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Bitcoin- One more top before big drop? After breaking above the 45k resistance, BITSTAMP:BTCUSD soared, reaching a high of 53k. If we calculate the recent leg up started after the ETF's release, the rise is around 30% in just a month or so, which is significant, even for BTC. Technically, the trend is still strongly upward, and as we can see from the chart, after reaching 50k for the first time in the last 2 years, dips are constantly being bought. Looking at the short-term picture, the price is contained in a rectangle, which is a continuation pattern. A break above 53k should lead to a new high around 54,500. However, with the price so stretched to the upside, a correction is imminent, and in my opinion, short-term speculators should use these new highs as an opportunity to open short trades. My target for this drop is 45k, with respect to the 48-49k zone.
BITSTAMP:BTCUSDShort
by Mihai_Iacob
21
Gold- Correction over and rise to 2060 next?In my post from yesterday, I mentioned the possibility of a correction in the price of $OANDA:XAUUSD. However, this correction should be viewed as a favorable opportunity to buy at more advantageous prices. As anticipated, this correction did occur, and as depicted in the chart provided, once the price briefly dipped below the local support, it reversed sharply. At the time of writing, the price of Gold is hovering around the familiar level of 2030 and appears poised for an upward breakout. Such a breakout would expose the technical level of 2040. However, in my opinion, if such an event occurs, we should not anticipate a reversal from that level but rather an ascent towards the next significant level at 2060.
OANDA:XAUUSDLong
by Mihai_Iacob
3
EurAud- Heads up for a 500 pips potential dropSince mid-August of last year, FX:EURAUD has been consistently forming lower highs on our chart, negating a bullish trend that spanned over a year, a trend which was negated back in December. This year, the pair has entered into a distribution phase, with a high likelihood of establishing a new lower high. Over the past month and a half, bears have sold every rally, particularly those near or slightly above 1.66. With the pair returning to the support zone, there is a strong possibility of a downward breakout. In such a scenario, EURAUD could accelerate its losses, potentially dropping below 1.6, a movement of around 500 pips. Moreover, such a trade could potentially offer a remarkable risk-to-reward ratio of 1:4 to 1:5.
Short
by Mihai_Iacob
EurNzd- 1000 pips drop higes on 1.75 (Long term view)After reaching a high around the 1.85 zone, FX:EURNZD initiated a correction that eventually settled near the 1.75 zone. Throughout the end of October and all of November last year, the pair formed a lower high around the 1.82 zone. Subsequently, following the formation of a double top pattern, the pair breached below the neckline and the rising long-term trend line, ultimately revisiting the 1.75 zone. In December, there was a retest of the broken trend line, and after another examination of the 1.75 level, the pair experienced a rise. However, this time, it encountered significant resistance at the crucial confluence level of 1.79 before retracing back to 1.75 once more. Taken together, these movements suggest mounting selling pressure and long-term distribution in the market. Considering these cumulative factors, it's plausible to infer that the pair may be poised for a substantial decline. A drop of 1000 pips doesn't seem out of the realm of possibility, given the current setup and historical patterns. The confluence of technical indicators and price behavior underscores the potential for a significant downturn in the pair's value. Thus, traders may find it prudent to closely monitor these developments for potential trading opportunities aligned with the anticipated downward movement.
Short
by Mihai_Iacob
2
AudUsd- I expect a strong reversalFebruary has been marked by two significant breaks for FX:AUDUSD : one below the 0.6525 technical support and another below the psychological barrier of 0.65. With the pair now trading back above both levels, there is a strong likelihood that these breaks were false. As typically observed with false breaks, a robust reversal in the opposite direction may follow. Furthermore, if the price surpasses 0.66, we can interpret the 0.6480 zone as a higher low, indicating potential momentum for the pair to test the resistance at 0.69. I maintain a bullish stance on the Aussie dollar as long as the price remains above the recent low, and I am looking to buy on dips.
Long
by Mihai_Iacob
1
NZDUSD is on the verge of a breakout and upward reversal.In a previous analysis of OANDA:NZDUSD , I mentioned that as long as the 0.6 zone remains intact, the decline from the recent high could not be categorized as more than a mere correction. Since then, the pair has consolidated but has remained resiliently above the mentioned level. Last week brought about a new reversal from the support level, and as of the current writing, the pair is pushing for an upward breakout. I believe we will witness this breakout sooner rather than later, with the 0.6350 resistance level as the target in this instance.
