BNX Breakdown: The Next Trade SetupBNX has recently been testing a key resistance zone around the $1 level. After hitting the 0.618 Fibonacci retracement at $1.10, the market shifted into a downtrend. Let's analyse where our next trade opportunity might arise.
Market Structure & Confluence Zones
$1 to $1.1: BNX encountered robust resistance between $1 and $1.1, where the 0.618 Fib retracement aligns perfectly with the fib speed fan (0.618-0.65). Additionally, the anchored VWAP taken from the high at $1.1 aligns beautifully with the $1 mark, adding another robust layer of resistance. This convergence reinforces the strength of this zone and signals potential continuation of the downtrend.
Recent price action shows that BNX has repeatedly bounced off the 0.618/0.666 levels during small downward corrections.
Moving Averages on the 1-Hour Chart: The 21 EMA/SMA on the 1-hour timeframe is clustering between $0.97 and $1, providing additional confirmation of the resistance and offering an ideal entry region for short trades.
Primary Short Trade Setup
Given the multiple confluences around the resistance zone, our main focus is a short trade with a well-defined laddering strategy:
Entry Strategy (Laddering): Initiate short positions with staggered entries between $0.97 and $1.019. This dollar-cost averaging (DCA) approach allows for flexibility and optimises your entry as price tests the resistance zone.
Stop Loss (SL): Place your stop loss around $1.0375, just above the Point of Control (POC) or the previous high in this range to effectively manage risk.
Target: Aim for a profit target at $0.8. This target is supported by multiple technical indicators.
Risk/Reward Ratio: With these levels, you are looking at an approximate risk/reward ratio of 4:1 or better, depending on your specific DCA weighting.
Confirmation: As always, await confirmation through order flow analysis and the appearance of rejection candles at key levels before entering the trade.
Fibspeedresistance
Bitcoin fib speed resistance fanLooking at bitcoin Bitcoin fib speed resistance fan rates, the withdrawal rate completely coincides with January 2024
MY FIB SPEED RESISTANCE FAN TRADING STRAT : )
Hi! I'm xtekky and this is my tutorial on how to use the Fibonacci speed retracement tool- I used Apple (AAPL) as an example to display the tutorial.
Steps:
(1) Open the fib retracement section on the left bar and select the " Fib Speed Retracement Fan"
(2) According to your trading style, select the timeframe I indicated in the chart - to begin with - you can then choose the timeframe you are most comfortable with.
(2) Define the begin of an uptrend (after last retracement or reversal) and place your first point
(3) Define the end of the uptrend (after last retracement or reversal) and place your second point - if there isn't any recent retracements / reversals, you can take previous ones or the highest
recent value
(4) Define the most relevant percentage (38.2% on this chart) but it may as well be another level - note that fib levels 38.2% and 61.8% are often the most relevant ones
(5) Let the stock / crypto test the level once or twice to make sure it holds, you can of course jump in directly if you are confident.
(6) Take Longs and Shorts in the "Channel"
Advanced:
(7) Use momentum reversals (Squeeze Momentum from @LazyBear is the best indicator for me) to define more precisely when to jump in - note that the price doesn't always trade in the channel, there are some false breakouts and/or the price sometimes reverses a bit further.
(8) Use volume support / resistance zones
(9) Include Imbalances in the prices (If the Crypto/Stock you trade has a high volatility/manipulation rate)
If you want more complex tutorial, you can see a more detailed vid on the Ytb profile linked to this Tradingview account
Disclaimers:
!! This is not an investment advice and you shouldn't use this technique alone !!
!! Never invest/trade with more money than you can afford to loose !!
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That's pretty much it! don't forget to ask or DM if you have any questions!
If you want to follow me on this long journey ahead of us, you can support me by subbing and liking the post !
-Credits to xtekky-
Bitcoin Analyze (Fib Tools & 🛑Signs🛑)!!!Hi, we saw a great bull🐮 rally after the price was able to broke an important resistance line. what will happen next?
Bitcoin Analyze ( BTCUSDT ) Timeframe Daily ⏰
I tried to use some Fib tools for finding the next movement and resistance and support zones on this post. I think that Bitcoin dump again. maybe you are asking why ?! I can see some Signs of Reversal . let's check these Signs .
