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Ascending Triangle

GOLD → Bears are around. The fall may continue, but....FOREXCOM:XAUUSD is under selling pressure amid the global bull market. Earlier, the price updated the high to 2150, after which it formed a rather strong conglomerate of bearish patterns. Last trading week, the market rattled everyone's nerves. And the reason for that was the incompetence of the Fed as a structure that has a huge influence on the market. The paradox of the Fed this week was that Fed Chairman Jeremy Powell gave a strong pattern on Tuesday that they are discussing rate cuts and are ready to do so in the future. As a consequence, an aggressive reaction is forming in the market in the form of a bullish momentum of 3%. And on Friday, one of the Fed's representatives, Williams, said that they are not even going to consider this issue anytime soon. He also added that the Fed is seriously ready to raise rates if necessary. the market reacts with strong sell-offs of $300 or 1.5%. The price is testing one of the strong support areas and from the technical analysis point of view, there is a chance to see a rebound and a retest of the local resistance before a further decline. In the coming week it is worth paying attention to the following news, the data on which can also determine the medium-term outlook for the market: GDP QoQ, Initial Jobless Claims, Philadelphia FED MI Core DGO, CORE PCE Based on the fundamental data from last week, there are strong indications that we should expect the TVC:DXY to strengthen from the market opening and in the medium term. Consequently, after a small correction, gold may continue its decline towards the imbalance zones, which are obviously still of interest to the market maker. The medium-term target may be the support area below 1975. The market may test the support of the global price channel before further growth. At the moment, the priority of forces is for the bulls, as there are a number of nuances and patterns that point to this. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
24
GRT: Uptrend with Bullish Triangle Formation! 📈🚀Today, let's dive into the fascinating world of The Graph (GRT) and explore its robust long-term uptrend. The coin has consistently formed higher lows, showcasing its bullish resilience. Currently trading within a bullish triangle pattern, GRT is poised for potential breakout action. Here's a comprehensive look at the ongoing dynamics and what traders might anticipate in the coming days. 📊🚀 Analyzing GRT's Chart: A Symphony of Higher Lows and Bullish Triangle Long-Term Uptrend: Higher Low Formation: GRT has maintained a solid uptrend since its inception, forming higher lows over an extended period. Bullish Significance: The pattern of higher lows suggests sustained buying interest and a positive long-term trajectory. Bullish Triangle Pattern: Pattern Identification: GRT is currently trading within a bullish triangle pattern, a formation that often precedes significant price movements. Consolidation Phase: The triangle indicates a period of consolidation, with price squeezing into a narrowing range. Anticipating the Breakout: Potential Upside: Traders are closely watching for a breakout from the triangle, which could signify the continuation of the bullish trend. Volume Confirmation: Confirming the breakout with increased trading volume would add validity to the upward move. Trading Strategy Considerations: Breakout Confirmation: Wait for Breakout: Consider initiating positions post-breakout confirmation, ideally after the price retests the upper boundary of the triangle. Volume Analysis: Validate the breakout with substantial volume, signaling strong market participation. Risk Management: Protecting Investments: Implement sound risk management, including well-placed stop-loss orders, to safeguard positions. Monitoring Trendlines: Keep a vigilant eye on the support and resistance trendlines for potential trend reversals. Price Targets: Optimistic Scenario: A successful breakout could open the door for a sustained uptrend, with initial price targets at 0.3 and potential continuation towards 0.8. Conclusion: GRT's historical commitment to forming higher lows and the current presence within a bullish triangle pattern paints an encouraging picture. Traders are advised to await breakout confirmation, exercise caution, and closely monitor key levels as The Graph navigates the next phase of its price action. ❗️Get my 3 crypto trading indicators for FREE! Link below🔑
by AlexWhale
🚧WOOUSDT is Bullish now🚧 & many Traders don't see it 👀!!!The WOOUUSDT is in a Bullish phase by Ascending Triangle & Cup & Handle. WOOUUSDT is in a large ascending triangle on the weekly time frame and also at C&H if it follows these patterns we would have seen gold's biggest historical rally. ⭐The pattern will increase the price as much as the measured price movement (AB=CD) ❗ Note if the Triangle or cup & handle is broken downwards with the strength of Bearish candles, this analysis of ours will be failed. 🤑Stay awesome my friends. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟!
