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Support_and_resistance

SQ - Update - Potential ReversalSQ has been holding a downtrend for quite some time now; with buyers stepping in heading into earnings, we could see a nice bullish reversal coming and a breakout of the downtrend. Square's holding a massive falling wedge on the weekly timeframe, accompanied by some bullish hidden divergence on the RSI, Bollinger bands squeezing, and a huge bullish cypher harmonic pattern. Additionally, an inverse head and shoulders has formed on the 4-Hour timeframe (See Attached Charts Below). Similarly, on the daily timeframe, SQ is within a symmetrical triangle with some bullish hidden divergence on the RSI and a bullish Gartley harmonic pattern. Bullish and will be watching closely for a breakout from this wedge and triangle as buyers continue to step in (broader market conditions & earnings permitting)- Just some support and resistance levels along with some RSI-based supply and demand zones to keep an eye on in the meantime. **See Below for Price Targets, Weekly Timeframe, and Previous Charts** PT1- $73.87 PT2- $78.82 PT3- $81.03 PT4- $86.76+ --Weekly Timeframe-- - Falling Wedge - Bullish Harmonic Formed on the Daily & Weekly Timeframes - Bollinger Bands Squeezing --4-Hour Timeframe-- - Inverse Head and Shoulders - Bullish Hidden Divergence on the RSI
NYSE:SQLong
by jacobosiason7
3
EURUSD DAILY TRADE Hi all As of right now, what I can tell is that there is a whipsaw pattern before the peak, with the highest price being 1.09308 and the lowest being 1.08350. I'm interested in trading at the levels 1.09031 and 1.09308. Before reentering the market, watch for a rejection at the 1.098533 level if the peak is broken. Share your thoughts My trading strategy isn't intended to be used as a signal service. It's a process of gaining knowledge of market structure and improving my trading abilities. Like and subscribe and happy trading to all
Short
by mytw0cents
GBPUSD TRADE IDEAHello traders Waves 3 and 5 from the two preceding cycles both ended with divergence rather than truncation. Therefore, given the current price, we are once again looking for a divergence to occur or for a textbook Elliot wave truncation or a fomc kiss the price and hit all SL to move downward. so share your thoughts My trading strategy isn't intended to be used as a signal service. It's a process of gaining knowledge of market structure and improving my trading abilities. Like and subscribe and happy trading to all
Short
by mytw0cents
LAC - Update - BreakoutHave had my eye on LAC and the lithium sector for quite some time now, and some big news coming this week for LAC while simultaneously setting up for a breakout. LAC is currently holding a massive falling wedge on the daily and weekly timeframes. On top of that, LAC has some slight bullish hidden divergence on the RSI after being way in oversold territory, a double bottom, and MACD golden cross, all accompanied by a bullish cypher harmonic pattern on the daily timeframe (Not Pictured), and lastly some bullish hidden divergence on the RSI on the weekly timeframe. Bullish and will be looking for a breakout from this wedge (Broader Market Conditions Permitting)- Just some support and resistance levels to keep an eye on along with some RSI-based supply and demand zones in the meantime -- Price Targets & Previous Charts Attached In Description - PT1- $20.81 PT2- $21.67 PT3- $22.54 PT4- $23.78 --Weekly Timeframe-- -- Previously Charted--
NYSE:LACLong
by jacobosiason7
7
Bitcoin Market Recap: Bullish Monthly Close and a Range-Bound PABitcoin has witnessed a bullish monthly close after several months of bearish and sideways price action. This doesn’t mean that the 6-month trading range has been lost or that we are trading outside of it. Yesterday, we saw a critical level, the Value Area High of the 6-month range, which acted as initial resistance. Our old daily level of $22,393, which previously served as support, came back into play and provided support once again. The price then moved into the Value Area Low of the current range and has been ranging between the Value Area High and Point of Control ever since. Today, a new daily Naked Point of Control was established at the $23,180 level. Initially acting as resistance, we got Swing Failure Pattern from the monthly level and were accepted back into the level. As of now, the price continues to range within the established boundaries. Tomorrow is an important day for the financial markets with the Federal Open Market Committee (FOMC) interest rate hike meeting and high-tech earnings reports. These upcoming statistics have the potential to impact the value of Bitcoin and other cryptocurrencies. If the monthly level holds and acts as support, we can expect the price to reach the $25,211 level, where our first resistance can be a new daily level of $23,745.5. On the other hand, if the price fails to hold the monthly level, we can anticipate a sell-off with the first support level at $22,287. In the worst-case scenario, if there is no SFP, we expect the price to drop to single prints and reach between the $21,000 - $20,500 level. Tech stocks earning reports can also act as a catalyst for price action, with the following support level expected to be at the $19,000 zone where the Point of Control of the entire range is located. In conclusion, my strategy will be to trade within the established range until a break occurs. I will carefully monitor the price action and market reactions after the FOMC meeting and earnings reports. As we have traded these levels multiple times, they may become weaker, so I will be cautious and avoid setting pre-set orders. I will only trade while keeping an eye on live order flow.
