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Make or Break for Bitcoin in week of 16th July 2018 [BTFD]Looking at four hour chart on Bitcoin/USD we see over the weekend it good bounced from around the 0.618% fib level... The new Cycle of Power Indicator is showing a change from bearish to bullish conditions and the RSI coming into the overbought levels - this is shown by the change of colour of the line to grey We also have a Death Cross on a 55/100MA that has just formed So very mixed signals for bitcoin starting this week, if the 0.618% fib level holds and some buying momentum takes us up over 6800 during the week, then we may see some gains and be good for longs, firstly 6400 need to be broken and established as a floor support and solid buying action as the week starts and then going up to 6600 and above.... IF the 0.618% fib level breaks (currently around 6180 area) then most likely we will be back in power with the Bears and price will come down to touch just below $6,000, even going as low as 5800 area, now if buy support is strong and this does play out we will examine the market after we see the moves that start the week weekday markets open 10pm GMT +1, so get used to checking the price and movement once the institutions are back on the board and moving pieces around, expect a few squeezes along the way i'm calling neutral for this chart but im kinda leaning towards the bearish scenario, the psyche levels of 6300 and 6200 are pretty important, so keep eyes peeled on these levels of support and watch for opposite from 6600 & 6800
COINBASE:BTCUSD
by majorlee
1
EURUSD [Daily, Long] False Break/Failure TestMarket has been in a range from the 1.163 level to 1.207 level. Price action towards support at 1.163 is clean. Price took out the previous candle structure low on 7 Nov 2017. There was strong price rejection following this. Sellers who short the break of the support are now trapped, many would sell off their position when price goes to breakeven, fuelling the buying pressure. Entry: Market order of 1.16373 Stop: I placed a more aggressive stop loss just a few wicks below the candle structure, referenced on the 4hr timeframe as that is where my trade would be invalidated. Also to trade with a larger position to fulfil a 1:2 risk reward ratio. TP: 1.19 as I foresee price rejection at this region due to resistance.
Long
by TanYuFeng
We leave the corridorOur pair has been trading for a long time in the corridor. For two weeks it had found levels of support and resistance on the levels of 1.2755 and 1.2890 However, yesterday the dollar went on the offensive and overcame the upper boundary of the channel. At the moment, we assume that the pair will continue the upward movement to the next resistance level drawn on the chart. Therefore, we advise you to occupy long positions and consider the resistance levels as your goals.
Long
by SuperForex
EURUSD Trying For Break-Out Counter-Rally HereEURUSD Trying For Break-Out Counter-Rally now Using DXY as the confirming signal (please see DXY updates) we've been short EURUSD for some time now, looking for a test of 94.20 on DXY as the likely medium term top for Dollar strength across the pairs. That came yesterday (too busy shorting Bitcoin to notice, sorry for that). But EUR didn't quite make it to the next downside target at 1.1665 here, bouncing away 11 pips higher than really expected, though it did bounce precisely off the lower parallel of the little pattern EUR is now trapped within. Yesterday was mostly bear closing by look of the chart. Today it's more bull buying with a small impulse candle arriving as London opened after an aimless overnight session in far East. It can rally to 1.1756 and then will probably need impetus and follow through from New York to push any higher still. Only once it can get above here should it push back up to the 1.1823 level, presnting a potential long opportunity if we see it develop later. But until we see that evidence present itself EUR is becoming vulnerable to another sell off, though this time it should only come back to the 1.1721 line to begin with and will need US selling to drive it lower still towards the 1.1679-1.1665 range. With the Dollar expected to enter an extended period of consolidation under 94.2 on DXY it's no longer appropriate to be looking for big EUR weakness in the nearterm. However, looking a little further out in time, DXY is expected to rally a further 1% or so from 94.2 to 95.15 and EUR to fall back to 1.1558 eventually before any real change in overall trend is likely on this pair. This update was posted shortly after the DXY companion forecast this morning. It never loaded correctly. Very annoying. Anyway, what was expected above is happening pretty much as it should so far - EUR is about to break higher as DXY unravels under the dynamic from the highs a while longer.
