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618 Fibonacci Retracement

BTCUSD Critical Support Area! Potential Falling Wedge?Hello Traders! Volatility is back for Bitcoin! The bear flag came to fruition (chart in link below), Bitcoin is now currently testing a critical support zone which needs to hold otherwise lower lows are at play. The chart is somewhat also forming a potential falling wedge formation, which is a bullish pattern, are we probable to see a bounce from current lows? Points to consider, - Trend bearish, consecutive lower highs - Critical support being tested - Local resistance at .50 Fibonacci - Stochastics in lower regions - RSI testing trend line - EMA’s giving price resistance - Spike in volume upon breakout BTC confirmed its bear flag formation with a decisive break with above average volume, the technical target for this bear flag coincides with major structural support. Critical support in the meantime is being tested, price has wicked and bounced of the .618 Fibonacci level at current given time. Local resistance is as the .50 Fibonacci level, which needs to be breached if we see a bull break from this potential falling wedge pattern. This will allow price action to put in a local higher low… The stochastics is currently in the lower regions, needs to cross over for upside momentum, the Stochs can stay very irrational in lower regions; we need to see a confirmed cross for upside momentum. RSI is quite interesting, it is respecting its trend line, the current third touch needs to hold, which will put more emphasis on a potential bullish divergence being at play. EMA’s are currently giving price strong resistance, they need to cross bullish otherwise we simply remain in a distinctive bear trend. Volume has had a decent spike upon this bear flag break, this confirmed that the break wasn’t false, for a continuation either way, we need to see an increase in volume otherwise consolidation may be at play at current level. Overall, IMO, if the current level does not hold, BTC is more probable to test major structural support, which is the technical target of the bear flag. If price does hold, we are more probable to test upper resistance of the potential falling wedge pattern; it all really depends on volume at current given time… What are our thoughts? Please leave a like and comment And remember, The goal of a successful trader is to make the best trades. Money is secondary. – Alexander Elder
BITFINEX:BTCUSD
by AzizKhanZamani
EU SellHave been following EURUSD some. Still newer to trading. However, I do see a gap in the market lower down on the weekly. Price may come down to there. Was looking for a sell setup as a previous buy from a couple weeks ago did not pan out. And here, we may have made a new lower high before dropping down again. Taking the fib tool and we can see how price has reacted right off of there. As traders, we also know price could retrace back up, maybe take a second position. For now, I have a small position that is headed downward.
by limitlesslee
Ravencoin/Bitcoin Repeating Falling Wedge.Ravencoin has a fairly predictable pattern of creating sharp falling wedge and then breaking out of them violently. There was even another one that is not reflected on this graph as it happened before the coin was added to Binance. I don't have time for a very long analysis but as a long time miner and holder of RVN it seems from my experience we are due for a recovery. Mining RVN at an average electricity cost of $0.10/kWh nets you a pretty fat operating loss of -$0.11-14/day per GPU (1070-1080Ti) while competing coins like BTG and Beam on Nicehash or even ETH can net you $0.10-$0.25/day in profit after energy. Ravencoin holds a fairly large and fundamentally sound community with a pretty solid development team backing it. I know there are quite a few Ravencoin miners out there who are taking advantage of this low difficulty to scoop up and accumulate coins on the cheap for the eventual rebound. I know because I used to be one of them. Before Bitcoin recovered in mid 2019 RVN had experienced a surge like many other alt-coins. I mined and held RVN on and off all through the fall and winter of 2018 into Spring of 2019. It went from the 200-300 range after breaking out of it's loOoOoOoOong falling wedge pattern up to peaks in the 1400-1600 satoshi range. I imagine now that bitcoin has reached a much higher level in terms of fiat we will see a similar pattern although at a smaller scale (less satoshis). My targets are split somewhere between the 0.236, 0.5, and 0.618 Fibonacci retracement levels.
Long
by Meteorite777
GBPJPY - BUY - Cup & HandleHello traders, The GBPJPY made a large recovery on the news a no-deal Brexit has been blocked by the UK Government. There has been a nice cup shape recovery, followed by a retracement down to the 61.8% FIC level. This is also a major support zone. Johnson is now negotiating with the EU about the Irish boarder issue. Any positive news coming from the negotiations can give the GBP further upside. Long term target level is the 127% FIB level at roughly 137.00. Please let us know any thoughts below, www.forexstoreau.com
Long
by ForexStoreau
GOLD - Pull back expected to 1450 - H&SHello Traders, The USD gained a lot of strength early hours this morning during Trumps speech. Trump suggested he was positive on making a deal with China, Japan and the UK after Brexit. GOLD dropped due to decreased demand of safe haven assets. The head and shoulders pattern is suggesting a break towards the 61.8% FIB level at roughly 1450. This is also aligned with the previous resistance levels. We will look to go long from 1460-1450. the meeting between Trump and China is in October, if this does not go to plan, safe haven demand could increase. GOLD is in a bull run, therefore we will not be shorting but preparing to buy in the dips. The trend is your friend. If you are new to trading download our FREE beginners trading guide. www.forexstoreau.com Let us know your thoughts below!
TVC:GOLD
by ForexStoreau
2
Jamaican GOLD! ;)I inserted Fib from highest high to lowest low as you can see on chart. You can see price has REACTED off 618 which considering to be powerful number. Price action has reacted off 61.8 17 times in over 8 years period until it has broken through 61.8 which is support and drifted lower and lower. Now, current price action has almost reached 618 which las saw 61.8 which was 8 years ago. I am going to wait until 00:00 to see weekly candlestick, if its black, it'll probably move closer to 61.8 before opening a sell to1470 and 1370 which is 2000 pips move. If price has broken through 61.8 then it could possibly reach 1600 and 1700 which is 1500 pips move. I am new to trading so my analysis could be wrong with pips count etc but I'm learning and any comment would be appreciated to help me develop better. Kind regards
OANDA:XAUUSD
by UnknownUnicorn4090857
Falling Wedge Is A Good Sign For QuantQuant had an amazing run from late May through mid July. A correction was needed and it appears that it is complete. There was a perfect retrace to the bottom of the .618 Fibonacci zone. During the correction, volume decreased (bullish) and a nice falling wedge has been formed. It looks like this wedge could be broken soon because there is about to be a bullish cross on the MACD chart for the first time since May. After this last cross occurred, there was a 6x in price. We may not see that kind of growth this time around but we should see a nice spike in the price. *This is not financial advice. I am not responsible for any losses of money.*
Long
by ParCrypto
XAUUSD, let's not pick the top anymore until 1580?In terms of weekly chart, the only sell high spot will be near 1580, which is the combination of weekly supply and 0.618. That is still 1000 pips away! Accordingly, with such a strong daily uptrend, I'll only be interested in taking long trades for quite a while until one of the following events happens: 1. it hits 1580. 2. it forms a new daily downtrend 3. it forms a daily/weekly reversal sign (which will only affect the short-term mindset) Let's see how it goes yo!
FX:XAUUSDLong
by Trader_Joe_Lee