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How to find the right price SUPPORTS and RESISTANCESPrice breakout happens! Now what? As we all know supports and resistances are the key levels where the price stops, turns or does some floating before making the next big move. Usually, the challenge is to find the right ones where those kind of events will happen. You can see clearly from the graph that there are some key indications to take into consideration and so you can find the relevant ones: - Previous highs/lows - Fibonacci levels - Highest volumes As we all know previous resistance becomes the next support. btw: What would you say the next short term BTC support and resistance are? Follow me and click like if you would like to see more educational posts like this. You can find some of them in the links to related ideas bellow this post. I will proceed with educational material if I happen to find that it has enough interest from the crowd. Take care and hope you can make more educated guesses with the help of great technical analysis. "Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime."
KRAKEN:BTCUSDEducation
by Samoto
3
BTC Update! Tether news but supports continue to hold!Chart a few days ago really unchanged other than one exception. I was watching for daily chart to hold key support being down at $4945 and yesterday we saw a significant dump bringing price down to $4963. Anyone with SL's just under prior support are still safely within their position. Anyone looking to bottom fish had orders placed just above support and should have gotten nice fills with some solid 5-6% follow through last night. RSI finally cooling off on the daily chart as well here. The red flags when strictly looking at chart to me was loss of the 12 EMA on daily chart (as mentioned last chart, it was holding as support for nearly a month now). But we can't solely look at charts 100% of the time. This dump yesterday was to do with tether and Bitfinex and a lawsuit coming from New York. All in all, market reacted violently, supports for BTC were maintained by $18 and now we are watching to see if this bounce can play out in the bulls favor to climb back to new highs or if the bears will reload and start the lower lows process on the daily chart (which daily chart has not seen since early February). I personally remain all cash and did not attempt to bottom fish anything as it happened so quickly and I was not aware until about an hour or two after the drop began. So will patiently watch daily and really hourly and 4 hour BTC charts to see if those can return higher lows and higher highs to give an indication that the bears are temporarily done dropping price. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
Bitcoin Analysis v1.0 - Possible Drop From Weekly StochRSI CrossBitcoin on the weekly timeframe appears to be tightening within two moving averages, 20MA as the resistance and the 200MA as the support. Bitcoin may attempt to test the 20MA (purple line) again in the near future, but moving above it would be very unlikely as the Stoch-RSI is currently overbought and is setting up for a cross, not to mention, the $4200 region has shown significant resistance from previous encounters. From this perspective, we can assume that bullish price action maybe coming to an end in the coming days and a decently strong sell-off may occur. By looking at the previous cross of the weekly Stoch-RSI at this level, we can see that the price had a drop of 40% within 6 weeks time, this could become a possible scenario in the near future as the $2500 level has shown to be a significant support/resistance from previous encounters. If you are currently in Bitcoin, I would suggest retaining a portion of your holdings, but discontinue any further purchasing unless a break above the $4200 region occurs and with very strong volume. Levels to watch (Coming Weeks): $3150 - Previous Bottom, but risky zone to rely on $2500 - 40% Drop Region, previously a strong support/resistance zone $1250 to 1750 - Unlikely scenario, but possible if strong selloff occurs Notes: My current strategy would be to wait for confirmation in the following weeks. If the price does move according to the analysis, I would buy in 50% around the $2500 region for a bounce, and then watch for any significant movements before purchasing/selling any further.
COINBASE:BTCUSDShort
by TezosNetwork
Possible SupportsWe are currently testing a few supports. First is the support set by the trend of growth on average for the past 12-14 months. This support is around 6900-6950. Second is the support set by the trend from a pre-December run up, followed by the bounce off this 5900 price all the way back up to 12,500 which brings us to where we are now. I'm currently investing under the assumption that we will see a repeat of this behavior, but also saving some dry powder for the possibility that we go lower at which point I'll have to seriously consider another buy in as low as $3000.
