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Bearish Patterns

Ethereum (ETH) Faces Critical Resistance After Market DownturnMarket Sentiment: Last week started with a sharp downturn across various markets, including cryptocurrencies, leading to some of the most negative sentiment for Ethereum in years. Key Challenge: Ethereum CRYPTOCAP:ETH has broken below the crucial support zone of $2,600-$2,900, which has now turned into a major technical resistance. Closing below this level could allow the bears to maintain their technical edge. Signs of Optimism: Despite the negative sentiment, last Monday's candlestick showed a strong retracement from the October 2023 lows. Ethereum briefly dipped below the downside target of $2,300-$2,400 but quickly rebounded, suggesting this area might have been a temporary bottom. Looking Ahead: For Ethereum to regain bullish momentum, it needs to reclaim and close above the $2,600-$2,900 resistance zone. Until then, the bears still hold a slight advantage, but the recent market reaction offers hope for a potential recovery. Key Levels: Resistance: $2,600 - $2,900 Support: $2,300 - $2,400 #Ethereum #ETH #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Bullish #Rebound #MarketSentiment
COINBASE:ETHUSD
by Richtv_official
Dollar Index: Vulnerable Support Ahead of CPI Inflation Data Ahead of this week’s CPI inflation print, the US Dollar Index has moderately bounced back from support at 102.78. Despite benefiting from additional channel support (taken from the low of 103.65) and the Relative Strength Index (RSI) recently shaking hands with oversold space (< 30.00), bullish resolve from the support has been uninspiring. Lacklustre Rebound from Support The lacklustre reply from support could be due to sentiment favouring bears; since topping at 106.13 in late June, sellers have dominated price action, pushing the unit through the 200-day Simple Moving Average (SMA) at 104.21. Further Downside? Should bulls change gears and extend the pullback from support, resistance at 104.02 calls for attention. This base also shares chart space with channel resistance (extended from the high of 106.13), and the 200-day SMA underlined above. Alternatively, in light of the feeble response from current support and sentiment favouring downside at this point, breaching current support could be on the table this week, with the pendulum swinging in favour of reaching support from 101.78 and 101.01.
TVC:DXYShort
by FPMarkets
Continue To Monitor 5390 For Bulls and BearsWe are currently 1.5 trading days away from our original market top call, but this analysis will cover any new developments. Wave A appeared to have a good 5 wave structure with wave 3 having an extension. Wave B retraced 73% of wave A's movement quicker than expected. Wave C has most likely completed at least the first two waves and possibly as much as 4 waves. Wave 2 retraced around 64% of wave 1 and as wave 3 is currently marked, it extended 304% of wave 1. I have marked wave 3 based on my wave 3 indicator at the bottom. The shorter arrow pointing down depicts a wave 3 of 3 and the larger arrow depicts the end of a wave 3. The gap in the blue painted backgrounds at the bottom is the distinguishing feature of two separate wave 3s being signaled instead of just one wave 3. The retracement off of the signaled wave 3 was very quick although it was a 20% retracement and quite possibly the end of wave 4. If these four waves have concluded, wave 5 and the market could top as early as Friday. I will walkthrough the levels on the far right first to determine a possible top. The furthest right values are retracements from the original market top from mid-July. If the index moves back to the all-time high, it would have retraced 100%. A common retracement could be between 38.2%-61.8%. The next column left of this is the movement extension of C from wave A which topped at 5336.20. Basically, wave C should finish somewhere above 5336.20 which the index has now surpassed and therefore is capable of topping at any time. The next leftmost column are movement extensions from wave 3's movement inside of wave C. Once again, we are already above wave 3's top (5333.70) and capable of ending at any time. I try to find common levels among these three columns and monitor the index as it approaches. A 50% retracement of the macro wave 1 would occur at 5387.30, while an extension of wave A would of 123.6% is at 5393.31, coincides with a 138.2% extension of wave 3 at 5392.57. This very tight zone is certainly one to monitor for a top and it is not far away at the time of this analysis. I try to make similar identifications in other symbols to get a better read of the S&P500 index. Japan is moving the same, although it is unclear if they have completed wave 3 of C yet. They will most likely see more movement as their trading day gets in full swing during the overnight hours for North America. They may continue the momentum observed from America's Thursday session. Without marking their completed wave 3 with certainty, their area of commonality is between 37705-37782. JP Morgan Chase makes things more interesting because it is not clear if we are still in macro wave 1 or macro wave 2. The case for macro wave 1 has it in a micro wave 3 of C albeit in wave 4 of macro wave 1 here: If this holds true, the S&P 500 may not be in the correct place. If JPM is actually inline with the current wave structure as the index, waves 4 and 5 were very abbreviated based on the location of the wave 3 of 3 signals from early August. This alignment would slightly alter the retracement lines to the far right as seen here: The area of commonality is around 211.30 which is almost too much of a movement over the next 1-2 days for this stock. Amazon appears to fall inline with the theory of ending macro wave 2 soon. It has a target area around 170.5-171.32 and another much higher at 175.52-176.35. Based on the lack of obvious agreement, it is difficult to determine where the market is. I will continue to monitor the initial theory that the market topped in mid-July and has completed a five wave structure down and is about to finish a three wave structure up in the coming days. If the levels pointed out here are significantly surpassed, the market could continue upward to new all-time highs once again. Another downward reversal on or before Monday likely points to a new index low between 4100-4700 within the next month.
OANDA:SPX500USDShort
by StockSignaler
GBPUSD: Dovish BoE and Strong DollarHey Traders, Today, we’re focusing on GBP/USD for a potential selling opportunity around the 1.27600 zone. The pair is currently in a downtrend and is undergoing a correction phase, approaching this critical support and resistance area. The British Pound faces significant pressure due to a dovish stance from the Bank of England, which has signaled a more cautious approach to monetary policy. This dovish outlook, combined with ongoing economic challenges and recession risks in the UK, is weakening the GBP. On the other hand, the US Dollar is strengthening, driven by the current recession risk USD is considered a safe haven. This combination of factors supports the likelihood of further declines in GBP/USD as it approaches the 1.27600 zone. We should watch for bearish signals at this level for a potential selling opportunity.
Short
by JoeChampion
4
DOT - Price hit accumulation zone #DOT/USDT #Analysis Description --------------------------------------------------------------- + DOT price has hit accumulation zone and currently trading inside the accumulation zone. + Price is expect to trade in this range for upcoming weeks. + A clear breakout from this accumulation zone is essential for the trend reversal. + A breakout from the accumulation zone will push the price higher eventually result in a bullish trend. + Let's wait for the breakout before entering the trade. --------------------------------------------------------------- Enhance, Trade, Grow --------------------------------------------------------------- Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
Long
by VectorAlgo