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Bitcoin (BTC/USD) is consolidating after an upside breakout while CHF/JPY looks set to extend a weeks-long trend.
Check them out!
Bitcoin (BTC/USD): 1-hour
The OG crypto has come a long way from its sub-17,000 lows!BTC/USD is now trading around the 23,000 zone after breaking above an ascending channel pattern last week.
Can BTC bulls keep the party going in the next few days? BTC/USD is stuck inside a range between 22,450 and 23,200 and the 100 SMA is tightening its gap against the longer-term 200 SMA.
Another rejection at the range’s resistance opens Bitcoin to a break below the 200 SMA and a deeper retracement if not a reversal on the 1-hour time frame.
But if BTC/USD manages to make new monthly highs and stay above 23,000 then at least some BTC bulls would start aiming for previous areas of interest like 24,200 and 25,000.
If fiat trading is more your thing, then you should check out CHF/JPY’s potential trend continuation on the 4-hour time frame.The pair is consolidating just under the 141.00 mark after getting rejected at a descending channel resistance near the 142.00 zone.
What makes the current levels more interesting is that they’re right around the 61.8% Fibonacci retracement of January’s downswing.
Consistent trading below the 100 SMA opens the pair to a drop down to the 139.50 previous support or the 137.50 previous low.
But if the pair extends its late January upswing, then we could see a breakout above the channel and 200 SMA that could take CHF/JPY to previous resistance levels like 143.50 or 145.75.