Happy Chinese New Year! How was your celebration?
Must have been lots of hot pots, lo hei and feasting!
Here’s a little analysis of the day while I’m free to do some blogging!
So bitcoin managed to break out of the wedge resistance I drew, but it seems to hit a significant resistance and a pin bar reversal has signalled the change of direction.
So Bitcoin will continue to go down at this moment as more selling will come?
The only thing left is will the bargain hunters buy again or will they abandon?
Likely support will be at 4000 region.
I like to talk about JPY pairs which is seemingly gaining my attention.
For USDJPY, there seems to be a breakdown to go further down.
I’m not sure if this is just a temporary 1 bar down or will it continue downwards, but it’s a good opportunity to push it down more.
EURJPY is going to get exciting because of this support.
I hoping that it will be a clean breakdown.
Looking that a lot of JPY pairs are looking bearish, I may think that JPY currency is growing stronger?
If I remember currency theories, JPY is considered a safe haven currency for risk off situations.
However, the market is trying to rally?
This is the last JPY pair gonna show, I’m not going to show AUDJPY and NZDJPY as the charts are very uncertain.
GBPJPY pair is a bit special as GBP pairs had suddenly dropped and rebound back.
So GBP seems to be strong.
So the question will it rebound higher and buck the breakdown?
EUR seems to be a better bet.
But of course, markets like to f*** it up.
We shall see…