Bitcoin (BTC/USD) is nearing the end of a consolidation pattern while NZD/USD juuust broke below a trend support.
Will we see breakouts in the next trading sessions?
I’m looking at 4-hour charts today, yo!
NZD/USD 4-hour Forex Chart
In case you missed it, NZD/USD dropped below the .5900 psychological handle to test the .5750 zone that had served as resistance from late September to late October.
Take note that .5750 is juuust below an ascending channel support on the 4-hour time frame. However, it’s also above an SMA crossover on the chart.
Does a trip to .5750 mean that NZD/USD’s uptrend is over?
Or will enough bulls step in now that the 100 SMA has crossed above the 200 SMA?
Bullish momentum above NZD/USD’s current levels would suggest that the uptrend is still a go and likely push NZD back its .5900 highs.
If you see NZD/USD trading below this week’s lows, though, then y’all better start making trading plans around a downside breakout that could take NZD to the .5600 and .5550 previous support zones!
BTC/USD 4-hour Forex Chart
I spy with my eye a breakout in the making!
Bitcoin (BTC/USD) looks ready to complete a triangle consolidation on the 4-hour time frame.
And it’s not just any triangle consolidation! Thanks to last week’s sharp upswing, we could be looking at a bullish pennant breakout!
Consistent trading above the $20,400 – $21,000 zone would mean that BTC/USD is over its sub-20K range and is ready to chill at higher levels.
But if BTC/USD drops back below $20,000, then enough bears would trade October’s range levels and drag BTC down to the $19,500 mid-range or $18,800 range support areas.