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Descending Channel

Bitcoin is ready for another crash. Reasons hereIt's confirmed that the ETF event was a huge bull trap. Everyone who bought the news is at a massive loss. Bitcoin crashed by 21% this month (from 49k to 38k). Whales want to buy cheap Bitcoin and need a lot of liquidity for it. It's not easy for whales to buy BTC with a large amount of money; they need liquidity and stop losses of others to do it. That's why they first need to send Bitcoin down. As per the latest data, the most liquidity is at 34k and this is a sweet spot for whales.  From a technical perspective, the price of Bitcoin is inside this descending parallel channel, so the downtrend is absolutely valid and intact. From the Elliott Wave perspective, it looks like a strong impulsive wave, and we still need to go down to complete the 5th wave. It is always important to take a look at the Fibonacci extension and look for the 1:1 extension target. In this case, the 1:1 extension is at 36100. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Short
by Xanrox
7
IOTXUSDT → The pair may rise to 0.065. Waiting for confirmation BINANCE:IOTXUSDT is showing bullish momentum amid a correcting cryptocurrency market along with the flagship. The price is trying to break trend resistance. What can come out of it? On the high timeframe, the price forms a false breakout and a small correction relative to 0.04400. A retest is formed and the price returns to the resistance. On the background of pre-breakdown consolidation and another retest, the market has chances to break this line. Consolidation of the price above 0.04400 will show a bullish potential for purchases. On H4 we see a local downtrend and the price going beyond the resistance, which is a good signal for the medium term. The next hurdle is to overcome 0.04400. On H4, the price is trading above MA-50 and a retest of MA-200 is formed. Support levels: MA50, 0.04110, 0.03900 Resistance levels: 0.0440, 0.04888 There is a signal for a possible growth of the cryptocurrency pair, but to confirm this signal the market needs to overcome 0.0440 and consolidate the price above this line. Regards R. Linda!
Long
by RLinda
3
USDCAD → Trend change, bullish mood, but...FX:USDCAD is forming a trend change. The completed correction, recovery and formation of a pre-breakout set-up hint at the continuation of growth. But, how will the price behave during the news? A global trend is forming on D1, which indicates neutrality in the market. The price is moving mainly from the borders of the global range. A reversal pattern is forming against the support and the market is heading towards the resistance area. Bulls are interested in the blue area. On H4, the level of 1.3528 is formed, a pre-breakdown consolidation is formed relative to the level. Earlier the price overcame the key boundary at 1.3487, which confirms the change of the pattern and the breakdown of the structure. The consolidation of the price at 1.3528 will favorably influence the continuation of growth to 1.3629. Support levels: 1.3487, 1.3422, 1.3350 Resistance levels: 1.3528, 1.3629 An ascending pattern of price movement is formed locally. The chart indicates a bullish mood and local zones that are worth paying attention to for trading TVC:DXY Regards R. Linda!
Long
by RLinda
11
EURUSD → Will the change in trend be confirmed?FX:EURUSD is forming an attempt to change the uptrend amid the strengthening of the TVC:DXY . The price is testing the resistance at 1.0888 in the correction phase. Pic: Dollar index consolidation between MA-200 and MA-50 If we pay attention to the dollar index, we can see that it has been standing still during the week. Most likely, tomorrow's news: Initial Jobless Claims, GDP, CDGO may push the index to start moving. But, in any case, the medium and long term potential is determined by the Fed's decision on the interest rate, which at the moment they do not dare to lower. The currency pair is breaking the trend support, testing the low and forming a correction. For the market, from a technical point of view, the target of 1.0756 has appeared. The currency pair is likely to test the resistance at 1.0888 - 1.095 before further falling to the range support. Resistance levels: 1.0888, 1.0950 Support levels: 1.083, 1.0756 Correction after a trend change is a standard formation. The price can test the area in the format of a false breakout and after maintaining the liquidity to direct the price to a new target. Regards R. Linda!
