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GMXUSDT Faces Retest of Weekly Resistance: Breakout or RejectionGMXUSDT is poised for a retest of a critical resistance level on the weekly chart at $59.3517. This resistance zone has been tested seven times on the daily chart, with the last two attempts accompanied by decent buying pressure. Technical Analysis: Resistance: $59.3517 (Weekly) Support: $40.1870 Volume: Increased buying pressure on recent touches of resistance Key Observations: GMXUSDT is approaching a crucial resistance level on the weekly chart. A breakout above this level could signal further upward momentum. The repeated tests on the daily chart, particularly with the recent buying pressure, suggest a potential upcoming breakout. If the price manages to overcome the resistance, the next resistance level on the daily chart is $71.745. Conversely, if the price fails to break above resistance, it could find support at $40.1870. Conclusion: The upcoming price action for GMXUSDT hinges on its ability to overcome the key weekly resistance level. A successful breakout could lead to a surge towards $71.745, while a rejection might trigger a pullback towards the $40.1870 support zone. This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.
Long
by behnoudt
Magic Stalls at Resistance: Bearish RSI, Potential Retest LoMagic is on the cusp of a critical resistance level at $1.4973. While the price recently established a new high, a potential bearish signal is emerging from the Relative Strength Index (RSI). Technical Analysis: Resistance: $1.4973 Support: $1.2646 (Daily: $1.2613, Monthly: $1.0208) Relative Strength Index (RSI): Bearish Divergence (New price high, lower/same RSI level) Volume: Recent price test at $1.4973 coincided with decent buying pressure Key Observations: The RSI is indicating a bearish divergence. This suggests that the uptrend momentum might be weakening despite the recent price increase. A significant support level exists at $1.2646 if the price breaks below $1.4973. Additional support levels lie at $1.2613 (daily chart) and $1.0208 (monthly chart). If the price manages to overcome $1.4973, the next key resistance level on the monthly chart is $1.8231. Volume Analysis: The recent price test at $1.4973 was accompanied by decent buying pressure, but the price ultimately faced rejection. This suggests a potential struggle for the bulls to break through this resistance zone. Conclusion: The bearish divergence on the RSI, coupled with the price rejection at $1.4973 despite buying pressure, increases the chances of a pullback. Traders should closely monitor the price action around this resistance level. A break above could signal further gains towards $1.8231, while a break below could lead to a decline towards $1.2646 support, with additional support at $1.2613 (daily) and $1.0208 (monthly). This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.
Long
by behnoudt
📈Cardano (ADA): Bullish Breakout & Potential Targets💸💎🔍Cardano (ADA) has broken above its previous resistance level and formed a higher high on the weekly timeframe. The coin has also successfully broken through the supply zone at $0.6 and activated a rounding bottom pattern. 🛒Currently, ADA is in a good position for a long trade. However, if you want to be more conservative, you can wait for a pullback to the $0.65 zone before entering a trade. 🚀The next resistance level for ADA is between $1.1 and $1.2. We can expect the price to at least touch this level, making it our first target. The next resistance level is at $3, which is the coin's all-time high (ATH). This level is likely to hold the price for some time and could be a good area to take profits. 📊On the positive side, volume has been perfectly in line with the trend since October 2023, confirming the uptrend. There is no bearish divergence on the volume indicator. The breakout candle also had high volume, which could be the start of a new uptrend. 🗯The RSI oscillator has recently entered overbought territory, which could lead to increased market volatility. The RSI could rise to a resistance level of 81.99, in which case our first target is likely to be hit. 🛑I recommend placing a stop-loss below the previous low of $0.45. This would give you a slightly tighter risk tolerance compared to the previous recommendation, while still maintaining a reasonable risk-to-reward ratio. 🧠💼This is not financial advice, and it is only my personal opinion on this cryptocurrency. Please do your own research before making any investment decisions.
Long
by itsparham96
BTC Phase 4 ResistanceBTC is currently testing the All time High. Will BTC just plough through the resistance because of the ETF's or is there any other scenario possible? There is an interesting correlation and there are also key differences between the 2017 Bull Market Cycle and the current timeframe if we analyse the weekly and monthly timeframe. Historic Cycle 2017 As BTC went through the previous resistance zones in 2017 the pattern was identical until phase 3. Back then there was heavy resistance and we had a correction to the highs of phase 2, before continuing higher. Current Cycle 2024 In this current cycle we have not had a healthy correction to the highs of phase 2, instead prices continued to climb higher. The resistance zone for phase 3 in both cases was almost identical at around 40% under the previous All time High. As we approach the resistance of phase 4, are pricing continuing to climb higher? Historic 86 Level Resistance In 2017 we got rejected at phase 4 when the RSI reached the 86 Level on the Weekly timeframe. Current 86 Level Resistance Currently we are at the same level on the RSI. We think it is very likely that next month BTC get's rejected and we enter a correction. Swift moves to the upside for a long periods of time are a warning sign for any asset. If BTC doesn't have solid corrections we could have a shorter bull market then expected.
