CRUDE OIL (WTI) Intraday Bearish Confirmation
Update for our yesterday's setup on WTI Crude Oil.
The price successfully retested a broken structure.
Our intraday bearish confirmation is a breakout of a support line
of a bearish flag pattern on an hourly time frame.
The fall will continue now at least to 72.1
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Priceaction
DOGS: Rolled over, ready for a new trick or?...If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment!
Dogs followed the path to the down side. Here is the updated 1-hour chart for DOGS/USDT which provides additional clarity on the downward trend and potential reversal points:
Descending Trendline and Resistance Points:
The descending trendline marked in yellow has been tested multiple times (indicated by red circles), reinforcing its significance as a resistance level.
The price is struggling to break above this trendline, which has kept the downward pressure intact.
Support and Resistance Levels:
Resistance at $0.0012091: This level remains a key barrier for upward movement. It has played as support in the past. The break below can lead to this level becoming resistance now. It is the key level bulls need to regain. The zone at $0.0011282 is currently playing as resistance and is a critical levels to watch; a rejection could signal a deeper decline. This is the first level the bulls have to regain.
Bullish Scenario: If the price manages to break above the descending trendline and sustain above $0.0011565, and flip the current resistance into support, it could lead to a bullish reversal
Bearish Scenario: A failure to break above the trendline and resistance, could lead to further declines, validating the bearish momentum.
Conclusion: The price is in a critical phase, with the descending trendline acting as a strong resistance. A break above this line could signal a bullish reversal, while continued rejection and an inability to regain the resistance levels would likely result in further bearish movement. The overall sentiment remains cautiously bearish unless a significant breakout above the trendline occurs.
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XAUUSD 4HR Analysis | The Bulls Are Taking a Breather | XAUUSD 4HR Analysis | The Bulls Are Taking a Breather |
Gold has recently hit an all time high of 2530 and since has tested the breakage of this level a few times, in my last analysis I provided a detailed explanation of the current mining production status globally and JPY/USD economic data that could impact the price movements in the bulls favour however it seems that short term we may see a correction into the upper 2400's before any renewed price surges, with the bullish momentum volume slowing down and various bearish confirmations coming into play.
Over the last few days Gold has broke below the dynamic support + resistance level whilst also dipping below the 200 EMA on smaller timeframes and the 50 on larger such as 4HR, with the recent completion of 25% to 75% quarters and a pivot off the upper bollinger band its likely that the precious metal could take a breather down to 2,460-70 where the 200 ema lies along with a key support and resistance level and the lower bollinger band matching 25% quarter level.
With the US holidays in action today the start of the week has been sluggish with little to no volatility and price sticking in its range alongside not being able to break back above the 50 ema and dynamic s+r, the bears remain in favour until price can break this structure level back into the 2520's and thus i would not consider any long term buys with so many key psych resistance levels in between us and the ATH pivot level.
I will be keeping close eye on the key support zone of 2460-70 for suitable long term buy entries and in the meantime trade intra on price structure and short term confirmations with my group.
EthereumHi guys
We are at the bottom of the upward channel. On the other hand, the amount of Ethereum in the centralized exchange has reached the lowest historical level. It seems that investors are not sellers at these rates.
In the four-hour time frame, it seems that with the consumption of the $2408.3 support area, we can expect a downward trend similar to the scenario from the specified resistance range.
On the daily time frame, according to maintaining the support area and ascending channel, provided that the ascending trend line is maintained, the price area of $2250 can be attractive for buying.
what do you think?
#202436 - priceactiontds - weekly update - gold futuresGood Evening and I hope you are well.
tl;dr
gold: Bulls confirmed the breakout with a strong monthly close above 2500. There are multiple nested wedges currently and I would not buy into the highs but rather wait for a pullback or a breakout above 2570. Last thing you should do right now is to look for shorts until bears come around big time. Last time bears even touched the weekly ema was end of February.
