Quickly take a look at the 50 MA, the ascending blue line. That is clearly the key daily resistance for the moment. A decent morning is brewing, bouncing off that 50 MA, but we need to see it sustained throughout the day.
Continuation Pattern: The bullish flag is considered a continuation pattern, meaning it suggests that the price will likely continue to rise after the consolidation phase. Volume: During the flagpole phase, there is typically high trading volume, indicating strong buying interest. During the flag phase, the volume usually decreases as the price consolidates. Breakout: A bullish flag pattern is confirmed when the price breaks out above the upper boundary of the flag with increased volume. This breakout signals the resumption of the uptrend and is often seen as a buying opportunity. In summary, a bullish flag on the daily chart indicates a temporary pause in an uptrend, followed by a continuation of the upward movement. Traders often look for this pattern to identify potential entry points for long positions
1. Restate the Key Data Points Action: HOLD_BUY (indicating a bullish stance). Stop Loss: $320.00. Take Profit: $350.00. Entry Price: $328.07. Current Price: $336.64. Exit Point: $336.64. BTC Correlation: -0.85 (strong negative correlation). Confidence Level: 75%. 2. Short-Term Forecast Price Momentum: Since the current price is above $336, the market appears to be trending in favor of the long position. The thesis suggests holding the position (HOLD_BUY), expecting the price to continue rising toward $350. Risk Analysis: Downside is capped at the stop-loss of $320. If price volatility remains moderate, the chance of being stopped out near $320 is reduced. Impact of Negative Correlation with BTC: If Bitcoin falls, this asset might rise (given the negative correlation). If Bitcoin rallies, watch for potential downward pressure on the current position. 3. Medium-Term Outlook Possible Consolidation Around $336–$340: Price may hover in a narrow range before breaking toward $350 or dipping back to the $328–$330 region. Adjusting Stop-Loss: If the price stabilizes above $336.64, a slight upward adjustment of the stop-loss (to slightly above $328) could secure more of the unrealized profit. Confidence Level at 75%: Overall prospects favor continued upward movement. Reassess rapidly if there is a major shift in market sentiment or BTC correlation. 4. Conclusion & Prediction Likely Outcome: Continued bullish movement toward the $350 take-profit target. If the market remains stable and BTC correlation continues as is, reaching $350 is plausible. Main Risk: A sudden BTC price surge (inverse correlation could trigger negative movement for this asset). Maintain vigilance around key market announcements or unexpected volatility. Actionable Summary: Hold the current long position with a view toward $350. Monitor correlation events closely—sharp BTC moves can flip the trade’s direction. Protect profits by adjusting stop-loss if the price solidifies above $336.64. Final Predictive Note Based on the data and the 75% confidence, the short-to-medium term prediction is a gradual climb toward the $350 level, barring any sudden volatility spikes or drastic BTC movements.
Continuation Pattern: The bullish flag is considered a continuation pattern, meaning it suggests that the price will likely continue to rise after the consolidation phase. Volume: During the flagpole phase, there is typically high trading volume, indicating strong buying interest. During the flag phase, the volume usually decreases as the price consolidates. Breakout: A bullish flag pattern is confirmed when the price breaks out above the upper boundary of the flag with increased volume. This breakout signals the resumption of the uptrend and is often seen as a buying opportunity. In summary, a bullish flag on the daily chart indicates a temporary pause in an uptrend, followed by a continuation of the upward movement. Traders often look for this pattern to identify potential entry points for long positions
This will be a quick scalp sell for about 40-50 pips. Bullish momentum is strong so be sure to secure profits along the way. Great week ahead
After breaking the ascending triangle, the price experienced significant growth. As you can see, the price has now dropped to the 0.618 Fibonacci line. Market volume indicates that the price may not be able to break above the 0.618 line, which means the price could drop to the 0.382 line before rising again. Previous analysis https://www.tradingview.com/chart/PEPEUSDT/HAEchMzC-Two-Bullish-Patterns-Hint-at-Major-Rally-for-PEPE/ Give me some energy !! ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard.? _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and ?Follow?! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Looking forward to buy at that zone 2.00004 using 20pips SL with 1:10R as Take profit level. Thought : Using the previous week Friday Low as the liquidity hence expecting upward price movement after clearing that zone. If it didn't hold ; I'll be looking forward to buy from 1.99414 because it's within the Imbalance created last week and also within the discounted zone of the current 4hr range. I'm anticipating the weekly candle to close bearish while Tuesday or Wednesday is the high of the week. What's your thoughts on this? ? Let's share Ideas ? #HallowAdept.
