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Can you believe it’s the last trading day of the week?
End the week on a strong note by taking advantage of Bitcoin (BTC/USD) and GBP/USD pulling back from their established trends.
Get ’em while they’re near key inflection points!
Bitcoin (BTC/USD) 4-hour Chart
Hollah if you’re a crypto tradah!
BTC/USD spiked up to 18,400 earlier this week but there were enough bears to drag the OG crypto back to the 17,400 zone.
BTC is now consolidating at 17,400 which is close to the 4-hour chart’s 100 SMA and ascending channel support.
Stochastic is also pointing to further gains as it hangs out in the oversold area.
Let’s see if the last downswing was just a pullback in an uptrend!
Look out for bullish momentum that could extend Bitcoin’s weeks-long uptrend.
The 18,400 previous high is a good target for short-term bulls but you can also aim for the 18,500 inflection point if there’s enough momentum.
GBP/USD 4-hour Forex Chart
I don’t know if you’ve noticed but Cable has been making higher highs and higher lows since hitting bottom at 1.0400 in late September.
This week, GBP/USD is trading closer to the 1.2200 psychological handle.
As you can see, 1.2200 is not far from the 4-hour chart’s 100 SMA AND the bottom of an ascending channel that hasn’t been invalidated since mid-November.
Can GBP/USD sustain its uptrend? The odds are on the bulls’ side while GBP/USD is finding buyers at the Fibonacci support zone that we’re watching.
Fresh upside momentum could push Cable back up to its 1.2400 December highs. It could even hit new monthly highs before the year ends!
Don’t overlook a possible downside breakout though.
If the (small) green candlesticks that we’re seeing don’t hold up and GBP/USD starts poppin’ up red candlesticks again, then Cable could break below its channel support and visit areas of interest like 1.2100 or 1.2000.
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