Quote from last week:
comment: Did we learn anything from a sideways week? We have a bullish pattern and a technical textbook pullback a bit above the ema. Bulls bought it and that is bullish. But only a break above 2570 is confirmation. Resistance is always that until it breaks, no matter how strong you think the trend is/looks/feels and this trend inside a 5 month trading range is not strong so far. Bulls are trying the breakout and the monthly close will be the most important for them. If they manage their first close above 2500, it would be a confirmation and buy signal going into September. What could be a potential target above? Since the trading range was mostly between 2300 - 2500ish, we can do a measured move up and that would bring us to the ballpark around 2700.
comment: Weekly inside bar. I am not lazy but I do not see any value in making up more words to fill the page so you can stay busy longer reading this. Market is neutral around 2530. Bulls need a daily close above 2570 and bears one below 2500. That’s it. Structure is still bullish. We have a big bull wedge on the weekly/monthly chart, nested bull wedges on lower time frames and sort of a bull channel upwards. I very slightly favor the bears to test 2500 again but only because bears closed last week at the lows. Daily ema held for 3 weeks now and there is no reason why it should break now and we are only 10 points above it.
current market cycle: Trading range for many months now and it’s probably coming to an end over the next weeks/months. Bulls are currently still trading above the previous highs, which is sort of confirmation of the breakout but I am not 100% convinced. Need a daily close above 2570 for that.
key levels: 2400 - 2570
bull case: Bears not doing enough so bulls are happy to continue. They want 2600 next and have all arguments on their side as long as they stay above the daily ema at 2517.
Invalidation is below 2500.
bear case: Nothing changed for the bears. Either stop the bulls below 2570 or give up for 2600 and potentially 2700 over the next weeks. Bears need a 1h close below 2500 badly. That’s it. Exactly the same sentences as last week.
Invalidation is above 2570.
outlook last week:
short term: Exactly the same as last week. Bears had a pullback and bulls bought it. Inherently bullish but only if bulls can break above 2570.
→ Last Sunday we traded 2546 and now we are at 2527. High of the week was 2564. 19 point miss over a week is as good as it gets.
short term: Neutral. Clear invalidation levels for both sides. Set up alarms and be patient.
medium-long term: Above 2570 I will update this. Until then we are in a trading range 2400-2570.
current swing trade: None.
chart update: Removed unnecessary lines and made the bullish structure more clear.
#202436 - priceactiontds - weekly update - sp500 e-miniGood Evening and I hope you are well.
tl;dr
sp500: Current bullish leg looks more like a leg in a trading range than something of a new bull trend that breaks above the previous ath. It’s 50/50 if bulls can print a new ath or this stays a lower high. It’s too high to buy for anything but intraday and too early to short unless you short small and have a stop above 5800. It’s a bullish structure but you would be buying very high in a potential trading range. Bad R:R.
Quote from last week:
comment: Not much difference to dax, just that this market was a tat stronger even. Bulls almost reversed completely but 7 consecutive bull bars is as climactic as it gets. A pullback is due but that does not mean you can short it at 5578. Could go further since the obvious pain trade is up.
comment : Are we that much smarter than last Sunday after past week’s price action? I don’t think so. Still a lower high. Bulls closed the month extremely bullish but we are at previous resistance. Can’t be anything but neutral. Clear invalidation prices though. Above 5670 it’s bullish for ath retest 5721 or higher high. Below 5550 bears can generate momentum and convince bulls this was just a climactic retest of the highs and we go down again. Bulls still do have better arguments than the bears as long as they stay above the daily ema at 5565.
current market cycle: Bull trend inside bigger trading range.
key levels: 5000-5700
bull case: Bulls need to break above 5670 if they want a new ath and it look’s very good after Friday. If they fail on Monday, I have my doubts that they can get it. Bulls are still clearly in control of the market or we would have been trading below the daily ema already. Will be interesting to see how many bears come around above 5700 and bulls taking profit, if we get there.
Invalidation is below 5550.
bear case: Bears see it as a big trading range and we are at the highs again. They start scaling into shorts above 5600. Same observation as last week. Until bears print consecutive daily bear bars or stronger 1h bars below 5650, bulls remain in control. If bears somehow manage to print a bigger engulfing bear bar on the daily chart, especially if it closes below 5600, that would probably be enough to make many more bulls exiting their longs. Interesting week ahead of us.
Invalidation is above 5670.
outlook last week:
short term: Neutral af. Want to see a pullback and also how market reacts to 5600.
