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Supportandresitance

EURUSD TOP DOWN ANALYSIS FOR 13/NOV/2023From the daily timeframe, you can see that eurusd is in an upward channel. I will expect to see the channel last for the next few weeks because there's a possibility that the price will touch a weekly resistance zone for a retracement up above. However, the price moves in trends and made a higher high two weeks ago. Throughout last week, the price has been on a retracement move downwards and I expect the retracement to continue even lower than last week's low before the next impulse for the higher high comes. On the 4h timeframe, we have a temporary downward channel which we expect the price to respect all the way down to 1.06500 or even lower within this week before the next move upwards again. On the 1h timeframe, that's where I look for trading levels and from what I can see, the price is trading between 1.07000 and 1.06500. Like I already said, I expect to see the price drop so before I will take any trade, I will expect to see the price rise to the most recent resistance which is the 0.07000 level which will meet with the descending trendline resistance and act as a confluence for a possible move downwards. In a nutshell, I will expect to see the price rise to the 0.07000 level before I start looking for selling opportunities down to last week's lows and ultimately 0.06500. Tune in by 6:30am WAT for a video analysis on the pair.
by Francisbluepipsfx
2
BTC/USDT 1H Chart Hello everyone, let's take a look at the BTC to USDT chart for one hour. As you can see, the price is struggling to maintain the downtrend line. After unfolding the Trend based fib extension grid, you can see a strong support zone from the level of $37,011 to the level of $36,673, with a larger decline, the price should have support at the level of $35,735. Looking the other way, we can see that the level of $37,428 is reducing the price, but we still have a strong resistance zone from $37,866 to $38,183. Looking at the CHOP indicator, we see that there is energy for a continuation of the movement, the RSI indicator is moving in a sideways trend, while the STOCH indicator indicates a possible price drop.
COINBASE:BTCUSD
by cryptodailyuk
7203_Breakout (Bullish)7203 has been in bearish trend (correction) for a while after making All Time High. Formation of LL, LH respecting a descending trendline resistance (Triangle Top) Recently has made a double Bottom confluenced with Golden Pocket, Good Support Level. Breakout of Descending Trendline is observed for first time in a while. After retest, trendline is respected (acting as support). Long position above horizontal resistance line can be taken (confirmation after formation of HH) Bullish trend will be confirmed after formation of HL Trade with SL
TADAWUL:7203Long
by YASIRWA
BNB Short-Term Chart 1HHello everyone, let's take a look at the BNB to USDT chart on a one hour time frame. As you can see, the price is moving above the local uptrend line. After unfolding the Trend Based Fib Extension grid, you can see the support lines at $252.6, and then there is a visible support zone from $247.9 to $245.8. Looking the other way, you can see that the price is approaching the resistance zone from $255.8 to $258, and then we have resistance at $261.3. Looking at the CHOP indicator, we see that there is still some energy left for the move, the RSI indicator shows an increase with room for the price to go slightly higher, but the STOCH indicator shows that the upper limit has been exceeded, which may result in a price recovery.
by cryptodailyuk
TOMO/USDT 4HInterval Chart ReviewHello everyone, I invite you to review the TOMO chart in the pair to USDT, as before on the four-hour interval. First, we will use the yellow line to identify a strong upward trend line, which, as we can see, the price has broken with a dynamic downward movement. At this point, however, it is worth adding a second line, thus defining the upward trend channel, in which, when we determine the height of the channel, we can see that the price drop is very close to the height of the channel itself. Going further, we can move on to marking support areas when we start a larger correction. For this purpose, we will use the Fib Retracement tool, based on the recent upward movement, we can see that the price has returned to a very strong support at the level of $1.15, which is trying to maintain the price, while we still have support at the level of $0.95. Looking the other way, we see that the price has a significant resistance zone on its upward path from $1.28 to $1.40, only later it will be able to move towards the very strong resistance at $1.73. Please look at the CHOP index, which indicates that most of the energy has been used, the RSI indicator has rebounded from the lower limit, but it is worth being careful whether it is a false break, because the STOCH indicator shows that there is still room for the price to go lower.