Long
by CobraVanguard
1
ETH Analysis, Chart is speaking itself !!!ETHUSDT it was in an ascending triangle which means the price is about to do a good bullish movement. The price can increase as much as the measured price movement ( AB=CD ) .The ascending Triangle Has break. now price can rise to 3.5k. 🤑Stay awesome my friends. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
COINBASE:ETHUSDLong
by CobraVanguard
ETH/USD - Ascending Triangle and a Double TopETH/USD is in an Ascending Triangle Pattern. We also have what could be a Double Top as well. Ascending Triangle Pattern = Potentially Bullish Double Top = Potentially Bearish Here is a closer look at this 1day chart. Note the Liquidity Void being filled up at the moment. Here is a closer look at the RSI. Momentum is downwards at the moment but note the over extension of the RSI on the attached Bollinger Bands. There could be interesting times ahead.
BITSTAMP:ETHUSD
by TradingThroughTheLens
1
HBAR: $0.1 SOOON ! Get ready for Breakout🌐 Hello Crypto Enthusiasts, Exciting developments are underway on the HBAR chart, and it's time for a closer look! HBAR has recently undergone a double retest of a crucial trendline that has been shaping its trajectory since 2020. The market is now in a consolidation phase, presenting an imminent opportunity for a breakout. Let's dive into the details of this chart setup. 📊🚀 Analyzing HBAR Chart: Setting the Stage for a Breakout Double Retest of Long-Term Trendline: Historical Significance: The trendline in question carries historical significance, originating from as far back as 2020. Double Touch: HBAR has recently achieved a noteworthy feat by retesting this trendline not once but twice, emphasizing its relevance. Range Trading Dynamics: Consolidation Phase: The current price action indicates that HBAR is in a consolidation or range-trading phase. Trendline as a Pivot: The lower trendline is acting as a pivotal support, putting pressure on the price and setting the stage for potential upward momentum. Anticipating the Breakout: Technical Indicators: The double retest and consolidation suggest an imminent breakout scenario. Volatility Awareness: Traders should be prepared for increased volatility as HBAR approaches a decisive point in its price action. Trading Strategy Considerations: Breakout Confirmation: Upper Resistance Break: A confirmed breakout above the upper resistance of the range would signal a bullish continuation. Volume Confirmation: Verify the breakout with increased trading volume for added confirmation. Risk Management: Protecting Capital: Traders are advised to implement robust risk management strategies, considering potential volatility. Stop-Loss Placement: Determine strategic stop-loss levels based on risk tolerance and technical analysis. Price Target: Initial Target: The first price target following a successful breakout could be set at 0.1, considering the historical context and technical analysis. Conclusion: As HBAR hovers on the cusp of a potential breakout, traders and investors alike should monitor the situation closely. The double retest of the long-term trendline and the current range trading dynamics make HBAR a coin to watch for potential price acceleration. ❗️Get my 3 crypto trading indicators for FREE! Link below🔑
by AlexWhale
2
4 Triangle Types You Need to KnowTriangle chart patterns offer valuable insights into market dynamics, symbolizing a clash between buyers and sellers within a contracting price range. These patterns are often classified as continuation or neutral patterns, suggesting that the price is likely to persist in its existing trend after the pattern concludes. 1. Symmetrical Triangle: A symmetrical triangle manifests when the slope of the price's highs and lows converges, creating a triangular structure. This pattern signifies a period of consolidation, with lower highs and higher lows indicating equilibrium between buyers and sellers. As the slopes converge, a breakout becomes imminent, though the breakout direction remains uncertain. To capitalize on a symmetrical triangle , consider placing entry orders above the slope of the lower highs and below the slope of the higher lows, prepared to ride the price in the direction of the breakout. 