Market Update: BTCUSD & S&P500 – June 13th, 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 Around $26951 – $27395 Resistance Area

Comments: Price formed a Multiple Inside Bar Pattern on Monday, June 12th (We are not considering trading this pattern).

Price moved slightly lower from the prior Multiple Inside Bar Pattern that had formed on Friday, June 9th (We did not consider trading this pattern, nor did we mention it).

Price moved lower from the Bearish Pin Bar Signal that had formed on Sunday, June 4th (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 around the $26951 – $27395 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 buy signal, at or just above the $25230 short-term support level.

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S&P500 – CASH: Buying On Retracement Lower & After Price Action Setup At Or Around 4167 – 4188 Support Area

Comments: Price is trading just above the 4325 old key resistance level (Zoom out to see), which now acts as a short-term support level.

Price moved higher from the 4167 – 4188 short-term support area.

Price moved significantly higher from the Bullish Pin Bar Signal that had formed on Wednesday, May 24th (We did not consider trading this signal, nor did we mention it).

Potential Trade Signal: We are looking to buy on a deep retracement lower and after a price action buy signal/setup, at or just above the 4167 – 4188 short-term support area.

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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.