Michael_Harding

It's likely BTC will drop down to the 19000 handle again near the end of this month, but then afterwards I would expect some renewed upside. Everyone that's long-term investing in this crypto will just have to wait, it's not climbing up to 50,000 anytime soon.

Yesterday's rejection candle suggests a potential bearish breakout is likely on the horizon from the current ascending trend if the bearish momentum starts to accelerate. Personally I would be very cautious at going long around this area. If this trendline breaks, the next key level of support is around the 1.05 handle.

All eyes are on this Friday's PCE data from the U.S as traders look for indications of whether inflation of starting to cool off or not. Should the report beat expectations, don't be surprised to see BTC sell off.

If US GDP figures beat expectations tomorrow morning in the U.S session, it's likely the PCE figures will also beat expectations on Friday which will very likely cause a bearish reversal

The path for Bitcoin still remains bearish as price action remains below the 200 SMA on the daily timeframe . Dollar Index continues to climb adding additional bearish pressure for Bitcoin . As of writing this article, I don't see any reasons to buy at these prices. I see Bitcoin dropping lower towards 14000 and beyond that towards 10,000

In this lecture I explain how to place orders and the difference between market executions, limit orders and stop orders with a paper trading account.

Personally there's no need to watch BTC until we get a break above the 200 SMA on the 4 hour timeframe.

Starting with the 4 hour chart, I like the fact that RSI is above 50 while we're not too far away from the 200 SMA . If we can break above the 200 SMA on the 4 hour, this should validate my next predications on the larger timeframes. Let's take a look at the Daily chart . So, the daily chart has some bullish RSI divergence as traders are still calming their nerves over the whole FTX incident. While this is happening, traders are starting to place bets the USD may see some weakness in the months ahead as inflation seem to be cooling off. Let's take a look at the Weekly. The weekly chart, we also have some slight RSI Divergence. My gut is telling me this is just the early stage of a possible bullish correction to the upside. I could be wrong, but I do trade for a living and most of my past predictions have been accurate and my performance in my trading accounts shows it. With that said, it's all about position management, a small size entry around these levels isn't risking it you leave room to add lots more if she continues the bearish trend . Keep in mind the bearish momentum is stalling so even if this pair drops a bit lower, I wouldn't be concerned one bit. Trade Safe Guys. All the Best

Here's a decent setup for USDCAD . I'm not suggesting go all in, but risking 1-2% of the equity for this setup is somewhat low risk in my opinion.

Starting with the 1 hour timeframe, as we head into the NY trading session, traders will keep an eye out for the NY Empire State Manufacturing Index at 8:30 with expectations for an improvement from -9.10 to -5.00 As of writing this analysis, bullish price action is beginning to stall out. Let's now take a look at the 4 hour timeframe == 4 HOUR == The 4 hour time frame shows further evidence of bullish stalling action. Lastly, let's take a look at the daily timeframe == DAILY == The daily timeframe , shows price action resisted off the 200 SMA while Stochastics and RSI is hinting at overbought conditions. == IN SUMMARY == Upside seems limited for the time being