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Technical Analysis

Ethereum (ETH/USD): Bullish Momentum Building Ethereum is currently trading within a rising channel pattern, indicating sustained bullish momentum. Here's the breakdown: 1.Support Levels: Strong support at $3,080 (marked as 4H Support) has held firm, preventing further downside. The ascending trendline is providing consistent upward pressure. 2.Resistance Zones: Immediate resistance at $3,143 (30m Resistance). Key level to watch is $3,224 (4H Resistance), which aligns with the upper boundary of the channel. 3.Volume & RSI: Volume is gradually increasing, indicating renewed buyer interest. RSI is rising from oversold levels, supporting a bullish outlook. 4.Target Levels: A breakout above $3,143 could propel ETH towards $3,224, the next significant resistance. Bullish Scenario: If ETH holds above $3,114 and breaks $3,143 decisively, expect a swift move toward $3,224. Beyond this, a continuation within the channel could aim for $3,280. Risk management is key—watch the $3,080 support zone closely for invalidation of the bullish setup.
COINBASE:ETHUSDLong
by AngshumanSaikia
Nifty 50 - Short-Term Relief Rally in Progress?Analysis: Nifty 50 seems to be showing signs of recovery after a correction phase, with a potential inverse Head and Shoulders pattern indicating a bullish reversal. The neckline near the 23,700 level appears crucial, and a sustained breakout above this level could drive the index towards 24,042 and 24,461 in the coming weeks. Key support levels to watch are 23,327 and 22,755 , as they represent areas where buyers might step in. Meanwhile, the RSI indicates that the index might be exiting the oversold zone, adding weight to the recovery thesis. A zig-zag consolidation can be expected before a sharp move higher, as shown by the projected trajectory. A breach of 24,816 could signal a strong rally toward 25,600 and beyond .
NSE:NIFTYLong
by AngshumanSaikia
EURUSD continues to extend sharp decline from 1.0600Dear Traders... Let's discuss and strategize with Ben today! Overall, after updating the low around 1.0497, the price recovered around 0.08% on the day. However, EUR/USD remained on the defensive near 1.0550 during the European session on Monday. The pair remained weak as geopolitical risks between Russia and Ukraine resurfaced although the US Dollar limited its gains. The divergent policy outlook of the ECB-Fed also weighed on the pair ahead of the central bank talks. Today, there will be no high-impact data that could influence the action of EUR/USD. Therefore, market participants will pay close attention to comments from central bank officials. Technically, price resistance at 1.0550 - 1.0660 and resistance at 1.0663 should be watched. A false breakout and consolidation below these areas could trigger a decline. Currently, Euro is hinting that the pullback could be a bit longer. MMs are likely to look for liquidity (above these levels) ahead of the news. A false breakout could trigger sellers to act, which would only add to the selling pressure. However, a mild recovery from 1.0550 and back to 1.0497 would increase the likelihood of a breakdown and decline.
Short
by Bentradegold
Gold -> How Long Will the Adjustment Last? Emphasis on $2,600Hello, dear friends, Ben here! Gold (XAU/USD) extended its recovery early Monday, testing the $2,600 level and ending a six-day losing streak after a false breakout and a retest of $2,546. The latest surge in gold prices may be tied to escalating geopolitical tensions between Russia and Ukraine, following the U.S. authorization for Ukraine to use long-range weapons to strike Russian territory. However, the latest Kitco News Weekly Gold Survey reflects a bearish market sentiment. Specifically, the continued rise in the USD and bond yields is exerting downward pressure on gold prices. Additionally, the Federal Reserve (Fed) has adopted a more hawkish stance, posing further challenges for the precious metal. Looking ahead, with gold prices still at low levels, central banks may return as buyers in the market. However, Europe's ongoing economic struggles are pressuring the euro, prompting increased USD purchases to counter depreciation. As a result, gold prices may trade sideways or see additional declines unless a major geopolitical event emerges. This week, the gold market is expected to remain subdued due to the lack of major economic data releases. Key focus areas include U.S. housing starts and building permits, home sales, and the University of Michigan Consumer Sentiment Survey. Additionally, market participants are awaiting comments from several Fed officials to assess the pace and scale of upcoming interest rate cuts. From a technical standpoint, gold is thoroughly testing the resistance zone around $2,600–$2,589, attempting to offset market losses. Theoretically, a false breakout and consolidation below this zone could lead to further declines. Currently, I do not rule out the possibility of liquidity testing above this resistance zone ahead of significant news events. A false breakout could trigger selling activity, further reinforcing bearish momentum. However, if prices rebound near the $2,600 resistance and begin a smooth decline towards $2,546, it would generally increase the likelihood of a breakdown and continuation of the downtrend.
