Bitcoin is in an overall ascending channel on the 4 hour but price is forming a middle section to the pattern. If we break, I look to target the double top, or even the top of the channel. There is huge potential for this crypto in the week ahead!
On the lower time frames we have broken an ascending channel and price also rejected and formed a double top. Price has huge potential to the downside: the beginning of the lower time frame channel, the longer wider ascending channel support, and the beginning of the whole structure.
Similar to the other NZD pairs, price is in a key area of value and it is likely we will se price react in this area. A first target would be the trend line and if we break, then we will look to reach the beginning of structure.
Price is potentially forming a continuation pattern and we would be looking for a third touch and candle rejection to then take this to the downside. We have also broken a bigger structure and price is in a correction following an impulsive leg.
We are approaching a strong level and price could either break it to make a third touch of the wedge or we could reject this key level as soon as we get there. The longer term move is still in play and this structure could as a correction followed by a continuation.
Price has cleanly rejected the bottom of structure which was an area of value in the market.This was expected due to the lack of momentum and impulses to the downside which showed us that we could see the downtrend momentarily cease.
Although price has broken structure to the upside, we are moving very correctively and we are approaching a high value/confluence level. If we see a rejection, we could place a risk entry at the top of structure to catch the potential move.
Similar to CADJPY, we could experience short term bullish moves at least the the high/beginning of structure. Price is pressuring the top of a descending channel which we could see broken in the next few hours.
Here on Swiss Yen we have broken an ascending channel but that isn't a main factor here: we have also formed a descending channel as we broke out correctively. Two likely scenarios are that price rallies to create a double top before selling off, or price disregards the descending channel and just continues the move to the downside.
These are the two likeliest scenarios which I find plausible. My bias is that we will rally back up to forma. double top formation, slightly exceed the high before dropping but we could see bears come into the market from the word go.
On this pair we can see the corrective week had an impact here and the week ahead could have an impulsive move in store. If we get a retrace to 0.70670 and it serves as resistance then we could see a drop here.