Weekly plays

Bitcoin shows in the following weekly chart its up ward potential through the yellow ellipses

price doubled from from mid of August from 24k to 48k and this week we built the first significant reversal candle in this otherwise steep upward movement

The white rectangles describe a possible beauty principle time pause and retracement depth for a possible further retracement and we will reevaluate through time if this could be the next setup for significant low risk trend reloads for this time frame:

The weekly ES chart below shows strength indicated by a bullish engulfing patter and prices trading over previous highs ($4634.50) for the last six weeks.

We find five price levels note worth from which a low risk entry point for a reload play could initiate:

continuous price strength into next week requiring smaller time frame retracements for an entry

main POC in the breakout zone near $4778

VWAP valley near $4695.25

VWAP valley mountaintop $4670.25

previous highs resistance zone which is now support: $4609.25

We see no low risk entry zone for immediate shorting of the ES market:

from a beauty principle perspective we had a similar bullish engulfing pattern the last time near all time highs as well

before the market shortly after turned:

Gold prices nearly doubled from August 2018 to August 2020

from that point on Gold was trading in a sideways range

right now prices find themselves on the top border of this range

This price level from a bullish perspective is supported by

a quadruple/quintuple top formation

a cup and handle pattern

an inverse head and shoulder formation

a bullish doji price formation of last weeks candle

Silver price moves had a low risk long entry last week near its directional support line

time will tell if this will turn out to be a successful trade and the financing level is at $23.93

next target near $25.23

we estimate the success rate of this play to be only at 54%