Where my short-term trader friends at?
I know you like them 1-hour charts so today we’re looking at Bitcoin’s (BTC/USD) uptrend and NZD/USD’s reversal pattern.
Check them out!
Just when we thought Bitcoin (BTC/USD) is ready to moon again, crypto bears dropped their 24K magic and dragged BTC below the 24,000 level.
BTC/USD is now trading closer to 22,800, which is juuust above a previous high, the 61.8% Fibonacci retracement of this week’s upswing, and the 100 SMA and trend line support.
If that’s now bullish enough for ya, then you gotta note the bullish divergence on the 1-hour time frame!
Are we looking at a legit uptrend entry opportunity?
You can buy at current levels and aim for yesterday’s highs (or even new July highs) if you’re confident that we won’t see FUD any time soon.
Feel like shorting BTC instead? You’ll want to wait until BTC/USD convincingly breaks below the support zone that we’ve spotted before you commit to some downside action.
I spy with my eye a potential Head and Shoulders breakout in the making!
NZD/USD is sporting the reversal pattern on the 1-hour time frame while price is chillin’ near the .6220 area of interest.
Is NZD/USD ready done with its uptrend then?
A clear break below the Head and Shoulder “neckline” could lead to a trip to the .6190 level near a previous high and the 100 SMA.
If you see NZD/USD bouncing from the neckline, though, then you can prepare for a retest of the .6280 weekly high or even the .6300 previous area of interest.
Good luck and good trading this one!