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Supportandresitance

Daily ETH 1DChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair to USDT, also on a one-day interval. First, we will use the yellow line to mark the uptrend line above which the price is currently holding. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark support, and as you can see, it is worth marking the strong support zone from $ 1757 to $ 1666 in the first place, but when the price drops below the zone, we can see a drop around $ 1533.. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first significant resistance zone from $1989 to $2054, then a strong resistance at $2142, only after breaking above this resistance will the price move towards $2391. The CHOP index indicates that most of the energy has been used. The MACD indicator is in a downtrend. On the other hand, on the RSI we are moving around the middle of the range, which may cause the price to break down towards the previously mentioned support zone.
by cryptodailyuk
AMZN - Breakout Falling Trend Channel- AMZN has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate. - AMZN is testing resistance at 113. - This could give a negative reaction, but an upward breakthrough of 113 means a positive signal. - AMZN is assessed as technically neutral for the medium long term. *EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price *Chart Pattern: DT - Double Top | BEARISH | RED DB - Double Bottom | BULLISH | GREEN HNS - Head & Shoulder | BEARISH | RED REC - Rectangle | BLUE iHNS - inverse head & Shoulder | BULLISH | GREEN Verify it first and believe later. WavePoint ❤️
NASDAQ:AMZN
by wavepoint99
📊 6 Examples of Rejections at S/R Areas📍Support and Resistance 101 Support and resistance are two foundational concepts in technical analysis. Understanding what these terms mean and their practical application is essential to correctly reading price charts. Prices move because of supply and demand. When demand is greater than supply, prices rise. When supply is greater than demand, prices fall. Sometimes, prices will move sideways as both supply and demand are in equilibrium. Like many concepts in technical analysis, the explanation and rationale behind technical concepts are relatively easy, but mastery in their application often takes years of practice. S/R level areas can develop inside different candlestick patterns as well as trend trading patterns. The Resistance being the top of the pattern and the support being the bottom of it. 🔹Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend. 🔹Support occurs where a downtrend is expected to pause due to a concentration of demand. 🔹Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply. 🔹Market psychology plays a major role as traders and investors remember the past and react to changing conditions to anticipate future market movement. 🔹Support and resistance areas can be identified on charts using trendlines and moving averages as well as different types of patterns. 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
2
Daily ETH 1DChart - ReviewAs the second chart in today's review, we will check ETH against USDT, also on a single-day timeframe. First, we will use the yellow line to mark the main downtrend line that the price is approaching, previously we managed to exit the first downtrend line. We are currently moving similarly to the example of BTC in the uptrend channel marked with blue lines. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first support at $ 1858, which has held the price for now, then we can mark a strong support zone from $ 1678 to $ 1517, but when the zone is broken, then we have a second zone from $ 1382 up to $ 1168. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at $ 2230, the next resistance at $ 2550, and then the third resistance at $ 3010. Nevertheless, a very important level will be the resistance at the so-called golden point of the Fib retracement at $ 3350. Please look at the CHOP index which indicates that there is a lot of energy to move. The MACD indicator is on the verge of entering an uptrend. On the other hand, we observed a rebound on the RSI and we currently have an upward movement, with room for further movement.
by cryptodailyuk
1
BTC/USDT 1daychart Review Hello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the main downtrend line that the price has broken, while we are currently moving in the uptrend channel, for which we have used the blue lines. When we turn on the Ema Cross 200, we can see that the price remains above the blue line, which means that the long-term uptrend is maintained, while the EMA Cross 10 and 30, also indicate the continuation of the uptrend. Now we can move on to marking the places of support in the event of a correction. And here we first have support at $ 27381, then second support at $ 25243, then there is a strong support zone from $ 23372 to $ 21569, but when the zone is broken, the next support is at $ 18897. Looking the other way, in a similar way, using the fib retracement tool, we can determine the places of resistance. And here we see that the first strong resistance is at $ 31724, the second resistance at $ 35799, and then the third resistance at $ 41210. Please pay attention to the CHOP index which indicates that we have a lot of energy for the upcoming move, the MACD indicator indicates that we are on the verge of returning to the uptrend, while the RSI shows slight increases with room for the price to go up.
