A look at Bitcoin's current chart in the very high timeframe
So, I mentioned Bitcoin would get a pullback to around 100k one more time before it breaks much higher and heads to 120k. Let's see how that plays out.
There's no indication to me whatsoever that Bitcoin price is trying to push lower from these levels which is
a nice change. Giving buyers another opportunity because I don't think bitcoin will see 100k again after today.
Price is on a monthly timeframe here but Macd & my 2 preferred underneath price and cruising upwards on 5 minute timeframe as well.
Pre-breakout
Possible 2x On The Way For BAL/BTCBINANCE:BALBTC COINBASE:BALBTC COINBASE:BALUSD BINANCE:BALUSDT
BAL has a fairly nice setup with a likely bullish outcome on the BTC pair, with the price ranging between a massive descending wedge & looking ready for a macro breakout which would lead to a 2x in BTC price (likely higher)
Expecting a breakout towards that .369 retracement as the likely target for the first wave on the breakout!
The USD pair is also looking bullish on the macro scale too!
Watch this one over the next days & weeks!
AUDNZD - Possible breakout around the cornerPrice looks heavy and is at the moment trying to break through the 1.0400 handle for the 4th day in a row. On the 4 hour chart we can clearly see volatility decreasing towards the level indicating a possible squeeze.
As I see it now there are 3 possible scenarios.
1. Price breaks through 1.0375, re-tests the level and sells off towards 1.0310 or even 1.0250.
2. Price bounces off 1.0375, re-tests 1.0415 and the sells off.
or
3. Price fails again to break through 1.040 on a daily closing basis and the bulls come in and push the pair higher.
US/OIL - Breakdown of corrective structure and pre-breakoutWe are seing a pre-breakout structure forming and a possible breakdown of the corrective structure if this breakout manifests. Trade idea is pretty straight forward, entry close to the top of the corrective structure in cas of a pullback or a breakout-retest entry.
Short term target for me would be around 48.25 and longer term targets 47.70 and 46.00.
EUR/JPY - Pre-breakout structureVery tight and confined pre-breakout sructure on the 1 hour chart. If we get a breakout to the downside a move towards 111.000 is likely. A breakout to the downside is more likely in my opinion. If we on the other hand get a breakout to the upside we should see a move at least towards 114.500 (red arrows). A conservative play is to wait for the breakout and enter on a retest of the broken structure.