Ready for a brand new month of technical plays? I gotchu!
This week we’re looking at AMD, Bitcoin (BTC/USD), and AUD/CAD possibly extending their swing and long-term setups.
Get ’em while they’re hot!
Bitcoin HODL-ers got another boost on Friday when BTC/USD bounced from an ascending channel support near the 4-hour chart’s 100 and 200 SMAs.
The fun stopped at around $24,500, though, which is suspiciously close to the channel resistance on the chart.
With Stochastic nearing oversold levels and Bitcoin inching closer to support zones near the SMAs, you can bet that at least some bulls are looking for places to jump in.
$22,800 is the nearest major inflection point though traders can also look at $22,500 or $21,500 as good entry areas.
What do you think? Will BTC/USD extend its gain? Or will the crypto dip below its channel support and see a deeper pullback?
Advanced Micro Devices, Inc. (AMD): Daily
Advanced Micro Devices, Inc. (AMD) looks ready to hit $100!
Or not. The asset must first get through the 100 SMA that’s sitting close to the descending channel resistance on the daily chart.
Will AMD see more losses in the next few days? Watch how traders will react to the resistance zone.
A clear break above the trend line and 100 SMA could help send AMD to the $110.50 – $112.00 previous area of interest.
A bounce lower from its current levels, however, could drag AMD back to its $84.00 and $74.50 lows.
Who’s up for some comdoll action?
If you are, then you’d love that AUD/CAD was able to raise itself from its July lows to trade closer to the .9000 major psychological level.
What makes .9000 even more interesting is that it lines up with a previous support and the 38.2% Fibonacci retracement of a months-long downswing.
Bearish momentum below .9000 could extend AUD/CAD’s long-term downtrend all the way to new 2022 lows.
A break above the big .9000, however, may push AUD to areas of interest like .9150 or .9300.