Analysis:
With the current market conditions we can't see crypto being bullish for a while whereas the USD is starting to gain some strength and making its way back up. With unemployment claims coming out later today this will play a key part in if we should take this trade or not. If we see a lower then expected figure then this setup is valid. If we see a higher then expected figure then we need to wait patiently for some more bullishness for the USD before entering.
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all.
Stay Safe - JPI
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
- Strong downwards trend
- Retest of a key level
- 38.2% fib level touch
- 100 EMA close by
- Recent USD strength
- Current bear market for crypto
With the current market conditions we can't see crypto being bullish for a while whereas the USD is starting to gain some strength and making its way back up. With unemployment claims coming out later today this will play a key part in if we should take this trade or not. If we see a lower then expected figure then this setup is valid. If we see a higher then expected figure then we need to wait patiently for some more bullishness for the USD before entering.
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all.
Stay Safe - JPI
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
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