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Pullback

BTC-DAILY-CRITICAL LEVEL !As expected and mentioned in previous analysis (see related ideas below), after having briefly broken the 48'000 area (intraday high @ 48'234) a correction took place over the last couple of days and went down towards a V ERY IMPORTANT SUPPORT LEVEL (cluster of of the 2 trend lines on both sides around the 44'700 in reaching an intraday low, so far @ 44'244, nearly filling the 38.2% Fibonacci retracement @ 44'159 ! So what next ? Well, as previously mentioned, this 44'700 area should be seen as a very important support level , as a failure to hold and stay above it on a DAILY CLOSING BASIS, would be taken as a NEGATIVE SIGNAL for further development and would open the door for lower levels towards the 43'000-42'700; the 50% Fibonacci retracement of the last 37'567-4'234, being @ 42'900. RSI @ 55.59, below its uptrend support line and the LAGGING LINE crossed under the former downtrend line (triangle resistance line). Currently below the TENKAN-SEN (@ 45'437) and also important to note the DARK CLOUD COVER pattern triggered yesterday with its closing below 45'709, @ 45'517 CONCLUSION : In order to neutralise this ongoing downside price action, the BITCOIN should recover and close later on today at least above 45'437 or even better above the ongoing new downtrend line resistance, currently @ 46'365. Such kind of price action would also confirm this corrective/consolidation move, seen as a PULLBACK towards the breakout (seen on March 27th, long white bullish candle) of the triangle pattern and therefore would also keep alive this triangle formation, calling for higher levels. A FAILURE TO DO IT would put the focus to the 43'000-42'700 area and by the way would put in trouble the activation of the triangle pattern !!! 4 HOURS (H4) Below the Mid Bollinger Band , the Kijun-Sen and the Tenkan-Sen and currently in the middle of the H4 clouds support area (45'476-44'141). RSI sharply down @ 39.77 and LAGGING LINE below both the Tenkan-Sen and the Kijun-Sen. WATCH THE CLOUDS AS A GOOD SUPPORT INDICATOR AND THE TENKAN-SEN (45'934), KIJUN-SEN (46'239) AND MBB (46'868) AS RESISTANCES TO BREAK ! 1 HOUR (H1) The failure to recover above the thin hourly clouds resistance area triggered. yesterday's afternoon this downside move which started above the 47'000 area towards its intraday low, so far @ 44'244. The LAGGING LINE is far below the cluster of TS and KS and also below the CLOUDS ! WATCH RSI , to detect potential bullish divergence ( RSI still converging to the downside for the moment !) In this hourly time frame, a recovery and a closing level on H1 basis above the TS (45'060) would be the first positive signal calling for a potential short term reversal. A confirmation would be given by the breakout of the 46'000 area, neXt resistance being the HOURLY VERY THIN CLOUDS (47'200-47'350 IRONMAN8848 & Jean-Pierre Burki
BITSTAMP:BTCUSD
by Ironman8848
XAUUSD Kijun BounceWe got a touch of Kijun-Sen that got rejected on this pair (tellow circle). This happened while we just escaped the bottom range so it gives resistance at the bottom. With this in mind lower your position sizing. The Kijun future is sloping downwards and cloud is bearish. The future cloud does look a bit bullish however. Chikou span is free to move down as seen by the area I plot after Chikou. Stop right above kijun-sen and target I put at some previous low. I've added a short order at 1923 to grab some more on a small pullback
FOREXCOM:XAUUSDShort
by Honestcowboy
Time to play some UnityHello Friends! It’s been a nice move from the bottom for Unity, congrats to the profit takers. From this point I think there are two ways to play this. Option#1: Looks like a rising wedge will play out to pull back to $93 support before the next move up to $125. Option#2: If it moves up to $108 and pulls back to $105, $125 might be in play. As always thanks for your follows, likes, and comments. Let’s learn and grow together. Cheers! *This information and publication is not meant to be, and do not constitute, financial, investment, trading, or other types of advice. Do your own research.
