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Correction

Bitcoin - Old Fibonacci level suggest $59k is in viewLet's talk about the elephant in the crypto village square: Bitcoin. Now that we're looking at a correction, it makes sense to talk about where that may end and - for those of you that successfully took some profits - when and where you may want to re-deploy those funds. I am of the view that Fibonaci levels - particularly old ones - are extremely helpful for predicting turning points when it comes to BTC. Small quick pullbacks may not involve recognising significant Fibs and can occur randomly or involve pivot levels (not shown). (I rarely trade those because I have a F/T job and do not have time to trade daily and also I find that trading smaller insignificant levels can be really frustrating and result in missing large runs...) However, when pullbacks stretch into weeks (current situation), then significant Fibs start coming into play. I'll explain below where the blue and white fibs depicted in this image come from, but the blue Fib depicted here at ~US$59,600 is the 48 Fib of the original run and was initially ignored as the price stormed through it, but is now working like a magnet for BTC price and my view is that the correction will not end until this Fib is properly recognised. A proper recognition of this Fib may involve a spike down over a few hours (possibly a day) but then a weekly (or daily) close on or very close to the Fib line. These old Fibs have been influential in shaping the price history of BTC to date, as can be seen from the linked images below. The thick dotted blue lines are the extension Fibs from the first long run of BTC between 2009 and Nov 2013 (first link below). The thin dotted white lines are the 'extension' fibs drawn from the 2014 crash in price. The blue fibs have been massively influential and have accurately predicted most peaks and troughs (second link below). I think it's at least LIKELY that Bitcoin will not find a way forward before it has planted itself squarely on this 48 Fib over the coming week(s). Happy trading!
INDEX:BTCUSD
by Fractaleer
The Kiwi Is Getting Ready For A RecoveryThe Kiwi with ticker NZDUSD woke up last year with a strong reversal on daily chart after a completed larger, higher degree (A)-(B)-(C) correction in B/II, which can be signal for completed deep correction, especially after higher highs and higher swing lows formation up from November 2023 lows. In fact, there was also some nice accelerating price action through December, which looks like an impulse into wave (1), so more upside can be seen in 2024, ideally after current lower degree A-B-C retracement within wave (2) that can be coming to an end with strong support around 0.59 - 0.58 area. Well, if the Kiwi manages to recover back above channel resistance line and 0.6220 level, then we can easily confirm a bullish continuation.
Long
by ew-forecast
Microsoft (MSFT): Climbing to New Heights or Ready for Reversal?For Microsoft, we've recently observed an uptick and, for visualisation, activated the 100% level on the two-day chart as a maximum target. A closer look on the two-hour chart suggests that we might be in the final wave, Wave 5. Since developing Waves ((iii)) and ((iv)), we've formed four more waves and are now approaching a new all-time high. We consider a maximum of $450 to be realistic, though further increases are possible. After such a substantial rise, we expect the target range to be between 38.6% and 54%, around $450. This area could be intriguing to monitor for a potential trend reversal. If such a reversal occurs around $450, we would look out for possible short positions. However, should we significantly surpass this level, which we currently don't anticipate, we would seek long positions. Depending on these developments, we'll adjust our strategy accordingly.
NASDAQ:MSFTShort
by freeguy_by_wmc
Swing fade: is euro overextended?Fundamentals & Sentiment EUR: Contrary to the direction of this trade idea, the Eurozone economy has been doing quite well for the last few months. However, is it time for a technical correction? Risk reversals suggest that. NZD: Kiwi has been supported by good Building Permits from New Zealand and strong readings from Australia at the beginning of the session. Technical & Other Setup: TR(B) Setup timeframe: 4h Trigger: 4h Medium-term: UP Long-term: Up Min target: DMA(200) + mirror level on D Risk: 0.26%
Short
by Cherry94
Gold Correction Due - before this week market closePEPPERSTONE:XAUUSD Following the principles of #ElliotWaves, when waves 1 and 3 form without any extension, then wave 5 tends to make approximately the same magnitude in the same amount of duration. Wave 1 - Magnitude - ~ $76+ in ~ 2 D and 17 hrs Wave 5 - Magnitude also made ~ $76+ (Short of 60 cents) in ~ 2D 11 hrs as of this post. In this scenario, when there was no extension in the impulse waves, the correction would be till 0.618 to .50 Fib Retracement Level 2226 - 2200 Range.
