Seems like daily is at a resistance and head and shoulders is forming. Might play out, might not, who knows
Still has a lot of support but it hasn’t broken resistance. Support trend lines and areas are green while resistance is red. I update the colored zones and trend lines help me not be biased about direction and just look at what price is doing.
Each green zone is possible support that for the most part aligns with fib levels. My first tp is conservative due to the strong uptrend since January. Price could still continue up to 152.600+ if it doesn’t reject here.
There’s an opportunity to short both BTCUSD and ETHUSD
Most of the Analysis is on the chart. Its just an idea that I"ve been following for a while. I predicted the initial drop from 55k to 43k but I missed the entry.
It's either about to explode upward or start the decent soon
30min chart used for a short, at work so can’t really monitor it but I’m in
Old Trendlines on big timeframes coming back into play. The political and economic climate makes potential trades in both directions possible, but I'm going with my analysis on this one.
The USD gained strength due to Covid news which caused XAU/USD to drop and USD/JPY to rocket. This news related push has yet to see a retracement due to the fact that the USD was supposed to gain strength. JPY is being bought according to the COT report and the USD should be getting weaker post this election push due to the volatility caused by the two candidates...
GBP/USD is either in an upward channel which is indicated by the pitchfork or a downward channel indicated by the trend lines. Seems like it was just moving to the bottom of the upward channel on the 4hr timeframe. Their are multiple resistance levels depending on how you want to draw them and how big you want those areas to be, but the pitchfork i used on the 4hr...
I am very aware of the almost permanent uptrend of SPX. There is what obviously looks to be an inverted head and shoulders that has formed, but the same could be said about GOLD, GBP/JPY, US30 and NAS100. I am looking to take a short before the head and shoulders decides to actually play out since i don't feel like its going to pop yet and there is a possible...
Due to GBP hitting that support level after the big impulse downward, I'm looking for GBP/JPY to push higher to around 139.000-140.000 range before it makes the decision to push further up or make the big drop back down.
AUD/USD broke out of the downward channel and is moving along a longer term trend line. It rejected hard off a level of support on the 4hr and I see it continuing back up to retest or even break above recent highs before it would continue downward.
Based on COT reports in combination with fib levels and JPY Weakness looking to go long on GJ. Also looking for pretty much the same setup on GBP/USD due to the Fed printing money constantly during COVID-19.
Taking the Long based on JPY weakness due to GDP