ranxero46

After news was released that the sill in power Biden administration allows Ukraine to use long range missiles to attack Russia, I would expect a fear reaction, leading to a greater demand for Gold. Besides, Gold re-tested a strong resistance at about 2500 and the chart shows a strong RSI divergence.

Price got rejected at the short liquidity zone around 70K. Two RSI divergences at the last high. Possible short entry with tight stop and 1 : 3 profit target.

I'm expecting BTC to dip down into the long liquidity zone between 32-48K. Hopefully we will see a change in trend around 40-44K. For more detailed figures on BTC-liquidity google: "BTCUSD liquidity map" or check DecenTrader website.

Small consolidation zone between 27th August and 3rd September. 4th September saw price dropping out of the zone and a strong bullish rejection from the bullish breakout line. The move was wiped out completely the next day and thus turned into a bull trap. Today the bullish breakout from 8th August was filled with a rather weak rejection. The measured move down and the still unfilled bullish breakout from 5th August indicate price targetting the 50-52K zone ... at least.Over the last 12 days we only say one strong bullish candle. Bears are definitely in control.

The bearish breakouts from 11th June and 2nd August were filled before BTC continued further down. Two bullish breakouts from 5th and 8th of August are still unfilled and I'm expecting price to reach down at least to the one from 8th of August before we will either see a bullish rejection or price will continue to fall. If price breaks below the 50k level next support further down will be between 40-44k.

The expected W-pattern has become invalid for the time being. We see the bullish pullbacks of the recent days are losing strength and today's candle has opened below the close of the prior candle. The W-pattern lacked a RSI divergence which made it less likely to eventually occur.The Fib shows possible re-test levels further down.As the RSI is still above the 14 days SMA, the re-tests will probably come with strong RSI divergences which will deliver possible long entries. If price should break below 50k, next support will be around 42k.

Between 19th and 31st of July a bearish M-pattern was created, followed by massive drop. In the recent days we see a bullish W-pattern building and once it is finished the probability for a long entry is high, with a profit target at 72K.Additionally BTC is building the pattern after the RSI has already broken the 14 days SMA.An additional RSI-divergence with the double bottoms of the W-pattern would be nice though.