OANDA:XAUUSDShort
by Bentradegold
META breaking down to 520 to 539The chart for META indicates a symmetrical triangle, a consolidation pattern suggesting indecision in the market. This setup is characterized by converging trendlines, with lower highs and higher lows, pointing toward an imminent breakout. The current price action is nearing the apex of the triangle, increasing the likelihood of a breakout or breakdown soon. The price is nearing the apex of the triangle, and a breakdown is likely within the next 3–5 trading sessions. Volume confirmation is critical to validate the breakdown direction. Entry Strategy: Enter a short position if the price breaks and closes below $555.00 with strong bearish momentum and volume. Bearish Target: Subtract $15.44 from the breakdown level of $555.00 → $539.56. Place a stop-loss above the upper trendline at $570.00. Take partial profits at $545.00, then hold for the full target of $539.56. I have taken a put position as I favor bearish breakdown and have taken 520P for 11/29/24 @1.38.
NASDAQ:METAShort
by EssieQuantumTrader
Trend Shift Confirmation Setup - Eurusd short setupMarket Context: Current Trend: The market appears to be in a bullish phase. Counter-Idea: Following a tap on the Fair Value Gap (FVG) formed on July 18th, a potential shift toward a bearish trend exists. Setup Breakdown: SSR Flip Area: A multi-tested SSR flip zone has been identified around 1.12032, having been tested three times. This indicates a strong potential for selling opportunities. The latest test of this zone occurred on Monday, August 26th, which resulted in a structural shift in the market. This shift has led to the taking out of a daily low, suggesting a reversal in price direction. Entry Analysis: Key areas were initially mapped out on the daily timeframe and then refined on the hourly chart. Previous liquidity areas that align with the current price movement were identified to enhance the entry strategy. Additionally, areas exhibiting the strongest volume were mapped to ensure they are in proximity to the entry zone. The ideal entry point was determined where the breaker block and FVG intersect, creating a confluence of signals. Risk Management: The entry was strategically placed at the middle of the breaker block, FVG, and SSR flip areas. This approach ensures an optimum entry point while managing risk effectively. It is crucial to emphasize that traders should conduct their own analysis before executing any trades. Important Reminder: Risk Management: If you decide to take this trade, be sure not to risk more than 1% of your capital to safeguard your investment. Trading inherently carries risks, so it’s essential to trade wisely and make informed decisions.
Short
by BFUFX_MARKETS
1
BITCOIN-->Implementation and distribution phase. Target 100,000BINANCE:BTCUSDT is consolidating after a strong rally. In the context of a more likely rally. The target around 95,000 - 100,000 is getting closer and more realistic. What is the reason? The fundamental backdrop is strong because of the Trump presidential election, which is generally favorable for bitcoin and other crypto flows. Can this rally be even bigger? Yes! And there are bullish premises for it: BTCUSDT has broken out of the accumulation (triangle) but faces a strong resistance zone. The coin continues to accumulate potential, but there are signs of a resistance breakout. Technically, the picture on the chart is shaping up to be extremely bullish: no extension of the lows, strong consolidation and strong support levels. I do not rule out the possibility of a retest of the support level and the formation of a false breakdown before further growth. But in any case, a break above the major resistance zone at 91,650 could trigger a bullish run.
