EURJPY - Important Breakout 🚀Hello Traders !
On The Daily Time Frame, The EURJPY Price Formed a Rectangle Pattern.
Presently, The Resistance Level is Broken !
So, I Expect a Bullish Move 📈
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TARGET: 166.430🎯
Rectangle
$SPY April 25, 2024AMEX:SPY April 25, 2024
15 Minutes.
As expected, AMEX:SPY managed to hold 502 levels.
Foe the day holding 504 levels I expect 507 to cross towards 510 levels as initial target.
If 504 is broken on downside I expect 501-502 as target. So, I feel not much worth shorting today.
Based on opening 15 minutes today should be a trending day one sided.
Moving averages have converged.
How ever I will go long only above 514-515 levels.
US DOLLAR INDEX ((DXY): Intraday Bearish Setup 💵 💲We observed two unusual breakouts on the DXY chart.
The market had been in a consolidation phase for about a week plus, during which the price formed a triangle pattern and a horizontal range.
Both the triangle support and the range were broken, indicating strength in selling pressure.
This suggests that the price could potentially drop to the 105.00 support level.
EURJPY: More Growth is Coming?! 🇪🇺🇯🇵
EURJPY turned very bullish after a release of US PMI data today.
We see a new higher high higher close on a daily with a breakout
attempt of a key horizontal resistance.
Daily candle close above will confirm the violation.
A bullish continuation will be expected 166.5 then.
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EURGBPThe pound tanking, I see a potential short - mid term gains for the EURGBP upto 0.8630/0.8640 - 0.8650.
I expect to see some sort of retracement before sailing to targets 0.8630-40 in the short term. So on the look out for pullbacks during intra-day sessions.
GBPCAD: Strong Bearish Confirmation 🇬🇧🇨🇦
GBPCAD broke and closed below a key daily structure support on Friday.
The broken structure turned into a resistance.
Today, we see its retest.
The price formed a tiny horizontal range on that on an hourly time frame.
Its support violation is a strong intraday confirmation.
I already shorted the pair.
Goal - 1.6966
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TRENT(D)TRENT consolidating near its high levels. Traders monitoring for potential breakout from this consolidation pattern. 📈
Dollar Index (DXY): Potential Scenarios Explained 💵
That was quite a boring week for Dollar Index.
The market was stuck within a narrow horizontal range on a daily.
Next week, wait for a breakout of the range.
Bullish breakout of its resistance will be a strong trend following signal,
while a bearish violation of its support will initiate a correctional
movement on the market.
Next key resistance - 106.85
Next key support - 105.20
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btc post halving bounce zone 3 month outlookminer consolidation may force short term pressure possibly til Q3-Q4
Bitcoin - more crash is coming! -21%Bitcoin crashed significantly, as I warned you in one of my previous analyses:
What now? Is the crash over? I don't think so! The halving event is in a few days, and huge volatility is expected. The problem is that below the current price, we have a double bottom pattern, and there is a lot of liquidity that whales need for their huge buy orders. It's really very likely that the market is going to go down! What's more, we have a fair value gap below the current price as well, and usually these gaps tend to be filled sooner rather than later.
It's always important to do an Elliott Wave analysis before making such statements. If we take a close look at the price action, we can see that the impulse wave 12345 was completed and we are in a corrective phase. We need to complete this ABC correction before going higher to an all-time high! Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
FCCLFCCL is trading in bullish rectangle pattern (continuation pattern ) as also there is no bearish divergence at current level . We can attempt to buy at retest if it gives breakout upside so the projected price will be 25.
AUDUSD - New Breakout 📉Hello Traders !
On The Daily Time Frame, The AUDUSD Formed a Rectangle Pattern.
Yesterday, The Price Broke The Support Level.
This Key Level Becomes a New Resistance Level !
So, I Predict a Bearish Move 📉
TARGET: 0.63620🎯
NASDAQ INDEX (US100): Technical Outlook & Trading Plan
Daily/4h time frames analysis for US100.
Price action & key levels.
Directional bias.
Thoughts.
Trading plan.
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NZDUSD: Oversold Market & Pullback 🇳🇿🇺🇸
As I predicted, NZDUSD dropped heavily after the release of Retail Sales
data on Monday.
Analysing a price action today, I see that the pair became heavily oversold.
The price formed a falling wedge pattern and a narrow horizontal range within.
Bullish violation of the resistances of the wedge and the range indicate a highly
probable coming pullback.
Targets: 0.5925 / 0.5936
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Rectangle Top Reversal Look for the trail downwards
Rectangle Top Reversal
Downwards move back to support
XYO (XYO) "box range"XYO is in the dark zone between the resistance and support bands of current price ratio.