T
by cryptodailyuk
ETH in an important resistance zone!As the second chart in today's review, we will check ETH against USDT, taking into account the four-hour time frame. First of all, we can use the blue lines to mark the downtrend channel from which we saw the exit at the top. Here we will start by unfolding the Trend Based Fib Extension tool in order to determine a strong resistance zone that has stopped the current strong price increase, the zone from $2089 to $2253, only an exit from this zone and a positive test of it can open the way towards the resistance at $2730 . However, if we look the other way, using the same tool we will determine price support locations. And here we will start by identifying the support zone from $1,980 to $1,884, but when this zone is broken, we may see a decline to the area of the second zone from $1,619 to $1,481. Index CHOP indicates that energy has been used. The RSI indicator and the STOCH indicator show that the upper limit has been exceeded, which may result in a price recovery after the recent increase.
by cryptodailyuk
BTC/USDT Short? 15MIntervalHello everyone, let's take a look at the BTC to USDT chart on a 15-minute time frame. As you can see, the price remains above the local downtrend line. When we unfold the Trend Based Fib Extension grid, we can determine significant support at the level of $36,372, while we still have a strong support zone from $35,447 to $34,954. Looking the other way, there is a significant resistance zone from $37,807 to $38,070, which is stopping the price from further upward movements. Looking at the CHOP indicator, we see that there is a lot of energy for the move, on the RSI indicator, despite the recovery, there is a lot of room for further declines, on the STOCH indicator we are again approaching the upper limit, which may also indicate an upcoming price drop.
Short
by cryptodailyuk
XAUUSD SHORT AND LONG SCENARIOHello Dear friends, In this gold analysis I have multiple areas of supply and demand which I'm waiting for. Currently price is at the supply level which reacted this morning and i took 60 pips profit. As long as the current area is not breached, short opportunities exist. In my last analysis I drew a demand area around 1957 which yesterday reaction happened and price rallied up to 1971. Now same area could still prevent the selling off but you need confirmation if you are willing to take a buy there. Just below 1957 area there is another demand area around 1940 so make sure you watch for it. In case price rallies up because later today Mr Jerome powell is giving a speech , I have a supply area around 1983. As always make sure you add your logic into it prior to taking any trades. Be honorable
OANDA:XAUUSD
by AliHassanzadeh
ETH/USDT 4HInterval Chart!Hello everyone, let's take a look at the ETH to USDT chart on a 4-hour time frame. As you can see, the price dynamically moved higher from the downward trend line. When we break down the saitke trend based fib extension, we will see a visible support zone from $1,924 to $1,844, and then we have a second zone from $1,716 to $1,626. Looking the other way, you can see a break through the resistance at $1,967, but at this point it is worth marking the zone from $1,969 to $2,047, only when the price tests it will it move towards the resistance at $2,241. Looking at the CHOP indicator, we see that the energy in this movement is running out, the RSI indicator shows that the upper limit has been touched, which has slowed down the current increase, and the STOCH indicator shows that the upper limit has been exceeded, which should result in a price recovery in the coming hours.
by cryptodailyuk
Short Opportunity for AUD/USD with Bullish Alternative ScenarioAUD/USD is currently in a downtrend, but recent price action suggests a potential retracement. The key area to monitor is the H4 and H1 resistance zone around 0.64245. If the price retests this zone with a clear bearish bias and entry confirmation, a short entry could be considered with a tight 10-pip stop loss. The target for this short trade is set at 0.63747, representing a daily support level. Alternatively, if the price demonstrates strong bullish signals at the 0.64245 zone, it may be on the path to 0.64457, which is a significant weekly resistance level. It's crucial to closely observe price movements to identify the appropriate entry confirmation and act accordingly. Always apply prudent risk management techniques, as trading involves inherent risks. This idea is not financial advice; conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
Short
by Pasindu_BadgerFX
Short Opportunity for AUD/USDThe AUD/USD pair currently exhibits a strong bearish trend. The price has breached the weekly support level, although the candle has not yet closed below it. Additionally, it has broken the 4-hour support level and the Friday low of the day. While there is no immediate entry confirmation, a potential short trade opportunity emerges. For a safer entry, consider waiting for a price pullback to the 0.64342 and 0.63357 zone or at least the 4-hour support level (which would then act as resistance). A successful bearish confirmation at this level would be a strong signal to enter the short trade. This area is significant as it aligns with 15-minute and 5-minute resistance levels, adding to its importance. The target for this short trade is set at 0.63747, a daily support level. This target represents a potential gain of at least 60 pips. Please exercise caution and ensure proper risk management in your trading strategy. Keep in mind that trading involves risks, and this idea is not financial advice. Conduct your own research, consider your risk tolerance, and consult with a professional financial advisor if needed.
