Bitcoin Dax CAD

Three good trading setups: Crypto, Forex and Index

Today we do have three different asset classes. First, we will start with the cryptocurrency, the Bitcoin against the USD. We can see that the price broke below the 5770 USD support (grey), which opens the way to the mid-term up trendline (black). Even with that, the main sentiment remains bullish as we are still in the wedge formation (purple), which promotes the further upswing.

USDCAD is going higher after triggering the buy signal at the end of last week. Currently, the price stops around the resistance created by the top from the end of August but it is definitely not the end of a bullish potential here.

DAX is moving sideways, locked inside of the pennant (blue lines). This flat correction is actually the biggest achievement of the sellers since the end of August. That just shows how weak they are currently and gives higher odds for the continuation of the uptrend.

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