Since the Bitcoin flash crash from last week, it is no coincidence that the alt coins have followed Bitcoin's trend.
Nonetheless BTC is current stuck in a range between $30-$38k whilst its crypto dominance continue to hover sub 50%.
On the flipside the developments in the SEC case vs XRP is a breath of fresh air with various positive outcomes ruling in XRP's...
200 + pip move up in 14 days, with little exhaustion.
Broken through all major supports and now approaching weekly zone for a break and retest of key level.
RSI also diverging on H4, expect USD to begin a pullback before continuation of uptrend.
3 TPS 20,40,60
SL 15 pips
Required win rate with current R to stay profitable: 44%
Starting from the weekly, USDCAD has been in overall uptrend with strong bullish rallies equally followed clean sell-off periods.
-Average bullish rally on the weekly TF is 820 pips.
-Currently in wave C > D on the 5 Elliot wave count. Wave move upwards.
Longer Term Bullish Bias:
USDCAD only completed 350pips of average bullish rally.
Reason for Long:
Overall price has retraced over 350+ pips in 16 days without any significant pullback, signalling that this move is close to exhaustion and expect a reversal.
Added confluence through 61.8 Fib level and trend-line market structure.
DXY also rejected at 2 year high indicating potential reversal which would be in line with GBP long.
Reasons for Sell:
-Price has been in an extended uptrend for 28 days. 6 of those days accounted for a retrace in the current uptrend.
-for the past 8 days price has failed to break above 0.99870 which is also December 14th high.
-Rsi is showing divergence on H4 charts indicating buying pressure is running out.
-Price has formed a double top and could be coming up...
USDJPY Potential short at 109.000.
Potential 100 pip move.
Reason for long:
Double top forming in weekly zone on H4 looking for clear entry on H1 or 30M.
USDJPY still trading under 200, & 50 EMA on H4 Chart.
DXY also reversing and heading into a down trend = Confluence.
Reason for Long:
-Price is holding at my weekly zone which is acting as clean support.
-Candlesticks on H4 are respecting weekly zone and not able to pass beyond it.
-EURGBP has been in an extended bearish market for the previous 5 days and expect a reversal to occur.
-H1 is showing clean double bottom PA at 0.88400
-No economic news releasing for 16th Jan to...