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XRP to 10usd, what about 30 cents?I frequently watch various XRP videos where individuals predict a price surge, ranging from $10 (the "less" optimistic view) to $100 or even $1000. These predictions often come with fantastical explanations about why such increases will occur. However, the harsh reality contradicts these optimistic forecasts, as XRP hasn't shown significant movement during this bullish trend. Despite an initial rise of approximately 50%, this gain has been nearly entirely offset. Analyzing the chart reveals a conspicuous presence of selling pressure, with each upward spike promptly followed by selling activity. From a strictly technical standpoint, if XRP falls below $0.5, the path to $0.3 seems inevitable, carrying a high probability of a drop to that level. The bearish scenario can be dismissed if XRP rises above $0.65, but even in such a situation, substantial growth seems unlikely. From my perspective, $1 is the most optimistic scenario for this coin, even under the best circumstances.
BITSTAMP:XRPUSDShort
by Mihai_Iacob
3
EurUsd- Strongly bearish under 1.0950As mentioned in my analysis of OANDA:EURUSD from two days ago, the pair failed to break above 1.1. Consequently, there was a potential for it to dip below the support level and continue its decline to the next significant support at 1.0750. Indeed, the price dropped below the support zone and hit a local low at 1.0845 yesterday. Currently, the pair is undergoing an upward correction, presenting an opportunity for short trades. In my view, any rallies toward 1.0950 should be considered for selling. Depending on risk tolerance and patience, the target can be set at either the recent low of 1.0850 or the major support at 1.0750. The negation of this scenario occurs if EURUSD manages to break above 1.1.
Short
by Mihai_Iacob
2
Gold- Bears took control. Will it last?In light of my analysis from two days ago, I have chosen to close my long trade yesterday morning on OANDA:XAUUSD at break-even. This decision proved to be sound, given that Gold broke below 2040 during yesterday's trading session. At present, nearly all recent reversal is negated, and the price has returned to confluence support. While this crucial level has not been breached yet, the overall outlook appears bearish at this time. Two unsuccessful attempts to surpass the 2060 mark have occurred, and notably, a lower high may be established at that level. A breach below the 2020 zone would shift the medium-term trend to bearish, potentially leading to a drop to 1930, with interim support at 1980. My strategy for initiating a swing trade is to adopt a cautious stance and observe with a bearish bias in mind.
OANDA:XAUUSD
by Mihai_Iacob
1
EurUsd- Will it break support and dive to 1.0750?Last week, I held a bullish stance on Eur/Usd, anticipating a breakthrough above the crucial 1.1 resistance level. Unfortunately, the pair's inability to surpass this significant threshold led me to close my trade at breakeven, prompting a decision to adopt a wait-and-see approach for further clarification. Examining the recent price action, it appears that my patience might be rewarded with a clearer picture emerging. Currently, my perspective has shifted to bearish. The chart illustrates that Eur/Usd is struggling to breach the 1.1 mark and instead continues to decline to support around 1.0920. This inability to surpass 1.1 and dropping to support after touching this level, signifies weakness, raising the likelihood of a downward move below the support level. In such a scenario, the pair could experience an acceleration in losses, with the next notable target standing at the critical support level of 1.0750.
Short
by Mihai_Iacob
1
Silver- 2000 pips drop could followMore often than not, OANDA:XAGUSD provides clearer signals than OANDA:XAUUSD when it comes to technical analysis. In contrast to its bigger brother, Silver exhibited distinct signs of weakness right from the beginning of the year. This was evident as the price broke below the ascending trend line that had originated in October (In the case of Gold, the price reversed from confluence support). Reversals from the horizontal 22.70 support in Silver were consistently hindered by the confluence of resistances around 23.50, effectively keeping XAGUSD within a range. Currently, the price of Silver has returned to the support zone. Considering the descending triangle and the price being in a downtrend, coupled with its position below significant resistance levels, a break seems highly probable. In this scenario, a drop to the 20.70 zone is possible, presenting a trading opportunity of 2,000 pips.
OANDA:XAGUSDShort
by Mihai_Iacob
Solana- Ready for a new leg up to 200In my earlier analysis of Solana, I mentioned that the 130-140 zone was expected to present significant resistance, and there was a high likelihood of a correction toward the 80 zone. True to that projection, SoldUsdt precisely corrected within the specified range and, on three occasions since the beginning of the year, experienced a reversal from that zone. Currently, the coin has retraced to the 100 zone and appears poised to resume its upward movement. Sustaining stability above 100 would place bulls back in complete control, signaling a potential commencement of a new upward trend. While the 125-135 zone might pose some resistance, I believe it would merely serve as a temporary obstacle. Once this zone is surpassed, the path seems clear for an ascent toward the 200 zone. However, it's important to note that a drop below 80 would interrupt this scenario and necessitate a reevaluation of the market outlook.