Long
by Mihai_Iacob
EurUsd- Change of medium term trend?Two days ago, in a short-term analysis of FX:EURUSD , I mentioned that the 1.0790-1.0800 zone is pivotal for a potential reversal in the currency pair. The pair did break above that level and is currently consolidating above it. Now, I find myself wondering whether this marks a reversal in the medium-term trend or simply a correction from the year's selloff. Upon examining the weekly chart, the technicals suggest a potential longer-term reversal. As we are aware, the 1.0730 zone served as a support level. Upon piercing it twice, the pair reversed direction on each occasion, notably marked by pin bars. Additionally, the current reversal bears a striking resemblance to the reversal observed around 1.05 back in October. In conclusion, from a longer-term perspective, there appears to be a significant likelihood of a reversal for EUR/USD, with a target around 1.1, but perhaps more likely at 1.12.
Long
by Mihai_Iacob
1
XauUsd- A possible correction should be boughtAs outlined in yesterday's analysis, as long as the 2015 zone remains intact, the bullish outlook prevails in OANDA:XAUUSD , and we can anticipate a rise above Friday's high. Indeed, this scenario unfolded, and the price managed to climb to the 2030 zone. However, following an initial correction during yesterday's trading session, Gold failed to surpass the 2030 mark and began to decline once more. The structure on the hourly chart suggests the potential for a correction, but any potential drop should be viewed as a favorable opportunity to buy at better prices. With that said, my stance remains bullish as long as the 2010-2015 zone holds firm. In my view, declines towards that support range should be seen as buying opportunities.
OANDA:XAUUSDLong
by Mihai_Iacob
4
Ethereum- A probable 20% rise After reaching a peak above $2700 and experiencing a typical correction, BITSTAMP:ETHUSD performed well technically. It remained above the support levels between $2150-2200 and yesterday, it finally broke through the $2400 resistance. The current outlook for EthUsd is strongly bullish. As long as the price stays above the $2400 zone, we can anticipate a continuation of the upward trend with a target set at $3000. Moreover, such a trade would offer a risk-to-reward ratio of more than 1:3.
BITSTAMP:ETHUSDLong
by Mihai_Iacob
2
Solana Drop to 80 looks imminentA few weeks ago, I mentioned the possibility of BINANCE:SOLUSDT retracing to the 80 zone support level once more. However, Solana surged upward and triggering my stop loss in the process. Despite this turn of events, my perspective on the market remains unchanged, and I still anticipate a return to the 80 level. From a technical standpoint, the recent up move from 80 appears to be corrective rather than impulsive, with 120 emerging as a formidable resistance barrier. Confirmation of a potential downturn would materialize if the price dips back below 100 once more. I'm looking to sell again.
Short
by Mihai_Iacob
2
UsdJpy- Top in place?As you are aware, I've held a bullish outlook on FX:USDJPY and anticipated a rise from the 145.50-146 zone. My target of 150 has not only been met but surpassed. However, after peaking for the year at 150.87, the pair initiated a minor correction and started to consolidate. While we lack confirmation for a reversal at the moment, there are indications suggesting one might occur. Firstly, the 150-151 zone appears to be a region the Bank of Japan (BoJ) is determined to defend. Secondly, the reversal from the peak is an Evening Star candlestick pattern, commonly associated with reversals. Thirdly, as detailed in a DXY analysis from two days ago, the USD may encounter headwinds and begin to decline. As mentioned, confirmation is crucial, which would need a break below the 149.50-149 zone. In the event of such a break, the pair could potentially drop by 400 pips to the significant 145 level.
Short
by Mihai_Iacob
EurUsd could rise to 1.09Since the beginning of the year, FX:EURUSD has been in a downtrend, with the single currency dropping more than 400 pips in the past two months. However, after a false break below the horizontal support last week, the pair quickly reversed course and is now once again approaching the important 1.08 zone resistance. Taking into account the false break and yesterday's swift reversal from the well-established support at 1.0733, I anticipate an upward breakout with a target at the 1.09 zone resistance. In conclusion, my preferred strategy is to buy dips, with negation under 1.07.
Long
by Mihai_Iacob
3
XauUsd- Price prediction- 20 FebruaryIn my comment from yesterday, I emphasized the significance of the 2010-2015 zone as a crucial support level. As long as this level remains intact, the bulls maintain control of the market sentiment and price direction. Despite experiencing a trading session characterized by low liquidity due to a bank holiday, the price exhibited a perfect reversal from this critical support zone. At the time of writing, it is actively testing the very recent high. Should the price break through this resistance level, it could pave the way for further gains, potentially propelling it towards the already established classical zone at 2040. This breakout scenario suggests a potential uptrend continuation, with bullish momentum likely to strengthen in the near term.
OANDA:XAUUSDLong
by Mihai_Iacob
3
HBAR-Genuine break and 100% rise?BINANCE:HBARUSDT is a coin that I've been closely monitoring this year, awaiting a buy confirmation. As depicted on the chart, after experiencing a more than 90% drop from its peak, the price began consolidating and has now formed a clear resistance in the 0.10 zone. This significant resistance was finally breached yesterday, and if it proves to be genuine, we could anticipate a rise to the next resistance level, which is approximately at 0.2, indicating a potential 100% increase. Today, the price is undergoing a normal correction, presenting a potential buying opportunity. Considering a stop loss of around 0.085, such a trade would offer a risk-to-reward ratio of 1:4.
