Bitcoin halving, occurring approximately every four years, is a significant event that halves the reward for Bitcoin mining. This process, ingrained in Bitcoin's algorithm, serves to maintain scarcity and counter inflationary pressures. With each halving, the rate of Bitcoin issuance slows down, potentially leading to price appreciation if demand...
TRADE IDEA: Technical Breakdown of Top Cryptos
2022-11-29 • Updated
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish. However, we will take a closer look at the lower timeframes to determine whether or not price has begun yielding in that direction.
The 4-Hour timeframe poses an interesting scenario - a wedge inside the daily timeframe's channel. As a result, we will be expecting a breakout and retest to confirm the bullish bias with a price target between $18,500 and $20,000.
The trendline support on the Daily timeframe as seen above spans all the way from February 2020 and has just recently been tested for a third time. There is also a wide drop-base-rally demand zone within the area (the purple zone). The blue arrow represents primary bias whilst the purple arrows are secondary targets. Let's dive a bit deeper into the lower timeframe.
The 4-Hour Timeframe
The 4-Hour timeframe shows price reacting to a resistance trendline. This means that despite the overall trend being bullish, price may tend to slip lower into the marked demand zone before actually executing the bullish move.
The views above are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
Log into your dashboard or create an account here to get started.
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.