As I track BTC, I also track DXY as they are closely correlated. The DXY is due for a big retracement to the bottom of the diagonal triangle. This will give a strong push to BTC on the way up. I now target at least the 42 k level for BTC, and midterm, the 58K...needs to break a few resistances before I turn completely bullish. I still think we will go to 22k after...
LOOKING AT THE 4 HR CHART I WOULD CONSIDER A LONG POSITION ON THE PULLBACK. ALTERNATIVELY IF WE BLOW THROUGH THE .618 FIB LEVEL, I WOULD LIKE TO SEE A PULLBACK TO THAT LEVEL TO MAKE AN ENTRY.
WHITE LINES ON LONG TRADE REPRESENT ALTERNATE ENTRIES TO SCALE INTO THE TRADE AND MULTIPLE TP LEVELS.
Downward resistance break out with bullish engulfing.
Engulfing on support level & 55 moving average.
Enter on engulfing confirmation.
Stop loss below engulfing.
Weak US labor force and democratic control of government means a lot more stimulus.
This supports a weaker dollar.
Do you agree? Share your view:)
Buying GBP might be an opportunity for longer term dollar bears.
Joining bulls in GBPUSD from around 1.2350 price level with S/L below 1.2090 and T/P around 1.3280 provides decent R:R.
First major resistance level is around 1.2640 price.
Make your own analysis before entering position.
Feel free to share your opinion/position via comment and follow me to...
Into the weekend a little drawdown as the EURUSD is hitting the PRZ zone and starting to reverse at 38.2% on FIB. A little drawdown and due to weekend shifts and jumps I am going to move the Stop out a bit further to prevent being artificially stopped out from market jumps. The grey block from original SL to 1.08683 is to signify a bookmark of sorts so I'll know...