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3 Great Trading Opportunities For The Week: Bitcoin, GBP/USD, Gold

Published 03/20/2018, 04:41 AM
GBP/USD
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XAU/USD
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GC
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BTC/USD
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During March, Bitcoin broke all major supports. It all started with a bounce from the 11,2k USD resistance, then the BTC crashed 10k and 8,7k (green), which currently will be the closest resistance. Currently, the price is creating the flag formation (red lines). The breakout of the lower line of the flag is more probable here and it should give us a major sell signal with the target around the 6k USD.


GBP/USD did not wait with the upswing for an up trendline. Traders started buying as soon as the price created the correction equality pattern. After the initial rise, the price broke the upper line of the wedge and later defended that as a support. With this technical setup, the sentiment is very good and the buy signal looks like those from the price action textbooks.


Gold attacked the 1307 USD/oz again and again this area was defended by the buyers. That would be a great opportunity for the traders if not the fact that we are still under the mid-term down trendline (red). Only the breakout of this resistance should bring us a strong buy signal on this commodity.

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