NASDAQ INDEX (US100): Correction Continues
After quite a long consolidation within a wide horizontal range
on a daily, US100 index violated its support.
That violation is an important sign of strength of the sellers.
It may trigger a correction lower, at least to 17500.
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AIRLINKWe can attempt to buy AIRLINK from specified level by placing buy stop as it has potential to achieve new targets i.e : 96 .
SL , TP mention in chart
IOT potential buy setupReasons for bullish bias:
- Consolidation phase breakout
- Bullish trend
Entry Level(CMP): 38.27
Stop Loss Level: 30.34
Take Profit Level 1: 46.2
Take Profit Level 2: Open
NZDUSD: One More Bearish Setup 🇳🇿🇺🇸
One more pair that looks very bearish to me after news is NZDUSD.
I see a confirmed bearish breakout of a support line of a horizontal
trading range on an hourly time frame.
I think that a bearish trend on the pair will continue.
Initial target 0.59
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Bitcoin is ready for a 15% crash! (to 58k)Bitcoin may look pretty bullish, but do not get distracted. The price is forming a bearish distribution pattern inside a bearish parallel channel, as you can see on the chart. Right now, the odds are in favor of another crash. I am not saying this only because of the price action, but also because of the Elliott wave theory: as per my wave count, I am expecting bitcoin to finish wave (C) with a 1:1 Fibonacci extension level. Also look at previous waves, and waves (B) at this point look like an ABC bearish pattern.
Why is 58K important? We have a major swing low from March 5, 2024, and clearly there is a lot of liquidity and orders from retail traders. The whales need to consistently go for strong liquidity levels, as that's their only chance to buy bitcoin with a large amount of money. What they want to do is buy as much Bitcoin as liquidity allows and then send the price to the moon.
Right now, I really cannot be bullish on Bitcoin, but let me know your opinion in the comment section! I will be very glad. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Hindsight for your thoughts: gaps and market cap as resistanceSince bitcoin has already fallen from the price I've marked on my chart, I am going to explain why I think price will go to low 60k.
Idea Invalidation:
- If price continues to go up while above 2.5 market cap
- If bitcoin consolidates here and alts pump hard, then bitcoin rallies again
Price direction idea 1:
There are currently two unfilled CME gaps in recent times: March 2024 (63k) and April 2024 (67.5k) as seen on the chart. CME gaps usually get filled except for a few. Whenever they don't get filled, price will keep getting bought up during pre-market and reversion traders get trapped, forever holding their $4,000 shorts.
Below are examples of gaps that got filled over a long period of time.
2024 new year CME gap. 3 day weekend for NY market. Interestingly, the gap from late March 2024 was also a 3 day weekend, no dumping since Easters. Hasn't fully filled yet, might never.
December 2023 gapped up 15%. It also gapped down, but gap downs always get filled quickly so let's ignore it. The December 2023 gap up took nearly 2 months to get filled.
s3.tradingview.com
Price direction idea 2:
I'd say this gives more confidence to my position vs. the CME gap.
Market cap: I have an indicator that shows market cap without tether in it. It's pretty much the same as the market cap, except it has nice round numbers. It has been pretty good at calling tops and bottoms of the range that's developed since early this year. You can see that although price is at different points, the range can still define a top/bottom. The bottom/top of the market cap ranges show confluence with the volume rectangles which give confidence to sizing.
See more of the cap indicator here:
Notes:
Why did crypto and NY pump so hard on the March FOMC meeting? It was confirming that rate cuts were coming, but don't tradfi participants/firms still need to pay the same interest rates their trades?
This is hindsight, but I thought it would make sense to x1 short coin-margined bitcoin above prior ATH for a better rate than treasuries. Why pay leverage tax on a bet that bitcoin will go up when you can collect funding and lock in your gains?
I looked into why funding suddenly flattened out and I saw that Ethena is cash carrying to capture funding. Will Ethena's large OI reduce volatility? Will the suppression of funding cost make price simply float upward as perp apes pull spot arbitragers to the sky?
P.S. thank you to all that's supported me throughout the years. You all mean a lot to me :)
CRUDE OIL (WTI): Potential Scenarios For Next Week 🛢️
Crude Oil is consolidating after a strong bullish wave.
The price formed a horizontal range on a daily.
Next week, wait for a breakout of one of the boundaries of the range for a confirmation.
Bearish violation - a daily candle close below a support of the range, will give you a strong
bearish signal. A bearish continuation will be expected to 83.0 level then.
Alternatively, a bullish breakout of the resistance of the range - a daily candle close above,
will push the prices higher to 89.0 level.
Wait for a breakout, it will give you a strong confirmation.
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