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GBPJPY jumps from the cliff. Bitcoin on the lower line of the triangle

Tomasz Wiśniewski
Updated
GBPJPY jumps from the cliff. Bitcoin on the lower line of the triangle

GBPJPY is on our radar for a long time. We were expecting the price to fall down and that is what is happening. Very good, technical setup. The price broke all major supports and is in the free fall, coming back to the long-term downtrend. Potential profit is huge!

Bitcoin is having a rough May and the price declines sharply. Currently, we are about to test the lower line of the symmetric triangle pattern, which may but does not have to, bring us a small bounce. The breakout here will send BTC to the long-term horizontal support on the psychological barrier of 6000 USD.

USDCHF broke the upper line of the flag in the uptrend. That is bullish, especially that before it happened, the price created a triple bottom formation on a horizontal support, slightly above the up trendline. All that shows a possible strength and is optimistic for the future.

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

This article was originally posted on FX Empire

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