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BTCUSD Is Struggling To Push Above Falling Wedge

Authored by TD Markets
09.06.2023
Technical Analysis
0
4 min
BTCUSD Is Struggling To Push Above Falling Wedge

In the world of finance and investments, various factors influence the strength and performance of different currencies and assets. Two key entities that have caught the attention of traders and analysts are the Australian Dollar (AUD) and the BTCUSD pair. In this article, we delve into the potential sustainability of the AUD's strength and explore the challenges faced by BTCUSD in breaking above a falling wedge pattern.

The GBPJPY Performance 

Price is still above the 52-week average, signalling that we still have upward momentum long term.  We have had a rise of 3 highs in the past, but the price failed to break up towards the upside to complete the movement. 

The GBP is back again attempting to break those same highs it failed previously. The target is set on a monthly frame to a price point of 186.644. Breakout above 174.210 with a weekly could give us the momentum further to the upside. A shorter-term target with a bullish weekly candle above the resistance identified is at a price point of 179.611.3

BTCUSD Is Struggling To Push Above Falling Wedge

The AUDCHF Performance

 Price has pushed down below 6 annual price pivots and is still bullish longer term.  Seems to have found a bounce at a support level of 0.58795 for a short-term retracement which started last month.  Price has approached the neckline which signals a double bottom for more buyers to come in and lift the price.  

The first target after the neckline is broken by momentum candles is 0.61905.  There is a medium-term target 2 set at 0.63833 if the Australian Dollar continues to strengthen. The neckline seems to be a resistance for buyers to break through, we have a day where the price is rejected at the top of the range at price point 0.60592 & closed inside above the support 0.60315. This week's close will give us direction for next week and what to possibly do.

BTCUSD Is Struggling To Push Above Falling Wedge

Read More: Traders Are Bearish On Silver

The BTCUSD Performance

 Overall, we are still in the retracement phase at the same support level with no movement yet. The Falling Wedge on the support level 26130.97 seems to be holding quite firmly.  If the price breaks and closes above 31816.52, more upside to the price level of 42547.38.

Requires more patience for price action to occur, this specific example of price action provides evidence that one should have a more diverse portfolio to invest in as not all profits are taken every day.

BTCUSD Is Struggling To Push Above Falling Wedge

Final Thoughts on Today’s Analysis 

While the AUD has demonstrated strength against major currencies, its sustainability depends on various factors such as economic fundamentals, monetary policy decisions, and global economic conditions. Monitoring these factors will provide insights into the AUD's future performance. 

Similarly, BTCUSD's struggle to push above the falling wedge pattern indicates challenges in breaking out to the upside. Traders and investors should closely analyse resistance levels, market sentiment, and broader crypto trends to assess the potential future direction of BTCUSD. Follow our YouTube channel today to learn more about our analysis. 

Authored by TD Markets
09.06.2023
Technical Analysis
0
4 min
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