Teach Yourself Technical Analysis

Azeez Mustapha
31 October 2020 | Updated: 17 November 2020

THE TECHNICAL ANALYST HAS BECOME AN ENDANGERED SPECIES
According to Investopedia.com, technical analysis is a trading discipline employed to evaluate investments and identify trading opportunities by analysing statistical trends gathered from trading activity, such as price movement and volume. Unlike fundamental analysts, who attempt to evaluate a security’s intrinsic value, technical analysts focus on patterns of price movements, trading signals and various other analytical charting tools to evaluate a security’s strength or weakness.

 

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Business woman study financial market to calculate possible risks and profits.Female economist accounting money with statistics graphs pointing on screen of computer at desktop. Quotations on exchange

Given the definition above, you can see the important of technical analysis as far as trading is concerned. However, many people do not understand what it is, not to mention how to apply it in their trading. Most readers and visitors to shares, cryptocurrencies, forex, commodities, etc, news websites, do not understand technical analysis, and so they prefer to ignore it and read the articles they understand instead (such as those about fundamental market news and briefs).

Even in the nascent cryptocurrency industry, demand for the technical analyst is drying up, especially amid crypto winters, as well as protracted bear markets.
No wonder the technical analyst has become an endangered species, because most members of the public do not understand our work and therefore are not interested in our analyses. This is one of the reasons why the technical analyst’s career is threatened.

When the general public know more about technical indicators, they will be inclined to read technical analysis of the markets, whenever they come across such online. They will appreciate what the technical analyst does and the effort behind those technical productions. They will be able to understand what the technical analyst has in mind and how their thoughts can be applied to financial instruments.

More importantly, people will be able to apply technical analysis to their own speculation and investment, with satisfactory results. The truth is, when applied correctly and objectively, technical analysis works.
This book is also for those who want to consider a career as a technical analyst. It is very easy to use and understand; very easy to familiarize oneself with. It contains step-by-step explanations and it will launch you into the fascinating world of technical analysis.

The content of this book were originally published in TRADERS’ (https://www.traders-media.de/), and have been reproduced by their kind permission.

Teach Yourself Technical Analysis

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Chainlink (Link) Price Analysis: LINK Shows Signs of Decline as It Faces Rejection at $13 High

Azeez Mustapha
31 October 2020 | Updated: 31 October 2020

Key Highlights
LINK resumes a downward move
The crypto is likely to reach a low of $9. 63

Chainlink (LINK) Current Statistics
The current price: $11.14
Market Capitalization: $4,351,047,564
Trading Volume: $1,670,028,120
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis October 31, 2020
LINK price is making a series of lower highs and lower lows. The crypto is in a downtrend as price makes a downward move. Today, the price is retracing after rejection from the recent high. Presently, the market is falling as price breaks below the SMAs. A break below the SMAs will increase the chances of a downward move. Conversely, if the 21-day and 50-day SMAs support hold, the XRP will resume an upward move. In the meantime, the market is falling.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK price has since broken the resistance of the descending channel. The coin is below the 80% range of the daily stochastic. It indicates that the market is in bearish momentum.

LINK/USD – 4 Hour Chart

Conclusion
From the price action, LINK is likely to make a further downward move. On October 26, a retraced candle body tested a 50% Fibonacci retracement level. It indicates that LINK will decline and reach a low of 2.0 Fibonacci extension level. In other words, the market will reach a level of $9.63 low.



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Bitcoin Maintains a Positive Outlook Amid Global Economic and Financial Crisis

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

Bitcoin (BTC) traded this week on a trumped-up momentum, as it recorded multiple 2020 record highs. Interestingly, this bullish performance is happening amid a brutal beating across the equity markets including the Nasdaq 100 (NDX), Dow Jones (DJIA), and S&P 500 (SPX).  

Cumulatively, the benchmark cryptocurrency has grown by about 4.3% over the week. Although this growth number might not seem like much, looking at it with the backdrop of the current economic crisis plaguing the markets, shows you just how impressive this bullishness is.

Meanwhile, Bitcoin’s recent performance has given it a 63% market dominance, which has caused serious problems for the already embattled altcoin market. For example, Ripple (XRP) is now trading at lows last seen in 2017, indicating the negative impact Bitcoin’s dominance is exerting on the rest of the industry.