INDEX:BTCUSDShort
by ChartRage
2
Gold - Prepare For The BreakoutHello Traders, welcome to today's analysis of Gold. -------- Explanation of my video analysis: In 2007 Gold started creating a major bullish trendline and just recently retested in in September of 2022. Furthermore Gold has been trying to break above the $2060 resistance area for quite some time now. Eventually I do expect a breakout but we could see another rejection down to the trendline mentioned in the analysis where I will be looking for more long setups. -------- I will only take a trade if all the rules of my strategy are satisfied. Let me know in the comment section below if you have any questions. Keep your long term vision.
OANDA:XAUUSD
by basictradingtv
3
Nvidia - How Long Will It LastHello Traders, welcome to today's analysis of Nvidia. -------- Explanation of my video analysis: All the way back in February of 2014 we saw a breakout of a long term symmetrical triangle on Nvidia. This breakout was followed by an insane +9.500% rally towards the upside. Right now Nvidia is trading in a solid ascending channel and is approaching the upper resistance trendline. I do expect a (short term) pullback from there to retest the support mentioned in the analysis. -------- I will only take a trade if all the rules of my strategy are satisfied. Let me know in the comment section below if you have any questions. Keep your long term vision.
NASDAQ:AMD
by basictradingtv
9
EURUSD ANALYSIS: Long or Short?Hello Traders, Allow me to share my thoughts on the current EURUSD Pair. The current analysis of EURUSD reveals a complex price action, presenting challenges in determining a clear market position. On one hand, I could see an emerging/potential head and shoulders pattern, indicative of a possible bearish movement. This potential bearish bias is supported by a resistance zone that has consistently rejected price in recent times. On the other hand, the 800EMA has acted as a dynamic support by rejecting the price to the upside three times. Given these conflicting signs, it's essential to closely monitor price actions. I'm anticipating two scenarios: 1. A breakout below the fully formed head and shoulders pattern's neckline at 1.09026. This would trigger a sell position, with a target set at 1.07402. 2. A breakout above the resistance zone at 1.10071. This would trigger a buy position, with targets set at 1.11080 and 1.12300 respectively. At moment I will be a spectator. Cheers, and happy trading.
by Samuel124
2
BTC.D 1DIntervalHello everyone, I invite you to check the situation of BTC's capital domination over the rest of the market. We will start by identifying the downtrend channel where we can see that the chart is moving. Looking at the current growth, it is worth spreading the trend based fib extension grid, thanks to which we can determine significant resistance at the level of 53%, and further significant resistance at the level of 54.47%. It is worth looking at the EMA Cross 10 and 30 indicator here, because you can see on the chart how the red line 10 is approaching the intersection of the green line 30 from below, which may give an impulse for another increase and taking capital from the market. Looking the other way, we can designate supports in a similar way. And here you can see how strong support at the level of 51% maintained the decline, but it is still worth keeping in mind the level of 50.19%. When we look at the RSI indicator, we will see that we are staying below the downward trend line, with some room left. However, the STOCH indicator remains above the upper limit, which should lead to a change in the trend and the transfer of capital to the rest of the market.
CRYPTOCAP:BTC.D
by cryptodailyuk
GOLD|Weekly roadmap and important areasHello guys, I hope you are doing well Let's review what happened last week You can see the gold chart in 1 hour. As we expected, the resistance zone prevented the growth of the gold price. We have a support level, we have to wait for this level to be broken, if we had a close candle below this level, we can enter sell positions in reversals. There is a possibility that the demand zone (2004-2008) will be tested again. In general, selling pressure is more on gold. Look for more sales positions. Important areas are drawn on the chart. Look for confirmation to enter trading positions by using candlestick patterns and trend breakouts. I mentioned the types of candlestick patterns in the previous post, be sure to read them. In this way we work, smart money, candlestick patterns are one of the trading tools. There is a lot of strong news in the coming week, starting from the FOMC, FEC speech, which will obviously discuss the further situation with inflation and interest rate, and NonFarm Payrolls on Friday. This period is expected to be quite volatile, but only in its second half. Pic:1h time frame important areas support level:(2014)-(2004-2008)-(1992-1998) resistance level:(2023-2025)-(2031-2036)
OANDA:XAUUSDShort
by Golden_Star1994
Bitcoin(BTC): Last Week Was Hella Fun = DUMPED!We had some major grabs here last week of $45K and $48K. As we already mentioned in our early TA's, we are looking for some liquidity movement of "short squeeze" to happen towards those zones where we got. Upon the "major news" that all people waited for, prices dumped back to as low as FWB:42K , where the weekly candle had almost no bearish wick on the lower side, which showed the dominance of sellers. With that being said, as of now, our game plan is working out nicely, and we are seeing more and more probabilities of a $34K zone being reached before Halving for sure!! Our short position is still open with 10x leverage and is currently at 74% ROI
BITSTAMP:BTCUSDShort
by SwallowPremium
2