NYSE:U
by MoneyFishing
1
short ETH/ USDT: Bearish divergence appeared!The live Ethereum price today is $3.436,29 USD with a 24-hour trading volume of $16.184.015.412 USD, -0,15% in the last 24 hours. POSITION: SHORT ENTRY PRICE: > 3.450 $ TARGETS: $ 3.300-3.200 / 2.800 – 2.700 / 2.450 / 2.200 / 1.900-1.800 / STOPLOSS: $ 3.900 After its bullish momentum ETH seems approaching now a significant correction , as the price has already hit the upper level of Keltner channel on 4h timeframe. Historically after such a bullish momentum, price usually starts its rally to the downside, ranging between the trend line and the lower level of Keltner channel. Also indicators are pointing out to a possible decrease, in fact a bearish divergence has been spotted, as shown by the black lines. MACD is looking bearish, below the trendline, RSI is 50, buying volumes are decreasing and RSI divergence is still under 0. For all these reasons I highly expect the short position to play out. In order to enter the position, wait for the bearish fractal to appear (green triangle). A bearish fractal occurs when there is a high point with two lower high bars/candles on each side of it. The indicator isolates potential turning points on a price chart and signals the price could move lower. The entry point corresponds to 0.236 Fibo level and all the targets corresponds to previous resistances: 0.382, 0.5, 0.618 and 0.786, levels which all have almost perfectly predicted support and resistance zones historically. _______________ TRADE AT YOUR OWN RISK NOT FINANCIAL ADVICE
Short
by Lari_Pen
7
NASDAQ: Ascending Channel Suggests Correction. An ascending channel has formed in the 1hr time frame. The reason why an ascending channel is suggestive of weakness is that the price action makes a higher high immediately followed by a correction followed by a higher high, which implies the bulls can not buy it up higher as every time they do the bears regain temporary control of the price action and correct it. This back and forth implies weakness on both the bulls and bears. Usually an ascending channel implies weakness and are often (not always) followed by a correction. Notice that the STOCHASTIC oscillator is buried in overbought for now. This will be the test that the markets must pass in order to move higher. Note to technical analysts beginners: Because we use technical analysis we only trade what we see and we MUST put away our biases if we are to succeed. This is contingent on TRUSTING our analysis. I hope that I have demonstrated in the short time I have been posting that correct analysis can lead to great rewards, but we must have a. practice and knowledge of how to use TA b. Be able to TRUST our hypothesis and c. We must acknowledge our biases but not let them interfere with our analysis. If we are extremely bearish but the charts says that this instrument will be bought up, we must trust our analysis and check our biases at the door. Note on correct risk management: Great technical analysis is NOTHING without a comprehensive robust understanding and plan of risk management. This is the honest truth. This is the way I trade, it is simple and manages risk completely. We will NEVER EVER blow our accounts if we stick to this system. (Real traders know about having a robust risk management system because they have ALL BLOWN UP THEIR ACCOUNTS at the beginning. This has happened to ALL the traders I know are now successful.) Method: Risk 1% of total portfolio loss on ONE trade. This means if your account is $19999 starting balance and we want to trade say NZDUSD and we want to short it (or buy it) we sell the correct position taking in mind we want to set a safe stop of about 20pips. This website will calculate the size of your position with a 20 pip stop loss. www.myfxbook.com . So our position is 99950 with a 1% risk loss so a $199 stop at 20 pips away. Once you are successful on a monthly basis for about 3 months of trading then you can add a second simultaneous trade for a maximum loss of 2%. If you lose and are stopped out at $199 loss now your starting balance is $19799 and your maximum stop of 1% is NOT $199 but it is $197...Similarly if we would have made profit we would have raised our risk as we would have our size. Say we make $1000 instead of losing 1% our account is now $20999 and upon our next trade we will risk 1% of that which is $209 AND we will have added to our lot size by the appropriate amount which would be 99995. This simple method is a winning method, if you follow its simple rules of scaling up if you win and scaling down if you lose you will never blow up your account. Good luck.
CME_MINI:MNQ1!
by Sinex
GBPAUD - Double Bottom PullbackWe have a double bottom pullback trade on the GBPAUD. What's so special about this trading setup? Well, on the higher timeframe, the Daily Chart, there is a Bullish Crab Pattern check back. Although the formation is complete beyond the PRZ, it sits nicely at the level and acts as a new support level. If you are familiar of the Crab Pattern, you should know that it is quite normal. On the current timeframe, the 1-hourly chart, the market has a Double Bottom followed by a pullback. No doubt this gives the best Reward: Risk, it is also a high-risk trade as the probability of it hitting the stop-loss is high. Before you ignore this trading setup, what if I tell you that the potential profit is 386pips, in fact, that might not even be the level that I would take any profit off, and just that it creates more than 5:1 of returns. Now, would you be interested?
Long
by RaynLim
5