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BTCUSD Bear Flag | $8000 Psychological Level Hello Traders! Another update today, which will be on Big Baddy BTC, forming a potential classic bear flag and is trading at $8000 psychological level. It is highly probable that this bear flag comes to fruition as the lower trend lend is being tested for the third time… Points to consider, - Trend in a bearish structure - Lower resistance at .236 Fibonacci Level - Stochastics in lower region - RSI in lower regions but not extremely oversold - EMA’s giving price resistance - Volume below average - VPVR showing low volume of transactions below bear flag BTC is holding the $8000 psychological level on the lower trend line of this potential bear flag; we can say that this is one clean looking bear flag… The trend is overall bearish as it has been putting in consecutive lower highs; no new higher lows have been established after initial bear break from upper descending triangle. Local resistance is at the .236 Fibonacci Level, which is inside bear flag, BTC has tried to break above it multiple times but has failed. Stochastics are currently trading in the lower region; it can stay in this area for an extended period of time until we see a clear cross to project upside. The RSI is also trading in the lower region, but not overly oversold, it has cooled off from recent lows, a bounce from this current bear flag support line can further cool of the RSI. The EMA’s providing price with resistance, however does look weak as price has been trading through it within this bear flag. Volume is below average, we need to see an influx of bear volume if this bear flag was to come to fruition. The VPVR is interesting as it shows low levels of transactions below the bear flag, price is more probable to reach technical target due to low levels of transactions (resistance) posed by the VPVR… Overall, IMO, it is highly probable for this bear flag will come to fruition as BTC is established in a bear trend. The technical target of $6500 has historical significance; it would make a lot of sense if BTC were to retest those levels… What are your thoughts? Please leave a like and comment And remember, “What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
BITFINEX:BTCUSDShort
by AzizKhanZamani
4
Bitcoin, a spaceman observationIn this idea, I will try to give an alternate perspective on the BTC/USD performance by the theory of Elliot wave technique analysis. I will discuss about 2 main rules of Elliot Wave Theory (EWT), the first is triangles and the second is the alternation rule: 1)Triangles appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. Triangles contain five overlapping waves that subdivide 3-3-3-3-3 and are labeled a-b-c-d-e. A triangle is delineated by connecting the termination points of waves a and c, and b and d. Wave e can undershoot or overshoot the a-c line, which is a pretty common move. triangles nearly always occur in positions prior to the final actionary wave in the pattern of one larger degree or in other words, as wave four in an impulse, wave B in an A-B-C, or the final wave X in a double or triple zig-zag or combination. 2) Alternation Within Impulses, in a very simple word alternation, is If wave two of an impulse is a sharp correction, expect wave four to be a sideways correction, and vice versa. so if wave two retraced beyond 61.8 fib level, we can expect wave four to retraced between 50.0 - 38.2 fib levels. Now you can have a look at the attached chart, you can see that my analysis suggests a variation that we are now at the 4th wave, if you will measure the reactionary move to move one, you will find out it retraced to 78.6 fib level, which by the alternation rule is a deep correction, and if we had a steep correction in wave two we can expect wave four will bounce at the 38.2 - 50.0 fib levels. considering the overshoot or undershoot of the triangle structure (see triangles explanation in paragraph 1), which not yet happened, we can expect that move will occur the time the prices will reach to the 'E' move at the triangle and snap the 50.0% fib level by reaching 8500$ price and go up again to break the triangle structure to the upper side of it with the last (5th wave) move in the 12345 impulse move. long story short - we are one and a half move short from our destination to complete the impulse wave, the prices could drop up to 8000-8500$ just to go up again to at least the previous pik on last Jun. Please let me know if any question comes up regarding my analysis, also I'll love to explain on other rules of EWT by demandish curiosity, also please see how this idea correlates with my other idea "The Exhaustion Of Bitcoin" which relates with WXY counting by EWT as well! yours with love, Josque!
