Weekly recap – Bitcoin in trading HEAVY

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Bitcoin (A.K.A. your Grandpa’s crypto) is trading heavy and over the last several weeks has not been able to crack back above the 60K level. With the recent surge in many alt coins, BTCUSD has not been able to keep up (at all). Traders should be watching two levels. First, the 52K level is horizontal support and below there could break an ascending channel. More importantly, a break of the 47K level could lead to a test of the 42K breakout point and previous resistance from the January highs. I guess the question on everyone’s mind is “If Bitcoin falls, will it impact the rest of the crypto market?” My assumption is “yes” as a lot of institutional money is invested into your Grandpa’s crypto, but we may soon find out.

EURAUD trying to break higher out of a consolidation

The EURAUD is nearing the key horizontal resistance at the 1.5700 level and a break above this could put the 200dma back in view as we breakout out of a triangle consolidation since January. Multiple attempts to break lower below the 61.8% retracement at 1.5423 were thwarted which could lead to a break higher near term. RSI has also broken higher from a descending trend line which could be signaling a bullish breakout.

AUDNZD poised to move higher?

The AUDNZD has been trapped in a descending channel for the last couple months with resistance at the 1.0800 level near term. Support is at the 1.0700 level and if the channel resistance breaks and horizontal resistance at 1.0825 level as well, the pair could make a move back towards the 1.0955 trend highs from March. RSI is also pointing higher as well suggesting near prices may move higher.

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