Yahoo Finance Bitcoin aims for the long-term support!
The first video this week starts with the analysis of Bitcoin, which for the past few days is locked inside of a rectangle. This pattern is a trend continuation pattern and it was created after a huge drop, so we assume that…it will result in a drop too, especially that the ultimate long-term support is near!
Next one is the GBPNZD, where potentially we can have a double top formation on the long-term highs. The sentiment is still positive and we are not talking about a reversal but this can be a good trigger for a mid-term correction aiming the support on the 1.975
WTI Oil is still locked inside of the symmetric triangle pattern and cannot choose the direction. Bearish breakout is supported by the bigger H&S pattern and the bullish breakout is supported by the main trend and the smaller iH&S formation. For now, it is too early to say, which way they will choose but we have to stay sharp!
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
