Happy Friyay trading, trader friends!
If you haven’t bagged pips yet or if you’re looking for setups to moolah rain next week, then you better not miss BTC/USD and EUR/JPY’s trends!
Take a look at their 4-hour charts to see what I mean:
BTC/USD: 4-hour
Bitcoin is consolidating around the $43,000 area after falling from the $48,000 zone earlier this week.
And why not? $43,000 lines up with a trend line that has been supporting BTC/USD since late March. Not only that, but it’s also near the 50% Fibonacci retracement of March’s upswing AND the 200 SMA on the 4-hour time frame.
Think BTC/USD is ready to extend its uptrend? Stochastic is on the bulls’ side with an oversold signal right now.
A long trade at the first signs of bullish momentum would yield a good risk ratio especially if you place your stops just under the trend line support.
If you’d rather stick to BTC/USD’s intraweek trend until it ends, then you can also add to your shorts as soon as the pair breaks below the 200 SMA on the chart.
What do you think? Which way will BTC/USD go?
EUR/JPY: 4-hour
EUR/JPY saw a strong bullish run in March, but traders seem to be taking a chill pill these days as they let the pair consolidate.
That’s right, EUR/JPY is sporting a descending triangle on the 4-hour time frame!
However, the pattern could easily be a bullish pennant if you squish your charts just right.
Will the consolidation lead to an upside breakout? Or is EUR/JPY ready for a bearish reversal after a weeks-long uptrend?
EUR bulls can take advantage of EUR/JPY hanging out at the pattern’s support zone near the 100 SMA. If the pair breaks above its trend line resistance, then EUR could revisit its previous highs near 138.00.
A downside breakout, on the other hand, could drag EUR/JPY to areas of interest closer to 132.00 or 130.00.
