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Candlestickpattern

Respite at Last!The last two weeks in crypto have been comparatively less volatile than the two weeks prior and it finally looks like we’re getting some reprieve. The market operations that the Bank of England started engaging in appear to have been successful in cooling the pound sell-off as it has gained back some ground against the dollar. This appears to have, at least temporarily, brought some calm to financial markets. Subsequently, Bitcoin has remained stable as it has been trading in the $18,000 to $20,500 range. This comes as a welcome change to the large price swings we’ve been observing in recent weeks. From a technical perspective, it appears that the price of Bitcoin could be approaching a fulcrum point as it is currency sitting right on the $17,600-$18,500 major support range. Bears will be hoping that we lose this range and see another leg down. Losing this range would bring lows that the market has not seen since 2020, likely around the $15,800-$16,100 range, and would result in a bleak short-term market outlook for crypto. Despite the price of Bitcoin being relatively stable over the past two weeks, the Bitcoin weekly chart suggests we could be primed for some fireworks. The bulls will find solace in the fact that the weekly chart shows a clear example of a falling wedge. A breakout above this wedge could signal a change in market sentiment and allow Bitcoin to rise towards new range highs, allowing the bulls to reclaim some lost ground against the bears. Another bullish indicator that provides support to this idea is the fact that the Relative Strength Index (RSI) of Bitcoin on the weekly chart has been hovering around oversold levels for some time indicating that we could be primed for a reversal and a change in sentiment. Another important thing to keep an eye on is inflation figures. U.S. CPI Inflation just came in at 8.2% for the month of September, 0.1% higher than the 8.1% that was expected. Although this is just a slight deviation from the expected value, we have seen in recent months how inflation levels coming in even slightly higher than expected can have stark consequences for financial markets, including crypto. It certainly appears that the Fed’s rate rises have done little to drive down core inflation so far and market expectations towards further rate hikes are strong. Meanwhile and despite a slow-down of the pound’s sell-off, markets keep a close watch on what will happen with the growing UK Pension Funds crisis. On a macro-level, things might just about be starting to get interesting. Either way, whether it’s pain or a gain, it’s likely we will have a clearer idea of what will happen by the time the weekly close comes in on Sunday.
by Coinrule
1
USDJPY-Weekly Market Analysis-Oct22,Wk2In my analysis of the USDJPY Daily Chart, the Bearish Crab Pattern still stands. At this moment it is a Bearish Crab Pattern checkback, which means it is at its best possible price for interested traders to engage this trade with the best Reward:Risk that is possible that happens on the Crab Pattern. Personally, I'm not that crazy about that because of the prolonged consolidation. I'm more interested in the buying opportunity as I believe that USD still have room for appreciation.
Long
by RaynLim
4
QQQ: Doing as expected, but be careful with this resistance!• QQQ did an Above the Stomach candlestick pattern just above the previous support at $268 (black line); • This candlestick pattern was triggered, and QQQ is trading at its first technical target at the 21 ema; • QQQ didn’t trigger the bullish candlestick pattern we mentioned last week, and the moment it lost the $275, it just went down to seek our next target at $268, and it hit it with astonishing precision before reacting again, as we expected. The link to my previous analysis is below this post; • Now that it is near its 21 ema, we’ll see if this is a Dead Cat Bounce or a meaningful reversal sign; • If it loses yesterday’s low, it’ll show some weakness and a bearish thesis will gain strength. However, by breaking the 21 ema, a mid-term reversal would have a first target at $307, to fill the first gap (yellow square); • Either way, QQQ is about to do something interesting; I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
NASDAQ:QQQ
by Nathan_The_Finance_Hydra
EURUSD H1 analysis Like we said yesterday, the downtrend on EURUSD is still valid and the best trading opportunities will appear as soon as price confirms another downside push. However, it is still early to enter short and expect to see a breakout of the previous low. We are now waiting for the pullback to continue and trick us a few more times. That's why we should reduce the amount of trades and position size before we see a clear setup. We could potentially see a drop to around 0,9750 and then another push higher maybe taking price above the parity level.
by ForexTrendline
3
Gaining Uptrend Momentum!The price gained momentum after crossing over the MA20 line backed by volume due to fresh buying interest on the stock. This will be the beginning of a price rally towards the next price resistance. MACD and OBV indicate a divergence signal, thus, confirming the price momentum towards the next price resistance. To place a bid, use VWAP as a guideline then place the bid below the VWAP line. Because the price Point of Control (PoC) is the same as the closed price. Therefore, higher risk for a long trade position. Let's save PTRANS in WL and watch out for the significant price movement backed with volume or the MA50 line crossing the MA20 line, hence, indicating a strong uptrend momentum. R 0.925 S 0.875
MYX:PTRANSShort
by eskopitehmilo
XRP TO $1?We have some heavy price action which has recently broke and this could be the sign of XRP climbing upwards to key levels not seen since May. 1) Weekly Trendline - this has been in state since November 2021 - this hasn't been broken since price action in late September (Bullish) 2) XRP has Strongly broken out of 100 day range trading between $0.30-$0.38 (Bullish) 3) Strong Bullish Volume - this weight has not been seen on the Daily all year 4) Bullish Pennant forming outside of the Weekly Trendline break. Currently on the 12th day of this pattern - we could see this pattern take a few more days to for (Bullish) 5) If price was to break out of the Pennant we look to $0.50 for the BOS and if this is true then we can expect a new strong trend Take profit areas Look to previous Market Structure and i use a simple technique such as LH/LL for price points ( when the market reverses to the upside) - there's a long way to go before we hit $1.00 and we need to reclaim areas we lost this year such as $0.58 $0.65 $0.79 $0.87 Let me know you thoughts on XRP going forward
Long
by LuxTradeVenture
Ethereum Trade Idea 04/10Looking at a potential move to the upside for ETH - price has bounced away from the 1260 support area and now is looking to take on resistance areas such as the 1355 and 1375. Any potential upside on ETH will be short as we look to the HTF which suggests the continuation of the order flow (Bearish) If price was to break these areas, the next level to look to is 1400. If price breaks 1355 and fails to break 1375 then this could be another rejection of a resistance area. On the HTF, price is making consecutive LH and LL. The last sequence of LL/LH rallied 24.65% - this is to be unlikely in the next sequence as we are in a bearish range = high probability to the downside One thing to keep in mind is that we still haven't 100% retraced from rising wedge which took 32 days to form (13/07-15/08)
Short
by LuxTradeVenture