Long
by Mihai_Iacob
5
Gold could rise towards 2100Friday proved to be a positive day for OANDA:XAUUSD bulls, as the price successfully surpassed the significant 2040 resistance level. This level was distinguished by the descending trend line originating from the year's beginning, the horizontal resistance, and the neckline of the recently formed double bottom pattern. Following the breakthrough, the price exhibited a rapid upward surge, swiftly reaching the 2060 resistance level. However, it subsequently experienced a decline, ultimately validating 2040 as a robust support. As of the current moment, the price hovers around 2055, and the overall market structure is indicative of a bullish trend. Anticipating a future breakthrough beyond the 2060 mark, my strategy involves buying during price retracements with the objective of a subsequent ascent towards 2100. My bullish sentiment persists as long as the 2040 support level remains intact.
OANDA:XAUUSDLong
by Mihai_Iacob
5
Will Nadsaq start a deep correction?The year 2023 proved to be exceptional for PEPPERSTONE:NAS100 , witnessing a 70% increase in the index. However, the onset of 2024 brought about a correction in the index. Notably, the rise observed in December is confined within a rising wedge, suggesting a potential reversal. The index has indeed breached the rising trend line of the wedge, and the recent rebound serves as confirmation of this break. Also NAS100 appears to face challenges surpassing the 17k mark. Confirmation for a new downward move would occur with a break below 16500. In such a scenario, levels to monitor for bearish targets include 16200, 15700, and a significant 14500.
PEPPERSTONE:NAS100Short
by Mihai_Iacob
10
Ada sitting on support. What's next?From mid-October to December, BINANCE:ADAUSDT experienced a remarkable rally, surging by approximately 250%. However, after two unsuccessful attempts to surpass 0.7 in December, the coin began a retracement, eventually dipping below 0.5 at the onset of the new year. The recovery from this recent decline appears feeble, marked by a lower high on our chart, and the coin reversed at the support zone. Given the potential for a more significant correction in BTC, I anticipate that AdaUsdt will tread a similar path and breach the support level. In such a scenario, a decline to 0.4 seems highly likely.
by Mihai_Iacob
ICP- A trading planAs you may be aware, my confidence in ICP remains strong, and I anticipate a price surge towards the resistance zone of 20-22 in the near term. Since there is a daily inquiry about it, I've put together a trading plan that might offer some guidance. Upon a closer look, it is evident that the current trend is upward. However, up trends (or down trends), are not linear... Following the high at 16, the coin initiated a correction and has been consolidating its gains. The recent consolidation is forming a symmetrical triangle, which is typically a continuation pattern. Keeping this in mind, let's explore potential scenarios: If there is a break above the triangle's resistance, we could interpret the correction as concluded and consider entering the market with the previously mentioned target. Conversely, if the triangle is broken to the downside, we should seek buying opportunities near the robust support level around 10. Combining the two scenarios: a. In the event of an upward break that turns out to be false, causing the coin to decline again, we can consider doubling our trade around 10. b. If there is a downward break, we initiate a buy near 10 and double our position when the price rebounds above 12. As for the less favorable scenario, if ICP drops below 10, we may incur losses. Therefore, it is crucial to trade with funds that you can afford to lose. That concludes the current analysis on ICP for now. I will provide updates if there are significant developments, especially in the case of a breakout. Best Of luck! Mihai Iacob
Long
by Mihai_Iacob
5
UsdJpy- Resumption of the up trend (Long term view)After experiencing a prolonged uptrend in 2023, during which it gained 3000 pips, the mid-November period marked the beginning of a correction for $FX:USDJPY. Over the next six weeks, the pair dropped by 1000 pips, reaching a significant psychological level of 140. The decline observed from December, however, formed a steep falling wedge, suggesting the potential for a reversal. This reversal indeed occurred as the new year commenced, with the pair breaking above the resistance of the pattern on January 2nd. Subsequent to this breakthrough, the market witnessed consecutive green days, and USDJPY successfully surpassed the crucial technical zone of 143.50-144. In the past week, the pair consolidated its recent gains and stabilized around the 145 region. The overall long-term trend remains bullish, and the recent low at 140 could signify the conclusion of the correction. In such a scenario, there is the potential for the pair to resume its upward movement, surpassing the recent high of 151.50, and achieving new highs in the coming months. My bullish sentiment persists as long as the pair remains above 143.
