Welcome to a brand spankin’ new trading week!
I know y’all are excited to get some pips in the bag so let’s set you up with CAD/JPY’s trend, Silver’s range, and Bitcoin’s potential reversal plays.
Get ’em while they’re hot!
The pair is about to hit its trend line support as well as the 61.8% Fibonacci retracement of the last upswing. This is interesting as the 100 SMA is also hanging out just under the trend line that we’ve marked.
Can the bulls maintain CAD/JPY’s uptrend for another week? Watch out for the first green candlesticks that could lead to a trend line bounce.
Just last week we talked about silver possibly breaking above an ascending triangle on the daily time frame.
Well, it looks like the resistance held for another day! A big red candlestick showed up on the weekly chart and is about to test the trend line support.
If silver breaks below the trend line, then you’ll want to look at $22.50 as a potential support zone. If you see a bounce, however, then you can aim for the $28.30 previous highs or even an upside breakout.
Where my Bitcoin-hodling friends at? BTC/USD is forming what looks like a Head and Shoulders pattern on the weekly time frame.So far, BTC bulls have been stepping up every time BTC/USD touches the pattern’s “neckline.” It also doesn’t hurt that Stochastic is hinting at the crypto’s “oversold” levels.
Will the pattern break to the downside? Look out for a strong break below the “neckline” that could drag BTC/USD back down to the 100 and 200 SMA levels.
If BTC continues to find support around $34,000, though, then we can see BTC/USD pop back up to the $43,700 previous area of interest.
Don’t forget, on MarketMilk, our visual market analysis tool, you can: