ETHUSD Levels And Perspective: Consolidation Into Support Zone.ETHUSD Update: 207 resistance that I reported yesterday clearly held and selling momentum ensued. Bears are still in control for the moment. And with the additional price structure in place, there is more information to consider.
Overall, this market is consolidating which is noted by the converging trend lines. No surprise since there is a ton of uncertainty going into these next two weeks. A thread on Reddit explained the "User Activated Soft Fork" (UASF) which I thought was supposed to happen on 8/1 (BIP 148) is actually happening on 7/23, along with some other confusing details (I don't even know if this information is reliable). This is a perfect example why fundamentals are NOT good for short term trading. What this information does tell me is how confused and uncertain these markets are which is in line with the ongoing consolidation (technicals don't lie). This also tells me not to hold anything into those dates and to let the market work itself out. So from here I will consider day trade opportunities, or plan to exit any possible swing trades before the 23rd. (Unless I can find more reliable information).
Since the selling momentum continued off of 207, there is a new minor overhead resistance in the 203 area that also needs to be compromised before I can start looking to buy. These levels can be used for day trade targets or shorts if you are so inclined.
Also at the moment, price is at the 193 level which was a previous resistance (inversion) and has acted as a support previously. This level and the 180 to 190 range just below (which relates to a .618 Fib retracement of the broader structure) still serve as a location for bullish reversals. I prefer chart pattern reversals on this time frame like the examples that appear to the left of the chart (see double bottom). I would like to see one of these appear at the current level or in the range below. That is the first step, then I need to see a break of 207 which will signal buying momentum has returned, and finally I will be evaluating the subsequent retrace for a trade entry. That is my plan in a nutshell. 180, 169 and 160 are my reference points for a stop, but I cannot evaluate risk until my setup appears.
In summary, the major trend is still bullish according to price structure, but all these markets are caught in a mud pit of uncertainty. During these consolidations, projecting relevant support and resistance levels is very helpful because they highlight where to expect reversals, and how to navigate a broad range bound market. Since there is no trade setup, my goal for these evaluations is to provide some clarity and perspective.
Comments and questions welcome.
Bearishmomentum
USDJPY next to a bearish momentum: SELL 1 week trade timeHi everyone,
I was looking at USDJPY this morning and after a technical analyse i got at the conclusion that a bearish momentum is near. I think that looking at 1D chart without any indicator or draw tools would be even enough to understand the near massacre of the bull-minds traders.
Anyway i could be wrong... :
The market could have a pullback on S3 pp or un S1... this area will be very protected by the buyers... a lot of people will see an opportunity to buy here, hopping in the retrecement and that a bullish trend will start. I have the trendline T1 to protect my trade and also R3 pp ( you can see them on the chart ).
Anyway, if i'll a bullish trend starting ( if it's gonna break T1 and after it'll have a test ceiling on the trendline ) i could also change the trade swiping in a long. I hope this is not gonna happen.
As i said you first the main points were i could change the position are:
1) test ceiling on T1
2) pullback on S3 pp or S1 ( are quite near, you can see them on the chart also )
This trade is weekly trade ( more or less ) but using this analyse i'll also open Couwntdowns and Binary Options positions. My gains are 90% from this ones but i can't publish the entries and exits of this trades due to the slowly tool that is this idea chat. But, if you're interested in Couwntdowns and BO options or interested in the upgrade of my trade, write me in p.m. without any problem... I would be happy to help you at any question.
I hope this trade will help you,
Delta B.