Tesla's fourth-quarter 2024 delivery figures are anticipated to reach a record high, according to a note from Barclays. Analysts estimate Q4 deliveries at approximately 515,000 units, slightly above the consensus estimate of around 511,000 units, marking a 6% year-over-year increase. Despite these impressive numbers, Barclays believes they will have limited impact on Tesla's stock. Key Takeaways: Delivery Estimates: Barclays projects Q4 deliveries to be around 515,000 units, slightly exceeding expectations. Stock Impact: The delivery numbers are expected to have minimal influence on Tesla's stock, as investors are more focused on the company's long-term opportunities in autonomous driving and artificial intelligence (AI). Long-Term Growth: Tesla's recent momentum is driven by its potential in the AV/AI sectors rather than short-term delivery metrics. Future Outlook: 2024 Sales: Barclays forecasts Tesla's full-year 2024 sales at approximately 1.81 million units, aligning with 2023 figures but falling short of the company's guidance for year-over-year growth. Autonomous Driving and AI: The introduction of "Unsupervised Full Self-Driving" (FSD) in 2025 is expected to bolster Tesla's AV/AI initiatives, mitigating any near-term volume misses. New Models: The upcoming low-cost model, "Model 2.5," anticipated in the first half of 2025, is seen as a crucial growth driver. Delivery Growth: CEO Elon Musk suggests 20-30% year-over-year delivery growth in 2025, which Barclays believes will address any concerns from the Q4 figures. Barclays emphasizes that while the Q4 results are crucial, the stock's recent rally—up 68% post-election versus the S&P 500's 2.6%—reflects positive sentiment on Tesla's long-term potential and technical factors. As the market shifts focus towards future developments, the emphasis remains on Tesla's ability to innovate and lead in the autonomous driving and AI sectors.
Key Observations: Recent Price Action: Last week’s candle was a large bearish engulfing candle, marking a significant rejection and pullback from the $108,000 zone. Bitcoin has broken below the $99,860 support, which had previously acted as a key level during the rally. This level is now likely to serve as resistance. Current price sits near $95,905, attempting to stabilize after the sharp sell-off. RSI Analysis: The RSI on the weekly timeframe is trending downward after reaching overbought levels (~80). The RSI is currently sitting near 67, which is still bullish but indicates weakening momentum. This decline in RSI aligns with the pullback in price, signaling a potential cooling-off period for Bitcoin's uptrend. Volume: Last week’s bearish candle was accompanied by high volume, confirming strong selling pressure. This suggests that the pullback is not just a minor correction but a significant event that traders are actively responding to. Support and Resistance Levels: Support: $89,000–$90,000: Key area and a psychological level where buyers might step in. $73,835: Major breakout level from earlier in 2024, which remains a critical support zone in the event of further downside. Resistance: $99,860: Previously strong support, now flipped to resistance. $108,000: Recent high and upper boundary for potential future attempts to reclaim bullish momentum. Trend Structure: The weekly structure remains bullish overall, with higher highs and higher lows intact. However, the break below $99,860 signals a potential shift to short-term bearish momentum. Key Considerations: Last Week’s Candle: The large bearish engulfing candle signals significant selling pressure at higher levels. This type of candle often precedes further downside or at least a period of consolidation, especially when confirmed by strong volume. Bearish Momentum: The break below $99,860 combined with RSI dropping from overbought territory suggests a cooling-off phase in the uptrend. Further downside to $89,000–$90,000 is likely before buyers step in to defend. Long-Term Bullish Case: Despite the short-term pullback, the macro trend remains bullish, with price still well above the 50-week SMA and prior breakout levels. A retest of $89,000–$90,000 or even $73,835 would still align with a healthy correction in a long-term uptrend. Bitcoin's weekly chart shows a significant pullback after a sharp rally, with RSI and volume confirming short-term bearish momentum. Immediate support lies at $89,000–$90,000, while $99,860 acts as key resistance. The broader trend remains bullish, but this correction could deepen before resuming the uptrend.
Here at Burnt Candle, we are Bearish for the long haul, however, we might still see price pushing up to our sell area of interest. In the meantime, we would also like to take advantage of the push to the upside if it reaches our buy area of interest. Remember, clear charts better vision.