Short
by RLinda
22
NZDUSD → Another retest of support could yield a breakout OANDA:NZDUSD is testing strong support at 0.6086, but the market is not forming a logical bounce or reversal. The price continues to test the support, which reminds us of the "Flag" pattern, the essence of which is the continuation of the movement. On the daily timeframe I marked the key level 0.61038. A false breakout is formed and there is no logical reaction relative to the level (no growth after a false breakout). Buying power is weakening on the back of the rising dollar. Strong bears are forming a pre-breakdown consolidation relative to the 0.6100 level. The dollar index is strengthening as regulators are further delaying a possible rate cut, which could technically strengthen the index, and that would negatively impact the forex . The moving averages, reversal pattern, retest and pre-breakout consolidation of 0.6100 - 0.6086 suggests a possible breakout of support and a decline in price towards 0.61000. Resistance levels: 0.6134, 0.6208 Support levels: 0.6100, 0.6084 I expect that on the background of pre-breakdown consolidation another support retest will be formed, which may break this line and the market will start to form a bearish impulse. Regards R. Linda!
Short
by RLinda
10
GBPJPY → False breakdown on the background of distribution OANDA:GBPJPY is in the distribution phase after breaking the ascending triangle structure. Against the background of the November 2023 retest, there are not many chances to break 188.3 from the first time. The pound sterling both technically and fundamentally looks stronger than the Japanese yen. On the senior timeframe we see the formation of a sideways movement, which tells us about the neutrality of forces between buyers and sellers. In this case, it is acceptable to use a range trading strategy (trading from the range boundaries). After breaking through the ascending triangle structure an impulse (distribution) is formed, the price has not yet tested the resistance of 188.3, which plays an important role. There is a high chance that the market will show a false breakout and a small correction. The key point of the correction is a test of the rising support line. If the line is broken, the price may head towards the mentioned target. Resistance levels: 188.3, 188.66 Support levels: 185.9, 184.3 The most likely scenario is a false breakout followed by a correction to one of the above support lines, as the market currently has no potential for a resistance breakout. Regards R. Linda!
Short
by RLinda
11
🥇 GOLD - Price is testing resistance before a possible fall Gold falls, market turns its attention to US banking-related regulatory announcement. The dollar is strengthening at the same time, which has a corresponding effect on the gold market. Since gold is in a bearish trend and is making new lows, we expect a decline based on the following assumptions. Reasons for the drop: 1) The fundamental background for gold is weak 2) Today's news may also affect the price 3) The price is breaking the support of 2016 and is currently forming a retest. 4) A false breakdown of 2016 will signal a possible fall. 5) The area of 2016 - 1995 is empty for the market and the forming movement can be fast.
OANDA:XAUUSDShort
by AndeWave
1
GOLD → How will the news affect the price?FOREXCOM:XAUUSD is updating a low of 2001.9 and forming a correction in a phase of waiting for news to be released at 13:30 GMT. At 13:30 Initial Jobless Claims will be published - analysts expect that the index may show worse data than in the previous period, and also, it is worth paying attention to Bostic's comments (FOMC), who will speak three times today: 12:30, 16:30, 17:05. The FOMC representatives have been making a lot of speeches this week. Technically, gold is forming a correction and consolidation in a low-volatility format, which may last until the news is released. It is impossible to determine the data in advance, but there are assumptions that the dollar index will continue its growth, in which case, gold may continue to fall after a retest of resistance. The moving averages indicate the continuation of the bearish trend. Resistance levels: 2013.7, 2016.8, 2025 Support levels: 2004.5, 1994.7, 1976.2 Technically, gold is in a downtrend and on the backdrop of the news may test resistance to capture liquidity before further declines TVC:DXY COMEX:GC1! COMEX_MINI:MGC1! Regards R. linda!
OANDA:XAUUSDShort
by RLinda
5
GBPCAD → Waiting for the price to start rising FX:GBPCAD is forming a bearish trend change attempt. The Canadian dollar index is declining, while the GBP index is in consolidation against the background of the uptrend. The growth of the currency pair may continue after retesting the support at 1.6977 and forming consolidation above this zone. What confuses us is the false breakdown of the 200-hour moving average, but what is interesting is that there is no strong fall. The market is in a correction phase and apparently the price is set to test the previously broken resistance (support at the moment). After consolidation, the market may move into the realization phase (distribution), where the price is capable of reaching 1.7275 in the medium term. Support levels: 1.6977, 1.6898 Resistance levels: 1.7050, 1.7132 I expect growth after the end of the correction phase. It is worth paying attention to the above support, because it is from this zone that the price can start the strengthening phase Regards R. Linda!