Long
by JerrytradingCR
2
United Spirits Ltd. (NSE: MCDOWELL-N) - Technical AnalysisKey Observations: 1️⃣ Bullish RSI Divergence: The RSI indicates a bullish divergence, suggesting potential reversal or upside momentum. 2️⃣ Breakout from Descending Channel: After a period of consolidation within the descending channel, the stock has broken out, supported by improving momentum. 3️⃣ Volume Profile Support: Strong accumulation zone observed between ₹1,440-₹1,490, indicating demand at these levels. 4️⃣ Fibonacci Levels: Resistance levels are identified at ₹1,491, ₹1,541, ₹1,591, and ₹1,634 based on Fibonacci retracements. 5️⃣ Moving Averages: The stock is trading above key short-term moving averages, reinforcing the positive trend. Trading Strategy: 🚀 For Long Positions: Entry Zone: ₹1,440–₹1,460 (if price sustains above breakout level). Targets: ₹1,491, ₹1,541, ₹1,591. S top-Loss: ₹1,430 (below support zone). ⚠️ Risk Management: If the stock re-enters the descending channel, it could invalidate the bullish outlook. Monitor price action and volume closely. Outlook: With the RSI divergence, breakout confirmation, and strong support at ₹1,440, United Spirits Ltd. presents a promising bullish setup for short- to medium-term gains. Watch for sustained volume as the price approaches resistance levels. 💬 Your Thoughts? What’s your take on this setup? Share your views below! 🚀
NSE:UNITDSPRLong
by AngshumanSaikia
BTC weekly trading planWeekly Trading Plan - November 17, 2024 - Finemei The crypto market continues its upward trends with healthy and significant corrections that began last week, covering all areas of the market. The trend is clear and precise, with a strong potential for high gains and record returns in the indices. A Bit About the Coming Week: The SEC (Securities and Exchange Commission) is shifting from preventive enforcement actions to a more collaborative approach within the crypto space. Easing of banking restrictions. Approval of ETFs (XRP + SOLANA) later this week. Public opinion suggests Bitcoin reserves for strategic assets are exceptionally high, but according to JP Morgan, they currently have a low probability. Fundamental Outlook: Fundamental News Summary: Wednesday, November 20, 2024: Crude Oil Inventory: Inventory rose by 2.089 million barrels. More oil in stock can reduce prices as demand decreases. Thursday, November 21, 2024: Unemployment Claims: There were 220,000 new unemployment claims, slightly higher than expected (217,000). This indicates a potential increase in job losses. Philadelphia Fed Manufacturing Index: The index dropped to 6.3, while the expectation was 10.3. A decline here signals some slowdown in industrial activity in Philadelphia, which is less favorable for the economy. Existing Home Sales: 3.94 million homes were sold, exceeding the expected 3.84 million. This is a positive sign, showing the housing market is active and functioning well. Friday, November 22, 2024: Manufacturing Purchasing Managers' Index (PMI): The forecast is 48.5, indicating the manufacturing sector is likely shrinking (a number below 50). This could signal challenges in the industrial sector. Services PMI: The forecast is 55.0, showing growth. This suggests the services sector is in a good position and supports the broader economy. Bottom Line: The data this week shows a mixed picture—on one hand, manufacturing and industry are somewhat weak, but the housing and services markets are looking strong. Technical Outlook: The cryptocurrencies are showing strength and readiness for further gains. Ethereum is consolidating between the 3030 and 3200 levels, currently at a critical resistance level, preparing for a move. Bitcoin has started a process that’s currently less clear, so I’m staying out for now, although it also appears ready to reach my weekly target of $97,000 per coin. Good luck, friends! A green week ahead.
Long
by FineMei
2
Forex Trade Planning: USD Dominance and Potential CorrectionToday's trade planning session highlighted the USD as the strongest currency on the daily Currency Strength Index (CSI), while the EUR emerged as the weakest. General CSI Overview: Buy pairs: USD, CHF, GBP, JPY, AUD Sell pairs: CAD, NZD, EUR In our H1 timeframe market analysis, we anticipate a deeper correction in existing trends. The wave structure for major pairs versus the USD has reached momentum high and momentum low 5. From this level, a correction of the trend is expected. It is important to note that significant effort and time are required for a trend reversal. Nevertheless, there has been a notable decline, breaking key structures in USDJPY, which could indicate a more substantial downturn for the USD and potentially lead to a larger secondary trend. Trade carefully and happy trading!
by Charts247TradingAcademy
NVDA Approaching Key Support Levels: Potential Pullback AheadFor NVIDIA (NVDA), heading into Monday, 11/18, the key support level to watch is $140.31. If the price breaks below this level, it could signal further downside, with the next significant support zone around $133.46. This would be a critical area for bulls to defend in order to prevent a deeper correction. On the technical side, NVDA's recent price action suggests overbought conditions, as indicated by various momentum indicators such as the RSI and possibly the MACD nearing a bearish crossover. This setup raises the likelihood of a pullback or a consolidation phase as traders lock in profits or await fresh catalysts.
NASDAQ:NVDA
by CryptocurrencyWatchGroup