Bitcoin: Short-Term Buy
Bitcoin, 4-Hour Chart Analysis
Bitcoin might be concluding its volatile correction after plunging below 900 in weekend trading. The long-term uptrend still dominates the cryptocurrency and the 4-hour chart provided a trend-line and support entry point on Sunday. The MACD also gave a buy signal, following a positive momentum divergence.
Main resistance zones to watch are between 1115 and 1130 and between 1263 and 1292. Support is below around the 1000 level, with the main trend line currently found at 930.
USD/JPY: Short-Term Buy
USD/JPY, Daily Chart Analysis
The US Dollar has been losing ground against the Yen all year long, and the sell-off accelerated in recent weeks, while the pair is getting close to the crucial 110 level. The lower boundary of the declining trend channel provides support just below the current rate, while the oversold stochastic oscillator also suggests a short-term bounce.
Holders of short positions should consider exciting at least part of their positions, while short-term traders should be looking for entry points, as a possibly strong correction is expected from the Dollar. The long-term trend remains bearish, but a long-term position could also be considered, as good stop-loss levels are found close to the current rate, providing a favorable return-to-risk ratio.