Bitcoin: Update for the weekend! Part 2Apologies for not recording a video for this second part! I tried, 3 times, but it would not upload for some reason! Grr!
I explained the different scenarios that could play out, in Part 1. What will I be doing? Hmm....
I will be looking for shorts at position #1, should price make it there. There are three confluences of support there: the 618 fib, the support turned resistance that was tested multiple times (left) and the blue long time trendline. It is a solid place for price to reverse from.
I will be looking for longs at position #2, as that is a Weekly level of support. It aligns with S3 of the fib monthly pivot levels, adding another confluence.
Now, price may crash through #2, possibly. But we are prepared if we are forewarned, right? I have another level of Weekly support waiting at 38703.13. So, we look for bullish formations and patterns there should price reach it.
Keep the plans in mind as price moves this weekend. Enjoy it!
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Confluences
USD/CAD market positionutilising the market trend as a general map of how price action is behaving, USD/CAD has been trading aggressively bearish. Despite price attempting to reverse, we see a strong confluence around current price region acting as a resistance for candlestick rejections as well as a key fib level.
risk/reward ratio 1:2
EURUSD Sell Setup!Hello everyone, if you like the idea, do not forget to support with a like and follow.
on DAILY: EURUSD is sitting around strong resistance in green so we will be looking for sell setups on lower timeframes.
on H1: EURUSD formed an objective trendline in red so we are waiting for a momentum candle close below its last swing to sell.
Trigger: Waiting for a momentum candle close below the gray area to sell.
and until the sell is activated, this one would be overall bullish and can still dive inside the green resistance zone.
As price approaches our lower blue support, we will be looking for buy setups.
Good luck!
Potential trade setup: USD/CAD analysisPrice retraced to the expected region, awaiting for spikes towards the highlighted region for potential short entries. the 1.3450 zone is a key 61.8% retracement region with the counter trendline acting as additional confluence, price is currently trading within a 4HR consolidation box if the candle closes below to the downside, then we can expect the price to show further momentum to the downside.
GBP/NZD analysis- intraday perspectiveprice rejections around the -27% fib region which have previously shown respect to on two different occasions, despite GBP/nzd seemingly being bearish on a larger time frame, we could look for some potential upside before maybe further downside.
risk/reward ratio is tight as usual
EUR/CAD intraday setupOn higher time frames, e can see that eur/cad is continuously bullish and exhibiting higher highs and higher lows. Most recently, price retraced lower to favourable regions where price rejected the 50% fib region which gave us a reason to go long, however, if we see a deeper rejection into our trendline we will look for further longs.
gbp/cad intraday setup on higher timeframes, gbp/cad has remained in an upward trend, however, a major key region of 1.7400 hasn't still been tapped. We can see additional confluence around that region. With current fib suggesting additional leg could be formed to tap that region.
risk/reward is 1:3