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Parallel Channel

GOLD → Change of Mood (local). Correction phaseFX:XAUUSD is breaking the structure of the ascending channel amid the counter-trend correction of the dollar (fundamental reasons). Price closes in the range of 2526 - 2477, what could this mean? On D1, the market is bullish both locally and globally. But, fundamentally and geopolitically the situation is slightly changing, which favorably affects the dollar exchange rate, against which gold goes into a local phase of correction. There is low liquidity in the market today due to the closed US market. On H1, the focus is on the resistance 2505 - 2510, sma. False breakdown and price consolidation below these zones will confirm the absence of bullish potential, which may lead to price correction towards the lower boundary of the key range. Support levels: 2483 (D1), 2493, 2477 Resistance levels: 2505, 2510, sma The focus is on the global range 2526 - 2477, the price continues to trade inside and does not hint at a possible exit from this channel, accordingly, it is best to use the inturidian trading strategy. The main target is liquidity below the key support zones Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSD
by RLinda
16
GBPNZD → Realization (distribution) phase. Target 2.065FX:GBPNZD is in the phase of realization of the previously accumulated potential (descending triangle), at the moment a counter-trend correction is formed, directed to the liquidity area. The fall may continue. The currency pair entered the range of 2.117 - 2.095. The lower boundary and the liquidity area have not been tested yet, so the potential target is still valid. The counter-trend correction is due to the counter-trend growth of the dollar against the main basket of currency pairs. On H4, there is a conglomerate of strong resistances ahead, which may prevent the price from the first time, accordingly, a false breakdown and further decline should be considered. Resistance levels: 2.11, 2.113, 2.12. Support levels: 2.098, 2.085 The breakdown of the structure, character and the formed confirmation of the bear market indicates that the counter-trend correction can be stopped from the liquidity pool area, so the downward movement can be continued from the mentioned resistance Rate, share your opinion and questions, let's discuss what's going on with ★ FX:GBPNZD ;) Regards R. Linda!
Short
by RLinda
4
EURGBP: Your Trading Plan Explained 🇪🇺🇬🇧 EURGBP is currently stuck on a key daily horizontal support. The price is consolidating within a horizontal range on a 4H time frame. With a release of US PMI, we see a positive bullish reaction and a test of the resistance of the range. Its bullish breakout and a 4H candle close above will provide a strong bullish signal. A confirmed violation will open a potential for a further bullish continuation. Next goal will be - 0.845 Alternatively, a bearish breakout of the support of the range may trigger a bearish movement lower. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
Euro can bounce of support level, leave wedge and rise to 1.1130Hello traders, I want share with you my opinion about Euro. By observing the chart, we can see that the price rebounded down from the buyer zone and dropped, but soon turned around and started to grow inside the upward channel. In the channel, the price reached the support level, which coincided with the buyer zone and broke it, and then it continued o to move up. When EUR reached the resistance line of the channel, which coincided with the resistance level and seller zone, the price turned around and started to decline. Euro exited from the channel and later entered to wedge, where it rebounded from the support line and rose higher than the 1.1160 level, breaking it. Price some time traded near and after reaching the resistance line started to decline. In a short time, the EUR broke the 1.1160 level one more time and fell to the 1.1050 support level. But recently it bounced up and now trades very close to the resistance line of the wedge. In my opinion, the Euro can rebound up from the support level and exit from the wedge, breaking the resistance line. Then it will continue to move up, therefore I set my TP at 1.1130 points. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
3
NZDJPY for new week bullish expectations NZDJPY after BoJ is rise rates, we are have strong bearish trend in last periods from 12.7 till 5.8. In last periods we are saw USD weakened and we are can see JPY is start stagnating. In the meantime ASCENDING CHANNEL is be created and on 28.8 price is make break of same. And in next day 29.9 price is break and crucial zone (90.500), zone is fresh breaked, bullish trend is not make to much here and for new week still expecting here bullish push till next zone. TP1: 93.000 (160) TP2: 94.000 (260) All best, here for comments, stay tuned!
