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XAUUSD, 1D
Long-Term
21 March 2024
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Two weeks ago (March 07 2024, see chart below) we explored the possibility of Gold (XAUUSD) starting a new cyclical Mega Rally on the 1W time-frame after the recent bounce on the 1W MA50 (blue trend-line): This has turned out to be the reality as Gold closed a 1W candle above the Resistance Zone. That is the first signal of the start of the new Mega Cycle and it will get confirmed if the price closes a 1M candle above the Resistance Zone in 10 days time, which is at 2150. If not, one final test of the 1W MA50 before a new All Time High (ATH), may be in order. Until then, we need to consider the implications shown on the 1D time-frame, where the dominant pattern is a Channel Up. As you can see, the current Bullish Leg has so far repeating the previous one very closely and we are at the (blue) Channel Up stage that may price the new Higher High near the 1.382 Fibonacci extension from the previous High. The 1D MACD invalidating a Bullish Cross, confirms that we may be in a similar situation as on April 04 2023. As long the 2145 Support holds, we expect 2260 as a Higher High, which should of course close the 1M candle above the Resistance Zone, indicating that the new cyclical Mega Rally may start earlier, without a 1W MA50 (red trend-line) pull-back. If however the 2145 Support breaks, the above gets invalidated and we will have a sell confirmation. In that case, we will turn bearish, targeting the 1W MA50 and 1D MA200 (orange trend-line) on the Internal Higher Lows trend-line (as on June 29 2023) with 2035 as our Target. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BTCUSDT, 120
Medium-Term
22 March 2024
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This Bitcoin (BTC) chart against the US Dollar (Tether, USDT) on the 2-hour time frame provides a rich set of data for a technical analysis perspective: Ichimoku Cloud: Price is currently below the Ichimoku Cloud, which typically suggests a bearish trend. The cloud acts as a dynamic resistance area. Resistance Levels (R1, R2, R3): The chart shows multiple resistance levels. The closest one, R1, is significantly above the current price, indicating that there might be a strong move required for the price to reach these levels again. Support Levels (S1, S2): There are also two support levels identified. S1 is a short distance below the current price, indicating a potential area where the price might find support if it continues to decline. RSI (Relative Strength Index): The RSI is hovering around 45, which is somewhat neutral. It indicates there's neither a strong buying nor selling pressure currently driving the market. MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram bars are red and growing, which points to increasing bearish momentum. Volume: The bars below the price chart depict trading volume, and a mix of red and green suggests a battle between buyers and sellers with no clear winner at the moment. Conclusion: The market sentiment for BTC/USDT, based on this chart, seems to be leaning toward the bearish side, as indicated by the price being below the Ichimoku Cloud and the MACD showing a bearish crossover. The RSI's neutral stance suggests that there could be potential for either direction, but current indicators lean more towards a bearish trend. If considering trading based on this chart, it might be prudent to watch for potential bounces off the support levels for buying opportunities or breaks below support as a signal for potential short positions. The resistance levels serve as targets for any bullish reversals or as potential exit points for short positions. However, a trader should use additional confirmation from other indicators, news, or market sentiments before making any trading decisions. Always remember to set appropriate risk management measures like stop losses, especially in the volatile cryptocurrency market.
BTCUSDT, 240
Long-Term
15 March 2024
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In this Bitcoin to Tether (BTC/USDT) chart, we're looking at a downward movement indicated by the recent red candlesticks. Bollinger Bands: The price has moved sharply down and is currently at the lower Bollinger Band, which often acts as a dynamic support level. A breach below this band could indicate a strong bearish trend, while a bounce from it could signal a potential reversal or consolidation. Resistance Levels (R1, R2): Resistance levels at 74,379.14 USDT and 78,507.54 USDT have been marked. If a reversal occurs, these levels could act as potential targets for taking profits or reassessing the position. Support Levels (S1, S2, S3): There are several support levels identified: 65,426.40 USDT (S1), 60,045.16 USDT (S2), and a lower support at 50,313.86 USDT (S3). These levels could be where buyers might step in, providing opportunities to enter long positions with a risk-managed approach. Volume Bars: The volume bars show significant activity during the downward price move, which suggests that there's conviction behind the sell-off. RSI: The Relative Strength Index (RSI) is nearing the oversold territory, indicating that the market may be due for a reversal or pause in the downward momentum. Conclusion: The combination of hitting the lower Bollinger Band and the RSI nearing oversold levels might provide a basis for a potential reversal or relief bounce soon. I would keep a close eye on the support levels, especially S1, for evidence of buying interest. If the price stabilizes or bounces off S1, it could provide a good risk-to-reward entry point for a long position, with a stop loss placed just below S1 to manage risk. However, if S1 fails to hold, my attention would shift to the next support level at S2. I'd remain cautious and ready to act on new information, as the high selling volume and the current momentum could indicate further downside. Technical analysis provides guidance but it's not infallible, so I would also consider wider market sentiment and news that could impact the price action.
