Bitcoin Shows Upward Momentum, Targets Key ResistanceBitcoin (BTCUSDT) is displaying an upward trend, currently trading around $69,078 as it nears critical resistance levels. The chart suggests BTC is consolidating within an ascending channel, with immediate resistance expected around the $70,000 mark. A break above this zone could propel BTC towards the $72,755 target, signaling stronger bullish momentum.
Analysts highlight that maintaining support above $68,730 is crucial for sustaining this upward move. Market sentiment remains cautiously optimistic, with traders closely watching for potential breakout signals in the coming sessions.
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BTC - Has Bitcoin broken a multi-year trend to the upside?I keep going back to my Weekly chart because every time I study it I seem to find something new. As you can see on this chart the baby blue line is a multi-year trend in which the price has either been forced to stay below it or on one occasion bust North above it. There are just too many touch points IMO not to be significant. Also notice the two yellow arrows. The one on the left points out the first time BTC rose above this line followed by a touch-back to test the line. Then the price rocketed to almost $20K. Now look at where the blue line and price are today. If this line is accurate, we are currently on the top of it. The question is whether we are setting up for another violent run North like before, or, will the Bears manage to push the price back below the line?
Full Disclosure: I'm still long and plan to be for quite some time.
I hope you like this new long term perspective.
Good luck!
USDJPY - Is The Dollar In Trouble ? After seeing a series of higher highs and higher lows in a corrective ascending channel, we've now seen a lower high made which could potentially break structure. This was also the 3rd touch off the descending trend line around the 78.6% Fibonacci level. We then saw a break & retest of the ascending channel off the 61.8% Fibonacci level giving us the perfect entry for a sell.
I have an entry and will be looking for more retracements to enter on this pair. News may also play a role as we have the FOMC Press Conference, announcing economic projections and Federal Funds Rate, as well as the first quarterly GDP statistics. These are volatile news events so take note of the date and time. There is also plenty more data coming out for the USD so I believe we can see the Japanese Yen being treated as a safe haven.
As always, trade with risk management and have a great trading week !
Instagram: keownarcher
AUDNZD - PUT THIS ON YOUR WATCHLIST RIGHT NOWThis trade may be turning up faster than anticipated. My original prediction stated that it would probably fall and retest its trend line break, but it seems that this pair may just be headed upward without it. Watch this one! If I see a candle pattern I like I will go long and update this post.
FSLR BREAKING DOWN ON WEEKLY; GREAT SHORT R/RFSLR has been behaving very well within technical levels on the weekly, and has been trading in a range for a few years. A strong weekly trendline has just broken, and if it can make NEW LOWS on the daily, it will head to 45.43, next area of support where it will probably bounce. a decent stop would be above the dotted trendline above.
I could see it crashing through 40.52, which is huge weekly support, testing from below, then heading to 33 area in a few months. This will take a long time to play out.
let me know your thoughts.