Gold is currently trading at a resistance level shown in red. Price has been able to find support around $1930-$1935, but it’s stability has to be tested by price running over resistance levels without looking back. I think if price cannot close above the resistance around $1946 then there’s a chance the Bears are pushing the price to the 61.8% retracement level....
I don’t know if this will play out, but I sure do want this scenario to play out. If price touches $36.4k we there’s a chance that a H&S will play out and the price will continue to drop to $35.5k - $35.8k which is an established support level atm.
Those are calling for $40k and above have to monitor these levels carefully. If the upper trend line acted as resistance but price broke above this resistance level. We might see a pullback to this level it will be crystal clear if we can trust this level as support or it will drop down to the lower support trend line.
1) RSI is forming a reversal pattern on the 15 min chart. 2) Price chart is forming an inverse H&S. 3) I keep seeing higher lows on the lower time frame chart. 4) Two important resistance levels are ahead which could be set up as sell targets for short term traders. 5) I’m not trading this idea. It’s just an analysis for practice and food for thought for short...
You get the message from the chart. These 5 waves + ABC correction pattern and after that a violent bullish wave is going to shows a clear inverse H&S.
It’s a lot easier for me to look at the current market condition with an inverse chart. Inverted flag and if we break out of the flag with a retest we will see that the XLM price of 11.2 cents was not a glitch, it’s a stablished support and we might touch it once more. For that to happen the price needs to break out of the flag.
This retest of the resistance trend line is the most bullish signal one could ask for. The chart is screaming “Hodl Me Tight” The explosion is gonna be ferocious. I cannot predict how much sideway movement is involved but this bullish signal is what the XRP holders have been waiting for so long.
1) I identify the 2 major resistance levels to be the orange rectangles. 2) the first resistance level of 123.6% is not high enough of a target for a violent bull market. 3) since XLM has been underperforming for half a decade, I expect this bull market to be as violent as the 2017 bull market. 4) my target for selling would be the 178.6% Fibonacci extension level...
I cannot confirm whether this will play out or not. It’s just a potential scenario. Price chart shoes higher high. RIS chart shows lower high which usually means a bearish divergence which I believe if the divergence is confirmed we might see $31,850 support level. The daily RSI has stayed overbought for over 10 days and it can stay overbought for longer and...
Price as playing with the 61.8% Fibonacci Retracement level. This level has been acting as a strong support since August 17, but the pressure of the sellers keeps bringing the price back to this support level, which is not a good sign for the bulls. One one hand I remain bullish on this asset for the medium to long term, but my short term outlook is that if we...
Ladies and Gents, according to the rsi and the price chart bitcoin is forming a reversal. The RSI shows a bullish divergence. pointing to a bullish move in the making. At the moment I have no idea whether this bullish move is gonna lead to a buying spree taking Bitcoin to $30k+ prices. All I know is that this RSI divergence is to be trusted albeit for a small...
I thought I’d share a daily chart of the support ahead of us and the defending channel in the picture just for us to know where price might fall next. The next bottom of the descending channel in blue could be the black support line in the chart. A strong trend reversal from this level could help the price break out of the channel make higher highs and higher lows.
I would like to hypothesize that price is trading within a descending channel. The full details are easily visible on the 4H chart. I’m calling it a hypothesis, because I’m really not sure if two lows and two highs are enough data points to consider it a descending channel and I’m taking a risk by calling it as such. I think a buy for DCA when the price touches...
The support level marked in light green is being attacked by the sellers. A level once acting as the resistance has turned into a support that may or may not hold. A close below this level on the daily chart can push us back to the support level shown in yellow, which might attract lots of small and big buyers to potential bullish Elliot waves.
I think the green zone is a suitable support level for the price atm. The trend line also confirms the support level and depending on how fib levels are utilized. The green zone can be considered the 0.618 support level, which I think might be a good spot to buy. NOTE: DYOR. EVERYTHING IN THIS CHART MIGHT BE WRONG.
It think we over complicate things when we zoom in to understand how price goes up and down. For those who are looking at Bitcoin as an investment opportunity, then clear logarithmic regression bands are very helpful. I do not claim that my Log Reg bands are accurate. In fact I think there’s a great deal of uncertainty involved with how I’ve drawn the lines. If...
Wave 1 completed Wave 2 completed Wave 3 in progress I anticipate that the target for wave 3 would be $17 which is 1.618 times wave 1. The start of wave 3 is the target of wave 2. Fibonacci Levels Are Based On Log Scale NOTE: WHAT YOU SEE IS WRONG AND IT IS MERE GUESS WORK BASED ON TECHNICAL INDICATORS AND PAST PRICE ACTION
There are 3 important support levels in this chart. We have support at 11 cents which used to be resistance before the break out to complete the mini bull run. And then we've got 9.5 and 7.5 c. Price must hold above 11 c at all cost or drop down back to 9.5 c. As long as price stays above 9.5 c, I won’t be counting on the price revisiting 7.5 c. By analyzing the...