Bitcoin analysis has shifted since yesterday. The markets negated yesterday’s Bitcoin analysis – we covered the reasons during today’s New York Session. As a general reminder for members that catch the replay or read the daily summaries, please be mindful of any gap between the time of the original analysis and the time that you’re watching. Fundamental news can drastically change market conditions since the original analysis.
For DXY, we are currently trading inside an imbalance on the 4H timeframe, so we still see DXY going higher.
Same with British Pound, we expect GBPUSD reject and drop lower. If we go to the H4 timeframe, we see that it has formed a swing high rejected. We may see it trade down to the H1 order block at ( members only ) today.
NZDUSD gave an optimal entry trading into yesterday’s high. We’re looking for a pullback to the ( members only ) fib level and continuation to the downside. You can consider stops at ( members only ) area.
With AUDUSD, you can look for an optional trade entry and order block entry to short.
For USDCAD, we still see ( members only ) as a target on the upside. Consider longing on pullbacks next week.
USOIL will be hard to trade unless you are scalping, so it is best to stay on the sidelines.
GOLD did not give us the short entry before driving down to our target, but it has respected all the levels we mapped out.
Turning back to BTC, we mentioned that yesterday’s Bitcoin analysis during the NY session was negated, because by the end of yesterday it did not close bearish. Instead, price rejected the entire down move and closed bullish. Best to stay out for now and see if today’s candle will close bullish or bearish. If it closes bullish and above yesterday’s high, we will see some more upside. If it closes bearish, we should see more downside. However, long term we still see more downside for Bitcoin.
Similar to our Bitcoin analysis, watch for the daily candle on ETH to close bullish or bearish to determine directional bias. We still see further downside long term however.
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