Hoping to catch good buying opportunities on NZD/USD and bitcoin?
Here are the key levels that bulls are watching on the long-term charts.
NZD/USD: 4-hour
The Kiwi has been soaring higher over the past couple of weeks, but it looks like this pair is hitting a ceiling at the top of its channel.
If resistance holds, a pullback to the nearby support areas might be in order. Is this a good chance to hop in the rally?
Technical indicators are still suggesting that bearish pressure is pretty strong, with the 100 SMA below the 200 SMA to show that the path of least resistance is to the downside.
Besides, Stochastic is just starting to head south after a long stay in the overbought region, which means that sellers have a lot of pent-up energy.
I’d probably wait for reversal candlesticks to show up around the Fib retracement levels, which span an area of interest near the channel bottom and .6700 major psychological mark.
It might be safer to hold out for a bullish moving average crossover, too!
BTC/USD: Daily
Aha! It looks like bitcoin was rejected again at the area of interest around $46,000!
This could mean that another dip to the next floor around the $30,000 mark might be in order. There might still be room to catch some bearish moves, especially since the 100 SMA just crossed below the 200 SMA.
Just be careful since Stochastic is already in the oversold region to reflect exhaustion among sellers, so turning higher could mean that buyers will be back in action.
If that happens, BTC/USD could bounce right back up to the middle of its range. Now this is proving to be a pretty strong upside barrier, as it also lines up with the dynamic resistance at the moving averages.
Still, a break above this could clear the path for a rally back up to the record highs.
