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Bitcoin- 36k zone remains my targetIn my previous Bitcoin analysis, I argued that, in my opinion, the correction for BITSTAMP:BTCUSD was not yet over, and we could potentially witness a drop to the 36k zone. Since then, the price dipped below the 40k zone and rebounded back to almost 44k. However, this rebound exhibits a corrective structure, resembling a bearish flag, suggesting that a new downward leg could follow. In conclusion, as long as the 45k level remains intact, selling rallies could prove to be a sound strategy with favorable risk-reward potential.
BITSTAMP:BTCUSDShort
by Mihai_Iacob
17
EurUsd could resume its up trendIn the past two weeks, EUR/USD has been very choppy. In fact, the pair has remained relatively unchanged in terms of price since the beginning of the year. Upon examining the chart, we notice that although the pair has reached new lows, these were very close to each other and were quickly reversed. This type of price action typically suggests a medium-term reversal, which could indeed be the case for EUR/USD. Confirmation of an upside reversal would occur if the pair stabilizes above the 1.09 zone. In such an instance, reaching the 1.12 zone could be feasible in Q1.
Long
by Mihai_Iacob
Gold could turn to the downside and target 2010 zoneI've held a bullish stance on OANDA:XAUUSD since the beginning of the week, anticipating a climb towards 2080 while acknowledging the 2060 resistance level. However, despite the price gaining ground and breaking above the 2040 resistance on two occasions during this period, upon closer examination of the price action, the situation is not as straightforward as anticipated. There are indications of a possible reversal to the downside, especially considering that the price rise was swiftly erased on three occasions (January 30th, 31st, and today). Upon analyzing the chart, it becomes evident that rallies were consistently sold off. Despite still being in an upward trend, the potential for a reversal seems increasingly likely. Consequently, I'm currently refraining from any trades and am inclined to sell. My target zone for selling is around 2010.
OANDA:XAUUSDShort
by Mihai_Iacob
3
Gold traders are waiting for the FEDIn my commentary from yesterday, I mentioned that as long as the price remains above the 2015 support zone, bulls hold the upper hand, and OANDA:XAUUSD could rise, potentially breaking above the 2040 resistance level. Indeed, this occurred. However, strong volatility ensued following the break, and buyers were unable to maintain the price above this level. Gold remains in a state of uncertainty, between support and resistance for now... Today's press conference from the Fed could shed some light and provide insight into future medium-term movements. From a strictly technical standpoint, as I explained yesterday, the outlook is bullish, with a daily close above resistance serving as confirmation. In such a scenario, I anticipate a continuation towards the 2080 zone.
OANDA:XAUUSDLong
by Mihai_Iacob
2
GbpJpy to rise at 195In December, GbpJpy experienced a corrective phase, typical of JPY pairs in this period (repatriation of capital). However, after testing the 179 support level three times, the pair reversed course at the beginning of the year, swiftly recovering previous losses and returning to previous highs. Currently, the pair is undergoing a minor correction following its rise in January. This presents a promising opportunity to participate in the overall bullish trend. A favorable buying range lies between 185.50 and 186.50. In terms of targets, aiming for the 195 resistance level in the medium term is reasonable.
Long
by Mihai_Iacob
4
DXY: Will the Fed Be a Catalyst for Direction in the USD Index?For the past two weeks, the DXY has been trading within a frustratingly narrow range, lacking clear direction. Today's FED press conference may provide some resolution to this stagnant pattern. Leading up to this event, prominent Fed members have cautioned against overly optimistic expectations regarding future rate cuts. They emphasized that the Fed does not intend to reduce the benchmark rate as rapidly as markets had anticipated. Supporting data further reinforced the Fed's stance. December's CPI surpassed expectations, indicating persistent price pressures, although much of this was influenced by base effects that are now mostly behind us. Additionally, January's flash PMI data and Q4 GDP print were strong, albeit slightly lower than the 4.9% growth seen in Q3. Despite this, equity markets rallied, and the unemployment rate now stands well below 4%, suggesting a positive outlook for a 'soft landing' or 'golden path' scenario. If the Fed identifies upside risks to services inflation due to the strong data, it will proceed with caution. However, there's a general expectation that the Fed's statement will adopt a more neutral tone. Technically, as indicated in the posted chart, the DXY is trading within a defined range between the 103.10 zone and the 103.70 zone. A breakout from either of these zones could provide insight into a medium-term direction. In my view, considering the market's overly optimistic anticipation of rate cuts and the upward pressure on prices, we may see a breakthrough above resistance. In such a scenario, a bullish medium-term trend could emerge, potentially driving the index back towards the 107 zone.
TVC:DXYLong
by Mihai_Iacob
2
Gold could accelerate to the upsideAfter a false break of support and reaching the year's low just above $2,000, Gold has returned to its familiar range and has remained there for the past 10 days. However, at this juncture, the 2015 zone is providing a robust support base, prompting bullish investors to buy into dips. I anticipate a forthcoming breach of the 2040 resistance zone, with my target set at the beginning of the year's price, which stood above 2080. In the interim, resistance is noted at 2060, which could also serve as a target for shorter-term traders.
