Missed big trends these days?
Better keep your eyes glued to the correction opportunities on these long-term charts!
Here’s what I’m looking at on gold, litecoin, and EUR/GBP:
Gold is still hanging out inside its long-term descending channel seen on the daily time frame.Price has climbed above the mid-channel area of interest, though, suggesting that a higher retracement might be in the works. Buyers could still be setting their sights on the channel top that lines up with the 61.8% Fib and 200 SMA dynamic resistance.
The 100 SMA is below this slower-moving MA, which means that the selloff is more likely to resume than to reverse. At the same time, Stochastic is already hovering around the overbought zone to signal exhaustion among buyers.
Here’s another neat long-term break-and-retest for y’all!EUR/GBP has been in a steady selloff lately, but it looks like sellers are taking a break for now. This could allow the pair to pull up until the nearby resistance level at the 38.2% retracement level or perhaps to the higher Fibs that span an area of interest.
Is bearish momentum still in play?
If any of the resistance levels are able to keep gains in check, EUR/GBP could slide back to the swing low at .8470 or lower!
We know bitcoin’s crash has the spotlight these days, but you might wanna look at other altcoins that continue to tread higher.LTC sold off sharply recently but is still trading safely above its long-term rising trend line. Price appears to have found some support around its Fibonacci retracement levels and could be ready to resume the rally.
The 100 SMA is above the 200 SMA to confirm that the uptrend is likely to carry on, and the gap between the indicators is widening to reflect strengthening bullish momentum.
Just don’t expect a much wow surge of dogecoin proportions, though!
Also, note that Stochastic is starting turn lower from the overbought zone, so another dip to the area of interest close to the ascending trend line and 61.8% Fib might take place before more buyers return.