The price might bounce off the support zone. Wait for it to settle
Chevron has dropped decisively, significantly advancing our primary scenario. In this scenario, we expect the ongoing turquoise wave 2 to find its low just above the support at $135.37, which should set the stage for fresh upward movement. In the meantime, the probability of our alternative scenario has been reduced to 32%. Still, the possibility of an already established low of the turquoise wave alt.2 and, thus, a direct breakout above the resistance at $166.91 should be considered.
I see two different scenario for LTC. But I am still long / bull on litecoin
In the chart, we can see how the price fell to the support level and traded near this level for a while, then broke through this level and continued to fall to the trend line. After this, the price turned around and impacted upwards, thus reaching the 99500 level again and soon broke through it again. Later, the price traded near this level for a while, and then continued to rise to the resistance level, which coincided with the resistance zone. When the price reached this level, it first corrected and then impacted upwards, breaking through the resistance level. After that, the price hit a new ATH (108K points), then fell to the trend line, breaking through the resistance level again. Soon, BTC broke through the trend line and fell to the support level, but not long ago it rebounded and started to rise. For this situation, I expect BTCUSDT to make a small correction and then continue to rise to the resistance level. That's why I set the target at 105000.
GOLD Is Going To Hit Our Target XAUUSD was rising during Asian and early European trading hours, regaining 1.2% after yesterday's losses. Technically and fundamentally, the asset still remains in a bearish trend. Today, the U.S. Initial Jobless Claims report may significantly influence the dynamics of the precious metal. Higher-than-anticipated data may trigger bullish momentum in XAUUSD, while softer data will ignite further downward correction.
### **Description**: The **30-minute chart** for **LCID (Lucid Group Inc.)** shows a potential bounce trade setup: - **Entry**: $2.58 (yellow line - current level) - **Stop Loss (SL)**: $2.48 (white line - support zone) - **Target 1 (T1)**: $2.71 (red line - first resistance) - **Target 2 (T2)**: $2.86 (green line - major resistance) Price is holding near a crucial support zone. Monitor for bullish confirmation with volume to validate the upward move. A break above $2.71 could accelerate momentum. ? #LCID #Lucid #TradingSetup #TechnicalAnalysis #NASDAQ #EVStocks
⚠️ Overbought Warning: Exercise Caution in Current Market Cycles ⚠️ Bitcoin and many altcoins are significantly overbought in their respective cycles. ? Caution is strongly advised. Avoid jumping into investments late in the 1-week cycle. Instead, wait for the cycle to dip below 20 before considering an entry. ? ? Quick Recap: How to Use the Cycle Signals - ✅ Green Zone = Potential Buy Signal - ? Red Zone = Potential Sell Signal https://www.tradingview.com/x/UVwLKtE8/ We’ve been in the red zone for a considerable amount of time now, signaling heightened risk. A retracement appears likely, so patience is key! ⏳ The Danger of FOMO It’s tempting to trade when: - The market moves 24/7 ? - Influencers flaunt their PnL cards ? - News and activity are constant. ? But jumping into an overheated market can lead to losses, not gains. ✅ What to Do Instead: - Don’t chase the hype. - Missed a 10-15% gain? No problem! Compare that to the profits from buying in the green zone and selling in the red—you’ll make far more with less risk. ? Stay Smart, Stay Patient Remember: **There’s nothing worse than watching your portfolio bleed daily.** Avoid the stress by simply waiting for better cycle opportunities. ? This is not financial advice. Always do your own research! ?
Here I have backtested GBPAUD Feb 2024. I am looking to train myself to see patterns and read messages from the market in order to sharpen my technical skills.
Support and Resistance Levels: Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline. Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down. Breakouts: Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold. Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying. MA Ribbon (EMA 20, EMA 50, EMA 100, EMA 200) : Above EMA: If the stock price is above the EMA, it suggests a potential uptrend or bullish momentum. Below EMA: If the stock price is below the EMA, it indicates a potential downtrend or bearish momentum. Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set. Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward. Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop. Disclaimer: I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
As you can see from the analysis we had a range that was broken below which created a double bottom( neckline as our Resistance), then price broke above and respected our resistance which caused us to have a New Support, which means we have a new level we can trade at. Price broke out and reversed towards the New Support, which is where I entered my trade and made some profits. So all in all, it's important to use your levels to look for entries, don't use levels that are not respected by the market also wait for the market to reached your setup and don't chase it. If you would like more detailed tutorials like these comment below so I can post more