Price is consolidating, price already gave a bullish momentum impression. Wait for break and retest of the resistance zone above and bullish candlestick pattern.
? $DOGE/USDT Market Update Welcome to today's analysis! Let’s break down the current price action on CRYPTOCAP:DOGE and its potential movement. ? Overview: CRYPTOCAP:DOGE Testing Key Resistance & Double Bottom Formation ? CRYPTOCAP:DOGE was in a downtrend, but now it's showing signs of potential reversal, as price has formed a double bottom pattern. ? Current Scenario: CRYPTOCAP:DOGE is testing the red resistance zone, which is a critical level that needs to be broken for further bullish confirmation. If DOGE successfully breaks out, the target will be the blue line level, which was the previous lower low (LL). However, if the price gets rejected, we could see another pullback before another breakout attempt. ? Key Levels to Watch ? Resistance Zone: Red Level (Needs breakout for bullish continuation) ? Target Level: Blue Line (If breakout is successful, price may reach previous LL) ?️ Trade Scenarios ? Bullish Scenario (Breakout Above Red Resistance & Double Bottom Confirmation) If CRYPTOCAP:DOGE breaks and holds above the red resistance zone, this would confirm bullish momentum, with a potential move to the blue target level. The double bottom pattern would also signal a strong reversal if confirmed. ? Bearish Scenario (Rejection at Resistance) If CRYPTOCAP:DOGE fails to break out, the price may pull back, potentially forming a higher low before another breakout attempt. ? Conclusion CRYPTOCAP:DOGE is at a critical resistance zone, testing a double bottom breakout level. A successful breakout would confirm bullish momentum, targeting the blue line level. However, a rejection may lead to a pullback before another attempt.
AAVEUSDT(Aave) Daily timeframe range. consider how recently market dumped its still on its February range. we can see strength of buyers and holders here. now if it can hold 180.12 and stay above it that can push it to recent resistance 261.10.
Another falling wedge pattern has formed on NVDA's hourly chart, with price action contained between two converging downward trendlines. The stock shows a potential bullish reversal setup after testing major support at 109. Volume has been declining during the pattern formation, which is why a falling wedge. Pull back to retest upper trendline. SL at 108 1st target 131
Current Market Overview & Potential Moves Long Wicks: The daily (1D) and weekly (1W) candles are forming long wicks, but these are simply filling previous wicks on their respective timeframes. This means they aren’t valid imbalances that need to be refilled, so they don’t necessarily signal a further downside. CME Gaps: Last weekend’s CME gap was fully closed, while the gap from the prior weekend was partially filled, which is often enough. There’s no technical reason for the price to drop just to complete the fill. With no downside imbalances left to be filled, there’s no immediate reason to expect further declines. The only factor that could still influence a move down is the 1W 50 EMA, which was nearly tested (approx MIL:1K away).
EUR/USD looked bad at last week's close as a strong bid in the USD and tariff worries drove another resistance hit at the 1.0523 level in the pair. But this week has been a far different tone and for today the pair is up more than one percent as a strong breakout has taken-over. The complication at this point is area on the chart, as 1.0611 is a confluent area of Fibonacci levels. I had highlighted this level in this space a couple of EUR/USD setups ago, as that price is the 38.2% retracement of both the 2021-2022 major move, and the 38.2% retracement of the bounce from the 2022 low up to the 2023 high (which, itself, was a 61.8% retracement of the broader 2021-2022 move). This doesn't necessarily mean that the trend is over but it does make for complication if looking to chase the pair higher. So, for traders looking to establish long exposure, one option is waiting for a pullback, and looking to see if support shows at prior resistance. And given the traffic that took place in the 1.0523-1.0533 area, or perhaps even the 1.0500 psychological level, there's a couple of obvious areas to look for that scenario to work through. - js
After testing all time high levels in the ES contract on February 19th, equity markets have seen significant selling pressure which continued today while the precious metals saw a boost higher. One of the volatility drivers traders are seeing is coming from global tariff policies from the U.S. and many other nations adding uncertainty to the strength of these markets. Over the next few weeks, traders will learn more about the implementation of these tariffs and where the equity markets and precious metals may settle. Over the last few weeks, the CME Fed Watch Tool has also shifted, and now is pricing in a 44% chance of a rate cut at the May 7th meeting of 25 basis points, where previous expectations were to see the a pause for the May meeting. This week offers a big slate of economic data as well, including ADP Nonfarm Payroll, Initial Jobless Claims, Unemployment Data, and the Fed Monetary Policy Report. This economic data could have an effect on the Fed’s stance on the economy and their plans for rate cuts moving forward. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/ *CME Group futures are not suitable for all investors and involve the risk of loss. Copyright © 2023 CME Group Inc. **All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported yet another record for its currency trading volumes.
The CEOs of Coinbase and Gemini today said they believe Bitcoin is the only cryptocurrency that meets the standard to be included in a U.S. reserve asset.
“We’re a long way from pants,” Andy Dunn, founder of online fashion retailer Bonobos, told TechCrunch. Now, the former CEO is taking on a completely different challenge: he wants to help people make friends. Dunn’s newest venture, Pie, is a social app focused on bringing people together in real life. With an $11.5 million Series […] © 2024 TechCrunch. All rights reserved. For personal use only.