Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Would anyone care for a BTC trade?
Trade ideas
SELL 7.565; TP 7300; SL 7670
BUY 8.340; TP1 9.000; TP2 9.300; SL 8.100
The market is gripped by trade war fears and yet today we decided to consider some Bitcoin trades. The interesting thing is that the cryptocurrency is currently playing the role of a safe-haven asset: as fears about global economic well-being mount, market players turn to BTC seeing it as a kind of independent alternative.
Indeed, in May BTC/USD went above 23.6% Fibo of the 2017-2018 decline at $7,142. It tested levels around $8,350 last week. The advance paused there as it met the resistance of the July 2018 high. A pullback occurred to the mentioned Fibo level and the rebound from it was very quick. Probably even too quick as it seems that Bitcoin didn’t gather enough strength to overcome $8,355 just yet. A “hanging man” candlestick appeared yesterday on D1 with Awesome Oscillator declining.
The cryptocurrency will likely test $7,565 and $7300 before making another go at the resistance. A break above $8,355 will allow the cryptocurrency to target $9,580 (38.2% Fibo), whereas a decline below $7,140 will open the way down for a deeper correction to $6,400.
Elizabeth Belugina
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