Get started

Breakout

BTC: RETESTING AFTER THE BREAKOUT!!Hey everyone! If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated! Welcome to this quick BTC update. Bitcoin (BTC) is currently testing the support level of the symmetrical triangle it recently attempted to break out of. Here's what we're watching: Retest of Triangle: If BTC holds the support level of the triangle, it could indicate another attempt at a breakout. $60k Resistance: A clean break and close above the GETTEX:59K -$60k resistance level would be a bullish signal, potentially leading to a price increase towards $62k. Impact of CPI Data (Today): The release of the Consumer Price Index (CPI) data today could influence market sentiment and potentially impact BTC's price. Possible Scenarios: A higher-than-expected CPI reading could indicate rising inflation and lead to a risk-off sentiment, potentially causing BTC's price to drop. A lower-than-expected CPI reading could be seen as positive news, potentially boosting risk appetite and leading to a rise in BTC's price. Looking Ahead: The outcome of the retest and the CPI data release might favor bulls, and we might see a good pump up to the $62k level. What are your thoughts on BTC's current price action? What are you watching from the CPI data? Share your analysis in the comments below!
Long
by CoreCrypto1
STX Daily Analysis: Anticipating a Breakout📅 Let's dive into today's analysis in the crypto market. Today's coin is STX, one of the coins that gave significant returns during Bitcoin's surge from 16k to 73k. We won't analyze Bitcoin today since I will provide a complete analysis of Bitcoin tomorrow. 🔍 Analysis of STX Project Overview STX is a layer-2 solution for Bitcoin, similar to other layer-2 solutions, it increases network speed and reduces transaction fees. Additionally, STX provides infrastructure on the Bitcoin network for building decentralized applications (DAPPs). Many well-known DAPP projects use this platform and protocol for their infrastructure. 🎲 Chart Analysis The analysis is conducted in the daily time frame. As you can see, STX had a powerful upward trend and, after reaching the resistance of 3.686 and concurrently with Bitcoin reaching its peak of 73k, it started to retrace. This retracement has been marked by a curved trendline and a trendline from the price bottom, leading the price down to the 1.316 area. 🧩 Key Support Level The support level at 1.316 is quite strong. It is significant not only from a price action perspective but also because it coincides with the 0.5 Fibonacci level, adding to its importance. 📊 Volume Analysis During the last upward wave from 1.316 to 3.686, the volume of green candles began to decrease, indicating a weakening trend that was visible on the chart. After this, and during the correction phase down to 1.316, the volume continued to decrease, suggesting that traders did not engage in buying within the range of 1.316 to 3.686. This indicates that the resistance at 3.686 is not very strong, and the price is likely to test this area again. 🧲 Trendlines and Breakout Scenarios The trendlines that have brought the price down from 3.686 to 1.316 are nearing their end. The price will soon break either the upper or lower trendline. If the curved trendline is broken and its trigger is activated, the price could rise back to the 3.686 peak with a significant influx of buying volume. Conversely, if the trendline from the price bottom is broken, there are two potential scenarios: If selling volume enters the market and Bitcoin loses its 55k support, we can expect a strong bearish momentum. Breaking the 33.44 support on the RSI can confirm this momentum entering the market. If the trendline is broken but Bitcoin maintains its support and selling volume does not enter the market, we might see the bearish trend exhaust, and the price could move back above the 1.316 support level. 💥 Bitcoin's Influence The reason Bitcoin's support and resistance are crucial for this coin's movement is that STX is a layer-2 solution for Bitcoin. Layer-2 projects generally have a high correlation with their primary projects. Additionally, with Bitcoin's dominance at 54%, Bitcoin naturally influences all altcoins, especially one that serves as a layer-2 solution for Bitcoin. 🛒 Buying Strategy in Spot The safest trigger for buying this coin in the spot market is 3.686, which is the all-time high (ATH) for this coin. If the price stabilizes above this level, it could move towards new targets. However, this trigger is 130% away from the current market price, which is quite a distance. Until the price reaches 3.686, there are other triggers that, upon stabilizing above these levels, the price could move upwards. Naturally, these triggers are riskier than 3.686, and the probability of hitting a stop loss is higher. The first trigger is 1.801, which is the peak of the Low Wave Cycle (LWC). Since the price is in a High Wave Cycle (HWC) uptrend, you can consider entering in the LWC. The next trigger for buying is 2.422, which is the MWC resistance. After breaking and stabilizing above this area, we can move towards the 3.686 peak. 📝 Conclusion STX, a layer-2 solution for Bitcoin, is currently at a critical support level of 1.316, which is significant both in price action and Fibonacci terms. With decreasing volume indicating a potential test of the 3.686 resistance level again, traders should watch for key breakouts and Bitcoin's influence on the market. Considering the triggers and support levels mentioned, strategic entries can be made with proper risk management. 🧠💼 Always remember that trading futures involves inherent risks, and improper risk management can lead to margin calls. Stick to your capital management principles and use stop-loss orders, aiming for an initial risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please like and share this analysis. Feel free to leave your comments or suggest a coin you'd like me to analyze next.
