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Bitcoin reaches the pain threshold. EURUSD and NZDUSD on the run

EURUSD and NZDUSD are having proper bullish reversals. Let me start with the EURUSD first. Here, it all started with the false breakout pattern. Then we had a denied flag and a breakout of the mid-term down trendline. After that, buyers broke the 38,2% Fibonacci resistance. That one is currently being tested as a support and it looks really promising.

On the NZDUSD it all started with the triple bottom formation. The price used the momentum from this formation to climb above the 38,2% Fibonacci, which is currently being positively tested as a support. As you can see, the most current movements are very similar on those two instruments.

The last one is the Bitcoin, where I think, we reached the pain threshold of those who bought at the end of last year. Breakout of the 6000 USD was just too much for them. Panic selling just accelerates this movement. My idea for a target is the 3000 USD and I think we can get there much sooner than I initially thought.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis