Bitcoin Price - Pop or Drop?This chart is a minor re-draw of the chart originally published by chrisdunntv. Changed the following:
1) Moved blue lines to touch candle wick lows and highs. You still have two touches on the ascending blue support line and the descending blue resistance line.
I believe this better reflects the recent weakness in the bitcoin price as highlighted in the yellow oval. It also allows a little bit of additional time for price to resolve as it has extended out the blue support and resistance lines a few additional days. I think those additional days will be needed to really get a good feeling for which way the price is heading. The way this was drawn showed price falling through the ascending support. I think this is what is going to happen ultimately, but believe by adding a little extra time for this to resolve that the move will be clearer should price drop through and head toward $560.
You can see that around the $560 level the Bitcoin price found support and did not fall all the way to the ascending blue support line.
However, recently, the price has consistently failed to reach the upper blue resistance line.
It looks to me like the price will fall through the ascending blue support line. We will then get a chance to see if near the $560 level will provide support or not.
Ascending
#GBPCHF short - test of #breakoutGBPCHF is trading in an ascending channel, bullish trend. PA reached the top boundary and 127.2 ext of previous high on very strong impulse leg from the bottom channel boundary. Although the 113 ext at 52 provides support last week the breach is likely to test 5122. The support can be observed on the RSI too (red TL).
#EURUSD will move towards 36 or 39?After the sell-off from almost 40, EU ended close to 37 handle, failing to create new low. Same happened beginning April after the rally to 396, EU failed to close below 37. The PA is in the lower half (below median channel line) of the channel and possible completion of bullish gartley.
Conclusion: The 37 handle has been a strong S/R level in 2014. Now, close to Jun, with ECB putting efforts to lower EU the final breach of 37 might happen. However, the rally up to 39 is not out of the question.