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Fibonacci Retracement

Bitcoin's Deep Dive: Critical Support Levels & Trend Analysis📅 Let's dive into today's analysis. Bitcoin has finally broken the 59323 support level, indicating that in addition to the Low Wave Cycle (LWC), the Medium Wave Cycle (MWC) trend has also turned bearish. This suggests that Bitcoin may undergo a deeper correction. 🗂 Bitcoin Analysis 🔍 Daily Timeframe Technical Analysis In the daily timeframe, after reaching the 71509 resistance and a fake move towards 73000, Bitcoin began to rest and formed a range box between 71509 and 60273. Over 110 days, the price reacted to the floor and ceiling four times each, with one fake breakdown from the floor, and then rebounded from 0.382. On the fifth attempt, the box was broken, and now it has dropped to the 0.5 level or 55213. 📊 Volume Analysis The candle volume is very high, indicating strong selling pressure. If the market intends to correct and the volume decreases, it means the volume is confirming the trend. Otherwise, if the volume is diverging with the upward trend, we have a divergence. If the price continues its downward movement, the volume must increase, or else we'll see divergence again. 📉 Key Support Levels The next significant support area is between 50000 and 52000. This is a critical area that could halt the price decline, as it's an important zone both in terms of price action and the 0.618 Fibonacci retracement level, known as the Golden Zone. I anticipate the price will reach this range and then enter a consolidation phase after a significant selloff candle. The RSI trigger in the daily timeframe is breaking 26.33, and if this level is broken, we might see a large selloff candle. However, more bearish momentum could enter the market, so we shouldn't place orders at the 50000-52000 range yet, as the price might drop sharply to lower levels. 🎈 Additional Support If the 50000-52000 support is broken, the next level is 47000. I believe this is the final support for maintaining the bullish trend in the High Wave Cycle. If we are to see a bull run in Bitcoin, the price should not stabilize below 47000. 🧩 Pullback Scenario Another possible scenario is a pullback to the 60273 area. Given the 15% drop over three days and the overall bullish trend in the High Wave Cycle, a pullback is not out of the question. If the price pulls back to this level or the 58715 area and then breaks the floor of the pullback, we can confirm that the downward MWC trend is healthy and could continue to lower levels. 📈 Bullish Strategy Currently, I don't have a plan for a bullish market, as it seems illogical with the current bearish trend and momentum. I will wait for the market to create a suitable structure for a long position. If you recall, since reaching 60000, I only announced one long trigger at 62800, which never activated as the market continued its decline. So, it's better to wait until the market forms a proper structure for a long entry point. Under current conditions, I won't open a long position unless the RSI stabilizes above 45.13, or the market creates a suitable structure for a long position. ♟ Strategy for Short Positions As for my short position strategy, I will wait for the market to exit the oversold state. By oversold, I don't mean RSI levels but price-wise oversold, as price volatility has increased. So, I will wait and observe until the market forms a new structure in the 1-hour or 4-hour timeframes before entering a short position upon breaking the trigger. 📝 Conclusion In conclusion, Bitcoin is at a critical juncture where it has broken significant support levels, suggesting a deeper correction might be underway. The next key support areas to watch are 50000-52000 and 47000, which will determine if the long-term bullish trend can be maintained. Volume and RSI indicators will be crucial in confirming the next move. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
Price Discount in USD/JPY - Trend ContinuationThe market is a discounting mechanism. When prices rise too high, buyers start taking profits, aiming to buy at lower prices during an uptrend. This behavior sustains the trend. In USD/JPY, this concept is evident. The swing low at 160.26 attracted strong buyers, pushing the price above the previous high, creating a new higher high. At this peak, buyers no longer saw value and took profits, seeking a discount to buy at a lower price. Fibonacci retracement is useful in trending markets, as its key ratios indicate potential levels of trader participation. Currently, the price has been discounted to the 76.4% retracement level of the rally. The corrective ABC pattern brought the price from the high to the current discount. Based on this scenario, we expect more buyers at this higher low, pushing the price above the recent high. Using Fibonacci as a target tool, we anticipate the price reaching at least the 123.6% level of the current rally. The risk in this trade is if the swing low of 160.26 is broken, buyers won't be profitable, so this level will be our stop loss. The risk/reward ratio for this trade is 7.05. Always think in probabilities.