Long
by Mihai_Iacob
Gold could rise to 2060Analyzing OANDA:XAUUSD in light of the most recent data, the headline Consumer Price Index (CPI) for the previous month exceeded expectations. It recorded a year-on-year increase of 3.4%, surpassing the anticipated 3.2%. Additionally, the core gauge outperformed predictions, reaching 3.9%, surpassing consensus estimates by one-tenth of a percent. Initially, this data triggered a decline in the price of Gold, but this downturn was brief, and the price swiftly rebounded back into its familiar range. Furthermore, a closer look at the chart reveals that the price, once again, reversed from the 2020 confluence support zone, which, in my opinion, contributes to a bullish scenario. As I discussed in yesterday's post, confirmation of the reversal still requires a break above 2060. In such a scenario, the upward movement could intensify toward the 2060 resistance, with a high probability of extending to 2080. In summary, my bullish sentiment has strengthened compared to yesterday. In my view, purchasing on dips against yesterday's low seems to be a prudent strategy. Best of luck! Mihai Iacob
OANDA:XAUUSDLong
by Mihai_Iacob
3
GbpUsd- Rise above 1.3? Nice 1:3.5 R:R trade spottedIn early October, FX:GBPUSD bottomed out in the 1.2 zone and entered a consolidation phase that persisted throughout the month. November marked a positive shift as the pair embarked on a robust uptrend, driving it approximately 800 pips higher. Come December, the pair transitioned into another consolidation phase, establishing a clear support base at 1.26 and a resistance ceiling around the 1.28 zone. Recent price movements indicate the potential for a breakout, hinting at a prospective rise beyond the significant psychological figure of 1.3. In the medium term, my target is set at the 1.3150 zone, aligning with the vicinity of the recent high resistance level.
Long
by Mihai_Iacob
EUR/USD has established a support base;will it rise above 1.12?OANDA:EURUSD has shown limited movement since the start of the year, fluctuating within a range approximately between 1.09 and 1.1. Nevertheless, the price action indicates the formation of a potential support base, as observed through the consistent buying of dips and the pair's inclination towards an upward trajectory. Confirmation of an impending upward movement hinges on a breakthrough above the range's resistance at 1.1. In such a scenario, we could anticipate a surge towards 1.12. My strategy involves seeking buying opportunities during market declines, while considering a shift if the price experiences a daily close below 1.09, negating this optimistic scenario.
Long
by Mihai_Iacob
2
Bake- An interesting coin with 2x potential and 1:4 R:RFrom a technical perspective, BINANCE:BAKEUSDT presents an intriguing opportunity at the moment. Examining the chart reveals a noteworthy pattern. Following the initial breakout from long-term accumulation above 0.2 back in December, the coin underwent a correction to validate the breached resistance. This correction was succeeded by a remarkable pump, and the subsequent decline found solid support at the newly established level (the previous high of the initial upward movement). Taking into account the prevailing optimism in the crypto market and the coin's characteristic high volatility, there is potential for a new upward movement and a test of the recent peak. However, it's crucial to be mindful of the elevated risk associated with this particular coin. If you are considering a purchase, it should be done using high-risk capital.
Long
by Mihai_Iacob
4
Gold- Levels to watch for the next 500+ pips moveAs previously discussed, OANDA:XAUUSD had a rough start to the year, experiencing a decline of approximately 600 pips. However, bulls successfully halted this descent precisely at the support zone from 2020. Since reaching Monday's low, the price has entered a consolidation phase, fluctuating between distinct levels of support and resistance. This prompts a crucial question for swing traders targeting moves of 500 pips or more: What is the likely direction from here? On one hand, there is evidence of a reversal from support. Considering the overall bullish trend, one could anticipate a resumption of the trend with a potential test of the 2080 resistance and, possibly, a surpassing of the 2100 mark. It's essential to note, however, that achieving this scenario requires confirmation, specifically a clear break above the 2040 level. On the other hand, a breach below the 2020 support exposes the recent lows around 1980. More significantly, such a move would signify the establishment of a lower high in the start of the year price and, potentially lead to a further decline to 1930. P.S: At this moment I hold a buy trade with only 50% of my usual volume and, as explain, I am waiting for a clearer picture Best of luck! Mihai Iacob
OANDA:XAUUSD
by Mihai_Iacob
11
Gold- Reversal to the upside is loomingIn my yesterday's comment, I said that OANDA:XAUUSD could have found a bottom in 2020 important support. After a spike in 2040 local resistance during yesterday's session, the drive dropped again, but this time stopped at 2024 making a higher low. Although the falling trend line that started at the beginning of the year is not broker to the upside yet, there are high chances for this to happen today. I maintain my bullish bias on Gold as long as the price stays above Monday's low.
OANDA:XAUUSDLong
by Mihai_Iacob
3