Welcome to the last trading day of the week!
If you’re feeling like trading pullbacks, then you’re gonna want to see GBP/CAD’s downtrend and Bitcoin (BTC/USD) retracing to a broken resistance.
Don’t even think of missing these setups!
GBP/CAD: 1-hour
GBP/CAD 1-hour Forex Chart
Trend alert! GBP/CAD was consolidating between 1.5400 and 1.5750 before a downside breakout in mid-August dragged the pair into an observable downtrend.
GBP is now trading closer to 1.5100, which isn’t too far from the 100 and 200 SMAs on the 1-hour time frame.Forex bears can wait for GBP/CAD to hit the top of the channel near 1.5175 if they want a better entry for their trend trade.
If you believe that the SMAs will do a good job of keeping the bulls at bay, though, then you can also start scaling in as soon as GBP/CAD revisits the dynamic resistance levels.
Good luck and good trading this short-term downtrend!
BTC/USD: 4-hour
BTC/USD 4-hour Forex Chart
Bitcoin HODLers huddle up!
BTC/USD found support at the $18,700 area and is fast approaching the $21,000 zone.
As you can see, $21,000 lines up with the 38.2% Fibonacci retracement of August’s downswing as well as an area of interest on the 4-hour time frame.Are we looking at a good spot to short BTC/USD?
The most recent 4-hour candlesticks hint at bullish momentum, so y’all might want to wait for a resistance rejection or at least some bearish momentum before shorting BTC.
Think BTC/USD will bust above the 4-hour chart’s 200 SMA and the broken trend line support?
You can start adding to your BTC hodlings as soon as the crypto clears the resistance zones that we’re watching.