BNBUSDT, 1D
Long-Term
08 March 2024
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Based on the market data provided, BNB (Binance Coin) is currently trading at 485 USDT. In the short term (4h chart), the RSI (Relative Strength Index) is at 75.27, which is considered to be in the overbought territory. This could indicate that a correction or a slight pullback might be in the offing. The MACD (Moving Average Convergence Divergence) is at 17.5, which suggests a bullish trend. The Bollinger Bands (BB) are at 495.0, with BNB trading below the upper band, indicating less overbought conditions. The immediate supports for BNB in the short term are at 459.0, 426.0, and 406.0 USDT, while the resistances are at 495.0, 502.0, and 518.0 USDT. In the medium term (1d chart), the RSI is at 78.0, which also indicates overbought conditions. The MACD is at 31.6, suggesting a bullish trend. The Bollinger Bands are at 495.0, again with BNB trading below the upper band. The medium-term supports for BNB are at 397.0, 351.0, and 336.0 USDT, whereas the resistances are at 509.0, 543.0, and 575.0 USDT. In the long term (7d chart), the RSI is at 86.19, indicating heavily overbought conditions. The MACD is at 44.5, suggesting a strong bullish trend. The Bollinger Bands are at 495.0, with BNB trading below the upper band. The long-term supports for BNB are at 329.0, 300.0, and 210.0 USDT, whereas the resistances are at 509.0, 614.0, and 695.0 USDT. In conclusion, BNB appears to be in a strong uptrend, but the overbought conditions indicated by the RSI in all time frames suggest that a pullback or correction is possible. It's important to watch the support and resistance levels for potential breakout or bounce. As always, it's recommended to keep an eye on market news and use proper risk management strategies when trading.
BTCUSDT, 240
Long-Term
06 March 2024
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Based on the current market data for BTC/USDT, the current price is 67166.0 USDT. The 4-hour Relative Strength Index (RSI) is 63.44, which means the market is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) for the same period is 1043.74, indicating a bullish market. The Bollinger Bands (Bb) for the 4-hour chart is at 69376.0, with the price currently below the upper band, indicating that it is not overbought. The immediate supports are at 65327.0, 61437.0, and 58473.0 USDT. The resistances are at 70115.0, 72800.0, and 74100.0 USDT. On the daily chart, the RSI is 92.34, indicating an overbought market. This could suggest a potential price correction in the near future. The MACD is 4603.0, indicating a strong bullish market. The Bollinger Bands are at 69376.0, with the price above the upper band, indicating an overbought market. The supports are at 58473.0, 56799.0, and 51800.0 USDT. The resistances are at 72800.0, 74200.0, and 77200.0 USDT. On the weekly chart, the RSI is 88.81, indicating an overbought market. The MACD is 6747.0, indicating a strong bullish market. The Bollinger Bands are at 69377.0, with the price above the upper band, indicating an overbought market. The supports are at 44680.0, 38700.0, and 31800.0 USDT. The resistances are at 80770.0, 91500.0, and 98400.0 USDT. In conclusion, the market is strongly bullish across all time frames. However, the high RSI values suggest that BTC is overbought, especially on the daily and weekly charts, and may experience a price correction in the near future. Therefore, it might be a good idea to take profits or set stop losses to protect against a possible downturn. It's important to keep monitoring the market closely.
BTCUSDT, 1D
Long-Term
27 February 2024
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Based on the provided market data, Bitcoin (BTC) is currently trading at $57,147 against USDT. In the 4-hour chart, the Relative Strength Index (RSI) is at 88.21, which is significantly above the 70 threshold, indicating that the asset is currently overbought. The Moving Average Convergence Divergence (MACD) is at 1330.0, indicating bullish momentum. However, the Bollinger Band (Bb4h) at 57346.0 suggests that BTC is nearing its upper limit. The resistance levels are at $57,500, $59,400, and $60,400, while the support levels are at $49,012, $48,000, and $45,900. On the daily chart, the RSI is at 87.16, still indicating overbought conditions. The MACD is at 2316.0, suggesting bullish momentum. The Bollinger Band (Bb1d) is at 57416.0, indicating that BTC is trading near its upper limit. Resistance levels are at $57,600, $64,000, and $65,300, while support levels are at $50,830, $41,419, and $36,600. Lastly, on the 7-day chart, the RSI is at 84.24, suggesting the asset is overbought. The MACD is at 5383.0, indicating strong bullish momentum. The Bollinger Band (Bb7d) is at 57500.0, which means BTC is trading near its upper limit. Resistance levels are at $64,200, $69,400, and $72,300, while support levels are at $42,250, $29,900, and $25,900. In conclusion, the market data suggests that BTC is currently overbought and trading near its upper limit across different time frames. This could indicate that a price correction might be imminent. However, the strong bullish momentum reflected in the MACD values across all time frames suggests that the upward trend might continue. Please note that this analysis is based on historical data and does not guarantee future performance. It is always recommended to do your own research before making any investment decisions.