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HomeForexWeekly Technical Outlook: Resistance Ranges To Watch For JP Morgan, Bitcoin (BTC/USD),...

Weekly Technical Outlook: Resistance Ranges To Watch For JP Morgan, Bitcoin (BTC/USD), And NZD/USD


Prepared so as to add to your buying and selling watchlists this week?

Whether or not you want watching developments, ranges, or breakouts, I obtained your again with setups on JP Morgan, Bitcoin (BTC/USD), and NZD/USD.

Don’t even consider lacking them!

JP Morgan Chase & Co (JPM): 1-hour

JP Morgan Chase & Co (JPM) 1-hour Chart

JP Morgan Chase & Co (JPM) 1-hour Chart by TradingView

I don’t know in the event you seen however main banking participant JP Morgan Chase & Co. broke a key pattern line help final week.

JPM dropped all the way in which to 127.80 earlier than consumers stepped in and pushed the inventory again as much as the 134.00 earlier inflection level.

Does the upswing have momentum?

Additional shopping for might push JPM to the 137.50 space that strains up with the damaged pattern line 61.8% Fibonacci retracement of final week’s downswing, and a key help stage in February.

If JPM turns decrease from its present ranges as a substitute of hitting increased pullback zones, then y’all ought to be prepared to focus on final week’s lows.

Not satisfied that the breakout is legit? You may wish to wait till JPM is persistently again above its damaged pattern line earlier than you value in uptrend continuation performs.

NZD/USD 4-hour Forex Chart

NZD/USD 4-hour Foreign exchange Chart by TradingView

NZD/USD shot increased earlier at this time, sufficient in order that the comdoll pair is now testing the 4-hour chart’s 100 SMA resistance, the 61.8% Fibonacci retracement of March’s downswing, AND a descending channel resistance that hasn’t been damaged since February.

Can NZD/USD bears keep the downtrend? Or are we taking a look at an upside breakout within the making?

Shorting at present ranges would yield a very good threat ratio particularly if NZD/USD drops again to the .6100 March lows.

If NZD/USD’s upswing conjures up an upside breakout, although, then the pair might hit its earlier highs close to the .6270 or .6300 areas of curiosity.

Bitcoin (BTCUSD) Daily Chart

Bitcoin (BTCUSD) Every day Chart by TradingView

The place my crypto associates at?

Bitcoin (BTC/USD) simply bounced from the $20K zone, which isn’t shocking because the psychological stage was additionally close to a bullish SMA crossover on the each day time-frame.

With Stochastic simply leaving its “oversold” zone and the final candlesticks hinting at a robust bullish momentum, you possibly can wager that a minimum of some HODLers are eyeing the $25K zone.

As you possibly can see, the $25K space marks the highest of a spread that BTC bulls haven’t damaged since August 2022. In 2023 phrases, $25K additionally strains up with February’s highs.

Momentum gamers can benefit from the bullish bounce from the SMAs and goal the vary resistance.

Suppose final week’s bounce was a fluke?

You’ll be able to watch for a number of crimson candlesticks to verify bearish sentiment earlier than focusing on the $20K or $18.3K earlier lows.

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