by cryptodailyuk
Ways to improve chart reading part 3 - Support and ResistanceThis is the third in a series of articles looking at some key tools and different practices that can improve your chart reading skills and your trading overall. Previously we talked about volume and its role in chart analysis. Still, there is one more feature of volume that can help traders to avoid critical mistakes as well as find good entries to their trades. Traditional technical analysis looks at tops, bottoms of the market, channel lines, trend lines, Fibonacci levels etc to identify support or resistance, but does not consider bars with significant volume at all. At the same time the tops, bottoms and sometimes the closes of bars with relatively big volume (called Ultra-High Volume or UHV in Volume Spread Analysis) create very serious support/resistance to the price moves. In many cases the professionals prefer to test areas where Ultra-High Volume has appeared for supply or demand before the price pushes away significantly from there, as its presence may impact price movement and cost them a lot. Look at the chart for Canadian Dollar futures (CME:6C1!) above. First an Ultra-High Volume bar appears on February 16th 2023 at 15:00 UTC+1 time zone. The top and bottom of this bar (marked by the blue dashed lines) create significant resistance. To push the price above it activity (volume) will be required. Later, on February 17th 2023 at 15:00, another huge volume bar appears showing weakness. The effort on this bar was enough to move the price through the 0.7419 level (the bottom of the previous UHV bar) and seeing the change in the direction of the moving average to the up side, many traders may start to consider long trades around 03:00 on February 20th. Without looking at volume on the bars, they won’t be able to recognize the level of 0.7439 (the top of the first UHV bar in the picture) as a potential resistance. In fact, the volume diminished there, making it impossible for the price to go higher. Then we can see further selling around UHV tops and bottoms in the 0.7419-0.7439 range of the first UHV bar in the picture on February 21st at 9:00 and at 13:00 . The bottom of the 14:00 bar on February 21st (0.7392) creates another level of resistance and again, the price respects it drifting around for some time. Any attempts to go above (as on February 22nd at 13:00 or 19:00) have met more professional selling (the bottom of February 17th 15:00 bar). The VSA methodology teaches us how to identify the movements of the professionals so that we can follow them. From the above example you can see how price acts around the tops and bottoms of UHV bars. This confirms bars with big volume are very important to consider because either the presence or absence of professional activity there may reveal what smart money are planning to do. We can therefore trade accordingly.
CME:6C1!
by Trade-to-Win_from_Tradeguider
Daily BTC 4HChart - resistance and supportHello everyone, I invite you to review the current situation of BTC in pair USDT taking into account the interval of four hours. First, we will use the blue lines to mark the uptrend channel from which the price went down, as we can see currently, despite the rapid rebound, it failed to maintain the level above the local downtrend line. Now we can move on to marking the places of support in case of returning to the correction. And here we first have support at $ 28459, then we have support at $ 27978, third support at $ 27498, and then a strong support where price rebounded multiple times at $ 26818. Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. First, we will mark a strong resistance zone from $ 29232 to $ 29744, when we manage to break it, we have another very strong resistance at $ 30518, and then the third at $ 31511, only when we manage to break it and positively test the price will paved the way for further growth. It is worth looking at the EMA Cross 10 and 30, which indicate an uptrend, it is worth watching if the red line of the EMA Cross 10 does not start turning back, which could indicate a change in the trend. Please pay attention to the CHOP index which indicates that the energy is being collected, the MACD indicator indicates that we are on the verge of returning to a downtrend, while the RSI shows that the rapid price increase caused the indicator to overheat, which ended with an equally rapid rebound, but now we are moving in the upper part, so care should be taken before the next release.
by cryptodailyuk
3
WHY NIFTY WENT UPWARDS TODAY, HERE'S WHY - 26/04/23 Nifty took support from the support line tested by previous day support & day before yesterday's strong resistance after the opening of the day and consequently went upwards a lot due to the support line being very strong due to presence of multiple support & resistances on the last 2 days After that it took resistance from a previous day resistance line and consolidated a lot in the second half But the resistance line being weak due to the presence of only one earlier resistance it was breached during the end of the day and nifty went upwards again
NSE:NIFTYLong
by peace_lover
2
Daily ETH 1DChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair to USDT, we will focus on the one-day timeframe. We will start by marking the second trend line, from which, as you can see, the price went up, then it is worth defining the main trend, which has not been touched so far, currently, for ETH to beat the main trend, the price would have to exceed around $ 2700. At this point, we will also check what the EMA Cross 50 and 200 indicate, as you can see after a long-lasting downward trend, we have a visible confirmation of the return to the uptrend and despite the current correction, nothing changes. Next, we will define with the blue lines, the uptrend channel in which the price is moving from the last low. Now let's move on to checking where the price should meet support in the event of a continuation of the current correction. And here we can first mark the strong support zone from $ 1848 to $ 1673, but if the price falls below the next support we have at $ 1520 levels, third at $ 1366 and then fourth at $ 1154. Now, in the same way, using the Fib Retracement tool, we will check the places of resistance for the price if the situation reversed and the price started to rise. In the same way, in the first place, we can mark a very strong resistance zone from $ 1916 to $ 2224, which, as of now, the price has not had the strength to overcome, but when it succeeds, we will be able to observe an attack on the resistance at $ 2543, and then a third resistance at the price of $ 2991, and the fourth resistance at $ 3573. Please note the CHOP Index, which indicates that the energy is starting to gain strength after it has been used to correct the price, the MACD indicates the transition to a downtrend. On the other hand, on the RSI, despite the fact that we see a rebound, there is still room for the price to go lower, which may deepen the correction towards the previously mentioned support zone. It is worth watching whether the designated zone will keep the price.
by cryptodailyuk
Will TSLA fill the gap at $146?The current state of Tesla's stock has the potential to go one of two ways. Firstly, there is the possibility of a bounce in the near future which could lead to a nice swing opportunity for traders over the next several weeks. Secondly, there is a gap from 26 Jan from $146.41 to $154.76 which still needs to be filled. It's possible that this may happen next week before buying pressures come in. I am personally a buyer in the gap-fill zone. There is always the chance that the stock could go in either direction. It's important to do your own research and make informed decisions based on your own personal financial goals and risk tolerance.