Short
by Pasindu_BadgerFX
Long Opportunity for USD/CADUSD/CAD is currently in an uptrend, and the analysis suggests a promising opportunity for a long trade. The key area to watch is the zone between 1.37863 and 1.37787, where there's a potential for a retest. If the price revisits this zone and demonstrates a clear bullish bias along with entry confirmation, it presents an attractive long trade opportunity. The target for this trade is set at 1.38137, which corresponds to a daily resistance level. Keep a close eye on price action to identify the entry confirmation, and if conditions align, consider taking a long position to potentially reach the 1.38137 target. It's important to exercise prudent risk management and remember that trading carries inherent risks. This idea is not financial advice, so conduct your own research, evaluate your risk tolerance, and consider seeking guidance from a professional financial advisor if necessary.
Long
by Pasindu_BadgerFX
DOT/USDT 4HInterval ChartThird, we will check the DOT chart on a four-hour interval. As we can see, the price has broken the downtrend lines, creating a current uptrend which we used the blue lines to describe. Let's start by marking support points for the price and we can see that first we have a support zone from $4.73 to $4.51, however, if the price drops lower, we can see the price return to a very strong support zone from $4.15 to $3 $.89. Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that the price is currently fighting against a strong resistance zone from $4.92 to $5.29, and when it manages to break out of it, it will be able to move towards the resistance at $5.76. The CHOP index indicates that there is a lot of energy for movement, on the RSI indicator we are approaching the upper limit again, and on the STOCH indicator we will soon exceed the upper limit, which should result in a rebound for the price.
by cryptodailyuk
BTC 1HInterval Chart ReviewHello everyone, let's take a look at the BTC to USDT chart on a one hour time frame. As you can see, the price remains above the local downtrend line. After unfolding the Fib Retracement grid, you can see that the price maintains support at $35,244, then we have a strong zone from $34,513 to $34,124, which protects us from falling to the support level of $33,006. Looking the other way, you can see that the price has been rejected again by the resistance zone from $35,600 to $36,000, but when we come out on top, the price will be able to move towards the resistance at $34,162. Looking at the CHOP indicator, we see that there is a lot of energy to continue the movement, the RSI indicator shows a recovery, but there is still room for price declines, and the STOCH indicator is approaching the upper limit, which may result in a stronger price recovery.
by cryptodailyuk
1
#CADCHF buying opportunityAs depicted in the chart, the price successfully broke above a range-bound area yesterday. This pattern, known as the "line formation" in Charles Dow's trading strategy, represents the only tradable Daily time frame pattern based on Dow's principles. We are currently waiting for the price to retest the previously broken resistance, with the expectation that it will now act as support. To maintain our position and adjust our stop loss in line with this bullish trendline, it is essential for the price to remain above our short-term trend. In order to manage our Risk-to-Reward ratio effectively, we have decided not to initiate a position until the price reaches our designated support level. At that point, we will be on the lookout for bullish price confirmations. by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Long
by mohemati
2
Short Opportunity for EUR/USDEUR/USD is currently in a strong downtrend, and a previous trade idea based on the break of the previous day's low and 4-hour support yielded a 40-pip gain . The analysis now indicates a potential opportunity as the price approaches another critical level. Now Seems like price is pulling back to 1h resistance at 1.06949. If the price retests this level with an entry confirmation, a short trade is recommended. There are three potential targets: The first target is set at 1.06668, which is a 4H support level. The second target is at 1.06482, representing 1H support level. The final target is the another 1H support level at 1.06319. This setup could potentially yield more than 60+ pips. Traders should closely monitor the price for entry confirmations and act accordingly. if not price can pullback to 1.07317 level. Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
Short
by Pasindu_BadgerFX
ETH/USDT 1H Short-Term ChartHello everyone, let's take a look at the ETH to USDT chart on a one hour time frame. As you can see, the price came out of the local upward trend line. When we unfold the trend based fib extension grid, we see a support zone from $1,854 to $1,837, which stopped the decline, then we have support at $1,815, and then support at $1,753. Looking the other way, there is strong resistance at $1,904, and then the price must break the resistance zone from $1,937 to $1,961. Looking at the CHOP indicator, we see that there is still energy to continue the move, on the RSI indicator, despite the rebound, there is still room for the price to fall lower in the coming hours, and on the STOCH indicator, we are moving at the lower limit, which resulted in the current price rebound.
