I was thinking before that we entered a new phase of an upward trend, but it looks more like we're just making a small correction to keep the way down.
Once the price hit 0,23 fib retrace of the channel, it bounced and is now keeping its way down to... a lower low (below 39). The money flow was below 50 in the bear range and now that we hit resistance it bounced...
After yesterday's bad news on Bitfinex, BTCUSD seems to have found a solid floor that lies around the 0,5 angle of this big fib speed resistance fan.
Several indicators are coming back from their oversold condition, and this is a great place to go long and keep it at least for a few weeks before it hits significant resistance on 0,618 angle where you'd be already...
All these indicators show a resistance that we are close to reach, let's wait and see if it breaks or bounces. Price is also reaching one important level of the pitchfork.
These two plays are almost identical in duration and price movement and on both occasions it started when market felt relieved that bottom was reached, marking the beginning of a new long term upward market, just to find later that bottom was on 1,272 extension and later even deeper.
This last bullrun on oil prices wasn't really supported by volume and we can see that reflected on the OBV which increased only a fraction of what it fell when prices went from 34 top to 26 bottom. That is, volume was way lower on this 15 USD rally than it was on a drop of only half that amount !
This fake out, is confirmed by the money flow index, now coming...
Confluences
1. KEY Weekly Resistance/Support at 1.4210 holding well.
2. Doji Formation on yesterdays candlesticK
3.Follwing Recent Price Action this is a classic pullback trade
4.KEY DESCENDING TREND LINE HOLDS
5. FIBO 23.6% retracement also acts as resistance here...
Running Alpha Capital Markets Intelligence re-iterates its warning posted on Jan 11th, 2016 to Global Investors of an Imminent and Persistent Crash, specifically for Euro STOXX 50 Equity Index ( Symbol FEZ ) .
The benchmark European index, the Euro STOXX 50 should easily retest the crash lows of 2009; USA equity markets do not have a crash signal, but will...
Reason behinf this setup ..
1.firstly a touch and bouce of strong trendline RES
2. if you go down to 4hour chart higher highs and lower highs where being made but price action violated that patern
3.daily candle is a strong bearish candle
SPHS has been testing it's resistance points higher and higher over the past few months after the sudden gap-down in mid-December of last year. Sophiris Bio Inc., a bio-pharmaceutical company developing PRX302 (topsalysin) for the treatment of urological diseases, has shown a recent development of their PRX302 treatment and doctors say it could serve as a viable...
I Remain Short to XAUUSD next week because of the stock market closed in a big gain last friday and OIL Price get higher since 2 weeks, investor could put their money to stock market.
I take 1167.39 for the colsest target TP
