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Parallel Channel

Is the ape still alive?Long position: There is no special explanation for Long, we just have to consider that we are correcting our big trend📈 Because of this, the drop in volume has decreased We can take a long position by breaking the channel from above And the long position is a little safer, high resistance 1.18 Short position: If it loses the support of 1.013, it can go to the bottom of the channel📉 Also, there is another support space there, so it increases the probability of reaction at that point 😉The important point is that long shadow that I drew a circle around, it actually shows the strength of that area If you want me to analyze a coin, tell me in the comment🫡 ⚠️ Do capital management to survive ⚠️
by parsa_xa
Gold can rise almost to resistance line and then continue fallHello traders, I want share with you my opinion about Bitcoin. Observing the chart, we can see how the price entered to buyer zone and some time traded inside, and even tried to break the 2505 level. But later, the price finally broke this level and rose a little, after which made a small correction and continued to move up inside the upward channel. Some time later Gold rose to the resistance line of the channel, which coincided with the current support level with the support area, and then started to decline. In a short time, the price fell to the support line of the channel and then turned around and continued to move up. Soon, the price reached the 2680 level again, and now broke it, after which rose to the resistance line of the channel, and some time traded near. Recently, the price bounced down and now it trades a little below. So, I think that the price can make a small movement up and then continue to decline to the 2680 support level, where is locate my TP. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDShort
by LegionQ8
10
BITCOIN - Price can bounce up to $72500, exiting from wedgeHi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊 A few moments ago price entered to rising channel, where it at once fell to support line, breaking $57900 level. Then price in a short time ros to this level, broke it again, and made retest, after which continued to move up. Later BTC rose to $65900 level, turned around, and declined lower support line, thereby exiting from rising channel. After this, price continued to move up inside wedge, where it bounced from support line and rose to $65900 level. Soon, price broke this level, and rose to resistance line, after which made a correction and now continues to grow. In my mind, BTC can bounce up from support line to $72500, exiting from wedge pattern. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
8
usdcnh sidewayusdcnh 28 October 2024 Usdcnh chart Technical Price action time frame : 15 m Technical approach : (resistance & support _ momentum ) _ FAKE BREAKOUT from 7.1450 - Reaction to dynamic trendline and break weak resistance (7.1450) - support (7.1250) midline. sell target is (7.1250) buy target is (7.1600). My idea is downtrend yet. support area midline (7.1250) and strong bullish to target (7.1600) Is in sideway yet. SUPPORT prices : 7.1250 & 7.1100 RESISTANCE prices : 7.1600
Long
by sadrabasi71
Is the Gold Rally Over? Preparing for the Next Wave of SellingSince the beginning of the week, I've been making the case that Gold's recent move has become overextended, and that complacency in the market often precedes strong reversals. This type of overconfidence, where traders believe the uptrend will continue indefinitely, can lead to sudden and sharp corrections when sentiment shifts. Indeed, after reaching yet another all-time high at 2758, OANDA:XAUUSD began to pull back. Once it broke below the key support level of the rising channel, the downward momentum intensified, leading to an accelerated sell-off. This drop culminated in an intraday low of 2708—an impressive 500-pip decline from top to bottom. Looking ahead, in my view, this correction is not over yet. I believe we are likely to see a new wave of selling pressure in the coming sessions. The market may experience brief rebounds or retracements, but these should be seen as opportunities to position for further downside. My strategy moving forward is to sell into this rebound, with negation if we have a new ATH. Until that happens, the primary target for this move remains the 2680-2690 support zone, which could provide a more substantial floor for the price in the near term.
OANDA:XAUUSDShort
by Mihai_Iacob
10
CANNABIS BASKET * TC FIB WEEKLY ANALYSIS1. Long-Term Downward Channel : The price has been contained within a long-term descending channel, and it remains below the upper boundary of this primary channel. The fact that the price has stayed within this structure suggests that the broader downtrend may still be intact unless there is a strong breakout above this channel’s upper resistance line. 2. Support and Resistance Zones : The price is currently testing resistance near the $1,600 range. There are multiple Fibonacci levels, such as the 0.382 and 0.5 retracement levels, aligning closely within this range, suggesting a significant resistance zone. If it can decisively break above these levels, it could target higher resistance levels at around $2,571.11 (0.5 level) and $3,091.33 (0.618 level). 3. Short-Term Ascending Channel : Within the larger downtrend, a new ascending channel has emerged, indicating a bullish trend on a smaller time frame. This suggests that, in the short term, the price has shown strength, though it is approaching the upper boundary of this smaller channel as well. 4. Fibonacci Cluster Zones : Fibonacci retracement levels form clusters in certain areas, particularly between $1,500 and $1,800 and again around $2,500. These clusters tend to create zones of strong support or resistance and could influence the price movement in these regions. 5. RSI Bearish Divergence : The updated RSI (Relative Strength Index) shows a bearish divergence, indicating that, while the price has been rising, the momentum behind these moves is weakening. This could be an early warning signal that a correction or pullback may be approaching if it fails to clear its immediate resistance zones. 6. Potential Pullback Levels : Should the price fail to break higher, it may retrace to support levels such as $1,380, or even back toward the recent lows around $1,016.57 and below if bearish sentiment strengthens. Summary: The chart suggests that the cannabis index is at a pivotal point. It’s testing major resistance levels within both long-term and short-term trend structures, and the bearish RSI divergence suggests that momentum may be weakening. A breakout above the $1,800-$2,000 range with sustained volume could validate a bullish reversal. However, failure to break higher might lead to a correction towards lower support levels.
FX:CANNABISShort
by Anakyn
GBPJPY → Buyers increase positions to break 195.5 ↑FX:GBPJPY continues to climb purposefully towards 195.5, forming a consolidation in the form of an ascending triangle. The goal of this maneuver is to break the resistance with further continuation of the upward movement... The bulls are trying to keep the defense above the key support at 193.5. The change of the fundamental background for JPY strengthens the sales of the national currency, which favorably affects, in our case, GBP. As a consequence, the market starts testing 195.5 with the aim of a breakout. GDP in UK remained at the same level of 0.2%. There is important news ahead - PPI. Based on the previous economic data, we can assume that PPI will also support the dollar, which will negatively affect the JPY. On the background of this influence, the bulls will be able to overcome the key resistance. Support levels: 193.5, 191.7, 190.0 Resistance levels: 195.5 The acutal situation on the chart is directed towards the continuation of the movement. The market structure is changing, the fundamental background is on the side of the buyer. We are waiting for the breakthrough of the key resistance (trigger) and the continuation of growth... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:GBPJPY ;) Regards R. Linda!
Long
by RLinda
8