Narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.
GBP/USD: "V-Top" pushing price lower
The price is consolidating between the levels 1.2911 – 1.2773. Considering the last “V-Top” pattern, the market is likely going to reach the nearest support at 1.2726. If a pullback from this level be on the table, there’ll be an opportunity to have an upward price movement towards the next resistance at 1.2816 – 1.2865.
There’s a consolidation, which is taking place above the broken “Pennant”. So, bulls are likely going to reach a resistance at 1.2900 – 1.2911 during the day. Meanwhile, if we see a pullback from these levels, bears will probably try to test the 89 Moving Average.
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It has not been a good weekend in the crypto space and a reflection of this can be found in Bitcoin, which has managed to consolidate its price action below the level of 8000…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.