GBP/JPY’s extended fall last week suggests that rise from 188.07 has already completed at 198.84. Initial bias stays on the downside this week for 188.07 support. Firm break there will argue that corrective pattern from 180.00 has finished too, and larger decline from 208.09 might be ready to resume. On the upside, above 194.76 minor resistance will turn intraday bias neutral first.
Hopefully this is an easy to understand prediction of whats really going on - We have a H+S with the neck more or less around our current support at 91-92k. Market has been very dissonant and so formation of the left shoulder, the tops, all seem funny looking but as you can see the overall price action averages out to the lines drawn. The cup is even more of an approximation than the H+S, but if you try to fit it well the end of the cup usually always ends around 102-104k. Right now we are riding up the right shoulder and the top which I haven't spent too much time trying to figure out could maybe be anywhere from 97.7k to a little over 99k. The net money flow from now until the tip of the shoulder might really determine if the price will break low enough below the neckline to take us below 91k. If you don't want to see under 91K, I might suggest to avoid buying above 96k under all circumstances, unless it can break 102 with enough momentum to probably break 104k as well. Probably unlikely in the next few days. On the way down from the right shoulder if the price makes a strong rebound around the 93kish level with strong volume and also holds for at least a couple days it could be a bullish signal that the 91k support is moving up. Below 92k again would make me pretty bearish. If our runup right now doesnt take us back above 96k and instead stops and reverses from 96k, this setup is most likely invalidated and reversal at 96 might mean sideways consolidation between 91-98k for a while longer or perhaps something much more bearish. If you've contemplated such a scenario please do leave a comment or link below.
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11-Jan. closed as a neutral day, no up nor down but there is a very interesting signal coming from this chart. Yesterday's volume was the highest since early November on a daily basis. Similar volume in early November led to an advance from $67,000 toward $108,000. This volume can be read as all sellers being consumed. Say there was much selling but all this selling was bought. Rather than buyers showing up to remove resistance by injecting money into the market, buyers showed up with a support-wall. That is, setting a buy-order at a certain price in order to get the best possible entry. This is huge. This means that somebody, some whales are loading. If whales are loading... We already know what comes next. This signal works as confirmation. With that said, there can still be swings and even lower but the bigger picture is up. Since prices have not been pushed higher, these buyers would welcome lower prices as they are thinking of long-term growth. ➖ ADAUSDT has three days green. ➖ XRPUSDT produced a bullish breakout after a higher low. These are two of the main pairs we are tracking and these moved first on the last bu-wave. The fact that these are bullish now, reveals the rest of the market will do the same. It is all good, even taking short-term swings into account, we are going up next. Notice, the market continues to be sideways and this was predicted many months ago... This pattern is likely to continue for at least another month. It is normal, after a strong advance, consolidation is needed before a new one. As Bitcoin and the bigger projects recharge for the biggest bullish cycle in the history of Crypto, many of the smaller projects will move ahead. These smaller projects will start to grow strong in a matter of days. After this initial breakout, the action will start to switch from one group to the next, just like November 2024. Right now we are in a position similar to September and October 2024, before a massive bullish run. Patience is all that it is required for winning trades and long-term success. Buy and hold; take it easy... Let the market take care of the rest. I will be here signaling the top just as I signaled the bottom. Thanks a lot for your support. To get these updates, make sure to follow. Namaste.
https://www.tradingview.com/x/MXTgZvYy/ Here is my latest structure analysis & important support and resistance levels for EURUSD ???? for next week. Consider these structures for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
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Relatively safe ways to gain exposure to leveraged plays in the form of mining companies. Many established miners are way too unbelievably low with current metals prices. Here we look at the technical perspective on why I am bullish on these cyclical mining stocks and why they could yield outstanding returns - which is to say now may be the time to scale in before they catch up to precious metals prices. FSM ASM SBSW
Scoping out this possibitly of a swing for the week if Price action permits Looking for Profile to develop where Mon/Tues will probably be the highs of the week with CPI data coming on Wednesday. Documenting here but will be looking for daytrades following this behavior, have to see how Mon/Tue start out.
Looks like could go up. But the open gap says down too. Could be one just to watch for entertainment.