Price has entered the Cloud and tested the lower end of it by producing two clean dojis. Previous close was above the new Weekly pivot point. The situation is similar to Bitcoin/usd but slightly more bullish. If price advance and close above the smaller Flag channel we might see a breakout from the Cloud as we also see a bullish Cloud twist. Only a close below the Cloud and the Daily S1 at 1.26 will shift bias to the downside from here. If price fails to breach the Flag channel, we will likely have another test of the bottom of the Cloud and the Weekly pivot point (1.367). A sharp move up will find resistance by the Weekly R1 at 1.865
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The sell of today was very timely, counteracting the technical picture. Such things happens and now price is finding some supportby the daily S2 pivot below the Cloud, Overall, the trend shift bearish and price needs to return inside the Cloud or else it will be under continued pressure going forward. A first sign of relif will be a close above the Weekly pivot point at 1.368. If current low is breached chances are we will see another test of the 0.875 low.
Hi, how do you see the start of today's day? I am pessimistic about the evolution of this market in the medium term. I am not a technical analyst but I see that volumes are not recovered and mainly in Asian working hours the market falls and without money flowing I do not understand how it will recover. It seems to me that the time has come to retire for a while from this market and see in February how it behaves. For this I consult you if you estimate a possible rebound over $ 1.6 in next hours? Tks
You do see that green cloud forming right?
Starts on: January 26th at 3am....
This is where the coin really rises...
May good fortunes be with you all!
CapMoore
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In a chaotic world as price movement in cryptos it is easy to look for simple solutions. If it was that simple, to buy on the day of ending futures contracts, everyone would do it, and who would sell to you then? Keep an open mind and seize the chances you can find.
WizardOfRealms
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@CapMoore, I agree with what you are saying. Ty for your comments.
And ty for your TA
gusccbb
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Hi, thanks for sharing your TA. Do you think that with a Monday day in the US you can try again to test resistance between $ 1.6-1.7 as last Friday or is it likely that you will first try support between $ 1.4 and 1.2?
CapMoore
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@gusccbb, I think there is a greater chance for price to move higher from here but it is a complex picture and still early to know if another larger leg up will be formed.