BITCOIN: A break below 12800 is another negative signal & looks increasingly imminent. Chart with FX run-down from Analyst, Jason Sen – Day Trade Ideas

 

Technical Analyst Jason Sen

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BITCOIN looks likely to head significant lower.
It is a case of holding our shorts in the US dollar again today – although the USDJPY may have run it’s course at this stage. A great profit on shorts in the last week or so but we could bottom today.
Just be aware that the dollar is severely oversold so taking at least some profit is always a great idea. Nice to be in a position to sell on any bounce.
AUDUSD bottoms just 5 pips above support at 7890/85. We wrote: break above 7850/60 is a longer term buy signal as we warned all last week, targeting 7935/40 & 7980/90. Hold longs.
We topped just 2 pips from the upper target.
NZDUSD bottomed exactly at first support at 7225/20 as expected & beat first resistance at 7260/70 this time as expected.
Outlook positive, so hold longs.
USDJPY shorts at 111.60/70 worked perfectly as we collapsed below 110.83 as predicted to the next target of 110.50/40 for another 100 pips potential profit in the pair.
EXIT SHORTS & TRY LONGS IN THE 110.50/00 AREA.
USDJPY we wrote: we got a second chance at our selling opportunity at 111.60/70 – no excuse for not being short now – hold this position. Outlook negative.
EURJPY bottomed exactly at first support at 135.05/00 & longs worked perfectly as we shot above 135.65 to top exactly at the next target of 135.90/95. Outlook positive for today.
EURUSD held trend line resistance at 1.2210/20 initially. We wrote: Eventually we are likely to see a sustained break above 1.2250 for another buy signal targeting 1.2270/80 & 1.2350/60.
Next target of 1.2270/80 hit as predicted.
USDCAD lower again as predicted. We wrote: hits all downside at as far as 1.2445/40 as we look for minor support at 1.2380/70.
GBPUSD bottomed exactly at first support at 1.3720/10. We wrote: GBPUSD beat important resistance at the high of 1.3650/56 for a strong longer term buy signal targeting 1.3760/70, 1.3795/99, 1.3830/40…
Just 11 pips away as I write.
GBPJPY we wrote: first support at 152.15/10 should hold the downside but longs need stops below 151.70.
Longs here worked perfectly on the bounce from 151.91 as we beat 152.70 for the next target of 152.95/99…longs at at 152.15/10 seeing almost 100 pips potential profit as I write, as we beat 152.95/99 to target 153.30 & 153.55/65 highs.
GOLD fills the gap at 1342/43. Severely overbought so some profit taking possible but do not even think about shorts.
SILVER we wrote: having trouble at key resistance again at 1718/20. I do think we will eventually beat 1730 for a buy signal but timing is impossible to know.
Spot on as we hit 1742.

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JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.