by cryptodailyuk
EURAUD : Trendline Break RetracementThe pair experienced a strong bearish movement to break the trendline and reach the monthly support level. It now seems to be forming a double bottom on the lower tf before pulling back to retest the broken trendline resistance. This retracement is a common price behavior following a trendline break and offers traders a valuable opportunity to enter the market at a favorable price point. What makes this trading setup even more compelling is the confluence with the monthly pivot point. The broken trendline coincides with the monthly pivot, which often acts as a critical level in many trading strategies. This confluence adds further weight to the potential significance of this area as a resistance zone. Given this setup, we may consider adding buy positions with targets at the broken trendline, coinciding with the monthly pivot, after which we can join the bearish sentiment, with the expectation that the market may continue its downward movement.
Long
by DennisDims
2
Short Opportunity for EUR/USDEUR/USD is currently in a strong downtrend, and a previous trade idea based on the break of the previous day's low and 4-hour support yielded a 40-pip gain . The analysis now indicates a potential opportunity as the price approaches another critical level. If the price breaks below the 4-hour support at 1.06668 and retests this level with an entry confirmation, a short trade is recommended. There are three potential targets: The first target is set at 1.06482, which is a 1-hour support level. The second target is at 1.06319, representing another 1-hour support level. The final target is the previous low of the day at 1.06197. This setup could potentially yield more than 45 pips. Traders should closely monitor the price for entry confirmations and act accordingly. if not price can pullback to 1.07064 level. Please remember to exercise caution and implement appropriate risk management strategies. Trading carries inherent risks, and this idea is not financial advice. Conduct your own research, assess your risk tolerance, and consider seeking guidance from a professional financial advisor as needed.
Short
by Pasindu_BadgerFX
Short Opportunity for EUR/USD with Alternative Bullish ScenarioThe EUR/USD trading pair is currently under analysis, presenting a potential short trade opportunity if the price breaks below the previous day's low at 1.07057 . In this scenario, a downtrend could be signaled, with the next target at the 4-hour support level of 1.06668 . For a safer entry, traders are advised to wait for a retest of the 1.07057 leve l and enter the trade after confirmation of resistance. Place a stop-loss order above the retested resistance level to limit potential losses, and set the take-profit order just above the 4-hour support level. Ensure a favorable risk-reward ratio and align position sizing with your risk tolerance. A comprehensive trading plan, including risk management strategies, is essential. This trade offers a potential 40-pip profit if executed correctly. Alternatively, if the price does not break below the previous day's low and shows a bullish bias, it may target the 4-hour resistance level at 1.07317 , offering a potential 26-pip gain. Traders should monitor price action carefully and consider bullish entry signals if the market exhibits strength in this scenario. Please remember that trading involves risks, and this idea is not financial advice. Conduct your own research, consider your risk tolerance, and consult with a professional financial advisor if necessary.
Short
by Pasindu_BadgerFX
BNB/USDT Chart 4HIntervalHello everyone, I invite you to review the BNB pair to USDT chart. First, we will use the yellow line to determine the downward trend from which the price has moved upwards, moving into the upward trend channel, marked with the blue lines, in which the price moves at the upper limit of the range. Going further, we can move on to marking support areas when we start a larger correction. And here, first of all, we have a support zone from $240 to $231, but if the zone does not maintain support, we may see the price return to the area of the second zone from $217.5 to $207. Looking the other way, we see that the price is fighting in a strong resistance zone from $247 to $255, only when we break out of it and then it is positively tested, we should see a move towards the resistance at $277. When we turn on EMA Cross 50 and 200, we have clear confirmation of the return to a strong upward trend, which should now be watched to see how this indicator will behave further. Please look at the CHOP index, which indicates that the energy is approaching exhaustion, while the RSI and STOCH indicators show that the upper limit has been exceeded, which has stopped further price growth and should result in a price recovery.
by cryptodailyuk