The Daily Chart - Bitcoin - Definite pullback occurring now
BTCUSD is conducting a retrace, at most back to 70,000, the big white inefficient candle needs to be revisited and given some 'love', I note that the daily RSI and MACD are showing bearish momentum for the next little while.
Anyway, who would be game to Short Crypto at the moment. Now is a chance on some of them, which are pulling back with Bitcoin, but this is temporary overbought stuff.
Temporary
GBPUSD Longs from 1.26200 back up to 1.27400I still maintain a bearish outlook on GU; however, there's significant liquidity gathering around the marked trendline above. Consequently, I anticipate this liquidity to be taken out first, creating a CHOCH to the upside. Once this transition occurs, I expect a retracement back to the newly identified 4hr demand zone.
This temporary upward movement is envisioned to enable price to address the existing imbalance fully, eventually reaching the 20hr supply zone where potential selling opportunities lie. I'll be monitoring for the emergence of a Wyckoff distribution pattern within that zone, signalling the continuation of the bearish trend.
Confluences for longs are as follows:
- Price has swept liquidity now pushing higher with momentum.
- There's a new 4 hourly demand zone that has been created.
- lots of liquidity to the upside like asian highs and trendline liquidity.
- For price to continue going down I see imbalance getting filled as well as the 20hr supply being respected.
P.S.This is a temporary idea that I have but I wouldn't be shocked if this recently established 4hr zone is breached, potentially reaching the 10hr demand zone I've identified below. However, considering that price has now cleared out liquidity, I anticipate further upward momentum for now.
Have a great trading week guys!
EUR/USD Longs from 1.07800 back up to 2hr supply or above.This week's bias for EU resembles GU's, but I wouldn't be surprised if EU rises slightly to clear the 2-hour refined supply before dropping to remove the trendline liquidity below. Nevertheless, I anticipate price to eliminate the trendline liquidity and fill the small imbalance just above the demand zone.
During this process, I expect price action to slow down after consuming a significant amount of liquidity, signalling a potential Wyckoff accumulation phase. It's worth noting the presence of an Asian low beneath the demand, which warrants caution. However, I want to emphasize that this is a counter-trend notion, and my overall sentiment for EU remains bearish.
Confluences for EU Buys are as follows:
- Price broke structure to the upside and left a clean 10hr demand zone.
- Still some imbalance that still hasn't been filled as well above my demand POI.
- Market also broke major structure to the upside could indicate a bullish trend.
- there's some liquidity above the recent high that needs to be taken as well.
- Triple touch trendline liquidity that needs to be swept.
- for price to go down it must mitigate a supply higher up like that 12hr.
P.S. Ideally, I'm looking for another rally to trigger price action to clear out the significant pool of liquidity located just below the 12-hour demand zone at the top of the chart. However, I anticipate price to establish a new supply once it descends to take out the trendline. This would allow me to wait for a mid-week pullback to sell down towards the demand.
Have a great trading week and lets catch these PIPS!
GBP/USD Longs from 1.26200 or 1.26000 back up This week, my bias for GU is aimed at observing a return to a demand level to sustain a short-term bullish trend. With the recent upside break in price structure, a fresh demand level has emerged, potentially signalling a bullish upturn.
I'll be monitoring for a Wyckoff accumulation within my point of interest (POI) before considering buy positions. These buys aim to reach the supply zone for potential selling in alignment with the overall trend. However, considering the bullish outlook of the dollar, my bias still leans towards bearishness, viewing these buying opportunities as temporary.
Confluences for GU Buys are as follows:
- Price broke structure to the upside and left a clean 2hr demand zone.
- Still some imbalance that still hasn't been filled as well as a 20hr supply that needs mitigating.
- Market also broke major structure to the upside could indicate a bullish trend.
- there's some liquidity above the recent high that needs to be taken as well.
P.S. Given the abundance of liquidity surrounding my specified demand zones, I'll proceed cautiously, mindful of the potential for some zones to falter due to the presence of trendline liquidity. This scenario is expected to fill the imbalance completely and possibly reach the 20-hour supply zone I've marked for potential selling.
Have a great trading week people!
NCLH cool down coming upIMO tomorrow is going to have a tremendous pull down. Who knows if the pull will continue through the day, but at the open tomorrow.. ohh boy. I got out today at 17.04 (see my previous NCLH post)
My best guess at where the downtrend reversal begins is below the current pivot and above the 20MA.
If the 20MA is not resistance to the fall over the next several days then it may retrace back down to the lower uptrend support. All of that will be determined near the middle of next week.
The pig we fed is currently at the slaughter house, but a new ones getting ready to be plumped up.
GL make some money.
EURUSD Probabilities Of RetracementIt can be a retracement finally after a long swing upward couple of days past due to the US under pressure from Covid-19. This might be changing positively slowly as the representative of the state is focusing on the comeback against the pandemic and they have already run much stimulus program for their economy prevention. Can't say it may be fully reversal but there could be some side effect on the currency after they have taken some control over the outbreak which may temporarily change the market sentiment.
GOLD Bearish SentimentOn the 1-hour timeframe we now see Gold breaking out of an ascending trend accompanied by a rising wedge breakout, favouring the bears.
This breakout was confirmed, twice, as seen in the retest, informally known as the "last kiss".
I predict that gold will reach the support level, and if that support is broken, I see Gold falling to the targets I previously established in last weeks Gold analysis.
Welcome Back Little Bull Currently Bitcoin is trying to attempt to make a pullback up to 6800 area. This is where everyone should have been bullish in the first place. But because millions of orders flooded the daily 50 area. We could heading thru the $6k area. Be careful bulls. I am still short from 7250. I would take a temporary buy according to the 4hr chart up to 6700-6800.
XRP-ETH Temporary Bottom then ReversalIt's 4Hrs chart and 3 Candle are bottomed, That means 12Hrs. XRP-ETH market was Silent.
In another view If you see Temporary Bottom Then Remember It's going Reversal soon and you can take Approximate 40% Profit of your Investment.
If you'll tracked any Temporary Bottom then Please Private Message me.
Thank you
Ripple At Temporary ResistanceRipple hit our projected resistance for wave d and went slightly higher, but triangle is still valid. So be aware of decline in three waves back beneath 0.20 level for wave e, where we see a completion of big bullish triangle, which means that Ripple could explode to the upside out of triangle, probably at the beginning of next year.