Market Update 2/9 – Watch this Bitcoin Level!

Market Update 2/9 – Watch this Bitcoin Level!

ByScandinavian Capital Markets

If I look at Bitcoin as nothing more than a liquid asset and apply a channel to price history then 53k (give or take) is a level to pay attention to. The level is defined by the 75 line of the channel from the January 2015 low. As an aside, the Bitcoin bottom then was 1/15/2014…one day before the SNB let the floor go on EURCHF. I bought BTCUSD that day but then sold in May 2017. Worst exit ever? The fact that I think about that now is instructive from a timing standpoint. Anyway, the 25 line was support (highlighted) from May to October last year. As per median line symmetry, the 75 line is expected resistance…which is 53,000.

Market Update: January 20

Market Update: January 20

ByScandinavian Capital Markets

The short term median line continues to act as resistance and the 25 line continues to act as support in DXY. If price fails to hold here then the 61.8% retrace at 89.87 is possible support. The upper parallel from the Schiff fork off of the March high was resistance last week. A break above would be significant. Until then, the USD bounce is just that…a bounce.

Market Update: January 11

Market Update: January 11

ByScandinavian Capital Markets

DXY has reached a possible pausing level. The level in question is defined by the 200 period average on the 4 hour chart and the median line from the structure that originates at the 12/17 low. If price does pull back, then I’ll zoom in to identify possible support. If price zooms through this level then the top side of the median line becomes proposed support.

Market Update: 1/4/2021 – The Most Important Update of the Year?

Market Update: 1/4/2021 – The Most Important Update of the Year?

ByScandinavian Capital Markets

Today’s USDOLLAR low…11635. Price reversed sharply higher after low print. UUP, the USD ETF, made a high volume reversal today. The only other volume reversal on the first day of the year was in 2017, which was a high. This is only the 4th bullish reversal since inception of the ETF. The previous 3 worked. Those charts are below.

Market Update: December 28

Market Update: December 28

ByJamie Saettele

GBPUSD continues to oscillate around the critical 1.3500. A gap higher on perceived positive Brexit news was followed by weakness throughout the day…a classic ‘sell the news’ dynamic. 1.3500/25 remains proposed resistance. The top of this zone is a high volume level. Near term focus remains towards 1.3100ish. The level is defined by trendlines and is just under the 12/11 low.

Market Update: December 22

Market Update: December 22

ByJamie Saettele

NZDJPY filled the previously uncovered close from May 2019 early this Month and is threatening to break down from a 4 week topping pattern now. The 200 week average has been resistance for years and is proving itself again at the current juncture. Near term focus is on former resistance at 72.00 with a much deeper drop (69.00ish) from the current level possible given the specter of 5 waves up from the March low.

Market Update: December 15

Market Update: December 15

ByJamie Saettele

As noted yesterday, the GBPUSD drop from 12/4 to 12/11 is in 2 equal waves. The implication is that the drop is corrective, although it could also compose the first leg of a complex correction. In any case, keep an eye on the top side of the just broken channel. That line is about 1.3380. If that holds as support, then I’d consider longs for a potentially massive breakout as a move above 1.3500 would shift focus to the 2007-2014 line near 1.4050