Long
by Charts247TradingAcademy
1
BTC 1d Chart ! The BTC price recovered strongly, descending to the main upward trend line. Currently, we are staying above a very strong buying zone, but when it is broken, we may see the price drop to around $46,000, the next very important point is the support around $38,900, although I am not taking this place into account at the moment. On the other hand, when the price stabilizes and we see a rebound, we first see a resistance zone, then resistance at the levels of $67,400, $70,200, and then around $74,000
by cryptodailyuk
GOLD → From rally to consolidation. Rest before NFP...FX:XAUUSD strengthens on the back of Powell's comments. Light positive notes lead to DXY sell-off and a small rally of XAU to 2364. Today is a day off in the US and tomorrow is NFP..... It's a day off in the US and there is no liquidity. There may be high volatility during trading, but the movements may be weak. Locally, the price is testing resistance and liquidity area. Within a strong distribution there are not many chances to break through the mentioned area. Most likely the formation of a correction, and local bearish patterns appear on the chart, which may lead to a correction in order to gather energy before tomorrow's NFP. Resistance levels: 2364, 2375 Support levels: 2353, 2341 Technically, a false breakout after distribution is forming. There is no potential to go up now. High probability of correction or consolidation. Regards R. Linda!
FX:XAUUSDShort
by RLinda
5
GOLD → A change in mood amidst the comments and newsGOLD is testing the previously broken channel boundary. The market maker is driving the price into the liquidity area before the strong news. Powell corrected the direction a bit within yesterday's speech The chance of a September interest rate cut rises after Fed Chair Powell acknowledged progress on disinflation. Jeremy reverses course slightly to dovish. Markets are awaiting the release of the minutes of the latest FOMC meeting (due later today) to get more information on the Fed's next steps. The regulator needs more data before it can start cutting rates. Data from the US labor sector is also in focus: All eyes now turn to ADP's US employment change report after JOLTS showed a rise in job openings on Tuesday. The next important event for the gold price remains the minutes of the June 11-12 Federal Reserve meeting, which could shed light on the central bank's outlook on rates and inflation, having a significant impact on the value of the U.S. dollar and the gold price. Resistance levels: 2346, 2352, 2363, 2380 Support levels: 2341, 2328, 2319 Technically, we have buyers appearing on the local change of fundamental background. The bulls are winning within the consolidation. There is a possibility of strengthening, but we should pay attention to the news.... Regards R. Linda!
FX:XAUUSDLong
by RLinda
10
$GME: Summer rally inbound. Strap in!!!Hello everyone, I’m back with another analysis. First, a quick nod to Leenixus for the incorrect predictions over the past three years, which unfortunately misled many. Let’s review some history. During 2020-21, the indicators were overwhelmingly bullish, with hourly, daily, and weekly measures all above the monthly. This setup led to a wild, rollercoaster ride in stock prices. From 2021 to 2024, the indicators aligned bearishly, resulting in a gradual downtrend. It wasn’t until the hourly and daily crossed above the weekly that prices tested the monthly levels (refer to my previous post for details). Looking ahead, I anticipate a significant surge in the coming weeks or possibly the next month, should the weekly cross above the monthly. For this bullish cross to materialize, prices must maintain above both the monthly and weekly levels. This transition may not trigger an immediate reaction, but I expect a price movement similar to what we saw from December 2020 to January 2021. Our price target is derived from a Fibonacci retracement from the high in March 2021 to the low in April 2024. For GME to reach new heights, it will need to overcome resistance in the $30-40 and $60-80 ranges. Breaking above $80 could propel the price to test $120, and beyond that, we might see it soar to $200 or higher. As always, this is not financial advice . Happy trading!
