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Trend Line Break

GOLD → Consolidation ahead of NFP. Rise to 2328 or fall to 2250?FX:XAUUSD decreases volatility, smoothly moving into a consolidation phase before the publication of NFP. The market structure is bearish and the overall fundamentals are negative. What should we wait for? Today is quite a busy news day, but all attention is focused on NFP. The gold market is locally bearish and set for further decline. Breakout of 2295 and price consolidation below this area will form a bearish potential. But on the news background anything can happen, like a shakeout to 2328 before a further fall to 2250, or an attempt to break the trend resistance.... Resistance levels: 2305, 2328, 2346 Support levels: 2295, 2280, 2267 Technically and fundamentally the market is weak and ready to conquer the lower liquidity zones, but there is news ahead. It is impossible to determine the movement in advance, but based on the general data, there is a probability to see the continuation of the decline. Regards R. Linda!
FX:XAUUSDShort
by RLinda
3
GOLD → The bears are selling off all the growth. 2250 ahead?FX:XAUUSD is forming a range of 2328 - 2295. The market sold off all the excitement formed on the background of Powell's comments yesterday. A bearish market structure is forming on D1. The area of 2328 is keeping the price down and plays the role of a strong key resistance. The bears (sellers) are quite strong and continue to gain momentum. The price is testing the range support. There is a possibility of support breakout with the subsequent decline, but for this there should be either technical or fundamental reasons. There may be a pullback before the news. Ahead of Initial Jobless Claims, traders are waiting for a negative scenario against the dollar, if the data is below 212K, the gold may continue its decline, if the IJC is above 212K, the gold will head towards 2328. Resistance levels: 2305, 2328 Support levels: 2295, 2280, 2267 The market is bearish, the correction is ongoing and gaining momentum. The market maker aims to go down to liquidity zones. But ahead of Initial Jobless Claims and tomorrow NonFarm Payrolls. Regards R. Linda!
FX:XAUUSDShort
by RLinda
2
NZDUSD → Bears prospects. Continued decline from resistance FX:NZDUSD reaches the previously outlined target. The trend remains and has a bearish direction, the structure of which is preserved and the direction of price movement can be continued. A retest of 0.5940 is formed on the background of yesterday's news and a slight weakening of the dollar index. The currency pair is strengthening within the downtrend, correction is being formed. Consolidation of the price below 0.5940 may form a potential reversal point with a further target of 0.585 or 0.58. But, there is a probability that on the background of increased volatility the price may reach the trend resistance. But, the prospects are the same. Resistance levels: 0.5940, 0.5983, 0.6000 Support levels: 0.5874, 0.585, 0.580 Technically and fundamentally we have a bearish outlook. The currency pair may continue its decline, but before that the market may test the resistance Regards R. Linda!
Short
by RLinda
1
GBPUSD → Waiting for a decline to 1.2300FX:GBPUSD may continue its medium-term decline based on the fundamental background. Traders are waiting for Powell's comments on interest rates. The market is on hold and is set for a negative scenario. Globally, the currency pair is in a stupor and is in a sideways movement without any clear prospects, trading in a global range between 1.28 - 1.22. On H4 a resistance retest is forming, there are no prerequisites for resistance breakout. Against the backdrop of the strengthening of the dollar index, the pound sterling is losing ground and declining. This decline may continue towards the lower boundary of the trend. Resistance levels: 1.252, 1.257 Support levels: 1.2422, 1.2300 Technically, we have a bearish trend and weak fundamental background for the currency pair, which generally determines the medium-term prospects for us. We are waiting for a decline to 1.2300 Regards R. Linda!
Short
by RLinda
3
Bitcoin (BTC) Price Analysis: Preparing for the Bearish AbyssIn this technical forecast, we delve into the darker recesses of Bitcoin's potential price journey. We observe a concerning configuration on the BTCUSD chart where the currency is currently grappling with critical support levels. Current Dynamics: The price has recently retracted from a peak, teasing the possibility of a significant downtrend. A descending channel formation can be seen, indicating a tightening bearish grip on the market momentum. Worst Case Trajectory: Should the price break below the sturdy support zone, indicated by the green rectangle, we may see an accelerated drop. The price could tumble toward the lower boundary of the channel, a line that has historically acted as a gravitational pull during bearish trends. Key Levels to Watch: Immediate support resides within the green rectangle zone. If this fails, the descent could be sharp and unforgiving. Further support is hypothesized by the extended yellow trend lines, outlining a worst case range that could spell distress for bulls. Projected Pathways: The worst case scenario envisions a stark descent, followed by a period of consolidation below the current support. A relief rally might attempt to reclaim lost ground, but the overarching trajectory remains bleak in this hypothesis. Conclusion: While we must tread with caution, preparing for a bearish eventuality is prudent. Investors and traders should brace for volatility and consider the historical behavior of the market during similar patterns. Vigilance is key as we watch for potential support breaches that could confirm this grim forecast.
