The price is still looking bearish long-term after previously breaking down from a large range (rectangle).
Price is unable to cross back above the 20 or 50-EMA, which means now is a good shorting opportunity.
The reward/risk ratio is good since only a small risk is needed to capture a potentially large move.
Prices are now at a crucial resistance level which has been tested many times but failed to break higher.
It could also end up forming the right shoulder of a bearish H&S chart pattern.
Watch for bearish signal to short when the time is right.
GBP/USD has been on a long-term downtrend, and it has recently pulled back to the 50-EMA, which is generally a good resistance area for shorts to come in.
The overall trend is still bearish despite the recent small move up.
Will be looking to short on more bearish price confirmation.
Google has been on a very strong uptrend, and recently has had a multi-legged pullback to the support area .
With the breakout of the small wedge , there is a high chance that the uptrend will continue.
Looking to long.
This pair is on a strong downtrend, and based on our previous post, we have been waiting for a good pullback to short this counter.
Now that price has pulled back slightly and is near the 20-EMA which should provide some resistance, and is exhibiting price weakness, we can consider initiating a short position.
Reward/risk is good as well, since a small...
Bitcoin -0.89% is hovering between the $6500-$7000+ range, which shows that there is some price support there as value buyers come in.
If you are looking to trade a swing up or buy to hold for long-term investment, it is worth a look at these prices.
Do not buy aggressively until price has broken out of the wedge pattern, as technically price is still within a...