Ready for more chart setups?
I know you like them trends so today we’re looking at not one, but TWO swing trend plays for ya.
Crypto traders huddle up! BTC/USD is approaching the $35,500 mark that’s around the 100 and 200 SMAs on the 4-hour time frame.The SMAs also line up with a descending channel resistance that hasn’t been broken since mid-May so I KNOW at least some FUD traders are watching the setup.
Will Bitcoin extend its losses against the dollar? I’m not seeing bearish candlesticks yet, so y’all still have time to whip up trading plans if you’re planning to short the crypto. June’s lows are good initial targets though you can also aim for new lows if you’re confident on the downtrend’s extension.
Think BTC/USD will bust above the SMAs instead? Watch out for a clear break above the channel resistance before aiming for areas of interest like $37,750 or $40,700.
After making lower lows since late May, EUR/JPY looks ready to extend its downtrend.The pair is about to get rejected at the 132.00 – 132.30 zone that lines up with the 61.8% Fib retracement of last week’s upswing AND the trend line resistance on the 4-hour time frame. What’s more, the 100 SMA has just crossed below the 200 SMA!
If you’d rather buy the euro against the yen, however, then you’ll want to do it AFTER EUR/JPY confirms a breakout above the trend line resistance that we’ve marked.
Good luck and good trading this one!