BITFINEX:BTCUSD
by josque
Education post 15/100 – How to trade Psychological Price Levels?What are Psychological levels? Psychological levels are price levels which tend to draw big market attention and typically witness a reaction by price when tested. These levels are the main round numbers (whole numbers), referred to as “Double Zeros such as .9800, .990. Plotting support and resistance levels is often a challenging and subjective task. It is also commonly one of the first areas of price action new traders attempt to tackle. Support and resistance can be established in numerous ways, such as: trendlines, moving averages, pivot point levels, Fibonacci levels, key high/low points etc. A common complaint with a lot of these methods though is subjectivity. This is why we believe psychological levels are appealing, as the numbers are effectively embedded within market structure and are entirely objective, as you’ll see going forward.  So...What are Psychological levels? Say that you’re the proud owner of new car, and a buddy down the pub asks how much it cost. Assuming it set you back $10,999, it’s unlikely that you would tell him that exact figure. Instead, to keep things simple, you’d probably round the number to the nearest thousand i.e. $11,000. And this is exactly what happens in the financial markets! It is far more likely that a trader will select 1.2500 over 1.2493, for example. Why do they work and how to trade them? Trading support and resistance can be a fantastic way to approach the market and for many new traders this is one of the first areas of technical analysis that they come to properly understand. There are a great many varieties of support and resistance in the market that traders can look to build strategies around such as: key highs/lows, trend lines, Fibonacci levels, moving averages, pivots, Bollinger bands and more. However, there are also levels that are already embedded within the market that can act as powerful support and resistance and traders don’t need any tools or to perform any complicated analysis to find them. These levels are called “Psychological levels” More on our website, link on Profile.
Education
by GroundStoneHoldings
Monero: Clear Double Zig-Zag Corrrection Looks CompletedMonero declined from 155 to 62 and lost exactly 60%! This is interesting sign, but to be more confident, 62 is really nice psychological support because wave (I) resistance became wave (IV) support. There is one more and the most important sign! We see a clear double zig-zag correction, which means that correction could be completed and we could expect Monero back to bullish trend. Keep in mind that bulls will be confirmed, when we see a broken channel resistance line. ew-forecast.com <- Visit for more Cryptocurrencies FREE Analysis!!
BITFINEX:XMRUSDLong
by ew-forecast
11
BTCUSD Update: Very Important LevelBITFINEX:BTCUSD hit our first top projection at 6200 level, but we still see room for a new high, so we have to be very careful arround those levels! We believe that Bitcoin is in minor three wave correction of red wave (IV) with strong support arround 5000-5200 level and 38,2% Fibo. retracement. Keep in mind that 4th waves can be very complex, for example: flat corrections, triangle patterns or even more complex corrections. If Bitcoin goes straight to new highs, be aware of 5th wave, our second top projection arround 6400. But if Bitcoin from any reason declines and breaks lower our strong support at 5000, then we could face even bigger and much sharper decline back to arround 3000, where we see next potential support! Have a nice weekend!
BITFINEX:BTCUSD
by ew-forecast
USDCHF > Buy OpportunityUSDCHF > Long after Pullback Buy Entry @ 0.95750 T/P @ 0.97750 S/L @ 0.94750 Resistance @ 0.98370 broken with expected rise toward 0.98590 / 0.99000 level for re-test. Expecting consolidation toward 0.97050 fib retracement, followed by 0.96700 and 0.95650 primary support. Expecting 0.95650 support to hold and bring rebound toward psychological level of 1.00000 which is not expected to reach and anticpating another decline to follow. * Personal analysis only. Please use your own rules and strategies prior to entering market. ** Forex trading involves HIGH RISK. Before entering a trade, carefully consider your objectives, financial resources and level of experience.
