Market Update: BTCUSD & GOLD – June 6th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
BTCUSD: Selling On Retracement Higher & After Price Action Setup At Or Below $26950 – $27451 Resistance Area
Comments: Price exploded lower from the Bearish Pin Bar Signal that had formed on Sunday, June 4th (We did not consider trading this signal).
Price moved lower from the Bearish Tailed Bar + Inside Bar (Combination Setup) that had formed on Tuesday, May 30th (We did not consider trading this setup).
The recent Bullish Pin Bar Signal that had formed on Thursday, May 25th has now failed (We did not consider trading this signal).
Potential Trade Signal 1: We are looking to sell on a retracement higher and after a clear price action sell signal, at or just below the $26950 – $27451 short-term resistance area, which coincides with the recent Bearish Pin Bar Signal that had formed on June 4th.
Potential Trade Signal 2: We are looking to buy on a retracement lower and after a clear price action signal, at or within the $25230 – $25891 short-term support area.
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GOLD – XAUUSD: Buying On Retracement Lower Into The Range Of Bullish Multi-Bar Fakeout Setup
Comments: Price moved briefly higher from the Bullish Multi-Bar Fakeout Setup that had formed on Tuesday, May 30th (We Suggested buying on a retracement lower into the range of this setup in the June 2nd, members daily newsletter).
Potential Trade Signal: We are looking to buy on a retracement lower to within the range of the most recent Bullish Multi-Bar Fakeout Setup that had triggered on Tuesday, May 30th (Buy Limit: $1962 & Stop: $1930), (This trade is active).
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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.
