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BTC daily chart 20 october 2023COINBASE:BTCUSD is performing a rally based on the bitcoin-ETF fake news, passing the 200MA en 50MA line. There was even a positive retest of the 200MA line indicating that this could now act as support. All in all BTC is looking quite bullish. Even though BTC is looking bullish at the moment, we are not out of the woods yet. The next hurdle for BTC to pass is the 31k resistance line. If BTC isn't able to cross this line, it will form a head-and-shoulders or triple-top formation, both of which are bearish. If BTC isn't able to pass 31K we could see a correction towards the neckline around 25K (and if this breaks even further down towards 20K). On the weekly chart we might detect a bearish divergence when looking at the RSI-indicator. While BTC is making similar highs around 30-31K, the RSI indicator is showing lower highs which could indicate a bearish divergence. What's your take on the recent BTC rally? Is it sustainable or will it result in a bearish formation?
COINBASE:BTCUSD
by Bullissimo
#EURAUD H&S pattern confirmationHello, traders. I hope you all had a great week. Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern. One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame. The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction. Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
Long
by mohemati
4
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NYSE:SCHWLong
by DEXWireNews
Cashing In on Gold: Time to Go Short on XAUUSDHello everyone! We are currently eyeing a potential short opportunity on XAU/USD Here's why: Fresh Supply Zone: We've identified a fresh supply zone that has recently been tested. This area often presents a strong resistance level, making it a favorable point for a short position. Fibonacci Level 50%: The 50% Fibonacci retracement level aligns with our target zone, adding confluence to our trade setup. Fibonacci levels are widely watched by traders and can act as key support or resistance areas. Nominated Order Block: The presence of a nominated order block suggests a concentration of orders in the vicinity of our target level. This can act as a significant obstacle for price movement, making it a compelling area to consider for a short trade. Keep a close eye on this XAU/USD setup, and be ready to execute your trading strategy when the conditions align. Remember to manage your risk and implement proper risk management techniques to protect your capital. Happy trading!
OANDA:XAUUSDShort
by KarolinaKanova