Bulls have been holding price at the 1.0550 level this week, a key long term sentiment level. We have seen price bounce previously from this level. If bears continue to dominate, we could see price sink to 1.0450 before a bullish bounce. We have this pair on our watchlist and are bullish and will continue to look for long opportunities into next week!
Price is currently trading around the 0.8570 region. We have seen strong rejection off 0.8564, combined with key level, trendline and 61.8 fib level bounce. If we see a bullish candle close buyers could take control. A break through could see a test of 0.85. We remain bullish on this pair having bottomed out on the HTF and rising COVID cases weighing on the GBP.
Price has been in an overextended cycle to the upside. We are now beginning to see downtrend structure forming on the 4HR Chart, with lower lows and lower highs. Price has bottomed out at the 80 whole level. Will the channel continue to be respected?
Here we can clearly see higher lows and higher highs forming, creating this ascending structure marked by the white trendlines.
Key levels have been marked, including the bottom and top of current structure.
We have seen some strong bullish pressure of recent times on this pair.
Where will price head next? Drop your predictions in the comments!
We are currently testing 1.42 yet again on this pair.
A potential long term double top formation has occurred. Will this, coinciding with the 1.42 whole level be enough to turn the tide on this pair and put USD bulls back on top?
Always zoom out to the HTF and mark key long term levels - then scale down!
We've seen a lot of positive news surrounding COPE recently. Of course Crypto took a turn for the worst yesterday, but where will the asset class head next?
COPE is currently at a key level in price. We can see price has respected this level as both support and resistance.
Will this level hold and price bounce?
Firstly, I identified the general downtrend then looked for key support and resistance levels.
These levels were dynamic and consistent with the downtrend.
The entry was set at the first level of resistance with the TP being closer to the support level.
The SL was set at a key level where previous support had turned into resistance.
Can look for a Bullish formation coz we are bearish for a time now and we have a falling wedge pattern so could look for a long position and if it does the our key level can be the target if not we break the support then we can continue bearish towards our lower key level...
Any ways this is just my thought of the market for next week...
Why have we been looking for long positions on GJ for the past few weeks and months you ask?
Well, on the daily chart we can clearly see we have resided in an Ascending channel for some time now. However, we have now rallied up to the top of our ascending channel with a third touch.
You can see some key levels marked in on the right hand side. These are key...