NYSE:GMELong
by SierrasTrades
1
BITCOIN CRASH TO 54.7K MINIMUM MT. GOX DUMP!!!Hello as you can see we have 5 waves up and an abc correction. we are working on the C wave and i expect it to hit 54.7k because that is the 1.1 extension fib of wave a measured from wave b (be careful tho as wave C can go to 1.618 which would be 44k i dont see that happening this time tho as we still need to make a wave 5 on the super large time frame), as well as having a FVG that needs filled there, as well as being the base of the channel we are in. It is a triple confluence. If you look at RSI we have a bearish divergence as well. The two bottom indicators i am using are also showing to be in the middle of a wave right now. that would be the C wave on the large time frame. we will be making the 5th wave down on the lower time frame which on the lower time frame of that will be a 5 wave impulse move because we are in a downtrend. Also, Mt. Gox, an old exchange that went down like 12 years ago is starting to repay their creditors in July, which is now, so those people are sitting on like 14000% profit and are going to cash out and dump hard. it is a total of like 18 billion. This is a negative outlook but its just what the data show. when the data show bullish then i will be bullish but there is just so many things right at this moment ab to crash btc so just hold on tight and open a short. i have one open from 63.2k and a target of 54.7k. Lets see if it hits.
INDEX:BTCUSDShort
by member_berry
Rivian Makes the Right Moves & the Stock Rebounds to Key TechRivian had a tough couple of years, as unprofitable startups are more vulnerable to the adverse external environment from high interest rates and lingering inflation. This has softened EV demand and deliveries have been disappointing in recent quarters. Highlighting the challenges, executives believe 2024 production will not surpass that the last year. But the large output-delivery gap of Q2 shows that Rivian is offloading its inventory. Rivian is making the right moves to turn things around and it will be launching two smaller EVs, starting in 2026. These are crucial for its future, as they will help it increase its customer base, stop the cash burn and eventually make money. The recently announced cash injection from auto giant Volkswagen can help it whether the storm and accelerate its progress. These developments have helped the stock to relief rally from the April record lows, bringing it to a critical technical juncture. RIVN tries to take out the 38.2% Fibonacci of the slump for the end of 2023 and the EM200 (black line). Surpassing them would shift momentum to the upside and facilitate further gains. Despite the turnaround plan and promising developments recently, the off-road EV maker is not out of the woods yet. On the technical front, a rejection of the aforementioned critical resistance cluster would reaffirm the bearish bias and enhance risk of lower lows. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website: Stratos Markets Limited clients please see: www.fxcm.com Stratos Europe Ltd clients please see: www.fxcm.com Stratos Trading Pty. Limited clients please see: www.fxcm.com Stratos Global LLC clients please see: www.fxcm.com Past Performance is not an indicator of future results.
NASDAQ:RIVNLong
by FXCM
GOLD → 2319 keeps the market from falling, but for how long?FX:XAUUSD GOLD is still consolidating within the local range of 2340 - 2320, which is formed after breaking a strong trend line support. The dollar index is still heading northward Gold is still unable to break downside resistance, as well as forming price consolidation below previously broken support. The key risk zone on which the bulls put so much is 2319-2320. A breakdown and consolidation of the price below this line may trigger a rally to 2290-2275. All eyes are on Fed Chairman Jerome Powell's speech today at 13:30 GMT The recent rise in gold prices can be attributed to lower US Treasury yields as traders resort to profit taking ahead of important US events. ISM, FOMC, NFP are ahead, but the fundamental background for gold is still weak and buyers do not believe in upward movement yet. Resistance levels: 2332, 2341 Support levels: 2319, 2306, 2297 Technically, a bearish pattern is developing on the senior timeframe, unless Powell says something unpredictable today, the general background will remain the same, which will be favorable for further price decline to these areas. Regards R. Linda!