NASDAQ:TSLALong
by Gaut4m
Could Gold post a new up leg after support hold? Today's focus Gold Pattern Support hold off resistance/trend continuation Possible targets 2040 - 2050 Support 1990.50 Resistance – 2010 – 2040 -2047 Indicator support – Up ticking CCI Price above EMA Gold continues to interest us from 1990.50. This level has maintained support for buyers since the 10th of this month. This area was previous resistance that has now become support. That's a good sign for buyers, and seeing such a strong reaction against sellers is another good sign. Overall we can see a healthy trend structure with price starting to form a new fast trend point above the longer-term uptrend. Buyers continue to build on gains today against weaker USD and stock indexes. Is all of it simple accumulation against a weaker USD, or is there also a flight to gold with stocks moving lower? Price remains above the MA, and the CCI could be poised to move back above the 0 line if we can see buying continue. This could become a support hold push higher if buyers can be posted a solid close higher today. This could also become a new continuation if buyers can hold their drive above support. If we see a new fall below support and if the new forming fast trend is broken, we would be wary of looking for further upside. Buyers need to maintain support and keep pushing to break this week's highs. If we do see a new leg higher, 2040 – 2047 could present resistance. Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:XAUUSDLong
by Eightcap
Daily ETH 1HChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair USDT, using the time interval of one hour. First of all, with the help of blue lines, we can mark the sideways trend channel from which the price moved decisively downwards. Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we have the first support at $ 1965.16, as the second support we will mark the strong zone from $ 1939 to $ 1896, the third at $ 1865.93, and then we have the fourth support at priced at $ 1827.68. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first resistance at $ 2031.12, going further we have a strong resistance zone from $ 2073 to $ 2107 if the price goes up we have the third resistance at $2141.05 and then the fourth resistance at $ 2189.54. The CHOP index indicates that the energy has been used up and is slowly starting to rebound. The MACD indicator remains in a downtrend. On the other hand, on the RSI we could see a rebound and we see that we are staying below the lower limit of the range, which may indicate a temporary sideways trend and moments of rest.
by cryptodailyuk
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price is staying above the local uptrend line. Let's start by drawing a support line in a situation where the correction will deepen, the first support in the near future is TSE:1942 , if the support is broken then the next support is HKEX:1915 , HKEX:1895 and $1871. Now let's move on to the resistance line, as you can see the first resistance is TWSE:2029 , if you manage to break it, the next resistance will be TSE:2072 , TSE:2107 and $2140. Looking at the CHOP indicator, we see that the energy has been used up on the short interval, the MACD confirms the local downtrend, while the RSI shows a strong rebound to the lower end of the range, which can give some rest.
by cryptodailyuk
1
BNB/USDT 4HInterval Resistance and SupportHello everyone, welcome to a review of the BNB chart on a four-hour time frame. With the blue lines we will mark the uptrend channel in which the price is moving. Let's start by marking the support places for the price and we see that we first have support at $337.3, but if the price goes lower, we have another support at $333.8, then at $323.5, then we can see strong drop to around $307.2 Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price has failed to break through the strong resistance zone from $ 345 to $350 at the moment. Next is resistance at $354.4, third resistance at $358.5, and then fourth resistance at $364. The CHOP index indicates that the energy is slowly regaining strength, the MACD indicates a transition to a local downtrend, while the RSI indicates a rebound, but in this situation we are still in the upper part of the range.
by cryptodailyuk
BTC Analysis of the current correctionHello everyone, I invite you to every Monday's cryptocurrency review. Let's start by checking the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will use blue lines to mark the local uptrend channel in which the BTC price is moving. At this point, it is worth looking at the EMA Cross 10 and 30, which confirm the return to the local downtrend, but on the volume, which also indicates a definite advantage of sellers, we can observe that this volume is quite low. Now we can move on to marking support areas in case of deepening of the current correction. And here we see that the price is just before the support at $ 29359, then we have the second support at $ 28850, then there is a strong support zone from $ 28314 to $ 27570, if the zone is broken the next support is at $ 26635. Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. The first resistance is at $ 29696, then we will mark the resistance zone from $ 29947 to $ 30660 when it is broken, and the next resistance is at $ 31045. Further we can see an increase to around $ 32117. Please pay attention to the CHOP index which indicates that the energy has been used in the current correction, the MACD indicator confirms the ongoing local downtrend, while the RSI has a strong rebound, which may indicate that the current correction will start to slow down.
by cryptodailyuk
2