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200 MA being the last supportSo the market has liquidated both sides players and still going downwards even when it took support from the lower zone of point 2. The intersaction of MA 20 and 50 became its enemy and send it back to the 0.786 level of Fib just like we discussed in the last chart. The fib sent it back, and this time the level 1 acted as a resistance and btc failed to hold the position. At the current movement, btc is getting a support from MA 200 and is buring under MA 100, 50 and 20. now the level 2 is also the enemy. So btc is in such a position that it has only one friend nearby i.e. MA 200 and if it wants to go up, if has to face multiple enemies which means it require lots of positive volume. When you swim against the stream you need too much power. It would be easy for btc to fall further down and reach the $65,000 which is a light support zone, but if it goes further down, it will get the major support suzone of $63,000. The price will get some time to gather enough energy to pass all the resistances at once and reach the $69,000 once again. But this should not happen. The MA 200 should provide enough support to let the price go back and try to break the level 2 resistance once again. one major thing to keep an eye. If the cyan line (MA20) crossed the red line (MA 100) and went down, we definetly going to $63,000 zone. Too much short pressure on the market, and hence the MAAs might take advantage of it and push the price up to liquidate the short traders. Let's see in teh morning, what happens.
by imvijaygir
4
Angel One - Educational Post- Best to wait and let it settleHow to find Support /Resistance of a stock when the stock tanks From the tool bar, draw Fibonnaci retracement at the All time high candle and draw it down to the next few available support levels. As you draw, the retracement lines should touch on the underlying Horizontal Fibonacci levels (23.6%, 38.2%, 50%, 61.8%, etc.) In this example, the Stock highest candle was 3815, while 1940 was the multi year base where the stock had a breakout. As a investor looking to enter in to the stock, would be looking for a entry point, and through fibonacci retracement one can watch out whether the stock bounces from the support/resistance line. I have been tracking this stock and the stock now looks to be taking support again back to the earlier base i.e. 1940 levels. The other reason to use this stock as reference is because other stocks from the industry has reported excellent numbers and we all are looking for a good entry point for better risk/reward. I would recommend safe entry above 2058 one it touches 1940. Disclaimer : Fibonacci retracements are a tool, not a guarantee. Use them in conjunction with other analysis methods.
NSE:ANGELONE
by jain_geetesh
7
ABB India Ltd. ( potential to break its ATH ) Sector: Electric Equipment WTF as we can see MTF & DTF structure bullish and price makes HH & HL pattern and now price in DAILY demand zone with RSI bullish divergence and bollinger band lower band support. LTF say 1H mitigation in DTF demand zone with RSI bullish divergence and bollinger band lower band support. on DAILY TF RSI N BOLLINGER BAND also support the IDEA... counter trendline may react as a resistance once it broke it will b rocket... price may face resistance at 8500-8800 HTF supply zone.... so plan your trade accordingly... Who's gonna trade with me for this trade IDEA let me know....
NSE:ABBLong
by RISINGSTONE
A weekly Resistance can't stop Bitcoin at this momentBitcoin's weekly chart shows that we have hit a weekly resistance causing the price to slow down. Resistance is a zone where people take their profits and hence future traders believe it to be a good zone to short the assets. That is the reason why we saw a rise in bear activity on MACD, however their power has reduced. If you keep an eye on the news, we have news about the Coindesk Bitcoin Index gaining 5.85% and Grayscale announcing its plan for Bitcoin ETF spinoff. This is a positive news and hence caused millions of liquidations of Short trades. If shorts are being liquidated that simply means we are going up, hence do not fear if you see a few candles in the hourly chart. Important to watch out is that we close above $66,800 for the day. This will hold the bears as the price will wander in this zone for some time building a strong support and then can continue the journey. As we hit the weekend, there are traders who take out there profit and take week off from trading. They will be back on monday. If we close above $68,000 and stay above this level for the weekoff, there are huge chances we will see a rise with the opening market on monday.
by imvijaygir
Looks like BTC is clear to MOVE UPThe chart is showing a lot of positive strength today. -On a 4 hours chart we can see the price has retested the support multiple time and has accepted it well. -100 MA is going to cross 200MA to upside which is also a positive sign. Small MA crossing a bigger MA and going up is always a good sign of momentum. - MACD showing decreasing bear power and should create a divert, meaning the MACD line (Blue) should cross over the Signal line (orange). - 20 MA is sitting at the bottom of current 4 hour candle -> That is a support. - 50 Ma is lying between $63,000 & $61,000 creating another zone for support in case the price goes south for any reason. Over sentiment is positive. The price should test and try to break the resistance at $66,000. And when it happens, another barrier at $68,000 is waiting. If the market receives some good momentum there are chances, the price directly goes to $69,000 before another cooloff. Just a precaution which we should always have in our minds before taking any decision, watch out for any news with a negative sentiment, which can cause to retest the latest support.
Long
by imvijaygir
Bitcoin might have to COOL-OFFBitcoin has again fallen below the recent up trend line and the relation between price movement and the RSI in hourly chart of is falling apart. But it does not mean bulls are loosing their power. Everytime the price takes a rise, it has to either take a correction or consolidate in a particular zone to cool off or balance the RSI. Though it stands on the 100 MA, there are chances it might need the help of 200 MA to settle the score. There are chances the price of BTC might take a correction of about 2% and comes down to $63,230. Fear not, in the absence of any big on or off market activity affecting the price for negativity, the price of Bitcoin will surely bounce of the 0.618 level of Fib as this should provide 2 supports here : 200 MA and Price zone support. At this moment, 100 MA is holding it fine and if it stays even in this zone for a few hours, it will cool off and can start its upward journey.
by imvijaygir
2