BYBIT:BTCUSD.P
by Pac_Meezy
XAGUSD WEEKLY TRADE IDEAHi trader Silver ends with a low of 17.55 after breaking consolidation at 21.66. There was a lot of liquidity between buyers and sellers between 24.6 and 24.30, and the price is currently close to the 0.764 fibo retracement. so, I intend to sell, with 21.66 as my first target. ratio 1 : 2 Share your thoughts My trading strategy isn't intended to be used as a signal service. It's a process of gaining knowledge of market structure and improving my trading abilities. Like and subscribe and happy trading to all
FOREXCOM:XAGUSD_PER_0.01Short
by mytw0cents
An In-Depth Look at the Dynamic Bitcoin Price Action on January In the world of cryptocurrency trading, today was a highly intriguing day. Our predicted scenario played out beautifully as we saw the bitcoin price drop to the $22,950 level zone where multiple confluences converged. We saw a bearish (CVD) playing out exceptionally well, and then we saw the price push up to the monthly level before getting rejected and falling back within the range. Throughout the day, the price fluctuates within the range between the Value Area High and Point of Control, finally falling below the Value Area Low just before the NY close. Currently, the price is hovering between the Point of Control and Value Area Low, with the weekly Naked Point of Control at $22,860 and the Naked Session Point of Control at $22,480, both being tested. Looking at past price behavior, we can see a similar fractal in the price drop toward the Value Area Low before a sharp increase from the $20,500 zone to the $22,500 zone. The first sign of weakness would be a break below the $22,287 level and its eventual rejection as support. In such a scenario, we can expect the price to drop back to the $20,500 zone. However, the price will only be considered bearish if it falls outside the Value Area High and monthly level. If these levels hold support, we can expect the price to rise to the weekly $24,297 level or even reach the maximum pain scenario for late shorts at $25,211. It's important to note that we are still in the same range, and bitcoin has a history of prolonged periods of range-bound trading. Additionally, the upcoming Federal Reserve interest rate hike meeting on February 1st, 2023, and earnings reports from companies like Apple, Amazon, and Google, will be significant factors in determining the future direction of Bitcoin's price. Keep a close eye on how the stock markets react to these events.
BYBIT:BTCUSD.P
by Pac_Meezy
The Weekend Market: An Analysis of Bitcoin Price MovementsOver the weekend, the bitcoin price experienced another $1000 rise. The bullish sentiment among weekend traders caused the price to break through the monthly level of $23,301 and reach new heights. Currently, the price ranges below the weekly level of $24,297.5 after front-running the weekly naked point of control at $23,970 with a $3 margin. The direction of today's price action will be heavily influenced by the performance of the stock market and the US Dollar Index (DXY). From previous price movements, we can observe that the DXY is showing signs of weakness, while both the S&P 500 Index (SPX) and bitcoin are demonstrating strength. This suggests that we see a continuation of these trends. Based on this analysis, there are three potential scenarios for the future of the bitcoin price. Scenario 1: Bitcoin may experience a dip down to test the monthly and new daily levels at $23,021. At this level, there is a confluence of factors, including the point of control for the entire range, a 0.618 Fibonacci level, and a new daily level. This dip may give the market a sense of acceptance within the current range, trap late shorts, and prompt a continuation of the upward trend. Scenario 2: The price may hover above the monthly level and continue upward, eventually reaching the weekly level of $24,297.5. This would signify a continuation of the current bull trend. Scenario 3: Alternatively, the price may continue to fall because of a failed auction, punishing late longs. The price may also fall back within the current range and continue to range. As a first sign of weakness, we will observe the price spending more time between the point of control and the Value area low of the current range, and if it falls below the 4-hour order block level of $22,287. In this case, we may expect the price to dip and test the daily level of $20,673. If this level does not hold, further downward price action may be expected.
