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Supportandresitance

BTC/USDT ScenariosWe are considering two possible scenarios for the development of the situation with BTC. At the end of October, following a significant impulsive rise of BTC from $29,614 to $35,300 , there was an increase of more than 18%. In the following month, an ascending trading channel was observed, which was successfully broken after testing the upper boundary at $39,670. As a result of the breakout, the asset reached a price level of $44,436 , marking an increase of more than 11%. The first scenario focuses on the current overbought condition of the BTC price, which suggests the potential for a correction. There is a possibility of a downward corrective movement until reaching the upper boundary of the trading channel, located around $40,600, with a subsequent potential reversal. If the price remains stable at this level, there is consideration for opening a long position on BTC. In the second scenario, a significant price decrease towards the level of the highest volume POC at $37,100 is anticipated. From this level, a price reversal might occur, followed by a continuation of the upward movement. If the price remains stable at this level and there are signals for a reversal, we are also considering the possibility of buying BTC.
by Rick_SimpleSwap
SOL/USDT 1D ChartI invite you to review the SOL chart in the USDT pair, on a one-day time frame. Let's start by identifying the main downward trend line from which the price came out on top. Now, using the Fib Retracement tool, expanding the grid from the last price peak, we will determine resistance points and here we can see that the price has returned to the first significant resistance at $68, what's more, when we unfold the trend based fib extension grid, we will see that this level coincides with the level 2.618Fib which is also a very strong local resistance. Only after a positive test of the resistance will the path towards the $104 level open. Looking the other way, it is also worth defining supports that should hold the price when the correction begins. And here we can see the support zone from $54 to $45, then we can mark the second zone from $38 to $31, and then we can see the price return to the area of very strong support at the price of $21. Please look at the CHOP index, which indicates that there is a lot of energy for the move, the RSI indicator shows that very small price movements have returned the index to around the middle, which creates room for new increases, while the STOCH indicator is high, which may result in a small recovery.
by cryptodailyuk
BTC.D ReviewHello everyone, I invite you to check the situation of BTC's dominance over the rest of the market. Let's start by identifying the main downward trend since 2017, when the percentage share of BTC began to decrease. However, locally we see movement in a strong upward trend. As we approach a major downtrend, we will unfold the Fib Retracement grid from the recent high and check for potential resistance spots. And here you can immediately see a strong resistance zone from 56% to 60%, which we are approaching and through which the trend line runs, then we have resistance at the level of 66%, and then possible strong resistance at the level of the last peak of 74%. Looking the other way, we can similarly determine support areas and here we can determine the first visible zone from the level of 51.5% to $49. However, we can still see a return to the area of the second zone from 42% to 39%. Please pay attention to the CHOP index which indicates that most of the energy has been used, on the RSI indicator we are approaching exceeding the upper limit, which may change the trend, also on the STOCH indicator we remain above the main limit, which may also bring a rebound.
CRYPTOCAP:BTC.D
by cryptodailyuk
BTC before the resistance zoneHello everyone, as we can see, the BTC price remains below the local downtrend line. When we unfold the Trend Based Fib Extension grid, we will be able to determine support areas for the price and here we can see support at the level of $42,815, while further we can see a decline to the zone from $43,502 to $43,237. Looking the other way, there is a strong resistance zone ahead of the price from $44,086 to $44,280, but there is still plenty of room for a move to $44,836.
by cryptodailyuk
1
Gold | Where is it headed next?Gold saw a massive spike at the once highest level gold has ever seen and has since then closed under this level (on the daily chart) and is further on the way down again. Now I see a lot of people looking for longs on gold but I don't want you to forget that gold has been rejected 3 times in this zone before and went in a downtrend. So before you load up your longs and look for new highs, don't forget that price just might reverse here. Of course gold will someday see new highs but I don't think it will be for this year. Let me know what you think! Be patient and manage your risk!
OANDA:XAUUSDShort
by FX_Unlimited
BTC/USDT Short-TermHello everyone, let's take a look at the BTC to USDT chart on a 15 minute time frame. As you can see, the price moved higher from the local downtrend line. When we unfold the Trend Based Fib Extension tool, we see support at the level of $41,683, while there is also a support zone from $41,250 to $41,022. Looking the other way, we have visible resistance at $42,153, but when the price overcomes it, we can see an increase to the resistance zone from $42,548 to $42,755. The RSI indicator has returned to the upper part of the range, which limits room for growth, while the STOCH indicator shows a rebound with room for the price to maintain its decline.