🛑 Sign 1 : if you pay attention to lines of Fib Speed Resistance Arcs, you can see, when the price touched lines for the first time on a rally, the price has started to reversing from them (🟦 Blue Rectangles 🟦).
now price is close to one of these lines✅
🛑 Sign 2 🛑: Point D of Bearish Gartley Harmonic Pattern will appear around 57260$ & TRZ ✅
🛑 Sign 3 🛑: seems, Bitcoin is running in Ascending Channel from 28800$ until now. Now Bitcoin is near the upper line of our Ascending Channel and resistance lines and Fib channel's line (Fib 100%) == probably Bitcoin will react to these lines ✅
🛑 Sign 4 🛑: we have Divergence (RD-) between Price and MACD until Now✅ 👇https://www.tradingview.website/x/dN925ydm/
🛑 Sign 5 🛑: on-chain date: Global open interest is 10.98 billion USD (a little dangerous), probably exchanges will get up and dump 🧐
Resistance zones & Suppot Zones on Bitcoin's way :
Resistance Zone : 57280$ until 56700$
Support Zone 1 : 47100$ until 45450$
Support Zone 2 : 41340$ until 40530$
My Suggestion : you can follow my Fib tools lines. probably these lines will work and help us👍😉.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅ ' like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
SOLBTC Elliot Wave 5There are some hidden layers if you make a copy of the chart but "3" appears to be a 1.618 extension of 1, which is common. maybe 5 will be somewhere near the movement of 1.
Example of the Fib resistance fan at workLook at this tumble LTC had. It dumped right to the next line on the fib speed resistance fan. I cant believe how well this fan works
Fib speed resistance fan lessonTake a look at how well the fan lines up with the candles. I cant believe how well this tool works. I put arrows on a lot of the areas that acted as support/resistance so you can clearly see this Fib speed resistance fan is useful. The way you place one on the chart is very similar to a typical fibonacci. (I put fingers pointing at the 2 points I used when I drew it) There are numerous ways to place one on a chart but I think this particular placement gave me the best results. I have to say this is one of my favorite tools now. If you have any questions drop them in the comments.
Intraday WTIOil Futures for Oct 15 & 16th 2018.
Following the cup&handle on the 15min and hourly charts, we have a confirmed breakout upon the gapup in foreign markets Sunday night.
US market opening price should find support at the top of the cup around 72, and complete its run to the PT of 73.30.
This lines up with the downtrend started on Oct 3rd (light blue), as well as the origin ray of the fib speed resistance fan over 10months (grey line). At this point, we will see significant resistance and a continuation of the sharp downtrend
Practice on NXS: multiple Fib methods to scaffold ElliottPublishing "notes to self" on a what-if? scenario to test a combination of pitchfork & Fib SR Fan (removed for visual clarity) to determine Elliott impulse wave 5 -- callouts are not recommendations but notes to see how the model performs into early December...
Why NXS? Cause Nexus is an interesting project that gets no love.
More AUD'sThis bat already tested the PRZ and should be ready for position once the signal is active. This is part of another round of AUD shorting, see related idea.
Good luck.
More funky get downLast three cycles have been quite regular with 30 days periods from top to top and bottom to bottom. Everytime it has shown deeper lows and highs, and this time we didn't even retrace to the 0,5 angle. With yesterday's top we should have a couple of weeks more of downtrend and we will go through the 0,382 angle and maybe down to the 0,25.
Thanks for your comments and likes.
More NZD weaknessEven though this bat was not fully tested at the PRZ (no 0,887) it is at an important fib level and showing signs of reversal. I will wait to add on this short and will update.
Cheers.
Cypher and angleThis pattern is now complete and the bounce at the angle reinforces this idea. You may want to wait for a signal before entering this trade. RSI may be of help on these ones.
Good luck
Aussie divergenceWe just reached 0,5 angle again where last peak resisted and we have the RSI divergence. There are enough reasons for me to place a short with nice R/R.
This is the same fan used on last idea published on this pair.
Thanks for your likes and comments.
Accumulation on USDCADThis pair has shown signs of accumulation in this area and support on the 0,382 angle of the fan. We also broke the wedge and DXY confirms the strength of the bulls here.
And kiwi followsThis fib speed resistance fan shows the angles 0,25 and 0,5 are significant as resistances and we just hit the former with an immediate rejection of the uptrend. This idea follows the fact that DXY is starting to reverse and we can see the same pattern on the AUDUSD that was published before.
First target on the 0,382 angle.
Thanks for your comments.
AUDCAD fibsThis pair found support on the 0,25 angle of the fan and broke resistance that was holding for almost a month. First objective on the 0,382 angle and also fib time from last swing.
Good luck and thanks for your comments.