BYBIT:BTCUSD.P
by Pac_Meezy
GBPJPY WEEKLY UPDATE Hi trader The GBPJPY is still moving within the consolidation area between the lowers 155.350 and the high 162.222. The market ended the weekend with a high of 161.802 and a low of 159.587. Therefore, if this price goes up next week, it could break the consolidation and close at 163. My trading strategy isn't intended to be used as a signal service. It's a process of gaining knowledge of market structure and improving my trading abilities. Like and subscribe and happy trading to all
Long
by mytw0cents
Bitcoin on the Edge: Trading in a Tight Range, Will it Break OutAt the time of writing, Bitcoin is still within its current range, bounded by the monthly resistance level of $23,301 and the daily support level of $22,393. We are below the Value area Low (VAL) of the current range and testing the daily support level. For the bearish scenario: we have liquidity and stop losses along with the CME gap around the $20,000 level. It’s a significant psychological level and hard to break, but if we break through this level, we can expect a drop around $18,170-$18,540 which is a 0.66 Fibonacci level from overall lows to the current high. This level previously acted as a strong resistance. For the bullish scenario: if the price manages to break above the $23,301 monthly level, then we can witness another $1,000 rise upwards around the $24,297 weekly level, or if the bullish momentum is strong enough, then we can expect the price to move straight to $25,211 for the swing failure pattern (SFP) or Failed auction (FA) of the last high before a significant sell-off. Conclusion: As of now, we are in the mini range and will trade the range until it breaks. With apparent resistance and support levels, traders can identify entry and exit points to capitalize on the current market conditions.
BYBIT:BTCUSD.P
by Pac_Meezy
Falling Wedge- BullishAfter holding a long downtrend since the beginning of 2022, GOOG is finally looking ready to breakout here as Google is approaching the end of a nice falling wedge, testing the 20-day EMA while also hovering at a weekly low, heading into earnings. Bollinger bands are squeezing (Not Pictured), a bullish shark harmonic pattern, and a MACD golden cross have formed on the daily timeframe. This is accompanied by a massive falling wedge on the weekly timeframe (See Attached Chart Below), along with some bullish hidden divergence on the RSI. Bullish and will be looking for a breakout from this wedge (Broader Market Conditions Permitting)- Just some support and resistance levels to watch along with some RSI-based supply and demand zones to keep an eye on in the meantime - (See Attached PT's &Charts Below) PT1- $91.86 PT2- $92.54 PT3- $96.23 PT4- $96.23+ --Weekly Timeframe--
NASDAQ:GOOGLong
by jacobosiason7
2
Range Bound: Analyzing Key Levels in the Bitcoin MarketYesterday, the Bitcoin market experienced significant volatility; however, Today's activity was relatively subdued as the price of bitcoin fluctuated between $20,646.5 and $21,179.5. This trend persisted throughout the Asia and London trading sessions; BTC struggled to claim the Point of Control of the current range and spent most of the time between $20,650- $20,964. After the NY Open, we saw BTC start grinding upwards, and before the NY close, the price finally reached the level at which I had intended to enter a short trade, allowing me to enter at $21,144.5. Currently, the market remains within the developing range of $21,481 to $20,400, with key levels including the Value Area High at $21,237, the Point of Control at $20,908.5, and the Value Area Low at $20,677. (These numbers can vary slightly based on price action) In terms of future market activity, there are several potential scenarios to consider. Scenario no.1: Point of Control may act as a form of support, allowing the price to continue upward to reach the 0.66 Fibonacci level and the Value Area High, then get accepted into the range and begin to move towards the Value Area Low of the range. My trading strategy would be to enter a short trade, as soon as it appears that the price is being accepted in the Value area High of the range, my TP1 would be the Point of Control, and I would allow the trade to run as I anticipate that price will break through Value area Low and grab the liquidity from $20,000 level. Scenario no.2: Price continues ranging and takes the liquidity below $20,000, fills the CME gap, gets accepted back in the range, and then continues the bull trend. It is worth noting that entering a long trade in this scenario may be challenging, as it can be a continuation of a downtrend on a long-term time frame. To minimize risk, I will be monitoring the price action closely. I will wait for the price to get acceptance within the Value Area Low of the range and at the level of $20,246 before entering a conservative long position. Based on my analysis, there are several key levels to consider before jumping into any trade. On the upward trend, key levels to consider include the 0.618 fib level and an untapped weekly level at $21,827.5. f the price manages to break through this resistance, the following significant levels to watch are the daily level at $22,393, the monthly level at $23,301, and the weekly level at $24,297. On the downward trend, a consolidation area around $18,375-$18,850 may serve as support, as it previously acted as resistance before the breakout. f the price breaks through this zone, it is advisable to look for support at levels between $17,450 - $17,750, as there are several daily Naked Point of Control levels, untapped daily levels, and a 0.66 fib level from the low to the current high. I have set alerts for all these important levels and will approach potential trades with patience, carefully observing market reactions before making any decisions. If the levels do not hold, I will remain patient and look for potential opportunities at the following levels.
