MarketBreakdown | BITCOIN, WTI OIL, AUDUSD, EURJPY
Updated
Hey traders,
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ BITCOIN - Daily time frame ₿
The market is steadily growing.
For now, the price perfectly respects the boundaries of a rising wedge pattern.
50.000 important psychological level was reached.
I am a strong believer that quite soon we will see a correctional movement/retracement.
It will be confirmed ONLY AFTER a bearish breakout of the support of the wedge (daily candle close below).
Remember, that it is too late to buy, in my view, and at the same time too risky to sell.
Be patient and sell after a breakout or buy after a correctional movement.
🎥Full Video Analysis -
2️⃣ WTI Crude Oil - 12H time frame 🛢️
What a nice bounce from 52.0 key daily structure support.
Now it is a very decisional moment for WTI:
the price is currently trading within a falling parallel channel.
Its bullish breakout will trigger a bullish continuation to higher structure levels.
Alternatively, being respected with an 4h/1h confirmation, we will expect a retest of the local low and a potential breakout attempt.
Wait for the decision and follow the market.
3️⃣ AUDUSD - 2 days time frame 🇦🇺🇺🇸
AUDUSD is trading in a strong bearish trend.
The price is sharply falling within a parallel channel.
On Friday its support was reached,
the price respected that and now we see a pullback.
I will look for a trend following movement from the resistance of the channel.
It is the closest safe sell zone to consider.
🎥Full Video Analysis -
4️⃣EURJPY - Daily time frame 🇪🇺🇯🇵
Similar to AUDUSD, EURJPY is trading in a bearish trend.
The price action, for now, follows a falling wedge pattern.
Being bearish-biased, I am looking for a confirmation on a lower time frame at the moment to short.
By confirmation, I mean a reversal pattern on 4h/1h.
In case of a bullish breakout of resistance of the wedge,
bullish rally will be expected.
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