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TRYUSD

USDTRY Target double bottom reached, whats next. This analysis started from the lows 2 months ago and after a very slow completion of the double bottom, the neckline broke past week and in one sweep it went straight to it's target. It has been moving around a lot since, already made a 50% correction as well, so very dangerous asset to trade now. Many have asked me for an update on this one, so i am going to try, but to be honest, there is very little to go on here. Because it dropped so much already, there is not a flag or an H&S or something else to go on. Maybe that flag on the daily might be something to follow. Usually after a big move like this, we should see some another move up. Normally never just drops again to the neckline. So i can't really give a trade here, but my best guess is, seeing another move towards the red zone, possible even higher than the previous rally. But that zone is a big resistance area, so i would not assume it will simply break. Think it might take more movement between the 5.6 and 5.9/6 before another big move happens. So my advice would be, leave this one for what it is and find another pair to trade, or wait at least a day or 2 to see something develop first. I will try to update on this one if i see something. Previous analysis:
by botje11
13
USDTRY Double bottom, Part 3In my previous analysis i showed a possible flag pattern could be formed against the resistance of the double bottom neckline. So far that is exactly what happend. On the right we can see the shape of a triangle. All triangles can breakout both ways, but since this one is an ascending which is being formed against a resistance zone , it is more likely to see it break upwards. If that happens, we should see an acceleration towards 5.6/5.7, otherwise there will be a chance for a false breakout. If the triangle breaks down, we could see a test of the 5.4 or even to 5.34 if the first one breaks. So far the double bottom pattern is playing out as it should. The start was a bit slow, but we got a small acceleration the past 2 weeks. So the pattern looks legit so far. Target of the pattern is at the yellow circle. Previous analysis:
by botje11
6
USDTRY Double bottom, Part 2 In my previous analysis i showed a potential double bottom on the daily chart which has been playing out so far. The ideal entry, when the triangle would break on the low side, didn't happen. It simply broke upwards and continued the rally since. However, this rally has been very slow so far. It's not always bad, but at this point it needs to accelerate a big more. Like it has been doing the past week or so. Bulls need to show they want to attack the neckline of that double bottom (red zone on the left). So ideally we see a good move up this week, into the resistance zone and make a good bull flag there for a few days. If we see that happen, it will become more likely to see a continuation up for the coming few months. Previous analysis:
by botje11
7
USDTRY - Get Ready For A Bullish BreakoutUSDTRY counted red 9 according to Tom Demark count. After red 9 we expect a trend reversal. Weekly Stoch RSI is at historically low levels. Bollinger Bands are very narrow at the daily chart. I expect a bullish breakout within this month. Major resistance areas are: 5.33 (daily MA20), 5.43 (fib 0.5) and 5.72 (weekly MA20). Major support is at: 5.05 (fib 0.618) Here is my long term trading idea: Long at: 5.20-5.22 Take profit levels: 5.30 - 5.41 - 5.70 Stop loss: 5.00
Long
by EylemCulculoglu
$TRY Find Bottom?Turkey Lira find bottom against US Dollar now? President Erdogan doing everything to hold up the economy bully from US Government under Trump administrations. I think If this effort holds up we're praying that their country getting better, because their role is quite significant in Middle-East countries for muslim community all over the world. Turkey will be one of many nations that really care about muslim community and that's why they receive mass rounding from their enemies. We should fight and pray together.
Long
by blockchaindedi