BYBIT:BTCUSD.P
by Pac_Meezy
BTC Analysis and Key Levels to WatchBYBIT:BTCUSD.P As traders, we must always start our analysis with higher-term timeframe ranges. Recently, we saw the price break to the upside, and currently, it is testing the value area low of the previous range. The horizontal fib 0.618 from the high to the current low acts as a resistance. If we zoom in on the lower-term time frame, we can see that we are forming a range that started on Friday and continued over the weekend. A fixed range tool gives us significant levels ranging between 20700- 21250, which is almost a 4% range. This should be our main trading idea. Yesterday, we saw a push to the downside, which touched the value area low of the range, a swing failure pattern of the previous low, and followed with a nice buyback. The price started to claim the point of control and daily VWAP, and after some consolidation near VWAP, the price started pushing toward the top of the range, where we got another swing failure. After getting accepted back from the SFP level price continues ranging. However, sooner or later, we all know this range will break to either upside or downside. As a trader, we need levels, both to the upside to back up the bullish scenario and to the downside for the bearish scenario. At this point in time, I expect more upside price action. On the upside, we have the NSPOC (Naked Session Point of Control) level at 21725, the weekly level, the fib level 0.618, and the previous range VAH (Volume area high) level around 21827.5. But if the price breaks to the downside, we have a little consolidation around the 18375-18850 area; we do have VAL of the previous range along with the last support area. So we can expect a reaction here. But if the momentum is strong, then we can expect lower. We have daily naked points of control at $17,725 and $17450, along with 0.618 fib level around $17,550. I will expect some reaction here. In conclusion, it's crucial to constantly keep an eye on critical levels such as Current range volume areas and horizontal fib levels, as they can be important in determining the market's direction. Always have a plan and be prepared for bullish and bearish scenarios. Happy trading!
BYBIT:BTCUSD.P
by Pac_Meezy
Flagging on the 5-YearAAPL is looking quite nice here after reclaiming its 50-Day SMA. AAPL is currently testing the upper trendline of this falling wedge on the daily timeframe, while simultaneously flagging on the weekly timeframe, accompanied by a bullish butterfly harmonic pattern, a MACD golden cross, and a double bottom (See Attached Chart Below). While all signs point to bullish, personally, I would like to see some consolidation prior to scaling into some Feb 2023' Calls to play the run-up to its earnings in January. Nevertheless, AAPL is still looking primed for a breakout on the daily timeframe holding a falling wedge with buyers stepping in as depicted on the RSI along with some bullish hidden divergence. Bullish and will be looking for a breakout from this wedge (Broader Market Conditions Permitting). Just some support and resistance levels to watch along with some RSI-based supply and demand zones to keep an eye on in the meantime- Price Targets & Previous charts are attached below PT1- $152.48 PT2- $154.12 PT3- $156.98 PT4- $160.14+ Weekly Timeframe Previously Charted
NASDAQ:AAPLLong
by jacobosiason7
1
Symmetrical Triangle - Watching closelyWatching LAC and the lithium sector closely here- LAC is currently holding a massive symmetrical triangle on the daily timeframe while holding an even larger falling wedge on the weekly timeframe (See Attached Charts Below). Additionally, LAC is sitting right on its 100-day SMA, which, is has been acting as a strong support level for quite some time. LAC's EMAs are starting to curl upwards as well (Not Pictured), accompanied with a bullish cypher harmonic pattern on the daily timeframe, and lastly some bullish hidden divergence on the RSI on the weekly timeframe. Bullish and will be looking for a breakout from this triangle (Broader Market Conditions Permitting)- Just some support and resistance levels to keep an eye on along with some RSI-based supply and demand zones in the meantime -- Price Targets & Previous Charts Attached In Description - PT1- $27.69 PT2- $28.56 PT3- $29.96 PT4- $31.15 --Weekly Timeframe-- --Previously Charted--
NYSE:LACLong
by jacobosiason7
2
AUDCAD > What Is He best Place for A Buy!!Analysis of #AUDCAD Hi traders, today we will have a look at #AUDCAD The AUDCAD also broke out of its resistance structure level as you can see, and the perfect way of trading now is to look for a trend continuation pattern such as a Flag pattern, or wedge pattern, Triangle pattern, or wait for the market to come and test the previous structure support now becomes a resistance level I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one Thanks for your continued support!
Long
by TheTradersAvenue
22