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$ETH Bounces Off Key Support: Reversal Ahead? Ethereum Weekly Update Ethereum (ETH) is showing a promising bounce from a significant support zone, ranging between $2,000 and $2,150. This area has acted as a key level of support since mid-2022, and it continues to hold strong. Additionally, this zone aligns with a crucial ascending support line that has supported the price for nearly two years. On the 3-day chart, ETH has rebounded from a "golden pocket," a technical term that refers to a major support area in the price range of $2,150 to $2,200. Given the confluence of these factors, it's highly likely that Ethereum will maintain support in this range for the near term, although we need more confirmation to signal a full bullish reversal. Looking at the daily chart, we’ve just seen the first sign of bullish divergence. This occurs when the price makes a higher low while the RSI (Relative Strength Index) does the same, indicating growing bullish momentum. We’ve confirmed this with one green candle close and a higher low on the RSI. If we see another daily candle close in green, it would give further confirmation of bullish strength. However, despite these early signs of a possible reversal, the larger trend for Ethereum still remains bearish. This means that while we may see some short-term price relief or consolidation, we haven't yet confirmed a longer-term bullish trend. Over the next few days or even weeks, we could expect the price to either consolidate sideways or experience a small upward relief, but we need more signals to confirm a sustained uptrend. #Crypto
Long
by CRYPTOMOJO_TA
4
BTC: The beginning of a rebound.Hello everyone, Here’s a quick and simple breakdown of the key support and resistance zones. Below are the reasons why these zones have been selected: ✔️ Support Zone 1. ($53,329.5 ~ $52,372.5) Descending channel Fibonacci 0.786 retracement Significant low (S/R Flip) ✔️ Resistance Zone 1. ($55,969.0 ~ $55,499.6) Fibonacci 0.236 retracement Significant low (S/R Flip) ✔️ Resistance Zone 2. ($58,218.0 ~ $57,348.7) Fibonacci 0.382 retracement Significant low (S/R Flip) There's a strong likelihood of significant price action within these zones, either as support or resistance. Keep a close eye on Bitcoin’s movement in these areas. Best of luck! *S/R Flip: Support/Resistance Flip This is not a buy or sell recommendation. It is a personal perspective and should be used for reference only. All decisions and responsibilities lie with you.
Long
by Killer_Whales
1
Gbpaud a big u turn on the price,oHello fellow traders , my regular and new friends! Welcome and thanks for dropping by my post. Gbpaud managed to break higher and watching for long setups.bis to the upside Do check out my recorded video (in trading ideas) for the week to have more explanation in place. Do Like and Boost if you have learnt something and enjoyed the content, thank you! -- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! -- ********************************************************************* Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. *********************************************************************
Long
by Shadowing_The_Big_Boys
Sell AUD/USD Bearish Flag The AUD/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Bearish Flag pattern. This suggests a shift in momentum towards the downside in the coming Hours. Key Points: Sell Entry: Consider entering a short position around the current price of 0.6733, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum. Target Levels: 1st Support – 0.6662 2nd Support – 0.6626 Stop-Loss: To manage risk, place a stop-loss order above 0.6760. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
Short
by KABHI_TA_TRADING
14
BTC/USDT Daily Chart Analysis:!! The chart shows that BTC/USDT is trading within a descending wedge pattern, with price action consistently testing the lower boundary of this pattern. The price is currently sitting at a crucial support level of around $52,408, represented by the green trendline and the horizontal yellow line, which has served as a historical support area. Support and Resistance Levels: Immediate support is around $52,408. A break below this level could lead to a retest of lower support near the $50,000 psychological level or potentially lower. The nearest resistance is the upper boundary of the descending wedge, followed by horizontal resistance around $66,000. Possible Scenario: A strong bounce off the current support level around $52,408, followed by a breakout above the upper boundary of the descending wedge, could signal a bullish reversal. A breakout above $66,000 would confirm a strong uptrend continuation. If BTC fails to hold the support at $52,408, we could see increasing selling pressure, pushing the price down towards the next support level. A head and shoulders pattern formation was completed earlier, indicating a bearish signal that appeared in the downward movement. Currently, the descending wedge pattern is typically a bullish reversal pattern; thus, a breakout to the upside would align with the usual outcome of this pattern. Monitoring volume is essential; a breakout with a strong volume would validate the move. Oscillators such as the RSI and MACD would provide further confirmation; look for an oversold signal on the RSI or a bullish crossover on the MACD. Manage risk with stop-loss levels below current support if bullish, or slightly above the upper boundary of the wedge if a continued bearish move is expected. This analysis suggests that BTC is at a pivotal point, with significant upside potential depending on the integrity of the support level. Keep an eye on volume and price action near key levels for cues to the next major direction. Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!
