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Breakandretest

Chart Setup On ETHUSDIt looks like we got our bearish retracement from Ethereum as expected. Now the question is how steep will it retrace. We seem to be getting some bullish rejection from the level it's currently testing for the time being. But, if we don't notice a strong bullish candle closure off of this level, we could possibly see another drop to around 2,800 before gaining some buying pressure. We'll have to wait and see which level is more significant. The safe play in my subjective opinion, is the lower level, but we could possibly get our bullish push from the current zone as well. We shall wait and see.
BITSTAMP:ETHUSDLong
by CapitalHillFX
2
Buy Setup on GBPAUDLooking at GbpAud, we could be having a potential buy setup forming. Starting off on the daily timeframe, price has been establishing consistent bullish market structure for quite some time now. If we analyze recent price action, we've had a nice bearish pullback back to this 'pivot point' of interest, which includes a Daily Significant Level and a Non-Horizontal Support Level. Scoping down to the H4 charts, we could see that price is providing us with some bullish rejection for the time being. Although we could start to notice a morning star pattern (bullish candlestick pattern) on the daily timeframe, I'd like to play it safe and wait to see how this daily candle closes before placing buys on anything. If price could keep pushing away from this level by providing buyer strength, I'll look to place some buys in the near future. For now, just waiting to see how it plays out.
Long
by CapitalHillFX
Potential Buy Setup on BTCUSDSwitching to BtcUsd, there's a couple of things to mention technically. The apparent bull run that BTC has been on the last month and a half grew the value of the asset near 67%! Although it's not as much as ETH, these top crypto assets could be potentially proving that these are long-term bull markets. Definitely something to consider. Looking at the recent price action, there are a couple of scenarios I believe could play out with BTC. Considering I missed the bullish push away from the Significant Daily Level a couple of days ago, a potential opportunity for price to retrace back to the level and wait for bullish rejection is possible. If price doesn't retrace back to this level, I believe we will most likely break the next Significant Daily Level of interest. If we could have a bullish break and retest of this predefined level, I'll be monitoring price action to identify bullish rejection before pulling the trigger on short-term buys. Regardless, I'm overall bullish on this asset.
BITSTAMP:BTCUSDLong
by CapitalHillFX
Potential Setup on ETHUSDLooking at EthUsd, there's quite a lot to unpack on the technical side of things. First, this crypto has been on a crazy bull run the last month and a half. The value has gone up 123% in the last month and a half!:exploding_head: Crazy! With this being said, I don't believe this bullish market structure could sustain itself at the volume it's been portraying recently. Not only does the chart look slightly overbought in my subjective opinion, we are also approaching a Potential Resistance Level of interest. Although I am long-term bullish on Ethereum, I wouldn't be too quick to blindly buy this asset yet. My intuition is telling me that we may get some selling pressure around the Potential Resistance Level, and possibly retrace back to the "Pivot Point" that I've identified on the chart. This Pivot Point includes a Significant Daily Level, as well as a Non-Horizontal Support Level that could potentially find the liquidity to drive the price for another bullish rally. I'm not looking to sell in a bull market, but I am waiting for price to make some type of retracement for an opportunity to capitalize on the bullish trend continuation. So for now, I'm just patiently waiting for a bearish pullback.
COINBASE:ETHUSDLong
by CapitalHillFX
1
Important Decision on EURJPYEurJpy seems to be at a price point that seems neutral in my opinion. Considering price has been bearishly retracing on the daily chart, there could still be some selling steam for the future. But looking at the short-term, it seems that the buyers have been in control. A major level that could dictate the sentiment of this pair is the Daily Significant Level that we've recently approached. I'll be waiting to see if price has a bullish break and retest of this level, which in that case would trigger buy setups. But in the event of strong bearish rejection at this current level, we could predict a bearish rally towards the downside. The next couple of candle closures will be very important for this pair. Just patience and discipline for now.
by CapitalHillFX
Potential Buy Setup on CADCHFOn CadChf, price has been channeling through a bearish channel for quite some time now. Within this channel, price action has created a Daily Significant Level that price has just recently approached. Considering we've experienced significant bullish rejection off of the Non-Horizontal Support Level and are continuing to create bullish market structure, I'll be looking to capture a bullish rally in the near future. I believe that if price manages to break and retest the current level its at right now, I'll monitor rejection off of the level before placing a buy order to target a potential movement towards the upside. Let's see if we could get some more buyers in play🙌🏼
Long
by CapitalHillFX
NFP Event on AudUsdLooking at AudUsd, the sentiment of the pair has contextually changed over the last couple of days. With its bullish push to possibly break market structure, we could be seeing more bulls come into play. An interesting news release that could cause a bullish or bearish breakout for this pair is the NFP event tomorrow afternoon. This should cause a high volatility movement in one direction that usually sets the underlying tone for the pair. I will reassess the pair after the even tomorrow afternoon.