→ Last Sunday we traded 5652 and now we are at 5661. 9 points off. I do think that was a perfect outlook.
short term: Neutral again. No interest in bigger buying above 5600. Will scalp long if bulls make it clear that they want a new ath but mostly looking for signs of bear strength over the next week. Bulls closed above 5660 so it’s a buy signal going into next week but my outlook has not changed. I wait for bears to come around and will only scalp longs.
medium-long term: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024.
current swing trade: None.
chart update: Big ABC correction is pure speculation. Don’t bet on it. I do think the climactic bull rally is over and market is going sideways before the next bigger breakout. Only above 5750 can bulls dream about a breakout above the big bull wedge.
#202436 - priceactiontds - weekly update - daxGood Evening and I hope you are well.
tl;dr
4th consecutive bull bar closing on it’s high. Low volume but who cares. Can only be bullish on this price action. Futures are close to the ath while xetra already made a new ath. 19000 on xetra will most likely be hit next week. Will bears come around there to trap late bulls? Maybe but I would not bet on that. R:R (risk:reward) is on the bear side here but it’s too early to short. Could even go up to 19200 before turning.
Quote from last week:
comment: Bulls went mostly sideways until Friday which means that bears are still not doing much. Friday produced another breakout for W5, where my target is still 18800ish. Low probability the bear trend line from the ath will hold again. If bulls can get this above 18800, there is no reason to not print a new ath. Bears would need consecutive bear bars below 18500 to stop it. Bulls should not have the illusion that this is something other than a short squeeze. This is not buying on higher volume due to more market participants wanting in on the next bull run to 30000. This will crumble soon enough but for now it’s only going up and you should never fight the trend.
comment : Bulls printed a new ath and if you would look at the RSI, which I don’t, it would show a divergence. You really really don’t need the RSI to tell you that. Even so, market could go higher and there is no reason to short this yet. I am 90% certain this is not a W1 of a new bull trend that will break above the bull wedge but rather a retest of the highs, in this case a higher high, and it will reverse soon enough. A bigger pullback is overdue but that does not mean you can short this yet.
current market cycle: Bull trend inside bigger trading range. Will reverse soon.
key levels: 17000 - 19000
bull case: Bulls closed the month at the highs while making a new ath. It’s a buy signal but the move is so climactic without any pullbacks, that most bulls will probably get out on a decent bear bar. The first pullback will most likely fail and it will probably be a decent buying opportunity but buying 18900 right now is bad any way you look at it. What upside do you expect? Strong breakout above 19200? Where do you put your stop? The whole move up happened above the 1h 20ema. So if bears finally break it and trade consecutive bear bars below, bulls might start thinking about taking profits.
Invalidation is below 18750.
bear case: As mentioned above, 1h ema held for 3 weeks now. Only objective for the bears is to stop the market from making higher highs and breaking below the 1h ema. 19000 is the best area for them to achieve that. If they don’t come around on Monday, we might es well see 19200 or higher.
Invalidation is above 19050.
outlook last week:
short term: Absolutely neutral. Big up, big down, big confusion.
→ Last Sunday we traded 18633 and now we are at 18906. Neutral was wrong again since bears touched the 1h ema once last week and that was on Monday. 1h on xetra and on futures you’d have to take the 2h 20ema.
short term: Neutral again. I’m confident we will reverse soon but it’s too early to be looking for shorts. Bears need to start making lower lows and lower highs before I start. What do I need to go long? Only scalps after pullbacks for me. Very little interest in buying up here because I do not see this going to 19200.
medium-long term - Update from 2024-09-01: 4 Months left in 2024 and I do think the market is in a trading range where the upper area is around 19000 and the lower area is probably 17000 or 16000 if something bigger comes up. Since we are at the very top, I expect the market to go some sideways before trying to go down again. Next 2000 Points will be made to the downside but it’s too early to short this.
current swing trade: Nope. Not yet.
chart update: Nothing. Bull wedge is still valid.
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I can see several paths here.
4.733 kills impulse up/completes impulse down.
6.00 from here could be ZZ complete.
4.733 break, could flip from support to resistance.
Some IF:THEN scenarios on deck here.
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Dogs: Sit-up or roll over?If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment!