BYBIT:BTCUSD.PShort
by Oak_the_trader
2
Where does the Bitcoin downtrend continue to?Hello dear friends, I hope you're doing well. Before delving into Solana and Bitcoin analysis, let me reiterate two important points for newcomers and myself: 1. If you haven't profited from market dips or experienced severe liquidation, take a few days off from the market. 2. Avoid entering the market for revenge, as emotional decisions could lead to further losses. As you can see, Bitcoin experienced an 18% drop from the $73,600 ceiling and reached a support level of $60,000. The question arises: Is the $60,000 range an attractive zone for market makers or major players? My answer is a resounding no, for several reasons. As I've mentioned before, the $60,000 range serves more as a psychological barrier than a significant support level. Market makers reinforce this range so you can comfortably take long positions at $20k, $40k, or $80k without worry, or even go full margin long. In my opinion, the $60,000 range is the biggest bull trap that market makers have set for us. Within less than a week before the halving, the $60,000 range has been strongly supported, but 8 to 10 days later, CZ's criminal sentencing area awaits us. Considering the current dominance of Tether and the breakdown of the rising wedge bearish pattern, we could look to open short positions in the $64,500 to 68,000$ range. The likelihood of this scenario playing out is very high. ------------- Here are the potential scenarios for Tether's dominance: 1. A move of 4.7%, breaking the resistance at 5% and reaching the 5.85 range, which is the channel's midpoint. 2. A correction to the 4.5 to 4.36% range to complete the upward pullback, followed by a move towards the 5.85 range, which is the channel's midpoint. Therefore, we conclude that Tether's dominance is very bullish. It's likely that the $60,000 support range will be broken, and the price will drop to $45,000 (the 5.85 USDT.D range). ------------- The Elliott Wave count I conducted in the previous analysis on the RSI indicator is nearing completion. Wave A has been completed. ------------- I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
by Sadegh_Sh
10
GOLD → Correction continues, possible target 2250FX:XAUUSD continues to decline within the framework of corrective movement. Sellers are providing strong resistance and at the moment are not ready to let the price go above the key zones. GOLD → The bulls continue to fight back. Consolidation Earlier gold showed signs of strengthening, which in general the market evaluated positively and was ready to wait for the achievement of high targets, but as I said earlier it is not worth waiting for growth now. The market is interested in reaching the lower liquidity zones as well as in liquidation of traders in order to balance the market. On the background of consolidating dollar the price of gold is decreasing. The market is waiting for Powell's speech, who will give comments on interest rates. Traders lay in the situation the fact that Powell may give a tough comment on the current situation and leave the rate at the same level. Support levels: 2305, 2267 Resistance levels: 2328, 2344 Technically the correction continues. This correction is formed on the basis of both fundamental and technical reasons. This week is quite busy and it is worth paying attention to the news, which can determine the medium-term perspective. Regards R. Linda!
FX:XAUUSDShort
by RLinda
5
NZDUSD → Correction to MA-200. The fall may continue FX:NZDUSD bounces and strengthens towards MA-200 and resistance of the current trend on H1 against the backdrop of the dollar index correction. On D1 the medium-term outlook is clear. There are no prerequisites for the change of the global trend and most likely the fall after the resistance retest may continue. The dollar also at the moment does not give signs of reversal and fall, respectively, the bearish medium-term outlook for the currency pair NZDUSD is still relevant. Resistance levels: MA-200, Channel Resistance, 0.6000. Support levels: 0.5940, 0.5875 The global trend coincides with the local trend and has a bearish direction. On H1 a correction is forming, which may be over soon, after which we should wait for a decline to 0.5875. Regards R. Linda!
Short
by RLinda
2
GOLD → The bulls continue to fight back. Consolidation FX:XAUUSD is in consolidation after the beginning of correction on the background of profit-taking and also strong sell-offs. Technically, the price does not show hints to leave the descending channel in one direction or another, but there are preconditions that indicate that the gold may strengthen to the resistance of the correction channel before further falling. The fall may resume amid the beginning of the strengthening of the dollar index. Within the range and channel, it is worth using the range trading strategy and false breakout or bounce principles. Resistance levels: 2344, 2365 Support levels: 2328, 2305 The bulls are resisting within the correction, this may strengthen the price to 2350-2360, but in general the correction and price decline may continue as the market is still in a huge imbalance and the price still has not reached the key liquidity areas. Regards R. Linda!
