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Horizontal

USD/CAD Short setupUSD/CAD just broke through a horizontal which was tested a few times going back a month. A short setup is the retest of the horizontal to confirm the breakdown and continue downwards. Entry --> 1.3844 Stop Loss ---> 1.3880 Take Profit--> 1.3760 Risk/Reward --> 2.3 Please Comment, Like, & Follow! This information is not a recommendation to buy or sell. It is to be used for educational purposes only. Please follow a proper risk management program when trading.
by Chloster
1
still within expected rangeHello hello wonderful person! It has been a while since my last post, but to be frank; nothing much has happened with BTC and market outside of what to be expected. If you see the chart I present here, it is the same as my previous post about 2 weeks ago and it still holds water; which is good! Short summary of my thoughts on TA for BTC/EURO: The price is still within the larger trendlines (triangle) as shown in the daily chart, with great room to grow. I spot no divergence on RSI on daily or 4 hourly, which could indicate no clear trend reversal. Coppock curve is very close to 0 in daily chart and 4 hourly on the negative side, which is not comforting. I would like to be at least above. Seems to be a horizontal trading with average trade volume and not much momentum. Conclusion The stock market went up, not suprisingly, but BTC followed which was somewhat suprising to me. Whilst gold and other precious metal were having steady trading and some instance a short decline, the stock market went up and BTC went up. That can be interpreted that BTC is following more the stock market rather than the gold, which threatens the digital gold claim. It will be interesting to see what BTC price will be doing when gold and other precious metal increases even more in value and stock market declines. As I have stated previously, I do not believe that we will have a V-shaped recovery but rather see more declines in stock market, second wave as I called it. This will be seen when more consequences arise to the surface from the lock-downs, along that the initial helicopter money will not have the impact it was meant for and more money is printed. So Why I am talking about the stock market for BTC? I believe they are interconnected, and further declines will impact BTC price as well as the value for gold will impact BTC. How? remains to be seen as we are moving into unknown territories; but I am bullish on the BTC. I think we will remain within the triangle in the chart for the better part of this year, which means we will have rallies and declines. If you have the will and guts to trade in these times, there are money to be made; but be cautious. And with that, stay safe and do not trade what you can not afford to lose.
by egilagre
1