Market Update: BTCUSD & USDJPY – May 5th, 2023

NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.

BITCOIN – BTCUSD: Buying On Retracement & After Price Action Setup At Or Above $26500 – $26960

Comments: Price moved briefly higher from the Multiple Inside Bar Pattern, that had formed on Wednesday, May 3rd (We did not consider trading this pattern, nor did we mention it).

Potential Trade Signal: We are considering buying on a retracement lower and after a clear price action buy signal, at or just above the $26500 – $26960 short-term support area.

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USDJPY: Buying On A Retracement Lower Into The Range Of Bullish Pin Bar Setup

Comments: Price formed a Bullish Pin Bar Setup just above the 133.00 – 133.77 short-term support area on Thursday, May 4th.

Price moved significantly higher from the recent Bullish Pin Bar Setup that had formed on Wednesday, April 26th (We suggested buying on a break above the high of this setup in the April 27th members newsletter).

Potential Trade Signal: We are considering buying on a retracement lower to within the range of the current Bullish Pin Bar Setup that had formed on Thursday, May 4th (Buy Entry: 134.20 & Stop: 133.20),

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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.