In other news, Iran has become the first country to constitute Bitcoin as an official and legitimate means of exchange. This decision was made due to the wave of sanctions on the country from the US.

Also, the Bitcoin-friendly Avanti Financial Group has received an official banking license in the US, making it the second company to secure such a license after Kraken.

Regardless, it will be interesting to see how the cryptocurrency market fares in the coming weeks and if Bitcoin maintains its bullish performance moving forward.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term — October 30

Bitcoin has entered a slight consolidation between $13,600 and $13,100. Investors expect a revisit to the upper-$12,000 level, where more dip-buyers are expected to join the train. The major level for Bitcoin to break is the $13,860 ATH, followed by the $14,000 psychological resistance.

On the flip side, a break below the $12,890 support could trigger an additional bearish extension for the cryptocurrency in the near-term. However, the overall bias remains to the upside.

Total market capital: $395 billion

Bitcoin market capital: $250.7 billion

Bitcoin dominance: 63.2%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Japan 225 (JP225USD) Reaches Bearish Exhaustion, May Reach Level 22821 and Reverse

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bearish
Japan 225 is fluctuating in a sideways move below level 23750. On October 28, Japan 225 fell to the low at level 23066 and resumed consolidation above the current support. A retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the index will fall and reverse at level 1.272 Fibonacci extensions.

JP225USD – Daily Chart

Daily Chart Indicators Reading:
Japan 225 is at level 39 of the Relative Strength Index. It indicates that the market is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend.

Japan 225 (JP225USD) Medium-term Trend: Bearish
On the 4- hour chart, the market is in an upward move. On October 30 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The index is likely to fall and reverse at level 1.272 Fibonacci extensions. That is at level 22821.40.

JP225USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping downward indicating the bearish trend. JP225USD is above the 30% range of the daily stochastic. It implies that the market is in a bullish momentum.


General Outlook for Japan 225 (JP225USD)
Japan’s 225 index is in a downward move. The current downtrend has been exhausted. A retraced candle body has tested the 78.6 Fibonacci retracement level. At this retracement, the market will fall to level 1.272 and reverse. However, the reversal will not be immediate.


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Recession Fears Return to Europe on Coronavirus Lockdowns

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

European economic recovery is on hold as governments impose new restrictions to tackle the coronavirus, which could lead the region into another recession. The four largest economies in the eurozone are entering various forms of isolation, eclipsing Friday’s data that saw a record third-quarter production growth.

A new downturn sets in, governments pour in more aid and the European Central Bank pledges additional monetary stimulus amid a rapidly deteriorating situation. Vice President Luis de Guindos said stagnation or even contraction cannot be ruled out in this quarter.

The recovery of the eurozone after the first blockages of coronavirus in the spring already looked like a dead cat leap before the events of this week. Activity numbers were falling, and business and consumer confidence began to waver after the summer surge.

European stocks fell, with the Stoxx Europe 600 in its third consecutive week of decline. The impact on the cost of sovereign borrowing was muted by the purchase of ECB bonds.

Market Reaction to Europe’s Inflation
EURUSD has largely ignored recent data and last traded at 1.1676, where it has barely changed over the day.

Looking at the main components of inflation in the euro area, food, alcohol, and tobacco are expected to have the highest annual rates in October (2.0% versus 1.8% in September), followed by services (0.4 % compared to 0.5% in September). ), non-energy manufactured goods (-0.1% versus -0.3% in September) and energy (-8.4% versus -8.2% in September).

EURUSD has bounced off daily lows of 1.1661, despite policymakers firmly hinting at further easing in December. Upbeat growth in Germany could play a role in supporting the rebound as the spot trades flat at 1.1676.

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Shanghai SE Composite Index (SHCOMP) Continues Downward Move, May Reverse at Level 3187

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

Key Resistance Zones: 3300, 3400, 3500
Key Support Zones: 2800, 2700, 2600

Shanghai SE Composite Index (SHCOMP) Long-term Trend: Ranging
SHCOMP is range-bound between levels 3200 and 3400 since July. Presently, the index is falling and may soon end the bearish run to level 3187. This means that the lower price range is likely to be broken but the price will revert to the range-bound zone.

