MarketBreakdown | SILVER, BITCOIN, USDCAD, CADCHF

22 Apr 2021

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1️⃣ SILVER - Daily time frame

The market is approaching a major daily structure resistance.

Taking into consideration that we haven't seen a pullback for quite a while,
the market remains quite overbought.
+ the price formed a harmonic abcd pattern with a completion point on the underlined structure.

Chances are high to see a retracement leg now.
Wait for confirmation on intraday timeframes to short.

2️⃣ USDCAD - 4H time frame

I guess everyone saw this crazy bearish candle yesterday.
With a 1.5% decline, I would suggest staying away from trading the pair now.

We saw so many false breakouts on the pair recently, so there is no reliable structure to look at.

Patience!

3️⃣ BITCOIN - 2 Days time frame

It looks like the market is slowing down.

The distance between the three last higher highs is around 6%.
+ bearish swings became heavier and volatility pays sellers right now.

For now, buying is not an option and a bearish breakout of a rising wedge pattern makes me bearish biased locally.

It looks like the market is preparing for a correctional movement, so be prepared.

4️⃣ CADCHF - 16H time frame

High momentum bullish candle and breakout of a major fallign trend line.
It looks like the pair is ready to return back to a long term bullish trend.

Look for a trend line retest as the safe point for buying.
Rely on 1h/4h confirmation to open long position.

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23 Apr 2021

Catatan

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