The red circles show where ETHUSD support has historically been weak. ETH has been sold off at each of those red circles. Today Dec 20 2024, ETHUSD is around the same price. After another sell off, I see a re-entry point for a long position. I have marked this buy zone with the green rectangle.
Entry Zone: The current price is near your entry zone, which aligns with the marked region (around 23,631.35). Stop Loss (SL): Your stop-loss level is set at 23,509.60, slightly below the recent low. This placement is logical as it provides room for minor fluctuations while protecting against further downside. Target Levels: Target 1: 23,785.25 – This is a conservative and achievable level, slightly above recent resistance. Target 2: 23,867.30 – A reasonable next target, aligned with stronger resistance. Target 3: 23,934.80 – This is a more ambitious level, closer to previous highs. Risk-to-Reward Ratio: Based on the marked green (reward) and red (risk) zones, your setup seems to have a favorable risk-to-reward ratio. Ensure that this aligns with your trading strategy.
The market is currently testing the current Weekly Support area. Based on Daily TF, there is a hammer candle close. On the 4HR TF, the market seems to be forming a possible reversal pattern. We could see BUYERS coming in strong should the current level hold. Disclaimer: Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account. High-Risk Warning Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
Performance Recap (Previous Analysis from 10/8/2023): • Entry: 27,948 • Targets Achieved: o 63k (+127.81%) o 96k (+244.56%) • High Reached: 108k https://www.tradingview.com/chart/BTCUSD/33pCzwmO-BTCUSD-10-8-2023/ ________________________________________ BTC/USD Daily Chart Analysis Technical Analysis (Current Scenario): Chart Patterns: • Cup and Handle Formation: o Confirmed breakout signals bullish continuation. o Long-term uptrend reinforced. Indicators: • Golden Cross: The 50-day EMA has crossed above the 200-day EMA, signaling a bullish trend. • MACD: Firmly in bullish territory, confirming positive momentum. • Hammer Candlestick: Closed at support (around 92K), indicating potential reversal and entry point. Support and Resistance Levels: • Support: o 92K (key level tested multiple times). o 50-day EMA (current level). • Resistance: o None until the 310k target based on the Cup and Handle projection. ________________________________________ Target Analysis: • Cup and Handle Target: o Measured distance from the cup's bottom to its neckline. o Projected Target: 310k. • Timeline: o Historical reference to 2013–2017 suggests a 6–8 month timeline with minor pullbacks for additional entry opportunities. ________________________________________ Trade Setup: • Entry: 97,703.80 • Stop-Loss: 69,092.64 (-29.28%) • Target 1: 310k (+217.29%, 7.42 RR ratio). • Target 2: Use a trailing stop based on the 20-day EMA if price exceeds 310k Summary: BTC/USD has surged from 27K to 108k since the last analysis, forming a textbook Cup and Handle pattern, which has now broken out, confirming a bullish reversal and signaling a continuation of the long-term uptrend. Key indicators, including a Golden Cross between the 50-day and 200-day EMAs and a bullish MACD, support this momentum. Currently, BTC is bouncing around the 92K support level and holding above the 50-day EMA, which also acts as a support. The appearance of a Hammer candlestick at this level further solidifies the bullish case and sets the stage for a new long position. The measured move for the Cup and Handle pattern projects a target of 310k. Drawing from historical price behavior, this uptrend could unfold over the next 6–8 months, with minor pullbacks offering additional entry opportunities. This setup presents a strong technical case for continued upside, with a clear structure, supportive indicators, and a high-probability target.
The symmetrical triangle is identified by two trendlines: a descending upper trendline connecting lower highs and an ascending lower trendline connecting higher lows. These trendlines converge toward a single point, known as the apex. The breakout typically occurs before the pattern reaches the apex, often between 50% and 75% of the way through the triangle's formation. The expected price movement after the breakout is estimated by measuring the triangle's height at its widest point and projecting this distance in the direction of the breakout. The symmetrical triangle pattern is a powerful tool for traders. When combined with thorough analysis and risk management, it offers valuable insights into potential breakout points and price targets.
After the Trump Pump delivered massive gains on a lot of coins since election day, it's not surprising to see some huge retracements. In fact the vast majority of ALTS have given back more than 40% with many in the 50% - 60% range. That capitulation means opportunities are coming. The question is whether or not we will get a legit Alt Season or if the Trump Pump was it. Due to institutional demand and the ever changing dynamics in the crypto market we may not see BTC.D fall to the 40% - 45% levels, but failure to reclaim the 60% range after a rejection from the trend line may be an indication that we could get another crack at a legit Alt Season. Keeping an eye on BTC.D and a select group of Alts to see how things develop from here.
