Ready to put your Fib game face on?
If you are, then you’re gonna love what’s happening on BTC/USD and NZD/USD’s charts!
Check them out and see if you can sneak in pips from their setups!
BTC/USD: 1-hour
I don’t know if you’ve noticed, but BTC/USD has been on a downtrend since the start of the month.
Trend warriors have a chance to jump in today as BTC/USD hangs out at the $41,500 area.
Think Bitcoin will extend its downtrend? Notice that $41,500 is near a trend line resistance, the 100 SMA, and the 50% Fibonacci retracement of this week’s downswing.
Bears can start shorting at the first signs of bearish momentum. This week’s lows can be a good initial target but you can also aim for new monthly lows if you see enough selling pressure.
If you’d rather buy and hodl BTC/USD, then you’ll want to do it after the pair busts above the trend line and 200 SMA resistance zones.
NZD/USD: 4-hour
I spy with my eye a break and retest trade in the making!
NZD/USD has just broken a months-long uptrend. Luckily for the bulls, there was enough buying pressure to contain the selloff at the .6750 psychological area.
Look out for a retest of the .6850 zone that lines up with the broken trend line support and the 38.2% Fibonacci retracement of this week’s downswing.
If NZD/USD jumps up and then encounters resistance at the area, then the pair could drop to this week’s lows or even new April lows.
If the buying pressure that we’re seeing leads to NZD/USD trading back above the trend line, though, then traders can put on bullish positions and aim for previous areas of interest near .7000