by sumastardon
4
DJIA: Dow Jones: Breakout to Upside Likely Soon DJIA Dow Jones Industrial Average Futures The Dow has had a torrid time for 3 months now, falling 14% from the highs and bouncing three times directly off the longer term parallel underpinning the rally - and which had acted as major resistance right up to the point when the new President/Paradigm took office. Over those 3 months of wild gyration and whipsaw the Dow has formed a neat triangle and is now now re-testing the the falling dynamic which forms the last big resistance line to the upside. It's had 3 attempts so far to break this line and now we're looking at a 4th. It can do this up to 4 times but on the 5th at latest should break higher. Can either follow the break when it arrives and hope the rest of the world follows it too, in which case volumes will rise and it will begin to power upwards (stops under the line) or wait for a potential retest of the dynamic once broken to the upside - which not come, depending on volumes at that point. Once broken the first resistance line lies at 24793-24800 and it may come back from there towards the dynamic one last time before surging higher again - this will most likely be the last chance to get long at lower levels if we see it a little further out in time. Otherwise, if the Dow does come off from the dynamic for a 4th and likely last time, look to buy around 23869 levels if the chance presents itself. The Global Dow chart (next update) should help to provide confirmation of the break when it comes.
OSE:DJIA1!Long
by sumastardon
2
The pair has crossed the resistance lineOur pair has gone beyond the descending channel and is currently demonstrating growth. Against the backdrop of investors' expectations that the interest rate will be raised at the next Fed meeting, investors are returning their interest in the dollar. Given that our price has received a new upward support line we can expect further growth in the pair. In case the pair falls below this level we anticipate the possibility that the boundary of the descending channel has shifted by the channel value from the resistance level.
by SuperForex
Busy week continues, Retest of Rising Wedge, Long AUDUSDHi guys, The busy week continues, I just put in a buy order on AUDUSD as shown on the chart. Price has broken out of a horizontal resistance/support zone aswell as a trendline which is part of a rising wedge, it has now rejected the top of the zone twice in the same day and decelerated. I don't like the 50 EMA being in the way and getting rejected. I am also not satisfied with the lack of a deeper pullback. Significant MACD Divergence would've been great also. However this trade still has 5 confluence factors. Because I know my strike rate on those setups I know that I posses an edge over a great amount of trades. That is why it's crucial that I trade my plan regardless how I'm feeling about the trade. Happy trading
Long
by Schlabberlatz
USDCHF Long, Break & Retest PatternHi guys, coming from a slow week last week we are now getting another setup. USDCHF is retesting the recent horizontal support zone with a lowtest, while also rejecting the major 0.5 Fibonacci retracement level. A 50 EMA retest would've been awesome, but this price action is enough for me to justify an entry. With 5 confluence factors this trade is a B in my category, and thus its fitting my trading plan. The stop will be set below recent price action, the target is set at the recent highs and the next horizontal resistance level. Happy trading
Long
by Schlabberlatz
ENJ pivot point; watching closely for directional trendI know I've got that chart tatted-up like an inmate, but these trend lines give us a good indication of what kind of support/resistance we're looking at moving forward. The mid-term support line I calculated seems to be holding up despite a good amount of sell pressure, and this incoming squeeze will test it further. With some momentum or a news catalyst I could really see this taking off any day now -- chart looks great from multiple frames.
Long
by Occamstock
A possible long opportunity on USD/JPY Hi guys, I want to share my vision of USDJPY. I was looking at this pair for the last days and waiting for a nice trade opportunity, finally i found a great pattern that could make a lot of pips. As you can see, we have a inverted Shoulder Head Shoulder pattern with a breakout of the channel, when a breakout happens, mostly i wait for a retest of previous resistance now support. The only thing that i don't like at all is the NFP result which was horrible for the USD, this can lead to invalidate our inverted shoulder head shoulder pattern and bring the price back to 105.000 levels Personally im going to wait for a candle pattern that gives me confirmation to enter. Trade Safe! Greetings, D. Sayan
Long
by AlphaVIP