by CapitalHillFX
Sell Setup on GBPJPYLooking at GbpJpy, price has been establishing a bearish downtrend channel ever since we've come up to the long-term Weekly Resistance Level. Within this downtrend channel, price has now found itself approaching a Significant Daily Level and Non-Horizontal Resistance Level. This pivot point could be a catalyst to drive price towards the downside. For confirmation, I'll be waiting for a strong bearish H4 candle closure before verifying that any seller sensitivity is present around this area. If there is, sell orders will be viable.
Short
by CapitalHillFX
1
Sell Opportunity on GBPAUDLooking at EurAud on the daily chart, price is exhibiting a steep bearish retracement after a strong bullish rally towards the upside. I believe that more bearish movement will follow until enough liquidity is found for buyers to drive the price towards up! For the time being, price could possibly drop towards the Non-Horizontal Support Level that is identified. On the H4 charts, we could notice that price has just recently broken a Significant Daily Level. If price could come back and retest this level as resistance and reject away with a strong bearish H4 candle closure, we could see a continuation towards the downside. Just waiting for the retest, then a confirmation candle to prove seller sensitivity.
Short
by CapitalHillFX
Sell Setup on NZDUSDLooking at NzdUsd, we could be seeing a potential sell setup forming. Price has been creating relatively downtrend structure ever since we've ran into the long term Non-Horizontal Resistance Level. Throughout this "choppy" downtrend structure that price action has been creating, there's an interesting pivot point that could potentially drive price towards the downside. This pivot point is comprised of a Significant Horizontal Daily Level and a Non-Horizontal Daily Level. I'll be waiting for price to exhibit strong bearish rejection away from this area before placing any sell orders.
Short
by CapitalHillFX
Potential Sell Opportunity on CADJPY CadJpy is beginning to form an interesting sell setup if it's able to break the current Significant Daily Level that it's testing for now. We could see that market structure has been strongly bullish until it reached the Weekly Resistance Level. Once price came to this zone, structure is beginning to switch from bullish to bearish. If price manages to have a bearish break past the Significant Daily Level and come back to retest with significant bearish rejection, I'll be looking for potential sell orders.
Short
by CapitalHillFX
Sell Opportunity on AUDJPY On AudJpy, I'm looking for the same type of deal that we're looking for on AudUsd. Price has retraced back to a Significant Horizontal Level, and now I'm just waiting for proper bearish rejection. This pair may be a little trickier because the Daily Level is not as defined as the other AUD pair. With this being said, it could be possible that price may overextend into or past the Horizontal Level before displaying proper bearish rejection. I'll have to be very disciplined on this one, and make sure that price is CLEARLY rejecting away from the level before placing any sell orders. And just to clarify what clear bearish rejection is in my subjective opinion, a strong bearish candle closure on the H4 chart. Stay patient👌
Short
by CapitalHillFX
Buy Opportunity on USDCADOn UsdCad, a potential buy setup could be forming. On the daily timeframe, it could be identified that buyers seem to be taking over this pair for the time being. I'll be attempting to ride the bullish wave while it's trending. On the smaller timeframes, we could notice that price had a strong bullish rally towards the upside followed by a huge selloff that brought price back where it initially was before the bullish rally. If we could pullback towards the pivot point that includes a Daily Significant Level & a Non-Horizontal Level, I'll be looking for bullish rejection before placing buys on this pair.
Long
by CapitalHillFX
Sell Opportunity on EURJPY Looking at EurJpy, we could identify a sell setup beginning to develop. Starting on the daily timeframe, price has been in a steady bearish retracement for quite some time now. Until the buyers show that they are taking over, I will continue to ride this bearish retracement. On the lower timeframes, we could notice that price has cracked below a Daily Significant Level and failed to push towards the downside. We then snapped back above the level very briefly before cracking back below and testing for the time being. If price could show a strong bearish H4 candle closure off of this level, it would identify selling pressure around this area and downside potential for the future. Just waiting to see how the next couple of candles close before pulling the trigger.
Short
by CapitalHillFX