Provided we have a weekly or a monthly close below $38k and the 1 year developing value area top will force selling pressure to further downside pretty fast.
If price trades below the lower low on the bull run of November on the daily time frame we can confirm an official trend change and an end to the bull run until a correction has finished (It's way too long...
Every time we get a heavily oversold RSI on my key MACRO levels, we get a nice rally. I will be taking profits at 141.88 first. We will have a strong rejection there as its the top end of the Supply and Demand MACRO time frame level. Will scale up as we go along, if the trendline stabilises I can see it going up to 142.8 but no further than 143.6 if we get a...
A clear weekly closure above what was once a critical support now turned rejection, having 10 plus touches before we beared down and saw $3k BTC. that alone for me is an extremely comfortable signal for a slow and steady retestback to $20k!
Prediction from my last post for Copper went wonderfully. Feeling a retest of the 2.810 level from the left "shoulder" for a nice RRR. Closure above good bi daily level. Will be trading within these bi daily and weekly + monthly levels.
OANDA:XCUUSD
Feeling a short opportunity for XCU this week. Currently we have ended last week below the ascending trendline and broke out of consolidative wedge forcing us to go below. I will stick pending orders just below the trendline that has broken in anticipation for a retest of that break to then go back down. I have set 3 take profit target levels for...
Decembers ascending trendline from the end of 2018 as you can see price has closed below it, I can see consolidation within the 4hr range and support. (green)
With price below this trend, along with the strong 65 area, the bottom of our macro range previously a support, now becoming resistance, i can't see this rallying further.
I feel there is too much...
As you can see the first rejection from this major level was over to the left black arrow. we are assuming this is now acting as a support due to bullish action breaking the once strong rejection zone. As we have now retested and pulled back to see if it has held its gains succesfully. The 1 hour has blatant supply and demand bars for a total of 4, 1 hour bars....
For my own journaling
short term retrace:
Deceleration 15 minute
30 min hanging man
reasons for long
bull bar 1 & 4hr
8hr close above strong 8hr resistance
trading above the bi monthly resistance range
retesting the break
then on for 87
*Just for my own journal*
8hr doji
4h doji
Daily Bearish Hammer
heavy resistance via broken ascending line and current descending trendline
heavy bi monthly support area which is the reason for the doji's forming, indecision on what to do
must break heavy support to trail down to Bi monthly 78.6 FIB level.
upside potential
See bullish momentum and price...
A fib drawn on the 2 month timeframe. Approaching 61.8 FIB on a FIB drawn on the Bi monthly, coinciding with a strong monthly resistance level also. Wait for price to retace to the top and look for price action reversal signals around this critical area.
With 10 touches of this level and the approach towards the end of this choke of the triangle, we are eagerly awaiting a break upside or downside for BTC. We could see a late year end bull run, or even midway through January before anything gets rolling. That is if we break downside FIRST within the last few months of this year.
All my trades are done in cycles, I look to see what is about to happen based on the S&R. I am bullish up to the trading range above, and for the price to hit that bottom of the range, but I execute on micro time scales (4hr 1hr 30 etc) with macro S&R (2month, month, bi weekly, weekly) I wait for price to hit these key levels and wait for price action signals to...
The weekly close has pushed below the 0.710 region. We currently are now in the bi monthly support and resistance range of 0.710 and 0.69941. We still however are still within the weekly descending channel. The RSI is either at 30 or below on four time frames. 4hr, 8hr, D, and W. I can definitely see a retest of this 0.710 region before we make further lows to the...