The DOGS/USDT 1-hour chart indicates a potential Elliott Wave structure, with a completed 5-wave uptrend followed by an ABC correction, suggesting the market could be setting up for a new upward move if key levels hold. However, the move from the proposed end of the C wave is not forming an ideal motive wave.
Key Levels:
Support: The significant support zone around 0.0012091 could serve as a foundation for a potential bounce, with 0.0012879 currently acting as support.
Resistance: Resistance is noted at 0.0013205 and 0.0013788. As the price approaches these levels, it may encounter selling pressure. For a sustained bullish trend, these levels need to be broken and flipped into support.
Technical Indicators:
A descending trendline from the peak of wave 5 underscores the bearish trend. The price is testing a break above this trendline, which could signal a trend reversal if it holds.
A Fibonacci retracement at the 0.618 level would add validity to the bullish scenario with a break of it excluding the potential for algorithmic participation.
Scenarios:
Bullish: If the price can break above the descending trendline and maintain above the 0.0012091 support, it could target higher resistance levels. Successfully breaking and converting these into support would suggest a continuation of the bullish trend.
Bearish: Failure to hold above the 0.0012091 support level may lead to further declines, reinforcing the bearish trend.
Conclusion: DOGS/USDT is at a pivotal juncture. Holding above the descending trendline supports a bullish outlook, while failure to maintain support levels could signal more downside. Monitoring price action around these key levels will be crucial for determining the next move.
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EURAUD: Very Bullish Outlook Explained 🇪🇺 🇦🇺
EURAUD may pullback from a key daily horizontal support.
The pair looks very oversold after a recent bearish rally.
On Friday, the price formed a double bottom pattern on a 4H time frame
and broke and closed above its horizontal neckline.
We see its retest at the moment.
The price will most likely reach 1.6376 level soon.
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SUPPLY AND DEMAND CONCEPTIn this analysis we are focusing on H1 time frame for gold. Today I'm looking potential buy today. If market price come back and retrace our OB and give rejection then we look for buy and the target is set at resistance area or near PDH. let's see which opportunity market will give us.
Always use stoploss for your trade.
# XAUUSD 1H Technical Analysis Expected Move.
TRENDLINE MODULEIn this analysis we are focusing on M15 timeframe for GOLD. Today I'm looking for a potential buy today. Let's see which opportunity market will give us. Let's delve deeper into these levels and potential outcomes.
Always put stoploss for your trade.
Always use proper risk to reward ratio.
# XAUUSD 15M Technical Analysis Expected Move.
2024-08-29 - priceactiontds - daily update - daxGood Evening and I hope you are well.
tl;dr
Indexes - Bulls bought the big after hour dip yesterday and had a big rally but damn that was some big and fast selling in the last 2 hours of the US session. What did we learn today? Shift into Dax and DJI, since they just melted again and new ATH on both (dax xetra, not futures though) and rest of the markets made lower highs and lower lows. Still absolutely neutral imo but if bears get follow through tomorrow, the highs are probably in for this bull leg.
dax futures
comment: 3 clearn pushes up to a new xetra ath and volume is picking up again. Time for a reversal. Can you short this yet? I think so but stop has to be 19050ish and we are still above many bull trend lines. If you want higher probability, wait for bears to make lower lows again. Absolute ripper of a bull leg since early August and given the atrocious volume, had to be a short squeeze. I expect the next 2000 points will be made to the downside over the next 10 weeks.
current market cycle: huge trading range
key levels : 17000 - 19000
bull case: Bulls were relentlessly buying this but now with a new ath and all the remaining bear stops hit, market is free to do whatever. Bulls could do a blow-off top 19100/19200 before strongly reversing but i favor a retest of 19000 tomorrow before sideways to down movement. Bulls want to stay above 18800 as long as possible.
Invalidation is below 18800.
bear case: Bears want to trap as many late bulls as possible but before more bears come around and more bulls begin to take profits, we would need to start breaking bull trend lines and producing consecutive bear bars on higher time frames. The daily chart tells you everything you need to know as a bear right now. Below 18800 bears start to have some arguments but as of now, expect BTFD to continue until it has clearly stopped.