OANDA:XAUUSDLong
by Mihai_Iacob
ICP- I expect a new leg upIn my previous ICP post, I presented a potential trading plan for this coin. I stated that a break above 14 would indicate that the correction was over. Conversely, if we experienced a break of the symmetrical triangle to the downside, ICP/USDT could drop to 10, presenting a great buying opportunity. The coin followed the latter scenario. As observed from the chart, it reversed precisely from the indicated support zone and reached a local high at 13. Now, ICP/USDT is undergoing a correction of this initial upward movement, potentially providing a new opportunity to enter long positions. In conclusion, my preference is to buy dips around 11.50-11.70, with a target in the recent high zone around 16 and negation occurring under 10. Looking at the longer term, as explained in my previous posts, my target is the 20-22 zone.
Long
by Mihai_Iacob
GM General Motors Company Options Ahead of Earnings If you haven`t bought the dip on GM before the previous earnings: Then analyzing the options chain and the chart patterns of GM General Motors Company prior to the earnings report this week, I would consider purchasing the 35usd strike price at the money Puts with an expiration date of 2024-4-19, for a premium of approximately $1.85. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:GMShort
by TopgOptions
Gold could continue down and drop under 2k In yesterday's post, I said there's a good chance OANDA:XAUUSD might go below the important 2020 support level. If that happens, we could see a change in the medium-term trend. Bears were in control all day and managed to break that level, hitting a low of 2002. Technically, breaking the upward trend line, smashing through horizontal support, and setting a new low for the year suggests XauUsd might keep going down, with 1980 as the likely next stopping point. The bearish scenario is negated by a break back above yesterday's high
OANDA:XAUUSDShort
by Mihai_Iacob
1
XRP to 10usd, what about 30 cents?I frequently watch various XRP videos where individuals predict a price surge, ranging from $10 (the "less" optimistic view) to $100 or even $1000. These predictions often come with fantastical explanations about why such increases will occur. However, the harsh reality contradicts these optimistic forecasts, as XRP hasn't shown significant movement during this bullish trend. Despite an initial rise of approximately 50%, this gain has been nearly entirely offset. Analyzing the chart reveals a conspicuous presence of selling pressure, with each upward spike promptly followed by selling activity. From a strictly technical standpoint, if XRP falls below $0.5, the path to $0.3 seems inevitable, carrying a high probability of a drop to that level. The bearish scenario can be dismissed if XRP rises above $0.65, but even in such a situation, substantial growth seems unlikely. From my perspective, $1 is the most optimistic scenario for this coin, even under the best circumstances.
BITSTAMP:XRPUSDShort
by Mihai_Iacob
3
EurUsd- Strongly bearish under 1.0950As mentioned in my analysis of OANDA:EURUSD from two days ago, the pair failed to break above 1.1. Consequently, there was a potential for it to dip below the support level and continue its decline to the next significant support at 1.0750. Indeed, the price dropped below the support zone and hit a local low at 1.0845 yesterday. Currently, the pair is undergoing an upward correction, presenting an opportunity for short trades. In my view, any rallies toward 1.0950 should be considered for selling. Depending on risk tolerance and patience, the target can be set at either the recent low of 1.0850 or the major support at 1.0750. The negation of this scenario occurs if EURUSD manages to break above 1.1.
Short
by Mihai_Iacob
2
Gold- Bears took control. Will it last?In light of my analysis from two days ago, I have chosen to close my long trade yesterday morning on OANDA:XAUUSD at break-even. This decision proved to be sound, given that Gold broke below 2040 during yesterday's trading session. At present, nearly all recent reversal is negated, and the price has returned to confluence support. While this crucial level has not been breached yet, the overall outlook appears bearish at this time. Two unsuccessful attempts to surpass the 2060 mark have occurred, and notably, a lower high may be established at that level. A breach below the 2020 zone would shift the medium-term trend to bearish, potentially leading to a drop to 1930, with interim support at 1980. My strategy for initiating a swing trade is to adopt a cautious stance and observe with a bearish bias in mind.
OANDA:XAUUSD
by Mihai_Iacob
1
EurUsd- Will it break support and dive to 1.0750?Last week, I held a bullish stance on Eur/Usd, anticipating a breakthrough above the crucial 1.1 resistance level. Unfortunately, the pair's inability to surpass this significant threshold led me to close my trade at breakeven, prompting a decision to adopt a wait-and-see approach for further clarification. Examining the recent price action, it appears that my patience might be rewarded with a clearer picture emerging. Currently, my perspective has shifted to bearish. The chart illustrates that Eur/Usd is struggling to breach the 1.1 mark and instead continues to decline to support around 1.0920. This inability to surpass 1.1 and dropping to support after touching this level, signifies weakness, raising the likelihood of a downward move below the support level. In such a scenario, the pair could experience an acceleration in losses, with the next notable target standing at the critical support level of 1.0750.
Short
by Mihai_Iacob
1