by cryptodailyuk
ETH/USDT 1DInterval ChartI invite you to review the ETH/USDT chart on a one-day interval. Here, using the blue lines, we will define the upward trend channel in which the price is fighting to go higher. It is worth remembering that such a positive breakout from the channel often results in a movement close to the height of the channel itself. In such a situation, we will use the FIb Retracement tool to check potential resistance points, and we can immediately see that the price is currently fighting the first such resistance at $2,241, then we have resistance at $2,566, and interestingly, we can still see a move to the previously mentioned levels after leaving the channel upside, to a very strong resistance zone from $3,028 to $3,601. However, when the exit level of the channel is rejected, we can see a rebound and for this purpose we will check the support areas in a similar way. Here we have a visible support zone from $1,941 to $1,742, and then we have a second zone from $1,575 to $1,410. The CHOP indicator shows that there is still energy for a move, the RSI indicator is again approaching the upper limit with room for the price to go slightly higher, while the STOCH indicator shows a strong breach of the upper limit, which may lead to a price recovery.
by cryptodailyuk
BTC Long-Term 1DChartHello everyone, I invite you to review the situation of BTC in the USDT pair, taking into account the one-day interval. Let's start by defining the downtrend line that has been broken out with a white line, and then we can mark the uptrend line in the same way. Then, using the yellow line, we will determine the upward trend line, which is at a slightly higher level than the trend line itself. Looking at the recent dynamic increases, it is worth checking where the price should resist further increases. And here, after deploying the Fib Retracement tool, we have a clearly visible strong resistance zone from $41,335 to $48,294, which is where the BTC price enters. Only when we manage to get out of this zone and positively test it, should the path towards the previous ATH be opened. at $68,488. At this point, it is also worth checking where the most important support points are in a situation when the market starts to turn and we see a correction. Here you can see possible resistance around $36,000, but much more significant is the strong resistance zone from $37,737 to $28,638, if this zone is broken further we may see equally strong resistance around $25,540. Let us also remember about the EMA Cross 50 and 200 indicator, which, when turned on, allows us to check the position of maintaining a strong upward trend. It is worth observing this indicator, because in a situation where we start a correction, it can help us determine where such a correction will end. Please pay attention to the CHOP index, which indicates that the collected energy is used for growth and there is still some left for possible continuation, on the RSI indicator we are again approaching the upper limit, but when we look at the STOCH indicator, we will immediately see a clearly overheated indicator, which may lead to a price recovery.
by cryptodailyuk
1
BTC/USDT 4H - Will BTC start a bigger correction?Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line. When we unfold the Fib Retracement grid, we will see a support zone from $38,625 to $37,822, while we still have strong support at $35,614. However, before we start the above-mentioned correction, we can see that the price is above the last resistance and the next strong resistance is at $41,041. Looking at the CHOP indicator, we see that most of the energy has been used, on the RSI indicator, similarly to the STOCH indicator, we are moving at the upper limit, which should translate into a stronger recovery in the coming days.
by cryptodailyuk
BNB/USDT 4H Interval ChartHello everyone, let's take a look at the BNB to USDT chart on a 4-hour time frame. As you can see, the price is struggling to return above the local uptrend line. When we unfold the trend based fib extension grid, we can see that the decline was maintained through the support zone from $227 to $225, and further we can see a decline to the support area at $220. Looking the other way, you can see that the price has been rejected by the resistance at $229.81, and then there is a resistance zone from $232 to $234. Looking at the CHOP indicator, we see that there is a lot of energy for the upcoming move, on the RSI we are moving in a sideways trend, while the STOCH indicator indicates that the price may go up a little more.
by cryptodailyuk
ETC/USDT analysis update from 11/13/2023Hello everyone, I invite you to check out the updates on previously performed ETC/USDT analyses. Let's start by marking the formation we can see, currently we have one channel created, when a second smaller one is created, it may be the beginning of a pro-growth formation. Next, the white line will mark the local trend line over which we are moving, and the yellow line will mark the downward trend from which the price moved dynamically into a local uptrend. Going further, we can move on to marking support areas when we start a correction. And here we will mark the support zone from $19.55 to $18.12, but if the price breaks out of it, we may see a return to the second zone from $15.78 to $14.11. Looking the other way, we see that the price is fighting in a strong resistance zone from $20.20 to $22, and then we have visible resistance at $24.31. Please look at the CHOP index, which indicates that we have energy for the upcoming move, the RSI indicator shows an upward movement after recovery, which again gives a lot of room for a decline, while the STOCH indicator shows that the upper limit has been exceeded, which causes the growth to slow down and may translate into for the price recovery. As we can check, the analysis performed earlier works very well, we can see the downward movement as announced and we are currently moving in the previously indicated support zone, let's continue to observe whether the principle of the mentioned formation will work.
by cryptodailyuk