Long
by DepaTrading
BITCOIN in trouble? check this out first... There is no doubt that Bitcoin is in a downward trending channel. As you can see in this analysis, Bitcoin has been in a bearish sequence since the highest point (#1), bouncing within the channel until it was rejected at point #5, which did not break through our green confirmation zone and instead dropped to the purple inefficiency zone. If you look closely, the purple inefficiency zone has shown significant strength for months (since April). It's a crucial area because when the price reaches it, there is a strong volume and buying pressure. There are only two possible moves the price could make this week: Move 1: The price could stay in our purple inefficiency zone and consolidate, accumulating for its next bullish trend. Note: Point #5 was a total rejection and decided to disrupt the sequence that Bitcoin had from point #1. Move 2: The price could simply respect a large-scale supply and demand zone, in which case we might see the price continue to drop, allowing it to enter a demand zone and then take off into a bullish market. What will happen? We really don't know, but what we can conclude from this postis that since the beginning of this analysis several weeks ago, the price has moved in our favor just by using basic price action concepts.I am very satisfied with this analysis, and I'm glad you were able to benefit from it, if you have been following this analysis closely, The price has been moving according to our prediction, And whenever I see these kinds of charts or analyses, I remember the words my mentor used to tell me: always remember that the price action is always right. I sincerely appreciate your trust and support in my study. I send you a warm greeting, and always stay alert for the next move. -RM
COINBASE:BTCUSD
by RocketMike111
Attention Bitcoin Holders: This Could Be Your Last Chance!Dear Colleagues and Traders. 😉 In this post, I intend to share my analysis of the anticipated trajectory of Bitcoin, supported by both technical indicators and historical patterns. To begin, I anticipate that Bitcoin may experience a near-term rebound, which could be followed by a subsequent decline. Before we delve into the specific details of this analysis, I recommend reviewing my previous post, where I provided a comprehensive overview of Bitcoin’s long-term outlook. This context will allow for a deeper understanding of the current market conditions. ⬇️Previous Post (Long-Term Perspective) If you have reviewed that analysis, we can now proceed to examine the three critical pieces of evidence that substantiate the forecast presented today. ✔️BTCUSDT.P / BINANCE / 8H / Current / First Piece of Evidence This chart illustrates Bitcoin’s movements from June 7, 2024, to August 5, 2024, within a clearly defined descending channel. Bitcoin remains constrained within this channel, with no breakout having occurred thus far. The reliability of this channel is noteworthy. This reliability is particularly evident when we examine the midline, which has acted as both support and resistance on five occasions, thereby reinforcing the channel's structural integrity. ✔️BTCUSDT.P / BINANCE / 4H / Past Example 1 This chart, covering the period from April 14, 2023, to May 23, 2023, similarly displays a descending channel. During this time, the price consistently encountered support and resistance at the midline before ultimately breaking out to the upside. ✔️BTCUSDT.P / BINANCE / 4H / Past Example 2 Another example can be observed from January 11, 2024, to January 21, 2024. This channel, although formed over a shorter timeframe, also demonstrated a similar pattern, with the price finding support at the midline before eventually breaking out upward. ✔️BTCUSDT.P / BINANCE / 1H / Past Example 3 In this example, spanning from March 30, 2023, to April 5, 2023, we observe a comparable pattern. The midline provided robust support, and the price consistently failed to close below it, further solidifying the channel’s credibility. This setup also culminated in an upward breakout. ✔️BTCUSDT.P / BINANCE / 8H / Current Returning to the current chart, with the benefit of historical data, it becomes increasingly feasible to predict the future trajectory of Bitcoin's price. If the current descending channel maintains its integrity, a rebound, supported by the midline, appears likely. — ✔️BTCUSDT.P / BINANCE / 4H / Second Piece of Evidence The second key piece of evidence involves the RSI indicator on the 4-hour chart, where a "Hidden Bullish Divergence" is emerging. In this scenario, the price is forming