news. I'll be honest I was using my trading strategy and used PUTS at $76 and got burned but I still think NKE has a lot to be desired. I'm always up for a small lesson from the market =)
UMA - Three D(r)ives Down PATTERNUMA is approaching an ideal buy-back zone whilst forming an important chart pattern - the Three Dives Down Pattern.
This pattern goes by many names including Three Drivers, Three Drives Down and Three Dives Down (which is the one I prefer to use). This pattern is bearish for the SHORT term, but bullish for the NEAR and LONGER term.
It's important to note that this analysis is from a macro timeframe, with the aim on identifying the key buy-back or re-accumulation zone. From the daily and lower timeframes, the price could easily increase by large amounts however, keep in mind we're looking for an accumulation zone not for swing trades in this post.
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BINANCE:UMAUSDT
BNX → The coin is stronger than the market. Bullish trendBINANCE:BNXUSDT looks quite strong relative to the entire cryptocurrency market, maintaining an already strong bullish trend. The price is forming a range and it is worth paying attention to its boundaries...
The situation is complicated by panic, bitcoin is unstable and thus creates unnecessary volatility in the whole market. The ideal outcome would be to stop the market and reduce volatility or consolidate so that action can be taken. But in fact BNX looks stronger than the market and this is worth taking into consideration.
The focus is on the strong 1.4252 - 1.2800 range. Because of the challenging technical environment, two scenarios are worth considering (but I like the resistance breakout the best)
If the bulls hold 1.2800 and start gradually approaching 1.4252, we should expect a breakout with further upside to 1.75 range resistance or even higher in the long term.
Support levels: 1.28, 1.1618
Resistance levels: 1.4252, 1.5161
However, if the bulls fail to hold 1.28 and the price breaks the support on the background of high market volatility, it may test 1.1618 - 1.0399 once again before further growth, as the uptrend is still in place
Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:BNXUSDT.P ;)
Regards R. Linda!
EURAUD: Time to Fall?! 🇪🇺 🇦🇺
Update for EURAUD,
the pair broke and closed below a support of a bullish flag pattern on a 4h time frame.
We can expect a bearish continuation now.
Goal - 1.6464
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EURCAD Broke a Key Up Trend Support lineEURCAD has established a divergence and formed a double top at the resistance zone. Recently, the price broke through a long-standing supporting trendline, and the close below this trendline signals a bearish outlook. The price also bounced off the resistance area, triggering a bearish impulse move. I expect the market to continue moving downward toward the support level, retracing from the resistance to test the channel boundary. The target is the support level at 1.50650
GOLD - Price can continue to move up inside rising channelHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊
A few moments ago price started to decline inside pennant, where it fell to support line, breaking support level.
Soon, price turned around and made upward impulse to resistance level, breaking $2385 level and exiting from pennant.
Next, price bounced from resistance level and fell to support area, after which started to grow in rising channel.
Inside channel Gold reached $2470 level, at once fell below, and then rose to resistance line of channel, breaking $2470 level.
After this movement, price corrected to $2470 level, and a not long time ago started to move up.
In my mind, Gold can fall to support area and then continue to move up inside rising channel to $2540
If this post is useful to you, you can support me with like/boost and advice in comments❤️
GBPCAD - ShortGBPCAD is trading in an ascending channel, where the price retesting its recent highs at 1.7825. Further higher at its next resistance level 1.7872 a resistance from Feb 2021 is lying ahead whereas a reaction for a retracement lower is anticipated with the next target ahead of 1.7650.
GBPUSD → False breakout of the range boundary FX:GBPUSD is testing wide range resistance in the distribution phase against the backdrop of the falling dollar. The market spent energy on strong growth and there is little chance of a breakout of 1.305, a correction or consolidation may follow.
GBPUSD strengthens the bullish trend, but on its way meets strong resistance - the border of the range. Within the range, the price may form a correction to the nearest liquidity zones, such as 1.297, 1.294 or 0.5 fibo.
Fundamentally, the dollar is declining amid the dovish stance of the Fed. The focus is on Friday's speech of Powell. The official's strong hints may intensify currency movements and volatility in the market.
Support levels: 1.297, 1.294, 1.292
Resistance levels: 1.3044
Technically, a reversal follows after a strong rise and a false breakdown. The range boundaries are still in place and continue to hold the price
Regards R. Linda!
Inox Green LongInox Green has started to move out from a parallel channel forming a flag pattern. There is a breakout and possible target of 240.
EURAUD: Technical Outlook & Your Trading Plan Explained🇪🇺 🇦🇺
EURAUD is currently retesting a recently broken horizontal support.
To sell the market with a confirmation, pay attention to a bearish
flag pattern formation on a 4H time frame.
Bearish breakout of a support of the flag and a 4H candle close below that
will give you a strong bearish signal.
A bearish continuation will be expected at least to 1.6465 level then.
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BTC (4H): Range BoundBTC is moving within a consolidation box
Price is ranging between:
61,800 (Resistance, top of channel)
57,700 (Support, bottom of channel)
Bulls need strength to break the resistance of 61,800.00
AB=CD pattern target calls for 68,000 (Daily Descending channel top)
However, a resistance of 63,500 will require Bullish move.
GBPUSD - Bearish Soon...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 As per my last analysis, GBPUSD rejected the lower bound of the medium-term trendline and traded higher.
What's next?
GBPUSD is currently hovering around the upper bound of the green and orange channels.
Moreover, it is retesting a weekly major high marked in blue.
🏹 Thus, the highlighted green circle is a strong area to look for sell setups as it is the intersection of the trendlines and major high.
📚 As per my trading style:
As #GBPUSD is hovering around the circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
EURO - Price can fall from support line of wedge to $1.1000Hi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊
Some time ago price entered to rising channel, where it at once broke $1.0735 level and some time traded in support zone.
Later EUR reached support line of channel and then bounced up to resistance line of channel, breaking $1.0735 level.
Also, price made a gap, after this, Euro exited from channel and entered to wedge, where it fell to support line at once.
After this, price made upward impulse from support line of wedge, higher than $1.0945 level, breaking it.
Price some time traded between this level and a not long time ago bounced up to resistance line of wedge.
Now, I think that Euro can rise to resistance line and then bounce down to $1.1000, exiting from wedge pattern.
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