by CryptoSanders9563
BTCUSD ShortWe've been in this flag for a while. I am looking to capitalize on a retrace to past previous support zones on the weekly timeframes, 50-52k. The last weekly candle had a strong engulfing close. The current weekly candle started pushing upwards which brings me to the overall play, a short once the weekly candle flips on itself and breaks the current low. The current H4 chart is starting to align with the overall vision, same engulfing candle driving price down to the entry point zone. I usually expect the same "movement conditions" as the last time we were in a determined zone and from 57,000 to 54500 we should have a somewhat similar clean move down. My goal is to clear my risk once we go down to 54500. I am expecting the US rate cuts to drive the price further down to retest the 50-52 thousand range. The overall idea in the rate cuts is rather simple. A rate cut implies that more investment opportunities will then be "profitable" when compared to other investment vehicles, therefore a lot of people/banks that are holding to BTC for hedging purposes, will now be tempted to resume with other investments and thus driving down the price of BTCUSD. Other major economies are expected to lower their marginal lending rates as well, so this can easily play out for a while. Interest Rate Cut dates: EUR / 12 Sept 2024 CAD / 4 Sept 2024 USD / 18 Sept 2024 If the first target is hit, then partials are to be taken out and a residual position will be left as a runner with a trailing stop.
Short
by TradingAdventures
HelenP. I Euro can fall almost to trend line and then rebound upHi folks today I'm prepared for you Euro analytics. A few moments ago price reached support 2, which coincided with the support zone, making a gap as well. Next, the price broke this level and rose a little more, making a second gap, but soon turned around and dropped to support 2, which coincided with the trend line. Then price rebounded from the trend line and rose to support 1, which coincided with one more support zone and later broke this level too. After this movement, it rose to 1.1200 points, and then turned around and fell to the support zone. Then Euro some time traded in this area, until it reached the trend line. after which the price rebounded and started to grow. At the moment, I expect that EURUSD will make a correction movement to almost the trend line, after which turn around and continue to move up. Therefore I set my goal at 1.1230 points. If you like my analytics you may support me with your like/comment ❤️
Long
by FirstNameHelen
1
Supply/Demand Analytics on 2024 Oil: IEA-EIA Demand ProjectionDear Esteemed Members, There are several fundamental factors that could support the oil price reaching $76.09 per barrel, which is the highest level since November 2014. As the global economy rebounds from the pandemic, the demand for oil is expected to increase, especially in the second half of 2024. The International Energy Agency (IEA) projects that global oil demand will grow by 5.4 million barrels per day (bpd) in 2024, reaching 99.6 million bpd by the end of the year. The OPEC+ group of oil producers, led by Saudi Arabia and Russia, has been maintaining a cautious approach to increasing output, in order to balance the market and avoid oversupply. The group agreed in April to gradually raise production by 2.1 million bpd between May and July, but this is still below the pre-pandemic levels of output. Moreover, Saudi Arabia has voluntarily cut an extra 1 million bpd from its production since February, which it plans to phase out by July. The US shale industry, which was hit hard by the price collapse in 2020, has been showing signs of discipline and prudence, focusing on improving cash flow and shareholder returns rather than expanding production. The US oil rig count, a proxy for drilling activity, has increased by about 100 rigs since the start of the year, but it is still more than 300 rigs lower than a year ago. The EIA estimates that US crude oil production will average 11.2 million bpd in 2024, which is 0.3 million bpd lower than in 2020. The oil market is always susceptible to geopolitical tensions and conflicts that could disrupt supply or create uncertainty. Some of the current hotspots include Iran, Libya, Nigeria, and Venezuela. Iran, which has been under US sanctions that limit its oil exports, is engaged in indirect talks with the US to revive the 2015 nuclear deal, which could lead to a lifting of sanctions and a return of Iranian oil to the market. However, the outcome of the negotiations is uncertain and could face opposition from hardliners in both countries. Libya, which has been plagued by civil war and instability, has seen its oil production fluctuate due to frequent attacks and blockades on its oil facilities. The country is currently producing around 1.2 million bpd, but it faces challenges in maintaining and increasing its output amid political and security risks. Nigeria, Africa’s largest oil producer, is facing social unrest and militant attacks that could affect its oil infrastructure and exports. The country is also struggling to implement a long-awaited reform of its oil sector, which could improve its governance and attract investment. Venezuela, which has the world’s largest proven oil reserves, has seen its oil industry collapse due to mismanagement, corruption, and US sanctions. The country’s oil production has fallen from over 3 million bpd in the late 1990s to less than 0.5 million bpd in 2020. Kind Regards, Ely
TVC:USOILLong
by Elysian_Mind
Sell AUD/CAD Triangle BreakoutThe AUD/CAD pair on the M30 timeframe presents a Potential Selling Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the downside in the coming hours. Possible Short Trade: Entry: Consider Entering A Short Position Below the Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around 0.9086 Target Levels: 1st Support – 0.9045 2nd Support – 0.9025 Stop-Loss: To manage risk, place a stop-loss order above 0.9115. This helps limit potential losses if the price falls back unexpectedly. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
Short
by KABHI_TA_TRADING
2
Meta (META): Watching for a SetbackIt has been a lovely rise within META since 2023. However, we are now continuing to range for some time, which is usually a sign of a possible setback before a continuation. This setback could be beneficial for sustainable growth and further rises. Zooming in, we can observe a range building since February 2024. This range has been respected multiple times so far, and it seems likely to continue. However, the small breach of the top looks somewhat like a Swing Failure Pattern (SFP) and could be a signal of profit-taking by many traders. If we breach through the $440 level, we could see a change of structure if a candle closes below it. If this happens, it would confirm our analysis. Until then, we might see higher prices as this is technically still a bullish trend within this range. Another small indicator supporting our view is the bearish divergence on the RSI. While RSI is a good indicator with a high win rate, it’s not infallible, so this scenario might not play out. Still, this seems the most likely outcome to us at the moment.