Long
by Mihai_Iacob
Nas100- Bulls should be very careful (2k P drop could be next)Since the low at 14k at the end of October, PEPPERSTONE:NAS100 has risen strongly, reaching a high at 18k. More importantly, this translates into a 30% increase, which is substantial within such a short time frame. Upon closer examination of this upward movement, we observe that it is contained within a rising wedge, which typically signals a reversal. Additionally, Friday's candle formed a bearish engulfing pattern, and yesterday we witnessed a break of the rising trend line. If we consider the divergences on MACD and RSI, the overall picture is far from bullish. In the short term, we notice the index resting on horizontal support, and a break here would provide the necessary confirmation of a temporary peak at 18k. In this scenario, a decline to 17k is highly probable, but in my opinion, this decline will extend to 15800k support. And, let's be honest, after a 30% increase, a 10% decline is not a tragedy; in fact, it is a normal market "adjustment."
PEPPERSTONE:NAS100Short
by Mihai_Iacob
3
Will XRP army finally see some sunshine?After experiencing an initial surge of around 50% alongside the broader crypto market back in November of last year, the price action of BITSTAMP:XRPUSD has been rather disappointing for the XRP Hodl army, characterized by a consistent pattern of lower highs. However, recently, following a new test of the 0.5 zone, the cryptocurrency has shown signs of life and begun to ascend. Currently, the price is flirting with a descending trend line, and although a clear upside break hasn't occurred yet, the likelihood of it happening is considerable. Should such a breakout occur, after enduring long-term frustration, the price could accelerate upward, with 0.75 serving as a potential target for those who aren't entertaining fantastical scenarios such as XRP reaching $10 USD or beyond.
BITSTAMP:XRPUSDLong
by Mihai_Iacob
1
DXY at an important crossroadsSince the beginning of the year, the USD Index has risen 5% from its lowest point to its peak. However, trading USD pairs has proven to be quite challenging due to the choppy price action and significant volatility between support and resistance levels. Upon analyzing the chart, the upward movement appears staggered and resembles a rising wedge pattern. This suggests that it may actually be a correction of the previous leg down from 107 to 100, indicating a potential impending decline. Confirmation for this hypothesis lies around the 103.80-104 zone. If the price breaks below this level, we should pay close attention to the next support levels, including 103, 102, and the crucial psychological and technical support at 100.
TVC:DXY
by Mihai_Iacob
ICP- My 22+ target should become in playAs you may recall from my previous posts, I hold a very bullish outlook on BINANCE:ICPUSDT and have elaborated on the reasons why. If the price manages to maintain itself above the $10 mark, the most probable scenario would involve a new upward movement towards the $20-22 resistance zone. Indeed, ICP reversed just below the $10 mark and began to establish higher lows in the weeks following the correction. As I mentioned in a post two days ago, CRYPTOCAP:TOTAL3 successfully broke (as anticipated) above $500B, providing confirmation for a new upward movement in altcoins. Technically speaking, in the case of ICP, we observe a clear support level at $10 and a sequence of three higher lows. Additionally, the price action in 2024 resembles that of a symmetrical triangle, a pattern that typically indicates an upward continuation. A break above the $13 zone would confirm the bullish scenario, with the target being the $20+ resistance zone. However, negation of this bullish outlook would occur with a break below the $11 zone. From a risk-to-reward perspective, such a trade could potentially offer more than a 1:4 risk-to-reward ratio.
Long
by Mihai_Iacob
2
Gold- 2010-1015 zone should be the ceilingIn my comment from yesterday, I mentioned that OANDA:XAUUSD could correct higher and surpass the $2,000 mark again. As anticipated, the price has risen and is currently encountering a significant confluence resistance point. My view remains consistent: I anticipate a new downward movement once this correction concludes. Therefore, my strategy is to sell rallies within the 2010-2015 zone, with a target set at the 1980 support area. I will reconsider this strategy if the price surpasses the 2030 mark once more.
OANDA:XAUUSDShort
by Mihai_Iacob
Gold could correct higher and drop again Two days ago, following a higher-than-expected CPI, OANDA:XAUUSD dropped to a fresh yearly low around the 1990 zone. Technically, the price fell from the 2030 zone, a median level that I have discussed in several analyses. With the support level broken, we can consider the beginning of a new bearish trend in the medium term. That being said, while a correction could occur, this rise should be viewed as a good opportunity to initiate short trades. The target could be the 1980 horizontal support level.
OANDA:XAUUSDShort
by Mihai_Iacob
3