FX:XAUUSDShort
by RLinda
21
XRP → Rally to 0.730 ↑ The fundamental denouement is comingBINANCE:XRPUSDT is approaching a possible decoupling, both technically and fundamentally. Positive signs of life could lead to a rally, first stop could be around 0.73. On W1, the coin is trying to live, but there is a huge fundamental reason that keeps the price from going beyond resistance and flat: The SEC v. Ripple litigation. The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority. Ripple's CEO believes that the final verdict could come at the end of the summer. Everyone is counting on a positive outcome for XRP: The court found that Ripple violated federal securities laws by making institutional sales of XRP, but dismissed other charges brought by the SEC. Ripple Labs opposed the SEC's proposal to fine the company nearly $2 billion. Ripple Labs said the court should impose a civil penalty of no more than $10 million Technically: Price continues to test the wedge resistance with the aim of breaking it, volatility decreases and consolidation continues. Below 0.4637 buyers are not letting the price in yet, which may lead to another retest of the resistance, which will only increase the chances of a breakout. Price consolidation above 0.4962 will be the root cause of market character change and possible rally to 0.6265 - 0.73. Support levels: 0.4637 Resistance levels: 0.4962, 0.5720 I expect that the buyers will still be able to break through the resistance of the bearish figure in the near future and ride the rally to the mentioned targets. Regards R. Linda!
Long
by RLinda
57
Bitcoin's Parabolic Potential & MANA's Key Levels Revealed📅 Let's dive into today's analysis. We are focusing on the crypto market, where we've seen an upward move, and Bitcoin is at a critical and exciting position. The coin I'll be analyzing today is MANA. 👑 Bitcoin Analysis 🔍 Bitcoin Technical Analysis In the 1-hour timeframe, Bitcoin has started to correct after reaching the 59323 support level and has now created a bullish structure in this timeframe, reaching the 63700 resistance level. A correction to 0.382 of this upward wave has been made, creating a box between 36700 and 62634. 🧲 Trend Line Analysis Additionally, there is a curved trend line supporting the price. Since this line is curved, it could trigger a parabolic movement in the market. Conversely, if this trend line breaks, we might witness another sharp drop in the market. 📊 Volume Analysis The market volume is ranging and is neither converging with buyers nor sellers. The direction will likely depend on which side increases its volume. 📈 Long Position Strategy Long Position: We can enter a long position with a break above 63700, targeting 64530 as the first target. A riskier trigger is at 63122. RSI stabilization above the 55.87 resistance can act as confirmation for these positions. 📉 Short Position Strategy Short Position: For a short position, first wait for a candle to stabilize below the curved trend line and activate the 62634 trigger. The second trigger is breaking the trend line at 62168. The RSI confirmation trigger is at 40.72. 🔍 MANA Analysis 🗂 Project Overview Decentraland is a crypto and metaverse project where everyone can buy land and introduce their projects to others. The native token of this platform is MANA, and all transactions on this platform are conducted using this token. 🧲 Trend Line Analysis In the 4-hour timeframe, this coin has started a downward trend from 0.4832 and dropped to the 0.3170 support level. After reaching this support, it corrected up to 0.236 and created a range box. This coin also has an upward curved trend line that could trigger a parabolic movement in the coin. 📈 Long Position Strategy Long Position: Stabilizing the candle above the 0.236 area could push the price upward, creating bullish momentum to move towards the 0.5 Fibonacci area, which coincides with 0.3896. For this position, buying volume must enter the market, and the RSI trigger is at 59.26. 📉 Short Position Strategy Short Position: For a short position, first wait for the curved trend line to break. For additional confirmation, we have two triggers: the first is at 0.3287, and the second is at 0.3170. If these levels break, we can expect the price to move down to 0.2792 based on Fibonacci Extension. Personally, I would open a position with a break below 0.3170 only if the selling volume increases and the RSI is below 50. Otherwise, I will wait for a break below 0.2792. 📝 Conclusion In conclusion, both Bitcoin and MANA are showing critical levels that could determine their next major moves. Bitcoin's parabolic potential hinges on its curved trend line support, while MANA's future depends on its range and trend line dynamics. Keep an eye on the volume and RSI confirmations for better entry points. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
ADAUSDT → Change of character, are the bulls coming back? ↑ 0.77BINANCE:ADAUSDT forms a change of market character, and also breaks the resistance of the wedge. Regarding the reversal zone on W1 a false breakout is formed. The coin may move into the realization phase. The token is lagging behind the overall capitalization and market movement, still in the consolidation phase, the boundaries of which are 0.2392 (0.4) - 0.777. In the distribution phase, ADA has chances to recover. At the moment we should consider trading inside the range and after confirmation of the formation of an intermediate bottom above 0.4 (consolidation above this zone) the market will define a new range for itself. 0.4 - 0.77. The potential in this case will be the corridor with the width of 93%. Technically, if the bulls hold the price above 0.4, it will be a good signal for the price distribution to 0.52, further to 0.678. Support levels: 3775, 0.400 Resistance levels: 0.42, 0.522 The bearish wedge is a strong technical pattern, capable of turning the market, but in order to start the realization, the bulls need to take the defense above the key zone, in our case it is 0.400. With Respect R. Linda!
