August 30, 2021

Weekly Technical Outlook: Crypto and Fiat Special With VET, BTC, and AUD/CAD

 Welcome to a brand spankin’ new trading week!

Put your fiat and crypto trading hats on because we’re exploring swing and long-term trade opportunities on VET/USD, BTC/USD, and AUD/CAD.

Don’t even think of missing out!

VET/USD: Daily

In case you missed it, VeChain hit resistance at the 0.1400 zone, which isn’t surprising since the bulls already had trouble breaking past the level back in May.

Are we looking at an 800-pip range game here? While a move to the 0.0600 support is still possible, you should note that the 100 and 200 SMAs are near the 0.1000 mid-range support.

So, while you can still plan your range plays, you should also consider that we’re looking at a possible pennant pattern. Look out for a clear break above 0.1400, which could lead to a trip to 0.2000 or even the 0.2400 previous highs.

BTC/USD: Daily

BTC/USD just can’t get enough support to bust through the $50,000 zone, yo!

Bulls better show up soon because the bearish divergence and a 61.8% Fib retracement on the daily chart are NOT lookin’ good for the hodlers.

If BTC/USD gains momentum below the 200 SMA, then you gotta be ready to short the crypto to inflection points like $40,000.

But if the bulls gain enough friends to push BTC above $50,000, then we could see a move to 2021’s highs and possibly more lambos in the streets.

AUD/CAD: Weekly

Support alert! AUD/CAD is sitting on a psychological level that had supported the pair for YEARS before the 2020 breakout.

The .9150 – .9200 zone had not only supported the Aussie from 2013 to 2019, but it had also served as resistance when the pair finally traded below the level in mid-2019.

Will there be enough buyers to defend the area this time? Those who will take their cues from the lowkey bullish divergence on the weekly can buy at current levels and aim for 2021’s highs for a good risk ratio.

If AUD/CAD makes new 2021 lows, however, then you should also be ready to trade a possible drop to .8900 or .8500 areas of interest.