SHCOMP – Daily Chart

Daily Chart Indicators Reading:
SHCOMP has fallen to level 45 of the Relative Strength Index period 14. The index is in the downtrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping sideways indicating the sideways trend.

Shanghai SE Composite Index (SHCOMP) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The price retested level 3360 to resume the downward move. On October 26 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that SHCOMP will fall and reach the level 1.272 Fibonacci extension level. That is the low of 3187.19.

SHCOMP – 4 Hour Chart

4-hour Chart Indicators Reading
SHCOMP is above the 30 % range of the daily stochastic. It indicates that the market is in a bullish momentum. Besides, the market has reached the oversold region. The 21-day SMA and the 50-day SMA are sloping sideways indicating the sideways trend.


General Outlook for Shanghai SE Composite Index (SHCOMP)
SHCOMP is on a downward move. The current downward move is reaching bearish exhaustion. According to the Fibonacci tool, the market will fall and reach level 3187.19.




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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

EURJPY Weakness Extends Beneath 122.00 Level on Negative Market Sentiment

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

EURJPY Price Analysis – October 30

The selling momentum in EURJPY stays intact as its weakness extends beneath the 122.00 level at the end of the week earlier on Friday. Downside risks have continued to dominate the Eurozone currency against the Japanese Yen on negative market sentiment due to the continuous wave of Covid-19.

Key levels
Resistance Levels: 127.07, 125.00, 123.37,
Support Levels: 121.47, 119.31, 117.08
EURJPY Long-term Trend: Ranging
EURJPY has broken through several key support cluster levels compared to the previous session. After the breakdown of the support level 122.37, the psychological level of 122.00 was broken. Looking at the broader scenario, while below the ascending trendline support, the trend for EURJPY is anticipated to stay positive.

In a broader context, the rebound from 114.39 is seen as a medium to long-term growth phase within a long-term sideways trend. Further growth is expected while the support level of 119.31 is held. A break of 127.07 will target a 61.8% recovery from 137.49 (high) to 114.39 at 128.67. However, a solid breakout of the 119.31 level would be evidence that the rally from 114.39 has ended and has returned attention to this low.
EURJPY Short-term Trend: Bearish
The intraday bias of EURJPY remains negative for now. The current decline from 127.07 should now target a 61.8% recovery from 114.39 to 127.07 at 119.25, close to the key support zone at 119.31. Technical indicators suggest selling signals on the 4 hour time frame most likely could continue to pressure the exchange rate lower within this session.

Looking for strong support there to contain the downward pressure to trigger a rebound. However, a break of the minor resistance level of 122.37 is needed to mark a short-term bottom first. Otherwise, the trend may stay bearish in the event of a recovery.

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Nasdaq 100 Price Analysis — October 30

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

The Nasdaq 100 (NDX) traded on a positive momentum yesterday, as risk appetite began to creep in across markets following the dramatic sell-off on Wednesday. The NDX could be well on its way to a volatile session today following several earnings reports from tech giants like Apple (NASDAQ: AAPL), Facebook (NASDAQ: FB), Alphabet (NASDAQ: GOOG), and Amazon (NASDAQ: AMZN).

On aggregate, the tech behemoths posted strong earnings figures, especially considering the COVID-19 economic crisis backdrop. All four companies posted better-than-expected earnings and revenues. However, hours after these figures dropped, Amazon and Apple stocks have seen negative price action so far; Facebook remains almost unchanged, while Alphabet climbs higher.

Big-4 Earnings Report

Apple recorded significant growth in its Q3 figures and made a record-breaking revenue of $64.7 billion. However, the recent weakness seen in Apple stock performance is likely as a result of the weaker-than-expected iPhone sales this year.

Amazon reported strong Q3 figures with $12.37 per share post-dilution, trumping estimates. The company also recorded a staggering $96.1billion in revenue.

Alphabet Inc. recorded a strong $38.01 billion in quarterly revenue, beating estimates of $35.35 billion. An Alphabet executive stated that this revenue jump was as a result of increased advertiser revenue across its search and YouTube platforms.