2. Ascending Triangle: An ascending triangle features a resistance level and a slope of higher lows. Buyers gradually push the price up, testing the resistance level. This pattern often signals an upward breakout as buyers gain strength and attempt to breach the resistance. To trade an ascending triangle , set entry orders above the resistance line and below the slope of the higher lows, anticipating a potential upward breakout. However, remain open to movement in either direction, as the resistance level may prove formidable. 3. Descending Triangle: In contrast to the ascending triangle , a descending triangle comprises lower highs forming the upper line, with a robust support level acting as the lower line. Sellers gain ground against buyers, and in most cases, the support line eventually breaks, leading to a continued downward move. To trade a descending triangle , set entry orders above the upper line (lower highs) and below the support line, prepared for a potential breakout. Note that sometimes, the support line may hold, resulting in a robust upward move. 4. Broadening Triangle: Now, let's delve into the captivating Broadening Triangle , also known as a Megaphone Pattern. This pattern stands out due to its expanding price range, creating a distinctive visual pattern on the chart. The Megaphone Pattern comprises a series of higher highs and lower lows, causing the price range to widen over time. This pattern reflects increasing volatility and uncertainty in the market, with both buyers and sellers actively participating. Trading Triangles demands meticulous analysis and risk management due to their nature and potential for unpredictable price moves. To approach Triangle patterns effectively: 1️⃣ Pay attention to the pattern's boundaries: Identify the upper trendline connecting the highs and the lower trendline connecting the lows. These trendlines define the range of price movement within the pattern. 2️⃣ Watch for breakouts and reversals: Triangles often precede significant price movements. Look for breakouts above the upper trendline or breakdowns below the lower trendline as potential trading opportunities. 3️⃣ Confirm with additional indicators: Combine your analysis with other technical indicators or tools to validate your trading decisions. Consider using indicators like moving averages, oscillators, or volume analysis to confirm the pattern's potential direction. Remember, trading Triangles necessitates careful analysis and risk management. Consider the overall market context, fundamental factors, and other technical signals to make informed trading decisions. While chart patterns provide valuable insights, they cannot guarantee future price movements. Always conduct thorough research, stay updated with market news, and adapt your strategy as market conditions evolve. Wishing you successful trading journeys guided by these patterns! 🚀📈✨ 💬 We would love to hear your thoughts and feedback on the article! Please leave your comments and questions below the article. Your input is valuable to us!
Education
by Vestinda
6
GLMRUSDT → Activation of the bullish pattern realization phase BINANCE:GLMRUSDT is lagging behind the overall growth of capitalization and altcoins. The coin is starting to show good potential and strong bullish dynamics. If bullish potential emerges, the coin will start to catch up quite actively with the increased market. While the captalization and prices of many key altcoins have flown many % up, GLMR is now starting to show patterns and bullish momentum, which is a good signal for potentially big upside. On d1, price is breaking the resistance of the descending channel and forming an ascending triangle, whose resistance is also already broken. Our task is to wait for the price to consolidate above the resistance zone and the emergence of a set-up for opening long positions. Potential targets: 0.42, 0.44, 0.5. Moving averages form a great signal for a bullish trend change. Support levels: 0.2950, 0.2680 Resistance levels: 0.335, 0.400, 0.42, 0.5. I expect consolidation above the previously broken resistance area, after which the bulls may start pushing the price up CRYPTOCAP:TOTAL COINBASE:BTCUSD Regards R. Linda!
Long
by RLinda
3
THETA/USDT: Breakout + Re-Test = Bullish Movement? With a confirmed breakout above the descending channel and a subsequent re-test of the breakout point, THETA's weekly chart is indicating a bullish shift. The price surge has established new support, laying the groundwork for an upward continuation. Looking ahead, we're targeting incremental resistance levels, the nearest being a 19.51% climb from our current position. The momentum is strong, and if buyers maintain control, we could challenge the next key resistance level at a 52.79% rise.