PEPPERSTONE:XAUUSDShort
by MendiUser
3
A new price structure on BTCUSD.The monthly candle has created a new price structure above the previous ath drawn in 2021. These structures are very important and are calculated on the closures, in this case monthly, even if one had also made one on the weekly towards the beginning of the month of March, was not as homogeneous as this one drawn the day before yesterday, because it was not present in some charts of other exchanges. These structures are very important, they can be used as support and resistance levels and outline trends. The latter are nothing more than a series of price structures either upward or downward, in this case upward, given that for the first time the monthly closes above 70k usd. A very strong and very useful signal, we have a very reliable level that can be used as resistance for the next movements. It should be noted that the trendline and the new bullish structure occurred at the same time, they are zones and not precise points, the first test of the previous historical high is concluded, once this short-term correction is over, we could see another test and establish whether the price has still have the strength to continue at least for the intermediate period.
BITFINEX:BTCUSD
by Melupira89
The monthly on btcusd.The March Candle closes with approximately +16%, creating a price structure above the previous historical high drawn in 2021. A very strong signal regarding the long term, this favors the bulls in trying to snatch convenient prices until the short period will allow it by correcting on the most important supports. The last price structure that could act as support is in the 58k USD area, although between 63k and 61k USD there is another interesting area. What is striking is the fact that only in the January candle there was a correction, so looking at the fractal you notice similarities more with the bullish movement of 2016/17 than with the previous one 2020/21. Perhaps a new paradigm given that the main players in this market have changed.
BNC:BLX
by Melupira89
META to $455Overview META is approaching a possible landslide that may take the share price to around $455. An influx of insider liquidation paired with healthy market skepticism supports the possible correction. Fundamentals Overall the company appears healthy according to their 2023 Annual Report. The only filings that I found concerning was the abundance of 144s that indicate insider liquidation. As of late, insider liquidation has been heavily present amongst most of the Magnificent Seven companies (GOOGL, AMZN, NVDA, and TSLA) Technicals A bear flag is forming after the rally momentum rounded out and is now beginning to develop a descending triangle. The oscillators don't support a breakdown at the current time so a possible bounce back to the triangle's resistance line around $505-510 is possible as the pattern continues to develop.
NASDAQ:METAShort
by Shepherd_Investor
The macd on btcusd.This is a time to be very careful, already having a ready strategy on the possible scenarios that will arise. The price has been gravitating around the previous ath for days, this could mean that the test of the highs could last a while, if we then look at the macd, a slowdown is evident which could indicate an ongoing short-term correction. So far it is going well and the movements seem harmonious most of the time, with intraday corrections that often do not reach the minimums, remaining with an ascending sequence of highs and lows. The strength of the bulls is still very high, my hypothesis is that the buyers cannot give their all in these moments, trying to snatch better prices, the orders in the books become slightly smaller placed at the lower levels. The market is at a crucial moment, with the halving approaching, the situation could suddenly heat up after the monthly close.
BITSTAMP:BTCUSD
by Melupira89
Pfizer (PFE): Shocking Downward Spiral - $11 Target In Sight?Pfizer (PFE): NYSE:PFE At Pfizer, we believe that Wave (2) has not yet completed because Wave B precisely hits the 138% level and structurally does not make sense unless we see a breakthrough of the invalidation zone of the potential subordinate Wave (i) at about $41.62. However, we must form at least a double bottom at $11, which is our minimum expectation for Pfizer. For the downward movement, we need to examine more closely how far it can actually fall, but $11 is our minimum expectation. The only scenario that would make sense here might be a short position for a possible subordinate Wave (iv) between $36.9 and $41.62. Subsequently, for the overarching Wave ((iii)), we expect another decline to a minimum of $22.64 and, in our opinion, a maximum of $9.56. Entering a long position could be too risky over a longer period. For those looking to trade in the short term, there might be a bottom at $25.61, leading up to the potential target zone for Wave (iv). After that, we expect the downtrend to continue, and personally, we are not positioning ourselves long due to the significant risk.
