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SEC on FireMorning folks, We warned even in February that regulation will become one of the major drivers this year. And now we're getting only fist fruits. Our scepsis on reliability of current rally is confirmed by price action and explains why we haven't considered any long entry despite, at first glance, solid BTC jumps. On Thu, last week, we already warned about potential weakness on daily chart, as market was not able to re-start upward action from strong support area. Chances on downside continuation increases. On daily target remains around 24.2K. On this, 4H chart we have two more intermediate targets, based on potential butterfly. Market is forming flag consolidation right above the lows, which could mean preparation for challenge.
COINBASE:BTCUSD
by Sive-Morten
Tight SEC holdingsMorning folks, So, SEC seriously starts working with crypto. If you believe that G. Gensler will easily relief this subject - you're wrong, we're just at the beginning of nightmare for Binance and Coinbase. Just understand that stocks regulation is detailed statement of owners, reserves, cashflows etc. etc. And I'm sure that a lot of blank spots will come on the surface if real regulation starts. Traders do not like "regulation" topic, treating its boring, but we've warned about it two months ago in our fundamental report, dedicated to regulation topic. Now what? Well, in short-term, while SEC is preparing next step and while the court will consider initial lawsuit bill, BTC could get relief. But, at the same time, chances on downside continuation are solid. Still, if you would like to buy - technically you have reasons to do this. On daily chart we have nice bullish engulfing pattern, including reversal session, and here, on 4H chart it takes the shape of reverse H&S, suggesting upside extension. Price is already at the bottom of right arm - particularly point for decision making. Don't hide stops too low, use puny reverse H&S pattern on 1H. This, at least minimize your risk. Bears, it turn, should wait for H&S failure and drop under 26K lows. In this case downside action starts, supposedly to next daily target around 23.5-24K area. Guys, I place the direction for this analysis as "long" just because of technical picture, but personally I will not participate in this trade due to high legislative risks.
COINBASE:BTCUSDLong
by Sive-Morten
26778Morning folks, We're keep watching for BTC suffering around bullish vital 26.5K support area. First pullback looks not impressive and is looking not like the start of new upside action. Now, market is coming on 2nd test. For the truth sake, our preferable scenario is downside breakout, just because of not friendly fundamental background. This week US Treasury starts grabbing liquidity for new 170 Bln Bond issues. Not too much, right, but this will happen week by week until the end of 2023, and until they grab ~1.5 Trln. Add here the Fed's QT of 95 Bln/week... So we will see... Meantime, today we have to watch for 26778 daily close price. If BTC will be able to hold above it, it keeps chances on some upside continuation. Breaking our support of 26.5K area means that we're going to next support area around ~24K. If you want to know precise downside targets, watch the video.
COINBASE:BTCUSD
by Sive-Morten
26.5-26.8 is a vital area for the bullsMorning folks, As we've warned you last time - don't be too happy with debt ceil rally, as it is nothing to celebrate by far. Formally, BTC keeps bullish scenario valid, but it stands at the edge. We suggest that 26.5-26.8 is a vital area for the bulls, because this is last logical retracement level. Downside breakout opens road to next 23K support and target area. It means that bears should wait for breakout under 26.5 or lower to think about short entry, while bulls should wait when xop (blue) target will be reached, then turn to 1H chart and watch for bullish pattern (say, reverse H&S) for position taking.
COINBASE:BTCUSD
by Sive-Morten
GBPUSD I Possibly a break of the channel line +100 pipsWelcome back! Let me know your thoughts in the comments! ** GBPUSD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
39
BTC volume profile orderblocks On the left side of the chart we have areas of significant volume that pose as problems or areas of potential congestion for BTC as it climbs back up towards new highs. These areas are bearish orderblocks and we can generally expect price to react in a bearish manner off them. Once price gets above and consolidates it becomes new support. As shown by the green areas that we have reclaimed during this rally that started at the beginning of 2023. The POC (point of control) for both the bearish downturn of the previous year and the recent bullish rally are below the current price and that is encouraging. The VAH is acting as support for now, price needs to breakthrough the next bearish OB, once reaching 33K the volume profile shows there really isn't a lot stopping price climbing quickly towards 37.5K where the next VAH and huge bearish OB lay.