Facebook’s active daily users’ number, a key metric used by investors to evaluate the company, was at 1.82 billion in September, a 12% YoY spike. However, the company expects significant uncertainty in its numbers next year.

It will be interesting to see how the index reacts to all these amid the growing US political tensions and the second wave of the virus ravaging the globe.

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — October 30

NDX Major Bias: Bullish

Supply Levels: 11495, 11560, and 11890.

Demand Levels: 11307, 11000, and 10680.

The Nas100 appears to be recovering from the brutal sell-off from two days ago. However, the index was met with fresh bearish pressure at the 11495 resistance earlier today—based on pre-market data. Although uncertainty is ruling the market at this point, we should expect a decent bullish price action today.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

USDCHF Upsurge Hits 14 Days High Beyond 0.9150 Marks as US Dollar Index Clings to Positive Gains

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020

USDCHF Price Analysis – October 30

The USDCHF is increasing for the 5th day in a row on Friday as its upsurge hits 14 days high beyond the 0.9150 marks. The pair has accelerated its uptrend supported by the broad-based USD strength as US Dollar Index clings to positive gains above 94.00.

Key Levels
Resistance Levels: 0.9296, 0.9241, 0.9165
Support Levels: 0.9087, 0.8998, 0.8746
USDCHF Long-term Trend: Bearish
USDCHF rallied beyond the 5 and 13 moving averages and is now testing the 0.9160/65 resistance area. A break above could lead to a test of the 0.9200 level. Even a close near current levels could exacerbate a near-term bullish trend. A slide below 0.9133 would ease the bullish pressure to reveal the next support at 0.9087.

In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). There are no clear signs of completion yet. On resumption, the next target is 138.2% forecast from 1.0342 to 0.9181 from 1.0231 at 0.8746 levels. However, a strong breakout of the 0.9296 resistance level would be an early sign of a trend reversal and would draw attention to the key 0.9902 resistance level for confirmation.
USDCHF Short Term Trend: Ranging
Attention is now focused on the 0.9165 resistance area as the rebound from 0.9030 continues. A solid break there will indicate that the corrective pattern from 0.8998 has started the third cycle. The short-term oscillators are currently reflecting an improvement in positive momentum. RSI is trying to maintain a positive trajectory towards 70 levels.

Primarily, the intraday bias will be upward towards the 0.9296 level. The break could approach the 38.2% retracement from 0.9902 to 0.8998 at 0.9362 levels. On the other hand, a breakout of the 0.9030 level would retest the 0.8998 low.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Binance (BNBUSD) Price; Pre-Election Breakdown of $29 Price Level to Monthly Lows

Azeez Mustapha
30 October 2020 | Updated: 30 October 2020
BNBUSD Price Analysis – October 30

The price is targeting the support level at $26, if it does not hold the coin will reduce to support level at $24 and $22. In case the $26 price level, it may bounce and increase towards the resistance levelsat$29,$31, and $33.

BNB/USD Market
Key levels:

Supply levels: $29, $31, $33
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the daily chart. The coin was under the control of the bulls last week. The bullish momentum pushes the price to the resistance level of $31 on October 15. The price pulled back and retest the support level of $29. The coin was prevented from penetrating the level and the bulls pushed it up to test the resistance level at $29 second time on October 28. The price falls and penetrates the support level at $29.

BNBUSD Daily chart, October 30

The coin has penetrates the dynamic support level downside with the formation of a strong bearish candle. The 9 periods EMA is crossing the 21 periods EMA downside to establish the bearish movement. The price is targeting the support level at $26, if it does not hold the coin will reduce to support level at $24 and $22. In case the $26 price level, it may bounce and increase towards the resistance levelsat$29,$31, and $33. The relative strength index period 14 is bending down at 40 levels which indicates a sell signal.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD is bearish. The price action has formed a chart pattern called “Double Top”; this is a bearish chart pattern and this is what makes the price declining towards the support level of $26. The former support level of $29 has turned to a resistance level in the 4-hour chart.

BNBUSD 4 hour chart, October 30

The 9 periods EMA has crossed the 21 periods EMA downside and the coin is trading below the two EMAs. The Relative Strength Index period 14 is pointing down to indicate a sell signal.

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