Short
by SwallowAcademy
Crypto Marketcap Ascending Triangle -MicroStrategy huge purchaseFacts: In last 30 mays, 26 875 BTC was mined. In same period, MicroStrategy has purchased 16 130 BTC. Purchased amount equates to 60.0% of total Bitcoins mined in given time period. Price action: On above chart we can see that supply is drying up, hence higher lows. Also, while expecting higher prices, nobody is willing to buy higher, resulting in same highs. This combinations forms an ascending triangle, which is usually a bullish pattern. Conclusion: While smart money is buying big, dumb money is waiting for the dip to outsmart the smart money. Everyone wants the price to go higher without buying higher. Eventually, when supply is exhausted, shorts will be liquidated, and dumb money will end up buying higher. Trend is your friend, until the end. Only then he is your enemy.
CRYPTOCAP:TOTALLong
by TRTL420
🚧Cardano is Bullish now🚧 & many Traders don't see it 👀!!!ADAUSDT is in an ascending triangle which means the price is about to do a good bullish movement. The price can increase as much as the measured price movement ( AB=CD ) .The break out needed for increasing further has not happened but it should happen pretty soon. 🤑Stay awesome my friends. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
Long
by CobraVanguard
4
BTCUSD → Pre-breakdown consolidation near resistance COINBASE:BTCUSD looks confident enough to continue its growth. The fundamental background and market expectations continue to support high interest in the flagship of the crypto market. Bitcoin practically does not react to the news related to the Binance case, the local decline was quickly bought out and the market performs another retest of resistance, while one of the largest crypto exchanges withdraws huge money. Bitcoin on the global chart has entered a new bullish range, the support of which is the area of 34000-36000, the target of range trading is the area of 42000-44300, then the maximum of 48234 plays a psychological role, because behind this area there is a huge pool of bearish liquidity. In terms of technical analysis we see the formation of ascending triangle on the background of global bullish trend. The pattern is formed at the resistance of the ascending channel. Consolidation is gaining potential for the formation of the movement, if the fundamental background remains as strong in the near future, the market will try to realize the potential of the ascending triangle. A breakout of the resistance area will bring prices to a new level and in this case it will only accelerate the growth of bitcoin value. The breakout of the resistance of the ascending channel in the area of: 37600 - 38000 - 38500 will form the potential for growth towards 40600 and 44350. Reasons why we expect growth to continue: - Strong bullish trend - Strong fundamental background - There is no proper reaction to the retest and false breakdown of resistance, the price does not fall, but forms a local correction, within which it cannot even update the local minimum. - Consiliation is formed and the price is pressed to the resistance. Support levels: 35700, 35000, 34500 Resistance levels: 37500, 38000 In the future, I expect the continuation of growth and a breakthrough of resistance on the next retest. Targets are indicated on the chart CRYPTOCAP:TOTAL CME:BTC1! CRYPTOCAP:BNB Regards R. Linda!
BITSTAMP:BTCUSDLong
by RLinda
8
Nestle India shows a Ascending triangle formation.This stock had previously bounced off with good volumes from the constant upward rising demand zone and it has done the same from the same zone on Tuesday's trading session. 24000 is a good support area for the stock and the reversal point of 23883 is an important low to be considered if the current uptrend is to be held. On the upside the 24500 zone is the resistance level that is keeping the stock from reaching the 25000 mark. If the stock surpasses 24500 then 25000 should be a smooth ride. CMP 24040 SL 23850 Target 25000
NSE:NESTLEINDLong
by neeraj_2_sharma