INDEX:BTCUSD
by ProR35
EURAUD I Correction completed from recent impulse - LONG Welcome back! Let me know your thoughts in the comments! ** EURAUD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
46
Tricky rallyMorning folks, So, Debt ceil achievement, as any external factor, has brought its own adjustment to technical picture. BTC emotional reaction is understandable, but what will happen, when, say bill will stuck in Congress or Senate? In both Houses we have very fragile majority of Rep and Dems correspondingly. But, most interesting - what will happen to BTC (stocks and other markets) when US Treasury will come on stage and start sucking all liquidity that it could? So, I wouldn't overestimate recent BTC reaction. Still, in short-term, 29K XOP target could be reached. We do not consider new shorts by far, waiting when upside momentum will exhaust. Around 29 K resistance we get big "222" Sell pattern. And It takes bulls awhile, how it would be better to buy. From risk/reward ratio, it makes sense to take position only if you could enter/place stop not lower than 27K, because target is just 1K above the market.
COINBASE:BTCUSD
by Sive-Morten
Fragile backgroundMorning folks, So, BTC confirms our suggestion of weakness and slipped a bit lower. It is big temptation to think about possible upside reversal, treating this price shape as "222" Buy, or even potential double bottom, but I wouldn't hurry up with this conclusion. In general, I would wait for more bullish signs. If this is upside reversal indeed - market very soon will make itself evident. With major upside target around 37-38K area, we should have a lot of chances to step in, once upside action starts. Besides, we see few tricky moments here. First is, price performance on daily chart, that re-tests achieved 26K target. Second, here, we have "222" Buy, but CD leg shows acceleration that is not good sign for the bulls. All in all, at least for me, bullish context is not sufficient, and I'm afraid that "222" easily will shift to butterfly with 25.3K target that we've considered last time. You could not sell, but be aware of taking long position too early.
COINBASE:BTCUSDShort
by Sive-Morten
EURAUD I Broke 6350 resistance and forming head and shoulderWelcome back! Let me know your thoughts in the comments! ** EURAUD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
7
Daily ETH 4HChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair to USDT, also on a four-hour interval. First, we will use the yellow line to mark the downtrend line from which the black has gone sideways, while locally, with the help of blue lines, we can mark the sideways trend triangle in which we are approaching the exit direction. Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we have the first support at $1782, the second support at $1741, the third at $1708, and then we can mark the fourth support at $1675. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 1823, from which the price has already rebounded several times, the next resistance is at the price of $ 1848, then the third resistance at the price of $ 1873 and the fourth at the price of $ 1909. The CHOP index indicates that there is a lot of energy for a new move. The MACD indicator indicates a transition to a local uptrend. On the other hand, on the RSI we see that a slight price movement causes a large movement on the indicator, which in the long run may affect the price correction.
by cryptodailyuk
Even weaker than we thoughtMorning folks, Last time we've discussed possible upside reaction on daily target and support area, and suggested, that BTC could try to take it in a shape of upside AB-CD pattern. Since we were not considering and are not considering right now any long positions due to our fundamental view on BTC. And upside bounce should be nice chance to sell at good price. But now it seems that BTC even weaker than we thought and is not able to show even upside AB-CD action. On daily chart we see signs of bearish dynamic pressure and the grabber suggesting drop to new lows. Overall performance, as you could see hardly looks like bullish reversal. Price action is heavy. So, we still do not consider any longs and suggest that downside action could take the shape of the butterfly. Nearest (but not last) downside target stands around 25.3K
COINBASE:BTCUSDShort
by Sive-Morten
1
28.5K at bestMorning folks, Once our first major daily target around 25.7-26K has been completed, BTC has started reasonable retracement. By the price shape we can't treat it as upside reversal and suggest that most probable it could become an AB=CD shape up to 28.4K area, at best. Then, we think that downside action could continue. Our next downside daily target stands around 23.5-24K and we still keep it valid. We do not consider it, but if you want, you could think about long entry with tight stops, somewhere under 26.5K lows. Still, our major scenario is bearish and we consider upside 28.4-28.5K resistance area mostly for short entry purposes.
COINBASE:BTCUSDLong
by Sive-Morten
USDJPY I Approaching weekly reversal pointWelcome back! Let me know your thoughts in the comments! ** USDJPY Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
14
EURUSD I Potential bounce upward from demand zoneWelcome back! Let me know your thoughts in the comments! ** EURUSD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy