Bitcoin bulls likely to keep control; Gold creates symmetrical trianglePosted on Tuesday, February 18 2020 at 8:05 pm GMT+0000
Bitcoin bulls likely to keep control
After the spectacular rally last year, bitcoin entered a dwonward corrective phase forming a falling wedge. The falling wedge is a Bullish Wedge that have a noticeable slant to the downside against the prevailing uptrend. The breakout of the upper trendline of the pattern at 8000 opened the door for more gains towards 12100. Traders who entered long positions at the aforementioned level should have placed protective stop losses at 6350. Those who are intending to join the rally can take advantage of any pullback towards the 9500 area, such a pullback can provide renewed buying opportunities to target the 12100 level.
Gold creates symmetrical triangle
Gold entered into a consolidation phase and seems to be fulfilling a symmetrical triangle. The triangle represents a pause in a trend and a breakout of any of its boundaries could determine the next direction in the market. However, a tringle is most always a continuation pattern, and a break above it’s upper line can generate additional buying interest sending the price towards the 1625-1635 area. Gold is currently testing a very significant resistance area around the aforementioned line, and a successful breach of the 1585 and 1594 levels will pave the path for further gains towards the 1635 level. Only a downward break of the 1545 level will signal the start of a deeper corrective wave towards the 1500-1490 area.
EUR/USD is in a clear downtrend
The EUR/USD is in a clear downtrend and is headed towards closing the 2017 price gap at 1.0720. Of course, this steep bearish movement may be interrupted by a corrective bounce. Hence, any rebound towards 1.0880 may provide traders with new selling opportunities.