Weekly Market Update: BTCUSD, ETHUSD & GBPUSD – Dec 2ND, 2024
NOTE: This market newsletter is based on analysis conducted using the daily chart timeframe. Each market discussed is accompanied by a corresponding price chart for clarity and reference.
BTCUSD: Waiting To See If Current Multiple Inside Bar Pattern Turns Into Potential Bullish Fakeout Setup
Comments: Price formed a Multiple Inside Bar Pattern on Sunday, Dec 1st (We are not considering trading this pattern).
Potential Trade Signal 1: We are waiting to see if the current Multiple Inside Bar Pattern turns into a Potential Bullish Fakeout Setup.
Potential Trade Signal 2: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the $88650 – $90749 short-term support area.
To Trade This Market With Our Preferred Broker, CLICK HERE
ETHUSD: Buying On Retracement Lower & After Price Action Signal At Or Above $3447 Resistance Level
Comments: Price moved briefly higher from the recent Inside Bar Pattern that had formed on Friday, Nov 29th (We did not consider trading this signal, nor did we mention it).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal at or just above the $3447 short-term support level.
To Trade This Market With Our Preferred Broker, CLICK HERE
GBPUSD: Selling On Retracement higher & After Price Action Signal At Or Below 1.2833 Resistance Level
Comments: Price moved slightly higher from the recent Inside Bar Pattern with a Giant Mother Bar that had formed on Thursday, Nov 28th (We did not consider trading this pattern, nor did we mention it).
Potential Trade Signal: We are looking to sell on a retracement higher and after a price action sell signal, at or just below the 1.2833 short-term resistance level.
To Trade This Market With Our Preferred Broker, CLICK HERE
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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.
