MKBillions

MKBillions

Personally, I am bearish on this pair as GBPUSD has a double top forming on the daily chart. The deal entry should be at 1.37678 with a target at 1.36416 (TP1) and again possibly at 1.36031 (TP2). On the 1hr chart, price got rejected by the trendline and is currently retesting the 0.786 fib at 1.38296. Let’s see if it holds. If it gets rejected again, that might...

MKBillions

While trying to successfully break above the 0.618 fib level, BTCUSD formed a rising wedge. It currently seems to be breaking down from this wedge and the target is the bottom of the wedge at 44,600. Let's see how this plays out.

MKBillions

Similar to EURUSD, GBPUSD has also run into a wedge and has begun it's downtrend after meeting resistance at 1.38852. I expect it to pullback to the bottom of the wedge at 1.38296. As this market is really volatile at the moment, I would advise that we wait for a breakout from the wedge before opening any positions.

MKBillions

EURUSD has run into an ascending wedge which has started breaking down after meeting resistance at 1.18490. I expect it to pull back to at least the bottom of the wedge at 1.18123. However, note that there is support down at the 1.18300 and another at 1.18251.

MKBillions

The second scenario I see for USDJPY is this bullish pennant. This seems more ideal to me considering the current strength of the dollar. If this plays out, the target will be at 112.019 which almost coincide with the 1.618 fib level at 112.078. See the link to the chart for scenario 1 below:

MKBillions

I have two scenarios in mind for USDJPY. The first is this rising wedge which is bearish and should ideally break to the downside. If that happens, the target (which is the bottom of the wedge), coincides perfectly with the 0.236 fib level at 109.211. See the link to Scenario 2 below:

MKBillions

On the weekly timeframe, the GBPUSD pair is in a Head and Shoulders pattern with the price target around 1.29300. I do not think it will go that low but I expect it to pullback to the 1.37050 region. The ideal entry point for this downtrend should have been somewhere around 1.38300 or at 1.37650, which are the regions where I took the trade from.

MKBillions

On the weekly timeframe, the EURUSD pair is in a double top with the price target around 1.16500. I do not think it will go that low but I expect it to pullback to somewhere between 1.17800 and 1.17500. The ideal entry point for this downtrend should have been somewhere around 1.18350, which is where I took the trade from.

MKBillions

Target hit! See previous chart below:

MKBillions

On the 4hr of EURGBP, I see too many bearish signals such as a bear flag, broken trendline, rejection of resistance and a rejection of the 0.618 fib. I see retracement to the 0.5 fib level. Let's see how this goes.

MKBillions

On the 4hr, it looks like the EURUSD pair has run into a wedge which I guess is as a result of the kind of forced breakout it had from the former descending channel it was in. We can also see that the MACD histograms have been decreasing while price was increasing and this is bearish. Let's see how this plays out.

MKBillions

Hello guys....I have just spotted a bearish divergence on the 4hr RSI for EURUSD and coincidentaly, the price has rejected a breakout of the resistance of the descending channel its in. I expect the price to retrace to the 1.8160 level.

MKBillions

Etherum has been in a symmetrical triangle for sometime now and is now trying to break-up out of it.

MKBillions

Bitcoin looks very healthy to me, maintaining this trend since July down at 32.2k. If it drops below the trendline of support then there might be some cause for concern. However, it is good to see it constantly bounce from support.

MKBillions

There is a Heads and Shoulders pattern on the USDCAD pair. Please wait for confirmation before placing a trade.

MKBillions

Once again, USDJPY is breaking down from yet another rising wedge. The target is down at the fib level 0.618 which is the golden pocket and this perfectly coincides with the back of the wedge. At this point, I might have to start actively looking for rising wedges on USDJPY since it loves them so much lol.

MKBillions

USDJPY is currently breaking out of a bullish pennant. The target coincides with the top of the pennant and the 0.236 fib level.

MKBillions

In my last post I noted that there is an inverse head and shoulders pattern forming on the CADJPY pair. Ideally, this is bullish but I have also just seen that there is bearish RSI divergence also on the pair. With this RSI divergence and the resistance line the pair is facing, I am more bearish than bullish on CADJPY in the short term. Please see the link to my...