Long
by itsparham96
1
USDCAD 1D Analysis: Anticipating a Breakout📅 Let's dive into today's analysis. We'll be focusing on the USDCAD pair in the 1D time frame. ⌛️ Long-term Range Box In the 1D time frame, we observe a large, long-term range box that spans 664 days. This box has experienced a complete High Wave Cycle (HWC) range, which is confirmed by the flat SMA99, indicating minimal slope and nearly flat movement over a long period. ♟ Key Levels Range Box Bottom: 1.31434 Range Box Top: 1.38725 Breaking either of these lines will likely initiate a new trend for the HWC. Medium Wave Cycle (MWC) Support: 1.35973 MWC Resistance: 1.37805 🪤 Momentum Indicators As discussed in yesterday’s analysis, momentum oscillators like RSI are less effective in range-bound markets. In this case, although the RSI broke the 43.14 support, the market did not gain bearish momentum because of the ranging condition. This exemplifies why RSI should not be heavily relied upon in such scenarios. 📉 Bearish Scenario If a candle closes below the 1.35973 area, we can expect the price to move towards the bottom of the range box at 1.31434. This support is crucial and could push the price back to the top of the range. 📈 Bullish Scenario Conversely, if the price breaks above 1.37805, it may move towards the top of the box at 1.38725. However, this move is less likely due to the weakness observed in the green candles, indicating weaker buyer strength. 🔍 Candle Analysis Examining the candles shows that reaching the top of the range box takes significant time, with small green candles. Conversely, reaching the bottom of the box from the top happens quickly with strong red candles. Given the weak green candles in the latest upward move that didn't even reach the top of the box, the likelihood of a downward breakout is higher. 🎯 Target Levels In case of a downward breakout, switching to the weekly time frame helps identify important levels: First Target: 1.30183 (0.5 Fibonacci level) Second Target: 1.27624 Third Target: 1.22926 (a very significant support for this pair) 📝 Conclusion The USDCAD pair is currently trading within a long-term range, showing weak buyer momentum and stronger bearish tendencies. A breakout from this range, particularly to the downside, seems more probable given the current market conditions. Traders should watch key levels closely for confirmation and be ready to act accordingly once a breakout occurs. 🧠💼 Always remember that trading futures involves inherent risks, and improper risk management can lead to margin calls. Stick to your capital management principles and use stop-loss orders, aiming for an initial risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please like and share this analysis. Feel free to leave your comments or suggest a pair you'd like me to analyze next.
Short
by itsparham96
1
EUR/USD: Awaiting a Breakout from the Symmetrical Triangle📅 Let's dive into today's analysis. We'll be focusing on the EUR/USD pair in the daily time frame. 🧲 Symmetrical Triangle Formation In the daily time frame for EUR/USD, we can observe a symmetrical triangle pattern. Currently, the price is in the last third of this triangle, indicating that the best course of action is to hold off on trading this pair until one of the dynamic lines is broken. 🎲 Moving Averages The moving averages are not particularly useful for analysis right now. As you can see, the SMA99 has flattened out, indicating a lack of momentum in the market. 🪤 Momentum Oscillators Given the lack of momentum, there's no reason to use momentum oscillators like the RSI. These oscillators are only useful in markets with momentum, so checking the RSI would just provide unnecessary data. 🧩 Breakout Scenarios If the descending trendline is broken and the price stabilizes above this area, we can expect the price to move up to the 1.11056 resistance level. The trigger for this scenario to be activated is at 1.09066. ⚡️ If the 1.09066 trigger is not activated, we need to wait for a new structure to form and draw new triggers on the chart accordingly. If the ascending trendline is broken, the trigger for this scenario is 1.06774. The next support level is very close to the price, at 1.06057, which aligns with the 0.382 Fibonacci level in the weekly time frame, forming a crucial area. 📉 Downside Targets If the price declines, the final target I see is 1.04225, which corresponds to the 0.5 Fibonacci level on the weekly chart. However, there is also a significant support zone between 1.04225 and 1.05007, where substantial demand is likely to enter the market, making it difficult to break through easily. ⌛️ Apex Point of the Triangle The converging lines of the triangle always intersect at a point called the apex. From a timing perspective, this is an interesting point. Although it's not always exact, we can expect a potential structural change around November 29. This change could be a continuation of the trend, a reversal, or the end of the current trend. Typically, something significant happens around this time. 🎈 Range-Bound Market Scenario If the price ignores the trendlines and starts ranging, the triggers at 1.09066 and 1.06774 can still be relevant. However, a ranging market will likely create a new structure and provide new triggers accordingly. 📝 Conclusion The EUR/USD pair is currently trading within a symmetrical triangle, indicating indecision and low momentum in the market. The moving averages and momentum oscillators provide little insight due to the flat market. Traders should wait for a breakout from this triangle to confirm the next direction of price movement. Whether the breakout is to the upside or downside, it will set the stage for subsequent trading opportunities. Patience is key until clear signals emerge from this consolidation pattern. 🧠💼 Always remember that trading futures involves inherent risks, and improper risk management can lead to margin calls. Stick to your capital management principles and use stop-loss orders, aiming for an initial risk-to-reward ratio of 2. 🫶 If you found this analysis helpful and want to support me, please like and share this analysis. Feel free to leave your comments or suggest a coin you'd like me to analyze next.
by itsparham96
1