Analysis: GBP/JPY shows potential for an upward move based on harmonic patterns and Fibonacci levels on the daily chart. The current trend is retracing higher after finding support at 188.088 and testing resistance around **197.302**. Entry Setup: - Wait for a pullback to the 195.333 - 197.302 zone (61.8% and 78.6% Fibonacci retracement levels). - Look for bullish candlestick patterns like pin bars or engulfing candles to confirm entry. Profit Targets: TP1: 202.065 (78.6% Fibonacci resistance). TP2: 203.000 (1.272 Fibonacci extension). TP3: 207.056 (1.618 Fibonacci extension) for medium-term potential. Stop Loss: - Conservative: Below 195.333. - Aggressive: Below 188.088 for stronger protection in case of failed breakout. Conclusion: This strategy leverages pullbacks for entry in strong support zones, with layered profit targets and tight stop losses. Focus on confirming signals before entering to minimize risk and maximize profit potential by the end of 2024.
Observe this chart. You will note how powerful weekly supply and demand zones can be. Strong buying came in in the green box (demand). Strong selling arrived in the red box (supply). These are some of my favorite strategies for my most preferred setups which are multi-week/month. I would not be surprised to see a test back into the demand zone on this diltuted stock. Bitcoin bulls are simply buying the ETF and better proxies these days including MSTR, HOOD, COIN, and IBIT.
Currently believed that dxy is or has started a wave 5 impulse to new highs. I believe that this will cause corrections across stock and crypto markets, potentially for next two years. Bitcoin may have toped, I, a, looking for a pull back to low 70 this next 12months being a A wave on a large scale corrections, with a push up before failure and settling around 40k regions before a few impulse out to 180k. I will monitor for sideways accumulation around 45-40k. This is my current bearish plan 21.12.2024
This chart highlights a parabolic uptrend in IBIT, with price making a significant move from consolidation to new highs. The chart includes pivot levels (S1, R1, R2), dark pool levels, moving averages (8 EMA and 21 EMA), and volume, all of which help in understanding the current price action and predicting potential moves. Key Observations: 1. Trend Structure: The chart shows a strong uptrend supported by the 8 EMA and 21 EMA. A breakout above the 61.99 resistance (R1) occurred recently, but price has since pulled back slightly, consolidating near 56.10, which aligns with a dark pool level. 2. Support and Resistance: Resistance Levels: 61.99 (R1): The key breakout level, which price is currently retesting as resistance. 68.77 (R2): The next significant resistance and a long-term target for bulls. Support Levels: 56.10: A dark pool level and immediate support zone. 53.00: Key short-term support near the 21 EMA. 47.30 (S1): A deeper support level in case of a larger pullback. 3. Volume Analysis: A high volume breakout occurred recently, suggesting strong interest from institutions or retail traders. However, recent volume bars are slightly lower, indicating that the bullish momentum is consolidating. This could lead to either a continuation higher or a pullback to support. 4. Moving Averages: The 8 EMA is currently acting as immediate dynamic support, while the 21 EMA (~53.00) provides a secondary layer of support. As long as the price remains above these moving averages, the uptrend remains intact. Trade Setup: Scenario 1: Bullish Continuation Trigger: A breakout above 61.99 (R1) on high volume would confirm bullish continuation. Profit Targets: 68.77 (R2): The next major resistance level. 70-75: A potential extension zone in a strong parabolic move. Stop-Loss: Below 56.10, as a break below this level would signal a loss of bullish momentum. Scenario 2: Pullback to Support Trigger: If price fails to break above 61.99 and pulls back, look for buying opportunities near: 56.10 (dark pool level): Immediate support. 53.00 (21 EMA): A stronger support level for a bounce. Profit Targets: 61.99: Retest of the breakout level. 68.77 (R2): Higher target if the trend resumes. Stop-Loss: Below 52, as this would indicate a breakdown below the key EMAs. Scenario 3: Bearish Breakdown Trigger: A strong close below 53.00 with high volume would signal bearish momentum. Profit Targets: 47.30 (S1): First major pivot support. 41.00-43.00: A retest of previous consolidation levels. Stop-Loss: Above 56.10, as a reclaim of this level would invalidate the bearish thesis. Final Thoughts: Short-Term Outlook: Consolidation near 56.10 suggests the potential for either a breakout above 61.99 or a pullback to key support zones. Long-Term Outlook: The parabolic nature of the trend suggests strong bullish sentiment, with deeper pullbacks offering opportunities to re-enter the trend. Watch volume closely to confirm either a breakout or a breakdown, as institutional activity (dark pool levels) will likely play a significant role.