COINBASE:BTCUSDLong
by neosavvy
ETHUSD Perspective And Levels: 241 Break Signals Buying.ETHUSD Update: 241 Pivot resistance taken out in one day. This price action tells me that real buying has returned and that the possibility of trending back up into the 300s or higher has returned. The 241 Level is the .382 of the recent bear swing. Even though price has retraced off this resistance, the fact that it was still compromised signals that the general selling pressure has lessened significantly. In my previous analysis, I wrote that I was long term neutral because of the 160 break, but now that 241 has been taken out, my outlook is bullish again. This does not mean I am buying at the highs of this swing though. Positioning with attractive risk/reward requires a ton of patience especially in wild markets such as this one. In order for me to buy into this for a swing trade long, there are two support areas I will be watching for. 211 which is the .382 of the current upswing, and the 183 to 163 area which is related to the .618 of the current upswing as well. For me, price needs to retrace into one of these areas and then show reversal signals which can come in many forms (on an hourly time frame). Double bottom and higher low are my favorites, but a reversal candlestick on a larger time frame like a hammer, harami, or engulfing can also be appropriate (4 hour). Determining risk will be a function of which area shows the reversal pattern. If the reversal shows up around 211, I do not have much structure to work with at the moment, but the 200 level should provide some psychological support and I consider that as my reference for a stop. Upside target at this point is a 241 retest, and then I want to see if I hold some into new highs. If the long signal appears in the 183 area, then 160 will be my point of reference for a stop. This is just a general idea of what I am thinking, my trade may be completely different depending on the market information at the time. Also for those of you not familiar with the fundamental catalyst behind this move, this is what happened: The UASF is not going to happen because BTC miners came to a consensus regarding the software they are using to process the transactions on the blockchain. This removes all the uncertainty plaguing the market since the "8/1" drama. Which also goes to show, the BTC community has the ability to engineer market conditions just like the Federal Reserve. Call me a conspiracy theorist, but that's the feeling I get (and I don't trade on feelings). Just wanted to share. In summary, the 241 break is a signal that serious buyers are back to support this market. The key to good entry is waiting for the next retracement and measuring risk from there. IF this market declines back below the 163 level again, it will cancel this bullish scenario. In this market, anything is possible and the best we can do is measure what we have at the moment, compare it to what just happened recently, and anticipate the future based on that information. I will be watching for reversals at the support levels mentioned above. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
11
ETHUSD Closest bounce up support levels.Based on Dow Theory analysis and my own studying of how the bottoms are formed AND the sentiment of the r/ethtrader community (which is by far the easiest way to gauge sentiment of the majority of ETH userbase) I believe that we are nearing another local (or global) bottom, and I expect the price to shoot up at least $80+ upwards from one of these levels (they are based on Fibbonacci extension (blue dotted lines) of the latest major price move and the previous relatively strong supports in the past (green lines). Also, do not forget about the usual round numbers supports like 150, 125. Good luck and huge profits! I myself will close my short at 173.21 and open a small long and also have set up limit buy orders above all those support levels indicated in this idea. For those of you who have no position currently I'd not advise to open a short, as it's too late. Also, I will recommend all those who have a long to close that long ASAP. To those who will try to TIME the bottom in real time, I'd advise to set up limit buy orders at these levels ahead, because the market is very violent and volatile at the strong bottoms, it will be almost impossible to manually market order time to bottom.