FX:XAUUSDShort
by RLinda
11
USDJPY - The FB didn't work. The price is ready to rise USDJPY is forming a move of the potential from resistance to support relative to 150.884. Which indicates the presence of a strong bull market. Earlier, the market formed a false breakdown in the moment of harsh statements of Japanese regulators. But, traders are still selling JPY on the background of strong dollar. Scenario: breakout of the resistance area 151.5 - 151.9, which will form an impulse with further growth. Target 152.5, 153, 155
Long
by AndeWave
1
GOLD → Correction before the news. A range is forming FX:XAUUSD on the background of dollar correction is strengthening to the resistance of the bearish channel, which was formed on the background of sell-offs. Ahead of strong news, on the background of which the price may reach the liquidity zone before further decline. On the high timeframe, a false breakdown of support is formed, liquidity gathering and after consolidation the price is heading towards the liquidity above. In general, the correction phase is not over yet. A sideways range may form within the price movement, but there is a high probability that the price on the background of CPI news will reach the channel resistance and form a bounce down. The global trend is bullish, the local trend is bearish. Fundamental background is neutral (for the moment). Resistance levels: 2344, 2359, 2365 Support levels: 2328, 2305 Buyers and sellers are dividing the price field between them. As gold stops and stabilizes, the price starts to pay attention to the dollar and the news. CPI is ahead which could increase volatility. Regards R. Linda!
FX:XAUUSDShort
by RLinda
12
GBPUSD → Global bearish trend resistance retest FX:GBPUSD is forming a counter-trend correction phase, pound sterling strengthens amid weakening dollar index. On D1, the price is approaching a strong resistance and liquidity area, which has multiple confirmations, indicating that this area is important for traders. The correction may be over in the area of the nearest strong level and there is a high probability that the bearish trend in GBPUSD may continue. Resistance levels: 1.2518, 1.2570 Support levels: 1.2422, 1.2300 On the global chart earlier the currency pair broke the bullish trend structure, on D1 the trend is still bearish and the price is heading towards the channel resistance, from which the decline may resume. Regards R. Linda!
Short
by RLinda
3
GOLD → Bulls and bears still can't split the 2300 areaFX:XAUUSD is forming a sideways range and continues to test a strong resistance area. Bulls and bears continue to fight and still cannot share a strong area. Possible shake-up. Gold is in the active phase of the correction, which started as early as last Friday and we were ready for it. The price is already down 5.7% from the high and most likely this is not the limit. A descending price channel starts to appear on H1, which generally determines the medium-term outlook for us. Below the zone of 2330 a range is formed with the purpose of accumulation of potential. At the same time the price is testing resistance and there may be a shakeout or price entry into deeper liquidity areas with the purpose of further decline. Resistance levels: 2330, 2355, 2365 Support levels: 2305, 2290, 2267 The liquidity area on the resistance side may be tested with the aim of further decline, as the market is currently in a downward correction phase. Regards R. Linda!
FX:XAUUSDShort
by RLinda
5
EURJPY → Buyer strength will lead to a continuation of the trendFX:EURJPY is in an uptrend phase. Regarding what is happening on the chart, we can assume that the bullish trend will continue in the medium term. The market is redeeming the strong drop that happened at the end of 2023 on the fundamental background in a few months. The Japanese Yen is weakening strongly on the back of weak regulation by the Central Bank of Japan. There is a high probability that the mentioned resistance will be broken in order to further strengthen the trend. Resistance levels: 164.9, 165.4 Support levels: MA-50, 163.9 The ascending triangle demonstrates the buying power in the market, the fundamental background confirms it. A break of the triangle resistance will be a trigger to buy. Regards R. Linda!
Long
by RLinda
8
CADJPY → Pending a breakout of resistance. Target 114? OANDA:CADJPY on the background of global weakening of the yen forms a pre-breakdown setup against 112.26. The currency pair is preparing to strengthen. On D1 the general trend is obvious. Buyers are not going to give up and continue to press the strong limit resistance at 112.26, formed by sellers. The trend is bullish and it may continue. Fundamentally, the Japanese Yen has no positive prospects at the moment. There is a clear potential for further trend continuation on the chart due to price compression to the resistance and formation of pre-breakdown consolidation. Resistance levels: 112.26 Support levels: MA-50, 111.0 Technically as on H1, H4 and D1 everything is roughly clear. We have a high chance that the market will try to continue breaking the resistance with the purpose of its breakout. Consolidation of the price above the resistance will be a good starting point to 114.0. Regards R. Linda!
Long
by RLinda
3