Long
by RLinda
8
NZDUSD → Traders prepare for bearish rally to 0.60OANDA:NZDUSD is consolidating after breaking the uptrend support. There are no signs on the chart for possible growth, only if the fundamental environment does not change drastically... Technically, a bearish situation is forming on the senior timeframe within the 0.6219 - 0.6084 range. Traders do not believe that the dollar will start to fall and are forming sell-offs of the New Zealand dollar. A break of 0.6083 could lead to a strong sell-off that could spill the market to 0.60 - 0.587. But as the US GDP will be released tomorrow, the market may continue to move flat until some important measures are taken by the major traders. Resistance levels: 0.6140, 0.6215 Support levels: 0.6083, 0.600 I expect a retest of the support against which a small rebound may follow. But, if the situation both technically and fundamentally will not change in the near future, we should expect the formation of a bearish trend. Regards R. Linda!
Short
by RLinda
7
GBPUSD → The rallies in GBP continue. Falling to 1.26?FX:GBPUSD on Friday updates the local low and confirms the bearish nature of the market. Since the opening session traders have been trying to buy back some of the decline and are heading towards the liquidity zone, from which bears may intensify selling Traders increased selling in GBP to a 16-month high amid expectations that the Central Bank of England will start cutting interest rates sooner than the US Fed. Investors are expecting the GDP of both countries (UK and US) on Wednesday and Thursday. This will help to form a medium-term strategy. Technically, price is heading towards the 1.270 zone of interest (psychological area), which previously played the underlying consolidation support. A retest and capture of the liquids could change the imbalance in the market, which could lead to an intensified sell-off from the said area Resistance levels: 1.27, 1.275 Support levels: 1.26, 1.257 The dollar index looks stronger than the pound sterling, which continues to weaken due to fundamental reasons. The Feds are not yet ready to take premature action, which generally determines a negative fundamental background for the currency pair. Regards R. Linda!
Short
by RLinda
13
ETHEREUM → Long-squeeze before the rally? To the MOON, to $4800?BINANCE:ETHUSDT continues the phase of correction, the character of which is consolidation. The goal is to gather potential before possible growth on the trend. The target is 4000-4800 The main focus is on ETH-ETF, which, according to rumors, may be allowed to trade on July 2-4. This will be another positive signal for the cryptocurrency community, as this fact may expand the underlying demand for cryptocurrencies and attract additional capital. Fundamentally, ETH is seeing an increase in the number of active wallets, traders are actively buying call options with strike 4000 and expiration in September, Ethereum Foundation is not selling ETH now as it usually did close to market tops, which together gives positive signs. The asset price is in a downward correction at the moment. The essence of this movement is the asset's consolidation before further strengthening. Resistance levels: descending wedge line, 3678, 0.5 fibo Support levels: 3200, trend line, 0.79 fibo Technically, liquidation of buyers in the liquidity area formed behind the trend support is possible, long-squeeze may lead to a rally. Regards R. Linda!
Long
by RLinda
25
SOL/USDT 1D Chart Review Hello everyone, I invite you to review the SOL chart in pair with USDT on a one-day time frame. As you can see, the price has approached the downward trend line, but will it be enough to break it up? after unfolding the Terran Based Fib Extension net, you can see that we are fighting against the current resistance at $149, then there is resistance at $165, the third at $179, and the fourth very strong resistance at $193. Looking the other way, we can similarly determine places of support. And here, the first support level is visible at $136, then the second resistance at $125, the third at $109, and the fourth at $98. When we look at the RSI indicator, we can see that it is at the upper limit, which may result in the inhibition of growth or even another attempt at recovery.
