Currently BTCUSD looks to be consolidating for a bit of a retracement then trend continuation to the downside
But we will have to see how this plays out
Dont think the trend is going to reverse just yet
GU has double bottomed and has had a very long downtrend without much of a pullback - if price breaks my zone then i will look for a retest and a long to the next area
I dont think this is a trend reversal just yet but a decent enough pullback
After that choppy retest we should see this pair go long as now the other XXXCAD pairs are ready to go short
market correlation at work!
We are also see a double bottom to the left and price is respecting the neckline which adds to my confluence - waiting on a good entry early next week
After taking a second look at this chart it looks like BTCUSD is failing to break this daily level - if it cant break through this area then we could see a huge drop back to its untested monthly support level... could go either way so be careful if you threw all your money into bitcoin
Unless this current level is broken price is going to fall to its next visible level which has been highlighted on the chart
This could fall further and be the start of a "crash" OR we are just having a large retest before this shoots off into space
I think we are going to see more JPY weakness GBPJPY has been testing this level for a while now and it should break and head off to its monthly resistance area - just waiting on some confirmation before going long
After that amazing pullback, it looks as though EURJPY is going to drop again
We were in the middle of a downtrend anyway and now there is a 1hr pin bar and a 5m one more or less in the same place
My reason for the short is right now the weekly candle is engulfing the previous week's candle.. if we are in a downtrend then this weeks candle has to do something...