Long
by ALSM59
BITCOIN: First Minimum Target/Top ProjectionWe are looking at BTC and we see some interesting levels. The most important thing is that you always look for minimum target, if goes higher even better.. As we know we are in 5th wave, so we have to be very careful arround those levels. Minimum first potential target we see at 161,8% Fibo. extension of wave 4 and 6200 psychological level, so this is important level for Bitcoin's first minimum top! As you see on the chart, we have also very important channel resistance, which has not broken yet! There's also some interesting psychological levels in a lower degree, so we expect that Bitcoin will hit 6000 for 3rd wave of 5th and then some bigger correction in wave (IV) with support arround 5500 and previous wave IV and then one more final push into 5th of 5th to 6200! Keep in mind that this is minimum projection, so if we see any stronger rally to the upside above those levels then we will start tracking an extended 5th wave! Have a nice weekend!
BITFINEX:BTCUSD
by ew-forecast
13
AUDCAD Trend line bounceAfter an extended down trend on the daily that was kicked off by a huge Bearish engulfing pattern back in June. This pair shows no sign of slowing down, forming lower highs and lower lows for the past few months. More recently price found resistance on 20/9 at the .99000 psychological level and formed another huge bearish engulfing pattern. Which is more confirmation of the continued down trend. Drilling down on to the 60. The Aussie tried to push through the .98000 psychological level before finding resistance at .98034 which in turn gave us the third peak we need for a confirmed down trend line and another Bearish Engulfing signal. Although price may encounter slight resistance at the recent low of .97514 Price should move steadily down towards the .97300 .97200 area before finding support. If price through this will present another great opportunity to go short again.
Short
by Markalf
Support becomes ResistanceHi guys, this is one of the simplest method to read structure, in a downtrend, when a support is broken, it most likely will become resistance once retested. Stops above highs, target1 81,2x level. Target2 to be determined. Don't know if i'm getting involved since i have two other CAD pairs on my watchlist. I'll let you know. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
4
Structure Play on EURCADHi guys, i wanted to share with you this simple structure play. If you zoom out or if you give a look at the daily chart, you'll see that we are now testing a key structure zone on the daily. Therefore i use to lower a timeframe in order to catch an inversion with nice risk to reward ratio. This level also lines up pretty well with the 618 retracement and the psychological number of 1,4100. Plus, we've got RSI divergence and RSI overbought at this time. The clues are enough for me to take this trade, i'm waiting a pullback in order to get a better risk to reward ratio. Stop below the lows, targets as illustrated above. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
USDJPY long : The downside trend just reversed !The USDJPY pair just made a trend change ; it has been confirmed at the beginning of the week. For the past 12 months, USDJPY was in a fast downside trend, losing approximately 20%. But once it has reached the very strong psychological level of 100Y for 1$, we have noticed a change in the bearish dynamic. After three bounces at this price (now Major support area), the downside trend made a reversal, confirmed by two facts : - first (PINK 1 on the chart), both the 80 days Moving average and the upper descending trendline have been passed when they were previously containing buyers during the whole bearish wave. This was one indication that the trend was about to reverse. - secondly (PINK 2 on the chart), the previous top at 104.155Y has been passed too. This is definitely showing that the downside trend is over, by definition. Now, the USDJPY pair should continue its ascension toward the first and second resistances that correspond to the two next tops. The short term level to look at closely is 102.80Y because this is the first invalidation level of the reversal. If it is broken, this will show some signs of weakness of the reversal. Obviously, if 100Y had to be broken too, this would definitely mean that the downside trend is back. For the ones who want to initiate a long position based on that idea, the short term stop should be placed just below 102.80Y (invalidation of the reversal scenario). Feel free to comment your idea and suggestions !
Long
by AlexandreNygal
4
NZDUSD AnalysisAfter the RBNZ decided to leave rates on hold at 2.25% there has been a surge in kiwi strength, taking NZDUSD from 0.702 up towards the Weekly 50 MA at around 0.71500 (red line - psychological level). Where price is currently stalling and there is most likely some profit taking occurring as well, furthermore there is a Weekly resistance area just above the current 0.71480 highs and within this resistance area there is also the upper trendline of the ascending channel that could also prove to be a big hurdle for the bulls going forward. Looking at the downside and the most appropriate levels to keep an eye on for potential longs would be the 38.2% and 78.6% Fibonacci levels which both coincide with Daily support areas.
by ForexPinnacle