If trends are traders’ friends, then Imma be your BEST friend because we’re looking at not one, not two, but THREE trends on the daily time frame.
Who’s up for trading BTC/USD, NASDAQ, and EUR/NZD this week?
I hope you are because their trends (breakouts?) are not to miss!
BTC/USD: Daily
Bitcoin HODLers had a VERY interesting weekend when BTC/USD dropped to the $42,300 levels faster than they could say “Lambo.”
BTC/USD is now chillin’ just under the $50K mark and it looks like it just missed a trend line support. Its 200 SMA support remains intact though!Bearish momentum below yesterday’s lows could drag BTC to support levels like $46,000 near the 200 SMA or the $41,500 zone that’s close to a key inflection point.
If the bulls decide to take cues from El Salvador and buy the dip, though, then we could be looking at a move back up to the $54,000 or $57,000 previous areas of interest.
NASDAQ: Daily
Tech stock bros (and sistahs) huddle up! NASDAQ registered its second (big) losing week last week and now the index is trading around the 15,700 mark.
As you can see, its current levels line up with not only the 50% Fib retracement of October to December’s upswing but also the index’s highs back in September.
Buyers who are waiting for cheaper levels may wait for a retest of the daily chart’s 100 SMA or a clear oversold signal from Stochastic.
If you start to see green candlesticks, however, then y’all should be ready to buy the index all the way to its November highs!
EUR/NZD: Daily
Here’s one for the euro bears out there! EUR/NZD just hit 1.6700, which is right around a broken range support on the daily.
But who needs a break-and-retest play when the current levels also line up with a trend line resistance that hasn’t been broken since March 2020?Trend warriors who are in for more euro selling can wait for red candlesticks or at least bearish momentum before aiming for November’s lows.
Not convinced that the euro can lose more pips on the Kiwi? Wait for a clear break above the trend line, which opens EUR/NZD to a retest of the 1.7100 range resistance on the daily.