Invalidation is above 18800.
short term: If you get bullish at a new ath, no one can help you. Trend is your friend and all that but betting on another leg up is gambling at best. Scalp long if the momentum is there but get out early. This can and probably will turn soon. Absolutely neutral as of now and only touching it if one side is clearly in control. Caught a 60 point drop today, very happy with that.
medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July
current swing trade: Nope but long term shorts are looking juicy.
trade of the day: Buying the open was again very profitable. Long above bar 29 was very reasonable. Shorting below bar 72 was also a good trade, one which I took.
2024-08-29 - priceactiontds - daily update - oilGood Evening and I hope you are well.
tl;dr
Oil - News again which let the market rip for 285 ticks but above 67.7 we saw bigger profit taking and a decent pullback to the 30m ema. Kinda in the middle of the range and I am not trading there. Also no opinion on where to go next. Around 77 I favor bears to get back down again and around 74 I favor the bulls. Trading range price action.
comment : Bulls had the news on their side today and strongly reversed from 74 for almost 3$. I expect another test of 77 tomorrow and there market decides if it wants to break above the weekly high 77.59 or trade back down to 74. Can also very well close exactly at the mid point 75.5. Neutral around 75-76, bearish near 77 and bullish around 74. Fade the extremes as long as market is making lower highs and higher lows.
current market cycle: trading range (triangle)
key levels: 74 - 77
bull case: Bulls got near the bear trend line again and found more sellers than buyers. They want at least a retest of 77 and poke the trend line. Since no side has any control for many weeks now, I don’t expect this to change tomorrow.
Invalidation is below 75.
bear case: Bears stepped aside after the news release but come through near the bear trend line. They defended it and want to keep this below 77 / 77.59. 76 is a bad short, so the closer to 77 they can get, the better the math.
Invalidation is above 76.2.
short term: Neutral. Bullish above 76.2 for retest of 77 and then wanting to fade the extremes as mentioned in the comment.
medium-long term : We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. We are at the bear trend line and odds favor the bears if they stay below 86.27 for trading back down below 76 again. Update: If we break below 70.67, the triangle is dead and we need to find new support. Will update this again when it happens.
current swing trade: None
trade of the day: Long bar 7 or 8. Very strong bull bars after a climactic bear bar 7 which made a decent double bottom with bar 8 from Wednesday.
XAUUSD 4HR Analysis UpdateGold took a tumble mid week down to $2,495 which saw it respect the same dynamic support level and 50 ema for the second time in the last week as we saw last thursday, as price is now respecting this key level and ranging between this and the all time high with gold teasing a break above the resistance with the bull trend still intact in a continuation play its likely we will soon see new all time highs unless gold breaks the key support, closes below such and the floating dynamic ema whilst invalidating the market structure.
Going forwards I can see price still ranging between the lower $2,500's with perhaps a lower high in the smaller time frames created around $2,506 as a short term target before aiming for longer term target of $2,550 and so on.
Gold Price ActionHey Traders, Hope you're all making some great profits! I've marked out three key liquidity lines for you. The top liquidity has already been swept, creating an order block there. The price is moving within a channel, generating liquidity along the way, and there's also significant liquidity at the bottom area.
We've got two strong liquidity zones that the market is likely to target. Even if the order blocks break, the market could still move towards the liquidity at the bottom.
Remember to manage your risk and trade smart. Good luck, and happy trading!
CADCHF - Trend ContinuationThis is a downtrend continuation trade I'm eyeing over on the CADCHF pair. Although the ADX is declining, I think this is a small pause before we see momentum accelerate again. Price failed to reverse to the upside and I'm timing this entry as price breaks below new lows.
TP: 75 pips (2x ADR)
SL: 30 pips
2024-08-28 - priceactiontds - daily update - goldGood Evening and I hope you are well.
tl;dr
Gold - The triangle broke above but bears sold it hard for a retest of the minor bull trend line at 2530. We are now in a nested wedge and the bigger but broader bull channel. Market is mostly moving sideways though. Expecting for the wedge to break tomorrow and it could go either way.
gold
comment: Globex session sold off for 24 points before EU opened. Market went mostly sideways afterwards but stayed below the 1h ema. I consider the triangle broken since we made a higher high again but it does not matter. Now its an ascending triangle and you trade them the same. Advice? Wait for the breakout and do not lose money in trading ranges unless you are super profitable trading them.
current market cycle: trading range
key levels: 2500 - 2570
bull case: Bulls bought the bull trend line and kept it above 2530, which is still max bullishness. No more reading into this trading range at the highs. BTFD is going strong, don’t look for shorts.
