Bitcoin 61548 correction cycle ends Bitcoin 61548 correction cycle ends
And it reaches a price that must start a new cycle of climbing or correction
It has a target of 65623 to 65952 in 1 and 4 hours.
On the other hand, there is another target in the daily time of 53498
We have to see what will happen, whether we have a bullish candle or a correction
My opinion is more on the upside, after the upper target is hit, the correction should start
On the other hand, we have a daily target of 88,500, although this is weaker than the rest of the targets, but it cannot be ignored.
You have to see what they do
Economic Cycles
Potential trade setup on GBPUSDWe are looking at a short trade on GBPUSD based on the stretch strategy. There is direction alignment with this trade, though the trend is still uptrend phase 2. Trade has taken out the lower stretch. We will exit the trade once range has been achieved.
Trader Order Details:
GBPUSD(Short)
E - 1.3082
SL - 1.3095
T - 1.3024
We will be tracking this move and updating the post as we go along on the charts and on video. Keep a look out for it traders.
Anticipate A Short Term Rally On The Dollar Before The Sell-OffPairs are developing as anticipated and still holding GBPJPY LONG after a near miss of my stop loss order. I'm anticipating a rally on the dollar heading into Wednesday's trading session as price has now broken out of the range but I do see the rally as a liquidity grab within the 1D Order Block before we sell off as part of a larger correction post the bullish NFP rally.
With this in mind, my bias for Wednesday's trading sessions are as follows:
1. EURUSD - SHORT
2. AUDUSD - SHORT
3. GBPJPY - LONG
4. USDJPY - LONG
Be conservative with your take profit levels as you'll potentially be trading an inducement before the primary distribution for the week.
Tell me your opinion about xrpBe sure to tell me your opinion before reading🧐
Before anything, let's check the cycles. I'll start from hwc. As you can see, we are at the bottom of hwc. There is no special process, so we'll go to mdc.
mdc, the trend is clearly downward, and we don't have a trend in lwc, we made a box on the floor of hwc
Well, we have two scenarios, and I think the second one is more likely 👌
The first scenario
ascending
In lwc, there is a good support area at the bottom of hwc, and we are making an accumulation box, and it will be confirmed when we can break the 0.5216 support. We have to set a bigger stop loss, because our mdc is downward, our target range is also shown in the picture.😶🌫️
The second scenario I know is more likely
fall
As soon as it sees the mdc going down, we can place a smaller stop loss. The redistribution is confirmed by breaking the 0.5216 support. There is a possibility that we will break badly. We also set our target to the downward trend line🫡
⚠️Do capital managemen⚠️
Elliott Wave View on GDX Favors Pullback Before RallShort Term Elliott Wave View in GDX suggests the zigzag correction should find support towards extreme areas before resume higher to finish the impulse sequence from 5-August, 2024 low. It is showing higher high sequence in daily from September-2022 low and expect short term rally to continue against August-2024 low. Since 5-August, 2024 low, it placed 1 at 39.97 high and 2 correction at 36.22 low as 0.618 Fibonacci retracement. Above 36.22 low, it placed ((i)) of 3 at 36.89 high, ((ii)) at 36.44 low, ((iii)) as extended wave at 40.98 high, ((iv)) at 39.02 low and finally ((v)) as 3 at 42.12 high.
Below 3 high, it favors zigzag correction in 4 against 6-September, 2024 low before resume higher. Below 42.12 high, it favors pullback in ((c)) of 4 started from 40.79 high. It placed ((a)) of 4 at 39.35 low as 5 swing sequence, while placed ((b)) at 40.79 high. Within ((a)), it placed (i) at 41.22 low, (ii) at 41.95 high, (iii) at 39.96 low, (iv) at 40.75 high and (v) as ((a)) at 39.35 high. Below ((b)) high, it placed (i) at 39.12 low and (ii) at 40.19 high. Currently, it favors lower in (iii) and expect short term weakness towards 38.03 or lower levels to finish zigzag before resume higher in 5 as possible diagonal from August-2024 low.
BTC | Cyclical FIBO analysisAlthough I don't completely believe in cyclical analysis on emerging technologies, this overview is interesting.
Everything needed to understand my analysis is directly embed on the chart .
Please, feel free to comment and share your idea! It's always wonderful to have a chat, especially on long term outlooks.
Down Down Baby - BTC Short Term RetracementI'm pretty confident that we will retrace back to mid 40's - Then go on a parabolic run.
This doesn't mean sell your position.
I would stay put and wait for the turbulence to play out. The market will always decide the price action.
***Not financial advice**
Microsoft (MSFT): Decision Point – Will It Hold or Drop?Since our last analysis on Microsoft, not much has changed in terms of price action, as it rose to $469 before getting stuck again at $416. However, there is one major development – Microsoft has formed a new trend channel. We have marked this crucial channel in red and labeled it "Must hold for more upside," emphasizing its importance. A major decision is approaching for $MSFT.
Either Microsoft holds this channel, leading to a surge higher, or it loses this level, which would confirm the bearish head and shoulder pattern. We've maintained a bearish outlook on Microsoft since January 2024, and recent developments seem to support our analysis. For now, we're patiently waiting and letting the market decide.
If Microsoft loses the channel, we could find initial support for wave (A) around $316-306. However, a better buying opportunity for wave II may present itself closer to $220 – though reaching this level will take some time. 🫡
Potential Wyckoff reversal pattern BTCUSDHi everybody.
I want to pick your brain about my swing trade / position trade entry idea on BTC.
Investment thesis:
FUNDAMENTALS:
Long Term: Liquidity expanding + China Stimulus / Raoul Paul GMI concepts.
Time based: End of quarter rally + cycle stage should come with a rally.
TECHNICALS
Weekly: FVG in Support tested several times.
Daily: Daily wicks and Bullish FVG
Hourly: Wyckoff (sort of) strucutre: Sell climax + penetration + BOut Res + retest
RR: 3:1 approx.
Short trade
Sun 28th Sept 24
8.00 pm
LND to NY Session PM
Pair DE30EUR
Entry 19464.5 (0.25%)
Profit level 18936.1 (2.71%)
Stop level 19512.6
RR 10.99
Trade entry reason:
High vol RedK & Vol analysis indicators:
High Volume RedK (Red Candlestick): The presence of a large red candlestick likely indicates strong selling pressure, which suggests bearish momentum in the market.
Volume Analysis indicator: Increased trading volume in conjunction with the red candlestick supports the downward move, making it a solid setup for a sell-side trade.
Target
Support zone 18912.1 to 18935.5
Pre-NFP Analysis - Technicals Align For A Bearish DollarAfter an aggressive appreciation of the dollar, we see the DXY trading within the 1D 1-sided FVG and now within the 1D range EPD. While I'm positioning myself for a sell off, I'd be wear of further appreciation as a result of NFP volatility before the real move takes shape over the course of the month.
While I'm observing multiple scenario's on most pairs, my primary biases are as follows:
EURUSD - SHORT
GBPJPY - SHORT
USDJPY - SHORT
AUDUSD - SHORT (Wildcard)
6j Yen Short SwingsI have been watching the Yen carefully since July. This upswing has provided a healthy reset but current price action represents the tide turning back to the short side which fundamentally supports Japans struggle to maintain currency value. The risk/reward makes sense to me and I'm actively watching for swing shorts with .006700 target. The daily chart is presenting a great entry point as old support now becomes resistance.
I'll post the entry if/when it's made. Timeline is before November (US Elections)