BITFINEX:ETHUSD
by profghibli
ETHUSD Levels And Perspective: Consolidation Into Support Zone.ETHUSD Update: 207 resistance that I reported yesterday clearly held and selling momentum ensued. Bears are still in control for the moment. And with the additional price structure in place, there is more information to consider. Overall, this market is consolidating which is noted by the converging trend lines. No surprise since there is a ton of uncertainty going into these next two weeks. A thread on Reddit explained the "User Activated Soft Fork" (UASF) which I thought was supposed to happen on 8/1 (BIP 148) is actually happening on 7/23, along with some other confusing details (I don't even know if this information is reliable). This is a perfect example why fundamentals are NOT good for short term trading. What this information does tell me is how confused and uncertain these markets are which is in line with the ongoing consolidation (technicals don't lie). This also tells me not to hold anything into those dates and to let the market work itself out. So from here I will consider day trade opportunities, or plan to exit any possible swing trades before the 23rd. (Unless I can find more reliable information). Since the selling momentum continued off of 207, there is a new minor overhead resistance in the 203 area that also needs to be compromised before I can start looking to buy. These levels can be used for day trade targets or shorts if you are so inclined. Also at the moment, price is at the 193 level which was a previous resistance (inversion) and has acted as a support previously. This level and the 180 to 190 range just below (which relates to a .618 Fib retracement of the broader structure) still serve as a location for bullish reversals. I prefer chart pattern reversals on this time frame like the examples that appear to the left of the chart (see double bottom). I would like to see one of these appear at the current level or in the range below. That is the first step, then I need to see a break of 207 which will signal buying momentum has returned, and finally I will be evaluating the subsequent retrace for a trade entry. That is my plan in a nutshell. 180, 169 and 160 are my reference points for a stop, but I cannot evaluate risk until my setup appears. In summary, the major trend is still bullish according to price structure, but all these markets are caught in a mud pit of uncertainty. During these consolidations, projecting relevant support and resistance levels is very helpful because they highlight where to expect reversals, and how to navigate a broad range bound market. Since there is no trade setup, my goal for these evaluations is to provide some clarity and perspective. Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
16
ETHUSD: Major Support Within Reach.ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be compromised. And to signal that the major bullish trend is likely to continue, the 284 resistance needs to be taken out. Unless these scenarios take place, I expect prices to drift lower, POSSIBLY to the low 200s before there are any signs of stability. (Inversion and bounce on 6/26 see chart). The way I intend to trade this is to first wait for a break above 245, and then look to buy the next pull back. Keep in mind this scenario may never play out, but at the moment that is what I would like to see in order to buy into this market for a swing trade. In order for the major bullish trend to become questionable, price needs to push below 160. I DON'T KNOW if that will happen, but if it does, it will point to further selling in the long run and would prevent me from swing trading this market from the long side. Remember as a price action trader, my goal is to WAIT for elements to align in order to stack PROBABILITIES in my favor, not make absolute predictions. As the market offers new information, I adjust. Feel free to ask any questions.
BITFINEX:ETHUSD
by MarcPMarkets
15
SPX: Momentum Bearish, Nearby Supports, But Big Picture Bullish?SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent upward swing that began on 5/18. Since this market has found buyers in this area, they may appear again which would indicate minor price stability in the near term. In order to see a return of some serious upside momentum, a break of the 2425 resistance would have to materialize. Until that resistance is taken out, prices are likely to drift lower. How much lower you ask? 2396 is the next major support area, followed by the low 2380s. A break below the 2380 to 70 area will signal a possible medium term consolidation, which can take prices into the lower 2300s. The key level to watch for is the 2309 to 2300 area. This is major trend support and a break below this would signal that the major bullish trend would no longer be intact, but we are a long way from that level. Until then any bearish momentum is just a healthy pullback no matter what the mainstream financial media soap opera says. I will be watching for prices to stabilize around the low 2400s to high 2390s and perhaps a continuation of the major trend from there. Summertime trading is typically characterized by low volume, and unless earnings can provide some catalysts, this price action is relatively normal. To summarize, near term momentum is bearish, we may see the low 2400s to 2390s, but a break above 2425 will signal that buyers are back and the bullish trend is likely to continue. If 2309 breaks, then the major bullish trend becomes questionable. Questions, comments welcome.
TVC:SPX
by MarcPMarkets
EURGBP Medium term support for bullish positionThe EURGBP has just respected a very old and solid looking support level (label A). This level has been respected four or five times since July 2016. This level suggests buying positions. The upper descending trend line (label B) suggests resistance points. Using those levels as entry and exit points with a stop loss just below the lower extended support line (A), suggests a trade with a Risk:Reward of 4:1 Further to this the RSI is suggesting oversold levels and has been relatively accurate combined with the level and trend support and resistance.
Long
by Quadricolor