Bitcoin fell and bounced off on our take profit zone of $47,000 and broke out of the wedge structure. There has been a loose in the buying momentum and we can rejection at around $55,000 after a sharp strike last night. Prepare for a sell back to the previous lows. The whole market bias is still in short structure and market will change direction after the retrace.
Gold is retracing to 1750 zone and since it broke out of the double bottom structure we can clearly identify more purchasing power influence in the yellow metal.
Earlier last week I posted an analysis on the sell of the most famous coin and we can see that the trades fall into our ideal and now since the structure looks short we bring you another analysis confirming the selling off of bitcoin.
We saw gold falling out as we had indicated in our previous illustration, there is a minor short term down trend retracement structure forming. Our previous illustration for a swing short position but we decided to bring the view out for the intraday traders.
Gold price formed a clear resistance around 1755 and since it moved lower to 1680 to form a double bottom support, the return to the resistance has lost momentum and we are identifying a possible selling power at our previous resistance zone. Gold will range for some days and the structure will determine whether its an accumulation or a supply zone for the yellow...
Gold went down to the all times last year lows and support at 1680. There was a reversal pattern at that level which indicates that the commodity has got the investors attention. Both short and long term bias are showing high buying powers into the commodity hence the market is taking onto a bullish run.
Price action patterns always repeats itself, as a pure price action trader i have spotted the same descending triangle.We wait for the breakout as seen in the first triangle and we go short.
Since buyers took their profits around 1438.54 gold revered and hit 1398.78. Yesterday buyers try to drive the market back up but failed with the selling pressure still taking control. Price bounced off the previous breakout and we see a formation of a descending triangle.
