So while stocks stayed flat anticipating the Fed's next move, the SSTI spotted that silver had
broken a key support level and dropped out of a pattern called a descending triangle.
Going up Bitcoin needs to
break key support levels at the 10 000 $ and 11 000 $.
Not exact matches
But the recent bounce in the dollar shows that it has
broken the downtrend line and is actually finding a
key level of technical
support around the 90.00
level.
«Yesterday as the exchange hack developed, bitcoin
broke a
key technical
level that led to a collapse to its next
support level [around] $ 9,400,» he said.
Commodity currencies were hit hard overnight with the Australian dollar
breaking below a
key support level at $ 0.8983 to reach a six - month low of $ 0.8951.
However, last week, price
broke down through the
key support of the range near 1.2150, ending the week below that
level, effectively dismantling the trading range and giving control back to the bears, at least for now.
The bears controlled the market during the Easter long weekend, as bitcoin fell toward $ 6,400 and Ethereum
broke below the
key $ 400
support level.
The 50 %
level was a
key resistance
level and was
broken last week, so it could now act as
support.
A
break down to the next
key support level can be at 6000 $
levels and will be a new all - time low.
There's a big difference between buying stocks and ETFs in a market that reverses when the majority of leadership stocks are showing tight price action, versus buying stocks in a sudden market reversal when a large number of former leadership stocks have already lost
key support levels and / or their bullish technical patterns have
broken down.
While $ UUP
broke down below
key support levels over the past two weeks, $ FXY conversely
broke out above resistance to a new 5 - month high and has formed another «higher high» and «higher low.»
In other news the Euro edged lower
breaking key technical
support levels at 1.11 and opens this morning at 1.1071.
Many stops are placed a certain percentage under
key support levels or above resistance
levels because if
broken by too much the trade may be wrong.
We can see a nice inside bar setup formed just after the market
broke down below a
key support level, the setup has since come off significantly lower and is still falling towards the next
support at 1.2625, as of this writing.
However, last week, price
broke down through the
key support of the range near 1.2150, ending the week below that
level, effectively dismantling the trading range and giving control back to the bears, at least for now.
Weekly chart is aligned to the monthly as the long term bearish channel was
broken with two
key weekly
support & resistance
levels broken.
Just as the name implies, a rounded retest occurs when a market
breaks a
key level and then slowly moves to retest it as new
support or resistance.
Notice that we entered on a retest of the
key level that was
broken, which now becomes
support.
Initial
support is located at the bottom of the price channel and
key support is now at 1.4257, a
break below this
level will indicate that the downtrend has resumed and another fall towards 1.4000 could be seen.
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With the rising short - term trendline now
broken traders should watch the
support levels found at $ 10,500, $ 10,000 for reversals with the lie - in - the sand zone still being between $ 9000 and $ 9200, while above the
key resistance zone between $ 11,300 and $ 11,750, the main targets are at $ 13,000 and $ 14,250.
While we could see a bit of a pullback in the medium term, the
break below the
key support may have opened doors to further drops towards the next
support level at 0.029.
The DASH BTC pair has
broken below a
key support level of 0.045.
Key support level being $ 3500, in case that is
broken, Bitcoin may retest $ 3200
level in the near term.
Key Points Bitcoin cash price traded lower sharply and
broke the $ 900
support level against the US Dollar.
Price analysis shows that the huge amounts of selling overwhelmed the markets and
key support levels were
broken.
The downside trend was initiated at $ 8,934, where Bitcoin price
broke past
key support levels including $ 8,500 and $ 8,350.
During the downside trend, the price
broke past
key support areas at $ 1,200, and $ 1,550
levels.