by cryptodailyuk
GOLD → Countertrend correction or consolidation before a fall ↓FX:XAUUSD has been updating the local minimum since the opening of the session and confirms the bearish nature of the market. The price is heading towards the area of interest and liquidity before a possible decline Today the focus is on the news: S&P PMI, ISM. Traders are expecting relatively warm data, but, at the moment, everything revolves around the perception of inflation news regarding the inflation itself in the Fed's further view on monetary policy. High volatility is possible. Technically, on D1 gold is trading in bearish territory and at the moment, after updating the local low, the price is heading towards the liquidity zone, from which the sell-offs may increase. There is a possibility that before further decline the price may go deeper, for example, to test the imbalance area, as well as the previously broken channel boundary (liquidity capture). Resistance levels: 2332, 2341, 2346 Support levels: 2325, 2315, 2306 It is possible that the situation may change, as traders are overreacting to inflation-related news, but at the moment, on the high timeframe is formed exclusively bearish setup on the negative fundamental background. Regards R. Linda!
FX:XAUUSDShort
by RLinda
23
Gold Analysis in Forex Market📅 Let's get into today's analysis. I've decided to focus more on Forex analyses, and today we're analyzing gold with the main timeframe being daily. I'll be looking at the chart solely from a technical analysis perspective. 🔍 In the daily timeframe, as you can see, after breaking the 2075 resistance level, bullish momentum entered the market, and we managed to move up to the 2425 resistance level. After this sharp upward movement, the market entered a correction phase and corrected down to 2289. Currently, the price is ranging between the 0.236 Fibonacci level and the 2425 resistance. I believe that until the SMA99 reaches the price, new bullish momentum could enter the market, and you can confirm this momentum by a break above 2425. If the candle closes below the 0.236 Fibonacci level, we might move down to the Golden Zone of Fibonacci, which lies between 0.5 and 0.618. 🧩 There is also a minor trend line that the price has reacted to three times so far, which could be a key determinant for future price movements. 🧲 Regarding the SMA99, it has the property of creating significant distances when the market is trending. However, it eventually acts like a black hole, pulling the price towards it. This is happening after the rejection at 2425, and I believe the price will range until it meets the SMA99. Additionally, this SMA acts as a support and resistance level, potentially supporting the price once it reaches it and pushing the price upward. 📈 For a long position on the daily timeframe, it seems appropriate to wait for a break of the trend line and a confirmation above the 2425 area. The target for this move, based on Fibonacci extension, could be 2759. However, this target is quite high, and if the price aims to reach it, it will likely be a long-term move. 📉 For a short position, breaking below 2289 serves as a good trigger. If the price stabilizes below this level, it might move down to the area between 0.5 and 0.618 Fibonacci levels. This position is quite risky as the High Wave Cycle for gold is bullish, and this move in the Low Wave Cycle could be filled with noise. For shorter-term positions, it's better to look at the 4-hour timeframe. In this timeframe, we have a long-term range box and a significant support area at the 0.236 Fibonacci level on the daily chart. There’s no need to extend the analysis here; I’ll just discuss the entry triggers. 📈 For long positions, we have three different triggers. The first trigger is at 2338, which is the riskiest one with a target of 2365. The next trigger is at 2365 with a target of 2439. The final trigger is at 2439. 📉 For short positions, there's a very risky position with a trigger at 2320, and the second trigger is the break of the support area. ♟ Now, let me explain how I personally trade with each trigger. For the long trigger at 2338, I open positions in lower timeframes such as the 1-hour chart and set a small stop loss to quickly reach a risk-reward ratio of 2, which is my first target, with minimal risk. For the 2365 trigger, I open a position with normal risk and a regular stop loss size. For the 2439 trigger, I open a position with a larger stop loss because the trigger is at an all-time high (ATH) and represents a very strong supply zone. For short positions, I do not open any until the price stabilizes below the support area. 📝In summary, gold is currently in a ranging phase between the 0.236 Fibonacci level and the 2425 resistance level. Depending on the break above 2425 or below 2289, there are opportunities for long or short positions, respectively. For those trading in shorter timeframes, key entry triggers and careful risk management are essential to navigate the market effectively. 🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
OANDA:XAUUSD
by itsparham96
3