NYSE:PFEShort
by freeguy_by_wmc
🌙 Beware the Bearmoon: Bitcoin's Rising Wedge Signals $56-57k 📈 Bitcoin has recently exhibited a rising wedge pattern on the 4-hour chart, indicating a potential correction in the near term. This pattern is characterized by converging trendlines forming higher highs and higher lows, signaling a weakening momentum and a potential reversal. 🔍 💲 As of the time of writing, Bitcoin is trading at $68,200, and based on the formation of the rising wedge, a measured move suggests a correction towards the $56,000 to $57,000 range. This projection is derived by measuring the widest part of the wedge and extending it downwards from the breakout point. 📉 🌙 Furthermore, tomorrow marks a new moon, which historically has shown a correlation with downward price action in the cryptocurrency markets, colloquially referred to as "bearmoon." This phenomenon is often attributed to a combination of factors including options expirations and human psychology, leading to increased selling pressure and market volatility. 🐻 📊 Adding to the confluence of indicators, daily indicators also support the notion of a correction towards the projected range. Combining technical analysis with lunar cycle patterns and other indicators strengthens the case for a potential downward movement in Bitcoin's price. 📉 💼 Traders and investors should monitor price action closely, keeping in mind the identified levels and factors influencing market sentiment. Risk management strategies should be implemented to mitigate potential losses in the event of adverse price movements.🛡️
INDEX:BTCUSDShort
by Shibunacci
1
Bitcoin: has the pullback finished?Today's focus: BTCUSD Pattern – failed high? Support – 63,140 Resistance – 68,290 Hi, traders; thanks for tuning in for today's update. Today, we are looking at the BTCUSD daily. After yesterday's fightback rally, we have run over a few ideas around BTCUSD. Will we see the current selloff continue despite a firm move from buyers yesterday? Will we see buyers shake off a push by sellers and follow up on yesterday's buying with further gains? Good trading.
EIGHTCAP:BTCUSD
by Eightcap
The trendline on the btcusd weekly.The trendline had its importance, the price crashes into it and retraces, I hope only in the short term, otherwise I may have done the math wrong. There is. Nobody knows the future and technical analysis is the study of the past, therefore the probability that this ongoing movement is a short-term correction is high, for the simple context in which we find ourselves I made this reasoning, an all-time high and then a pullback, I think it's textbook. I also noticed an interesting date like March 29th, on that day there will be a very large number of options expiring, I don't know if it's related but given the amount of BTC in question, I think it's important to keep this in mind. The weekly candle that just closed the day before yesterday is a clear indecision candle drawn on a dynamic resistance like the trendline we see on the chart. So once the strength of the bears has run out, the bull could come back and perhaps even very violently until the intermediate correction, usually longer than 3/4 weeks, unless this is in progress, in which case the scenario would change slightly, but the underlying trend would remain clearly bullish.
BITFINEX:BTCUSD
by Melupira89
Polkadot (DOTUSD): The End of an UptrendPolkadot (DOTUSD): BINANCE:DOTUSD Polkadot appears to have completed Wave (2) with a notable level of certainty. Upon further analysis, it increasingly seems we're witnessing an ending diagonal pattern. This indicates the potential conclusion of the current uptrend shortly, leading to a corrective downturn for Polkadot. While Wave 1 could theoretically extend to $12.82, such a scenario appears less probable. The key factor now is whether we can breach the trendline. Should we remain confined within this diagonal pattern, a prompt downward shift may be expected. For Wave 2, our strategy involves repositioning within the 50% to 78.6% Fibonacci retracement zone. Yet, we must wait to detect any signs of weakness in Polkadot before making our move, as navigating decisions amidst its ongoing bullish momentum presents a considerable challenge.
BITFINEX:DOTUSDLong
by freeguy_by_wmc
4