Long
by RLinda
7
GOLD → Correction to previously broken trend resistance FOREXCOM:XAUUSD is declining. Bulls failed to hold the 2050 area, but most likely there is a reason for that: the liquidity zone is near the previously broken resistance, and the geopolitical situation is complicated by additional Fed comments. The dollar index consolidated below 102.6 for a long time and it was logical to realize that the market was unable to go up, until the Fed commented again: "rates should be kept at a high level for some time, it is premature to talk about the beginning of the Fed's rate cut in March". This is logical against the backdrop of the red sea crisis, which is also very much affecting inflation in the world. BUT. It should be understood that this conflict directly affects the pricing of gold. High probability of appreciation of the asset. Technically, gold is declining towards the previously broken trend resistance. The market may be interested in support at 2038.9 - 2032. A false breakdown could form a liquidity grab and a bullish momentum. Resistance levels: 2050, 2064 Support levels: 0.382 fibo, 0.5 fibo (2038.9), 0.618 fibo The growth of gold, as a security asset amid the crisis, may continue after the market retests the previously broken trend resistance COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
8
GOLD → The price will continue to rise provided...FOREXCOM:XAUUSD formed a rally at the end of last week and broke the resistance of the downtrend. The reason is another armed crisis, but in Southwest Asia. On Monday, the market opened the session with price strengthening and retesting 2058. The mood of the market is such that the price growth may continue in the medium term. There is no sense to pay attention to the dollar now, temporarily the correlation in the pair is decreasing and fundamentally gold looks quite a strong asset. Today the volatility may be lower than the daily average due to the fact that it is a holiday weekend in the USA. Technically, as the market is testing the level of 2050, the price consolidation above this area will form a bullish potential, which in the medium term can push the price to 2070, 2100, 2150. It is also worth paying attention to the moving averages. Support levels: 2050, MA50+MA200, 2039 Resistance levels: 2058, 2064, 2070 The market is testing the support, against which gold can strengthen on the background of favorable fundamental background for the asset TVC:DXY COMEX:GC1! Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
28
APTUSDT → Potential for further growthBINANCE:APTUSDT forms support 8.08 and pre-breakdown consolidation, within which it breaks the trend resistance. After breaking the resistance, the market forms a local high of 11.1 after which it tests the previously broken trend resistance and the support of 8.08. The market is trying to change the trend and it is logical on the growth of the total market capitalization. Technically, the coin has a good enough potential to catch up with other coins in growth. It is worth paying attention to the zone of 9.220 - 8.08. The bulls are trying to hold this area, increasing their volume. It is worth waiting for the price to consolidate above this area to confirm the bullish potential. The moving averages are supporting the market, and the false break of MA-50 gives a good signal. Resistance levels: 10.9, 12.67 Support levels: 9.22, 8.08 It is worth considering the potential for buying at the moment. A price consolidation above 9.22 will give a good place to open a trade. Regards R. Linda!
Long
by RLinda
2
🥇 GOLD - The 2040 level plays an important role Gold does not update the minimum and maximum, forming consolidation, as the market is now undecided with the further direction. For the whole week, important news is published today, which the market is waiting for. Regarding the consolidation, we have 2 scenarios. Because of the impending news, there are several scenarios: 1) 2040 resistance plays a key role 2) If the level is broken on the news, a price consolidation above the level will provide an entry point for a rise 3) But, if the news is bad for gold, a false breakdown could form 4) Local trend is bearish, global trend is bullish
OANDA:XAUUSD
by AndeWave
1
USDCAD → NFP may strengthen the currency pairFX:USDCAD is forming a local resistance level at 1.3364 and pre-breakdown consolidation before the news. There is a chance that price could consolidate. On D1 we see the formation of a global sideways range. Hence, we are using a range trading strategy in the global perspective. A false break of support forms a signal that price is now heading upwards. Yesterday, the TVC:DXY received fundamentally positive data that could strengthen the price, and also this data (Initial Jobless Claims, ADP NonFarm EC) is a prerequisite that today's Nonfarm Payrolls will also be bullish for the dollar. In this case, the currency pair may break the nearest resistance at 1.3364 and continue its growth. Support levels: 1.3315 Resistance levels: 1.3364, 1.3487 There is an empty space up to the target, therefore, if the nearest resistance is broken, the price will easily and quickly reach 1.3487 Regards R. Linda!
Long
by RLinda
2