🚀 Ethereum: Breaking the Triangle! Next Stop - $1600 ??Ethereum (ETH) is currently carving its path within a significant ascending triangle, a pattern that often signals powerful price movements. However, recent developments suggest a breakthrough, warranting a closer look at the potential implications for traders and investors. Chart Analysis: Breaking Boundaries Ascending Triangle Overview: ETH's journey has been marked by an impressive ascending triangle, indicative of a bullish trend. Triangles often precede substantial price movements, and ETH's recent actions are proving this pattern's significance. Boundary Breakthrough: Recent price action shows a decisive breakout above the upper boundary of the ascending triangle. The breach is a notable event and potentially indicates a shift in market sentiment. Key Observations: Unleashing Potential Moves Retesting $1600: With the breakout, attention turns to a possible retest of the $1600 level, a key support-turned-resistance zone. Successful retests often validate the strength of the breakout. Altseason Signals: ETH/BTC Dynamics: Genuine altseason signals may emerge when ETH performs a shakeout beneath a critical level on the ETH/BTC chart. This dynamic is essential for assessing Ethereum's strength against Bitcoin, a pivotal metric for the broader altcoin market. Strategic Implications: Preparing for Opportunities Trader's Focus: $1600 Retest: Traders keen on ETH should closely monitor the $1600 level for potential entry or exit points. A successful retest may open doors for further upward movements. Altseason Precondition: ETH/BTC Shakeout: Recognizing that true altseason vigor often aligns with Ethereum's strength against Bitcoin, traders should keep a keen eye on the ETH/BTC chart. A shakeout below a key level on this chart could signal the beginning of a broader altcoin rally. Trading Strategy: Navigating Ethereum's Evolution Risk Management: As Ethereum undergoes these transformative phases, risk management remains paramount. Adjusting positions in response to key levels and market dynamics helps mitigate risks. Long-Term Investment Consideration: For long-term investors, understanding the broader market sentiment and the evolving narrative around Ethereum is crucial. A breakout and successful retest may reinforce long-term bullish perspectives. Conclusion: Ethereum's Next Chapter Unfolds As Ethereum breaks free from its ascending triangle, the cryptocurrency market anticipates its next moves. A potential retest at $1600 beckons, presenting both opportunities and challenges. Moreover, the closely watched ETH/BTC chart holds the key to signaling broader altcoin enthusiasm. 🚀 ETH's Breakout | 📉 $1600 Retest Anticipation | 🔄 ETH/BTC Altseason Indicator ❗See related ideas below❗ Share your insights on Ethereum's unfolding narrative, contributing to a vibrant discussion within the crypto community. As Ethereum embarks on its next chapter, collective analysis enriches our understanding of its evolving dynamics. 💚🚀💚
Long
by Yaroslav_Krasko
GOLD → The sell-off may continue. News ahead OANDA:XAUUSD sold off 6% from its high. The price has lost more than $130. This is the biggest drop since August 2020. At the moment a correction is forming, after which the fall will continue On d1, the dollar is strengthening in anticipation of positive news, while the Fed is silent and treading water. Gold is forming a huge false breakout and a candle with a huge shadow, the potential of this setup is that without the influence of the fundamental component, from a technical point of view, the price can fall to 1900-1800 (do not take this as a target, it is just a nuance) For the gold market, the liquidity and imbalance zones are below: 2022, 2012, 2007, 1900, 1987, 1984. The probability is quite high that the price will test most of these targets, it is dangerous to buy now, the market is still in a sell-off, which I warned you about earlier. Reason: fundamental, dollar strength, lack of volumes, global range, engulfment, moving averages cross, huge imbalance. Support levels: 2030, 2022, 2012 Resistance levels: 2035, 2040 I am waiting for the continuation of the fall after the retest of the resistance area. But! Strong news is published today and the market may be stormy, on the background of panic, the price may test the resistance areas before falling COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
20
🚧Bitcoin is Bullish now🚧 & many Traders don't see it 👀!!!Bitcoin is in the channel as well as the Crab pattern. Also Broken the Ascending Triangle which could very well push the price up, the price will easily reach 40k. 🟡Summery: The price is in the ascending channel. Broken the ascending triangle. in the Crab Pattern. Price in the PRZ zone. EXRet 1.618= 3940$ previous Analysis: 🤑Stay awesome my friend. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️⤵️
COINBASE:BTCUSDLong
by CobraVanguard
2
The Bullish Case for XLM! A Comprehensive Analysis!!!XLMUSDT is in an ascending triangle which means the price is about to do a good bullish movement. The price can increase as much as the measured price movement ( AB=CD ) .The break out needed for increasing further has not happened but it should happen pretty soon. 🤑Stay awesome my friends. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟!
Long
by CobraVanguard
1
BEAMX: A New Star Emerges, Aiming for New Highs! 🚀💫Today, let's shine a spotlight on BEAMX, an emerging star in the crypto galaxy. Despite being a newcomer, it's showcasing unmistakable bullish vibes, setting its sights on the $0.5 milestone. Join me as we explore the promising trajectory of this budding coin! 🌌📈 BEAMX's Stellar Prelude: Genesis of Optimism: Fresh Arrival: BEAMX has recently entered the crypto scene, but its early performance is signaling a promising journey. Bullish Aspirations: With an ambitious aim, BEAMX is eyeing the $0.5 level, showcasing a bullish inclination from the outset. Breaking Free from the Triangle: Chart Dynamics: BEAMX has gracefully broken free from an ascending triangle, symbolizing a powerful bullish breakout. Imbalance Residue: Leaving a notable imbalance on the 4H timeframe, the stage is set for a potential retest and continuation of the upward momentum. Navigating BEAMX's Cosmic Trajectory: Retest Expectation: Anticipated Move: A retest of the breakout level is on the horizon, presenting an entry opportunity for traders. Strategic Outlook: A successful retest may pave the way for a confident push towards the $0.5 target. BEAMX's Advantage: Early Indicators of Strength: Despite its infancy, BEAMX's bullish demeanor signals early strength, attracting attention from traders seeking new opportunities. Strategic Entry Points: Traders can capitalize on the imminent retest, strategically positioning themselves for potential gains as BEAMX embarks on its upward journey. Conclusion: BEAMX, the rising star in the crypto constellation, is proving that a bold entrance can command attention. Keep a watchful eye on the anticipated retest, as it may unlock a pathway for traders to ride the bullish wave towards the coveted $0.5 milestone. May your trades be as stellar as BEAMX's ascent in the crypto cosmos! ❗️Get my 3 crypto trading indicators for FREE! Link below🔑
by AlexWhale
BTC Daily Chart 27th November 2023Although there was a recent breakout above the horizontal 38K resistance line, COINBASE:BTCUSD was unable to maintain above this level. We can see on the daily and 4h chart that BTC has evolved into an ascending triangle. Bullish scenario : An ascending triangle is usually a continuation pattern so more upside is possible if BTC manages to perform a (real) breakout above 38K. In such a case the upper ascending channel trendline will be back in effect creating resistance around 39K and 40K (40K being a psychological resistance and stronger than 39K IMO). Bearish scenario : If BTC doesn't stay above 37K it will dorp towards the lowest channel trendline which sits at 36-36,5K at the moment. If BTC has a breakdown from the ascending triangle we can see a further drop towards 32K for a retest (yes, I still haven't given up on the retest :-). On a longer timeframe, as long as we stay above 32K, the bullrun stays valid.
COINBASE:BTCUSD
by Bullissimo
💱 EURUSD - It's a stalemate. Falling or rising?A stalemate! News ahead: Prerequisites for the fall ↓: 1) False breakout and price consolidation below the channel resistance can send the price downward 2) A breakout of 0.382 Fibo may trigger a fall. 3) The price may reach the trend support as part of the correction 4) This decline may start on the background of bullish news in the US market. Prerequisites for growth ↑: 1) Price is rising and consolidating above 0.236 Fibo and above channel resistance 2) Weak news for the US market will send the pair up to 1.100.
Long
by AndeWave
3
GBPJPY → The bullish trend will continue, but... FX:GBPJPY is forming a set-up within the ascending channel, which predicts the continuation of the trend, but for this the price needs to overcome the resistance at 188.28. On D1 we can see that fundamentally and technically the national currency of Great Britain looks much stronger than the Japanese currency, although Tokyo has been trying hard to strengthen the currency lately, which technically works, but only against the background of the weakening of the dollar index. From the point of view of technical analysis, the price is pushing away from the support of the ascending channel and continues to forge the ascending triangle, a false breakdown of the resistance was formed earlier, but there is no fall, which could change the trend. The price is returning to the resistance, which only confirms the target level: 188.28. A break of this resistance will continue to form an impulse, which will only continue the trend. The moving averages are supporting the trend. Support levels: 186.8, 0.236 fibo, 0.382 fibo Resistance levels: 187.13, 187.55 188.28 The market outlook is bullish, at least for the moment. There are no prerequisites for a possible breakout of support, so we stick to the realization of the bullish scenario. Regards R. Linda!
Long
by RLinda
13