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Bitcoin: The case for a move down.Bitcoin has grinded its way back to the 61.8% fib retracement of the fall from ATH to the recent lows of 5550. The 61.8% also happens to line up with previous support and the psychological level of 7000. Would not be surprised to see a move back down into 6000 and lower over the next few days. If 7000 does not hold to the upside 7200-7400 would be last bastion before a continued press higher and new ATHs. However I do not recommend shorting this beast as that's a good way to burn your account. Let me know your plan / thoughts below on bitcoin from here. Good trading all. Luke
BITSTAMP:BTCUSD
by Beebags
BTC: A Tug of War between FOMO or FUDTaking a step back sometimes is helpful to make sure that you are anticipating the crowd instead of become a part of it. BTC is holding the $7000 level SURPRISINGLY well and at this point it almost feels as though all TA is out the window. I keep asking myself is it on wave 3 or wave 5? Is BTC finding its top or getting ready to blast off? My guess is most traders out there (like me) are caught between FOMO and FUD and so I am sitting out of this one. I rode the bubble for a while but I'm opting to take the week off and remain for a return to sanity or just mean regression... whichever comes first. Here's a short term somewhat neutral and forecast based on the FOMO, FUD, and upcoming Fork. Play at your own risk...
BITMEX:XBTUSD.P
by myceliium
1
German DAX - Potential large scale top could be in placeThe German DAX has reached the cluster resistance near 13,500 and a potential large scale top could be in place. If this is the case, then we soon should see a break below minor support at 13,194 and more importantly below 12,913 that will be a strong indication of a top being in place. A large five wave rally can now be counted from the March 2009 low of 3,589 and a smaller five wave rally can be counted from the February 2016 low of 8,695, so the risk/reward ratio no longer favor being long the German DAX. Consider taking money off the table or at least tighten up your stops.
FX:GER30
by EWS
BITCOIN: First Minimum Target/Top ProjectionWe are looking at BTC and we see some interesting levels. The most important thing is that you always look for minimum target, if goes higher even better.. As we know we are in 5th wave, so we have to be very careful arround those levels. Minimum first potential target we see at 161,8% Fibo. extension of wave 4 and 6200 psychological level, so this is important level for Bitcoin's first minimum top! As you see on the chart, we have also very important channel resistance, which has not broken yet! There's also some interesting psychological levels in a lower degree, so we expect that Bitcoin will hit 6000 for 3rd wave of 5th and then some bigger correction in wave (IV) with support arround 5500 and previous wave IV and then one more final push into 5th of 5th to 6200! Keep in mind that this is minimum projection, so if we see any stronger rally to the upside above those levels then we will start tracking an extended 5th wave! Have a nice weekend!
BITFINEX:BTCUSD
by ew-forecast
13
EURCHF decelerating at ResistanceHello guys, this is my first published Idea. This is one of my favorite setups, a double top with deceleration at strong resistance. The EUR gained strength against the CHF however it seems that the bears will soon begin taking over. Looking at the higher timeframes such as the weekly and monthly, price is still overall bearish. Keep in mind that the recent bullish trend we've seen on the daily is just a pullback on the monthly. Price has now come to retest the 1.15 level which also coincides with the weekly 0.618 fibonacci retracement level. Adding to our confluence stack price is also decelerating, formed a hightest and furthermore we have massive bearish MACD divergence. This is enough confluence for me to short this pair up to next support. I would advise to protect your stop above recent price action. Only trade up to 1.5% of your account per trade. Happy trading!
Short
by Schlabberlatz
4