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BTCUSD Potential Falling Wedge? Bullish short term ?Hello Traders,
Update on BTC, Bullish in the short term time frame ?
We could be forming a falling wedge, which typically is a bullish pattern.
Points to consider
- Overall there is a bull trend on the 240
- Strong support Zone at .382 Fibonacci
- Resistance at .50 Fibonacci with EMA's in conflunce
- Tightening Price action
- Volume noticeably dropping
- Stochs showing upwards momentum
- RSI testing support
BTC can break bullish in the short term if this indeed is a Falling Wedge with a potential target at around $14,222.00, Volume is dropping which is a strong indication that a breakout coming...
What are your thoughts?
Speaking of thoughts, here's some food for thought :)
"Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas
EUR/USD, Daily Chart Analysis 5/281. The currency degradation from the intermediate-term Key Resistance 1.17950 has undoubtedly brought severe intermediate-term bearish implications as currency is approaching Key Support level of 1.15870.
2. The violation of the Key Support will validate further degradation of Euro-Dollar to Currency Dip of 1.14700.
3. Current Bearish/Bullish bias is 90/10
Brent oil - Caution advised over 5-DMA
Brent’s recovery from Friday’s low of $42.49 amid broad based USD sell-off appears a corrective rally and thus caution is advised as prices trade above 5-DMA level of $43.52, especially since the Baker Hughes data released on Friday showed increase in rig count for fifth straight week.
Above 5-DMA, fresh offers could come-in and push prices back to $43 handle. A violation there could yield a drop to 200-DMA level of $42.14.
On the higher side, only a day end closing above $44.93 would suggest a bottom is in place at $42.49. The next move higher then could be capped around $45.88 (July 11 low).
EUR/GBP- more losses below 0.7683Pair's bearish break from head and shoulder formation yesterday followed by a failure to sustain above 0.7683 (38.2% of 0.6981-0.8117) could send the pair lower to 0.7652 (Mar 10 low).
On the higher side, 0.7755 - 0.773 stands as a strong resistance level above which bearish invalidation is seen.