Invalidation is below 2500.
bear case: Bears trying but failing. Best they can hope for is the market to continue to go sideways until it’s more neutral.
Invalidation is above 2570.
short term: Neutral between 2530-2570, bullish above and bearish below.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T. —unchanged for many months. Will do on update next weekend.
current swing trade : None
trade of the day: Buying the double bottom bar 9 + 13 but only for a scalp. If you weren’t short during Globex, best not to trade afterwards.
2024-08-28 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well.
tl;dr
Indexes - Some decent selling today but tis just a dent compared to the bull rally from the previous 3 weeks. Nvidia numbers were in line but the buyback should have been good enough for more euphoria and instead nasdaq puked for 200 points. I do think bears are favored tomorrow but will need follow through below 19200 on nasdaq.
nasdaq e-mini futures
comment: Market continues inside the bull flag and the longer it goes on the more neutral market becomes. Nvidia numbers were in line but market puked 200 points, despite the 50b buyback. Since it recovered most of it as of now, I think we have to wait for tomorrow’s US session for a clear direction but I do think bears chances are very good that we have seen the lower high at 20025 and we go lower from here. I want confirmation below 19200 tomorrow. If bulls can get above 19500 again, they are favored for 19600 or higher again.
current market cycle: Bull flag inside the bigger trading range
key levels: 19000 - 20000
bull case : Bulls want a new ath but Nvidia earnings did not help their case. Still a bull flag after the insane reversal. I wait for tomorrow’s price action. Bulls need to get above 19500 for more upside.
Invalidation is below 19000.
bear case: Bears hope for armageddon. They need to keep this below 19500 to keep their chances of more downside decent. Getting short between 19350 - 19500 is risky but can work. Validation for more downside is a 1h close below 19200. If bears manage that, we could have a bloody day tomorrow.
Invalidation is above 19500.
short term: Neutral.
medium-long term: This climactic blow off top is/was the grand finale of this bull trend. Perfect break above multiple patterns which I expect is a bull trap and we will test the various support lines next before the new bear trend will unfold over the next 3-9 months. —unchanged since 2024-06
current swing trade: Nope.
trade of the day: Selling the open was pretty decent I guess. There was no reason to exit until we hit 19400 and after that, market just went sideways.
SUPPORT AND RESISTANCE / PRICE ACTIONIn this analysis we are focusing on M30 time frame for XAUUSD. Here I'm using support/resistance and price action strategy. As we know that market trend was bullish and gold creates a new all time high. But now price is in consolidation range. Today I'm looking both opportunity bullish or bearish, If price break above the consolidation area than we look for buy but after strong confirmation. In other case If market price break below the consolidation area and close the candle below this area then we look for sell but first we take confirmation then we go for sell because we know that the trend was bullish and we also see the volume and momentum or RSI divergence. Let's delve deeper into these levels and potential outcomes.
Always use stoploss for your trade.
#GOLD M30 Technical Analyze Expected Move.
Bitcoin Faces Setback After Failed Attempt to Reclaim Key LevelsRecent Market Activity: Last night, $Bitcoin experienced a sell-off, dropping to the next support level after attempting to reclaim both the Daily 200 Moving Average (MA) and the $64,000 resistance level at the end of last week.
Key Levels:
Daily 200 MA: A reclaim of this level would have been very bullish, but the drop below it in the last two days indicates that the bulls are not ready to push higher.
Resistance at $64,000: BTC’s failure to reclaim this level signals continued weakness.
Bearish Signals: With this being the second lower high on the Daily time frame since June, Bitcoin is clearly indicating that it is not yet ready to move higher.
Short-Term Outlook:
Possible Move Up: A short-term move back up to retest the top of the range at around $61,000 is possible.
Bearish Scenario: If Bitcoin is rejected at $61,000, further downside is expected, with potential support levels at $56,500 and the lower range around $54,000.
Trading Strategy: Traders should remain cautious and monitor the key levels closely for signs of rejection or strength.
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Rejection #MovingAverage #PriceAction