BTC - What's btc doing now?The top that we marked actually worked and reversed the price okay what now?
Short answer not so clear, but there are few ideas around it:
as you can see the frequency seems to have changed to the pink fork which is a short term and one of my favorite types of forks, but this kinds of fork are not so valid not until we see the Median line so no trades here but we can have a good indication of where might be heading the first 2 guesses are those energy points that i marked but when? only if we get below 41700.
There is a failure strategy of pink fork which should be confirmed, how? when the fork retraces to a fib level the size of the fork it self, it should bounce of it and never get to median line, only then the price can travel upto 1.272 / 1.618 of fib extentions, this retracement usually happens at 0.618 which is a close one to 41700.
long story short if we keep breaking lows (which is what's happening right now which the low seems to have been broken), as pitchfork probability says, we can goto Median line low with 80% probability and it's the best DIP that can happen, why? since the fork voilated the median line and broke through it, the chances that the price can bounce of the Lower paralel line are so high so have that in mind if that happened.
I'll update ya soon if something catches my eye
Good day to you all!
Swinglowfailure
EURJPY Structural S/R|Hidden Divergence|.50 Fibonacci|Low VolumeEvening Traders,
Today’s analysis – EURJPY- respecting structural S/R, price action is likely to retrace for a swing low failure.
Points to consider,
- Bearish Retest (Structural S/R)
- Hidden bearish divergence ( RSI)
- Stochastics valid sell cross
- Volume below average
- .50 Fibonacci target
EURJPY respecting structural S/R will validate a bearish retest allowing for a short term bearish bias.
The Structural S/R level coincides with a hidden bearish divergence; the RSI has made a local high whilst price action established a technical lower high.
The Stochastics has a valid sell cross, this is indicative of momentum shifting as buyers become exhausted.
Volume profile is currently below average, an influx is probable as price accelerates towards key levels.
Overall, in my opinion, EURJPY is likely to test the .50 Fibonacci for a swing low failure. This will allow for a short with defined risk at current level. Price action must be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee
CTL weekly swing low failure and bullish divergence.CTL has formed a weekly swing low failure and has also formed weekly bullish divergence. These are generally strong indications of a reversal, More so since they are showing on a weekly time frame.
Moving average guide (All Weekly for this post):
50 weekly moving average in Green.
100 weekly moving average in Yellow.
200 weekly moving average in Red.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.