a higher low on the right side of the chart compared to the left, while the RSI is creating a lower low. This formation, known as a "Hidden Bullish Divergence," often precedes an upward movement in price. Let us consider some historical examples. ✔️BTCUSDT.P / BINANCE / 4H / Past Example 1 In this chart, dated around March 30, 2024, we observe a higher low in price on the right, accompanied by a lower RSI, indicative of a "Hidden Bullish Divergence." This setup led to a price increase of approximately 13%. ✔️BTCUSDT.P / BINANCE / 4H / Past Example 2 Another instance, from October 2, 2023, presents a similar pattern: a higher low in price with a lower low in RSI, signaling a "Hidden Bullish Divergence." Following this formation, Bitcoin experienced a surge of approximately 114%, reaching a new all-time high. ✔️BTCUSDT.P / BINANCE / 4H / Past Example 3 This example from June 25, 2024, also shows a higher low in price coupled with a lower low in RSI, confirming a "Hidden Bullish Divergence." This setup resulted in a price increase of around 9%. Now, let us return to the current chart. ✔️BTCUSDT.P / BINANCE / 4H / Current With these past examples in mind, it is evident that a "Hidden Bullish Divergence" is also forming in the current chart. Should this pattern hold, we can reasonably expect an upward movement in Bitcoin’s price. — ✔️BTCUSDT.P / BINANCE / 4H / Third Piece of Evidence The final piece of evidence derives from Elliott Wave Theory, a concept that may appear complex but can be simplified. Following a low of $48,888, Bitcoin completed an upward wave, peaking at $65,737.2. We are currently in the corrective phase of this wave. This correction appears to be unfolding in the form of a "Flat" pattern, comprising three waves. The final wave in this "Flat" pattern should ideally manifest as an impulsive wave. At present, the chart suggests that an "Ending Diagonal" pattern is the most probable scenario, which could indicate a forthcoming rebound. It is imperative to note that if the price breaches the current low, the "Flat" pattern will be invalidated. However, until such a breach occurs, a strategy of buying on dips remains rational. — In summary, here is a recap of the evidence supporting today’s analysis: ⬇️ First Piece of Evidence: Descending Channel The price is currently finding support at the midline of the descending channel. Should this support hold, a significant rebound could ensue. ⬇️ Second Piece of Evidence: Hidden Bullish Divergence The price is forming a higher low, while the RSI is forming a lower low. Historically, such "Hidden Bullish Divergences" have often preceded upward price movements. ⬇️ Third Piece of Evidence: Elliott Wave Theory We are currently in the corrective phase of an upward wave, likely forming a "Flat" pattern, with an "Ending Diagonal" scenario suggesting a potential rebound. — In conclusion, based on today’s analysis, here is my trading strategy: I have set a stop-loss at the $55,969 level and plan to accumulate Bitcoin on dips from this point forward. The risk-reward ratio is highly favorable, and the stop-loss level is clearly defined, making this a prudent and strategic approach. This concludes today’s analysis. I appreciate your time and attention in reviewing this detailed post. Should you find it insightful, your support through a boost and a follow would be greatly appreciated. - ✔️ This analysis does not constitute a recommendation to buy or sell any financial instrument. ✔️ It reflects a personal perspective and is provided for informational purposes only. ✔️ Any investment decisions should be made at your own discretion, and you assume full responsibility for any actions taken based on this information.
Long
by Killer_Whales
1
EURO - Price can exit from pennant and then start to move upHi guys, this is my update on a different timeframe for EURUSD, feel free to check it and write your feedback in comments👊 Some days ago price entered to falling channel, where it at once made a gap and then reached resistance line. Next, price fell to support line, breaking $1.0880 level, but soon EUR made upward impulse from this line. Price broke $1.0880 level and exited from falling channel, and continued to move up inside pennant. In pennant, price later reached $1.1075 level, broke it, and even rose a little higher than resistance area. But a not long time ago EUR fell to support line, breaking $1.10750 level again, and now continues trades close. In my mind, Euro can exit from pennant and then bounce up to $1.1150, breaking resistance level. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
3