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Solana above 100. Still worth to buy?The recent evolution of KUCOIN:SOLUSDT over the past two months has been remarkable, experiencing a staggering 600% surge from its lows in October, and a 400% rise following the breach of the 30 technical level and confirmation of a bullish trend. Amidst the heightened enthusiasm of the past week, a crucial question arises: Is Sol still a viable buy at these levels? In my perspective, the answer is a resounding NO. While the technical analysis indicates a robust bullish trend, a closer examination of the chart reveals that the price is hovering dangerously close to an exceptionally strong resistance zone ranging from 130 to 140. Considering the recent surge of approximately 80% in just the last week, it becomes evident that a substantial correction is imminent. Taking a more extended view, I would recommend considering buying opportunities during price dips/corrections within the 70-80 zone. For those with a short-term and speculative approach, selling above the 130 mark presents an attractive risk-to-reward ratio. This is the potential trade I am actively considering if the specified price level is reached within the next 1-2 weeks.
by Mihai_Iacob
4
Gold could break above resistanceIn my Monday analysis of OANDA:XAUUSD , I emphasized the continuity of the medium-term bullish trend. However, to solidify this assessment, a decisive break above the resistance level within the consolidation was deemed necessary. Over the subsequent days, the price exhibited a contained range between established support and resistance levels. Notably, there was discernible upward pressure from the bulls, and an ascending triangle took shape on lower time frames. To confirm the bullish outlook, a clear breakthrough above the 2050 level is crucial, as previously mentioned. The associated price target for this pattern stands at 2080. My bullish sentiment remains valid as long as the price of XAUUSD stays above the support line of the triangle.
OANDA:XAUUSDLong
by Mihai_Iacob
1
ICP- Where to buy/re-buy?In my recent post on COINBASE:ICPUSD , I posited that, subsequent to the breakout above the long-term falling wedge pattern, the price had the potential to experience a significant uptick, possibly resulting in a 100% increase. True to this projection, the price not only surpassed my initial $10 target but peaked at $12. Currently, the coin is undergoing a normal correction, presenting traders with a fresh opportunity to enter the market. My point of interest for this correction lies around $8, with a target set at the recent high of $12.
COINBASE:ICPUSDLong
by Mihai_Iacob
5
Gold's Price Odyssey: From ATH to Reversals – Where Next?The past two weeks have been marked by significant volatility in the price of $OANDA:XAUUSD. Initially, Gold experienced a strong spike, reaching a new all-time high at 2150. This was followed by a robust reversal, causing the price to drop below 2,000 and breach several crucial support levels. To add to the complexity, the price surged once again last week, reclaiming levels above important resistance, only to stabilize within the familiar range of 2020 to 2050. These tumultuous market movements raise a pertinent question: What is the medium-term direction? On one hand, the overall trend remains bullish, and as long as the 2010-2015 zone remains intact, this trend is likely to persist. On the other hand, a substantial reversal from the all-time high suggests the possibility of a medium-term trend change. In conclusion, I will closely monitor the specified support and resistance levels. A decisive break above or below these levels could provide more clarity, at least in theory.
OANDA:XAUUSD
by Mihai_Iacob
4
Ethereum could have a new leg downBITSTAMP:ETHUSD has experienced a positive trend since mid-October, with the coin gaining 30% over the past two months. However, after reaching the significant long-term resistance level in the 2.4k zone, a correction ensued, causing EthUsd to drop to 2150. The coin tested the confluence support provided by the horizontal level and the rising trend line. A rebound followed, and the current price stands at 2270. The rebound from this support appears corrective in nature, suggesting that a new downward movement may occur. The initial indication of renewed weakness would be a drop below 2230, with confirmation occurring under 2200. In such a scenario, the coin could undergo further correction and test support levels below 2k.
BITSTAMP:ETHUSDShort
by Mihai_Iacob
1
ICP- Huge falling wedge for 100% riseBINANCE:ICPUSDT has been trading in an immense falling wedge for a year and a half now. At this moment the coin is exactly in the pattern's resistance and a break could fuel a strong rise. The recent rise, although not so aggressive as in other coins could be interpreted as an accumulation in a rising channel which also adds to my bullish outlook. In conclusion, I'm bullish ICPUSDT as long as it stays above 4 USD and, considering a target around 10usd, a 1:5 risk: reward could be achieved.
Long
by Mihai_Iacob
4
Bitcoin- Recent price action is suggesting 48k target The previous month proved highly favorable for BITSTAMP:BTCUSD bulls, witnessing a remarkable 25% surge in price and establishing a new local high above 44k. Following this upward move, a correction ensued, yet the price found solid support around the 40k zone. After this correction, BTCUSD's price entered a consolidation phase, and the range of this consolidation is gradually contracting, indicative of a symmetrical triangle continuation pattern. The target for this pattern is set at 48k, with confirmation contingent on a breakout above the 43,500 zone. I maintain a bullish outlook on Bitcoin, contingent on the price remaining above 40k in terms of daily close.
BITSTAMP:BTCUSDLong
by Mihai_Iacob
1
NzdUsd to reach 0.65 in mid-termFX:NZDUSD has been in a downtrend for nearly two years. However, after reaching a low at the 0.55 zone, which aligns neatly with the pandemic's 2020 low in October 2022, the pair staged a robust recovery, gaining approximately 1000 pips and reaching the trend line once again. Subsequently, a new decline occurred, halting at 0.58 and establishing a higher low on our long-term chart. Another recovery ensued, propelling the pair back above the crucial 0.6 level, significant both psychologically and technically. This was accompanied by a touch of the descending trend line. The recent correction formed a bullish flag, and the pair rebounded strongly from just above the technical support. Currently, the pair is hovering around resistance, and I anticipate a potential breakout. Such a break could lead to further gains, with the medium-term target set at 0.65. I maintain a bullish stance as long as the pair remains above the recent low of 0.6050.
Long
by Mihai_Iacob
4
Will Tesla test 300 again soon?There has been a very good year for Tesla with the stock starting the year at 100 and reaching a high of 300 in summer. A correction followed, but even if the ascending trend line was broken with a gap in October, Tesla found a very strong floor in the 200 region and rebounded, giving us a very nice bullish chart for the year. Technically, the drop from 300 is clearly corrective in nature, and with the stock consolidating between 230 and 250 for 3 weeks now, we can expect a break to the upside. This consolidation break will also coincide with a break of the falling trend line and, in such an instance, we can expect acceleration to the upside. The most obvious target for bulls is the 300 figure and technical resistance and, considering a stop loss under consolidation's support we can achieve a more than 1:2 risk: reward.
NASDAQ:TSLALong
by Mihai_Iacob
5
AudUsd broke the falling trend line resistanceIn my last week's AudUsd post, I wrote that the pair has bullish perspectives as long as 0.65 support remains intact. Indeed, this was the case and, after a few days of consolidation above this important support level, aUDuSD reversed to the upside but, more importantly, broke above the falling trend line resistance. My outlook remains bullish for this pair and I expect my target of 0.69 to be reached. Negation comes with a fall back under the trendline
Long
by Mihai_Iacob