NASDAQ:METAShort
by freeguy_by_wmc
5
USDCAD - Make CAD Great AgainWith the world reopening, Canada will keep bringing in those black gold profits thus strengthening the CAD relative to the USD, which gaining power due to being the financial "central" currency. A second wave of Covid-19 seems to be less likely day after day and this will help a lot to boost consumer confidence which goes hand in hand with consumer spending. So, we can expect a good recovery in general businesses overall, pushing up the major indexes like US30, NAS100 , GER30 etc which are usually correlated, positively, to pairs of the type XXX/USD, this mean, if one major index goes up, so are the other major indexes and so are the major pairs! This being said, if XXX/USD goes up with a overall economic recovery, pairs like USD/XXX should go down and this brings me to USDCAD . USDCAD used to roam the area between 1.24 and 1.36. As of right now we are on a descending triangle of the major timeframes. A break from this triangle to the downside, could push us towards 1.36 area over the next few weeks / months. I am personally looking for this break to the downside, I have intentions to hold a position for quite some time on this one.
Short
by TradingAdventures
1
Buy GBP/CAD Triangle PatternThe GBP/CAD pair on the M30 timeframe presents a Potential Buying Opportunity due to a recent breakout from a Triangle Pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further advances in the coming hours. Possible Long Trade: Entry: Consider Entering A Long Position Above The Broken Trendline Of The Triangle After Confirmation. Ideally, This Would Be Around 1.7740 Target Levels: 1st Resistance – 1.7794 2nd Resistance – 1.7820 Stop-Loss: To manage risk, place a stop-loss order below 1.7705. This helps limit potential losses if the price falls back unexpectedly. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
Long
by KABHI_TA_TRADING
7
Awaited Dollar Rebound, Too Expensive FrancCHF - Market Internals - SNB doesn't like it high USD - Strong GDP data. Claims were released slightly below the cons.; ISM PMI positive expectations - Oversold dollar due to exaggerated cut expectations - Bullish CFTC Technical & Other Setup: TR(B) Setup timeframe: 4h Trigger: 1h Medium-term: Down Long-term: Down Min target: Local mirror level, 3R Risk: 0.22%; 1R * 1st entry 0.5R near the down band of the local range (buy limit); 2nd 0.5R when 1h closed above DMA(10)
Long
by Cherry94
Buy GBP/NZD Descending TriangleThe GBP/NZD pair on the M30 timeframe presents a potential Buying opportunity due to a recent downward breakout from a well-defined Descending Triangle pattern. This suggests a shift in momentum towards the Upside in the coming Hours. Key Points: Buy Entry: Consider entering a Long position around the current price of 2.1057, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum. Target Levels: 1st Support – 2.1167 2nd Support – 2.1231 Stop-Loss: To manage risk, place a stop-loss order below 2.0973. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
Long
by KABHI_TA_TRADING
16
Buy Gold (Xau/Usd) ChannelThe XAU/USD pair on the M30 timeframe presents a potential Buying opportunity due to a recent downward breakout from a well-defined Descending Triangle pattern. This suggests a shift in momentum towards the Upside in the coming Hours. Key Points: Buy Entry: Consider entering a Long position around the current price of 2497, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum. Target Levels: 1st Support – 2522 Stop-Loss: To manage risk, place a stop-loss order below 2489. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards. Your likes and comments are incredibly motivating and will encourage me to share more analysis with you. Best Regards, KABHI FOREX TRADING Thank you.
OANDA:XAUUSDLong
by KABHI_TA_TRADING
7