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BTC/USD - Buy Opportunity Is NearWhats up traders, Here we have BTC/USD on the 4H chart. Price recently began a corrective move to the downside after a strong upside move. Since price has been correcting, there has been a gentle down move which I suspect will not have much steam behind it. At this present moment, there is 2 major levels I have in mind for BTC/USD for a correction. We would prefer see the correction higher as this increases the likelihood of the up trend continuing, and I have a few areas in mind. I am now putting my bets on the correction ending at latest, at 14495 The correction levels I am expecting price to hit are: - 15170 - This is the preferred correction level as this would mean price was supporting on the 20 moving average. On the previous large cyclic move, price supported on the 50. This support on the 20 moving average implies that price could be preparing for the up move, using the 20 moving average as a launch pad. - 14350 - A correction to 14350 would be the most likely in terms of probability and trend integrity. 14350 is the level which coincides with a sideways support channel and also a key Fibonacci support retracement level. This would be an excellent launch pad for price action to prepare for the new big up move. A move to 14350 would be a steeper correction, but it would retest a major structure level at the same time. I personally want to see price land on the 20 moving average and get aggressive (Which might be possible with Bitcoin futures around) but I won't count on it. I will watch the chart and trade what I see and not what I think. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSDLong
by TomProTrader
15
BTC/USD - Steep CorrectionWhats up traders, Here we have BTC/USD on the 4H chart. Price recently began a corrective move to the downside after a strong upside move. Since price has been correcting, there has been a strong down move. At this present moment, there is 2 major levels I have in mind for BTC/USD for a correction. We would prefer see the correction higher as this increases the likelihood of the up trend continuing, but this might not be possible as price action currently looks like it will fail at the preferred correction area. I am now putting my bets on the correction ending in the support zone (correction level #2) at 11880. The correction levels I am expecting price to hit are: -14100. This is the sideways resistance level turned support. A retest on this level would confirm the long term uptrend resistance is broken and not Bitcon can trade freely without structure restrictions. It currently looks extremely weak and I do believe that if price breaks below 12900, then this structure has definitely failed. For now, it could still retrace, but I wouldn't hold my breath. -11880. This is the last major structure support that Bitcoin had. This level is a strong support and will likely be the level that will catch Bitcoin as it tumbles. I am putting my bets on this area being the level where price bounces and begins a new upside move. A move to 11880 would be a steep correction, but it would retest a major structure level at the same time. So we want to see this happen. If price breaks this level it could show a lack of integrity in Bitcoin uptrend. I have also tagged my other recent Cryptocurrency ideas in the related ideas. See the related ideas at the bottom of this post. Please give all my content a like as it motivates me to continue posting. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSD
by TomProTrader
17
USD/JPY - Opportunity To Short?Hi traders, hope you're having a good start to your trading week. We have a nice setup forming on USD/JPY on the 4H chart, with a breakout trade. I analyzed this chart and I have discovered that price appears to be in a 3 wave pattern. Price had impulse down leg (See chart for details), had a corrective up move, and now has now started a down leg. I am expecting the new down leg to be equal to the length of the first impulse down leg. With this logic, I was able to predict and plot the next move on the chart. I have replicated a down leg that is equal to the impulse leg, to determine where I expect price to move to. After seeing a nice pullback leg, I was then able to replicate the leg, knowing that the corrective leg had found it's top, which coincides with the resistance line above price. (See chart for details) I am expecting a down move of 110 pips, which will complete at around 109.90. This is under the provision that price successfully breaks much more reliable move than a breakdown without a retest. I do not consider this trade to be valid to create a new position at this time, unless it breaks the horizontal support. So bare this in mind. It would be more ideal if price breaks 111.20, then retests the original support as resistance and then breaks down. This would be the right place to be considering a position in this pair. There was an entry opportunity many hours ago which was taken, but since price moved a lot since then, has now expired. We now need to see a support level break for any new position to be considered. Entering now will have too wide of a stop loss, and is not worthwhile. The target price is not only a measure move price of the impulse down leg, but also coincides with a parallel channel sideways support. This could be a good place to watch for long opportunities, if price bounces in the near future. The calculation is simple, I have simply measured the first impulse leg, replicated this leg and placed the leg to where the the correction ended. Then I had a measure move target. Those of you in my Telegram signals group will already know about this one. And we are watching the trade and waiting for it to become further favorable for us. I will be posting updates on this trade as it progresses below. So leave a like & follow so you can keep up to date with this analysis. If you have any questions or queries, feel free to connect with me.
by TomProTrader
5