Not a fan of consolidations?
Bruh, that just means traders are having trouble deciding on the next direction.
BTC/USD and GBP/NZD are testing the resistance levels of their triangles so we just might see volatile price action!
Bitcoin is trading in what looks like a falling wedge pattern after falling from $68,500 to the $46,000 starting early November.What makes the chart interesting today is that BTC/USD looks ready to bust above the wedge AND the 4-hour chart’s 100 SMA.
Think we’ll see an upside breakout in the next trading sessions?
Buying at current levels would mean a good entry spot in case we are seeing a breakout in the making. The 200 SMA is a good initial target but you can also aim for the $59,000 resistance if there’s enough momentum.
If BTC/USD fails to sustain an upside breakout, though, then you gotta be ready for BTC/USD to stay inside the wedge. You can target the $46,000 support or even new lows depending on the strength of the sellers’ momentum.
Pound bears gather ’round!GBP is knocking at the 1.9700 psychological handle, which is a MAJOR area of interest on GBP/NZD’s short and long-term charts.
If you’d rather bet on GBP/NZD successfully breaking above the triangle, though, then you can eye areas of interest like 1.9950 or the big 2.0000.
AFTER you confirm a breakout, of course.