Weekly Forex Forecast (11/10/21) EurUsd / XauUsd + FULL PROCESS! [HD]

Weekly Forex Forecast (11/10/21) EurUsd / XauUsd + FULL PROCESS! [HD]

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hey traders it's john fortune here this week's  weekly forex forecast i hope you're having a great   weekend what we're going to do in this week's  weekly forex forecast is we're going to give it   a slightly different look and as you can already  see we have the chart set up slightly differently   there's going to be less editing and there's  going to be a more informal way we go through the   markets here and the reason for this is because  every single week i go through a process in order   to pick the markets for the upcoming week but  it's always done kind of behind the scenes i   don't put it into the video so what i wanted to do  was to start to give a more in-depth analysis of   how we get to these currency pairs and show  you the entire process in the weekly forex   forecast and i think this is going to provide  a more in-depth analysis and it's going to be   more helpful to you guys so let me know in the  comments if you like the new format and if you   do i'll continue to do these in future as i say it  will be slightly longer and slightly more informal   less edited and so for anybody who wants to  jump straight to the charts i'll index these   in the comment the pin comment below and you can  click and go straight through the charts but for   everybody else who wants to see the process we  go through and how we get to those markets we're   going to run through that this morning so the  first thing we're going to do is just have a   quick look at the economic calendar we don't have  to look at it for too long but we just want to see   what the key data is coming out next week and how  we can navigate that data and the best way to play   the markets based around the data coming out next  week and what the week might actually look like   based on the events that we have coming up  after that i'm going to provide you with   the relative scores that each of the individual  currencies have and this is an assessment done   through spreadsheets and what i do is i score card  each of the currencies after doing this relative   analysis and i give them a rating for the week  ahead so we can see which currencies are the best   on the long side and we can see which currencies  are best on the short side and we can actually   pair those together now by doing that what we're  going to do is we're going to isolate the markets   which are most likely to trend and provide the  most explosive moves in the coming week and after   we've done the relative analysis and we go through  the scores for the relative analysis we're going   to look at the individual currencies themselves  we're going to do an individual analysis and what   we're going to want to do when we go through the  individual currencies on their own we'll look at   futures markets we're going to be matching up the  individual analysis with the relative analysis and   the scores that we've given the currencies and  really we want both of those to match in order   to have the strongest bias on those currencies  either to the long side or to the short side   and finally once we've got those we're going to  go and look at the markets which that process   points us towards because those are the forex  markets we're going to be most likely to get   explosive moves in next week and therefore those  are the markets we want to put on our watch list   and look for opportunities in those markets next  week so if we start off by looking at the economic   calendar for next week very quickly you can see  there's just a couple of things to keep a note of   we do have a u.s bank holiday on monday and when  the us has a bank holiday very often the markets   don't move at all monday tends to be the day  that the market corrects into position for the   move for the rest of the week when you have a us  bank holiday on the monday it tends to skip a day   and that turns into tuesday and so i wouldn't be  surprised to see nothing happening on monday i   would expect the markets to start to begin to move  on tuesday that would be more of a correction day   and coming into wednesday we have cpi data out  of the us now apart from the employment data   out of australia that's pretty much all we need  to pay attention to in terms of short-term trading   next week and what this suggests to me is that  the cpi data on wednesday could very well be a   catalyst that starts to move the markets next  week and because we have the us bank holiday on   the monday what i think is going to happen is  we're not going to have any movement on monday   we'll start to correct on the tuesday and then  once we get the cpi data coming out on wednesday   we're going to see moves coming into the market  wednesday thursday friday and that's when the   markets will really start to present opportunities  and move next week so not too much data we need to   pay attention to in the short term lots of  fundamental data here when you're building   out your macro analysis but in terms of the short  term those are really the only two things to take   note of going into next week if we go back to the  dollar index you can see on the daily chart here   we really didn't do much last week we had one  two three four five days of just correcting   but what we're forming here is we're forming a  ball flag you can see we broke above the previous   high over here in the daily the 93.53 roughly and  we broke with momentum and now we're starting to   correct so what we could very well see is going  into next week i wouldn't be surprised to see the   market doing nothing on monday and then what we  start to do is we start to correct down on tuesday   and then we start to rally to the upside  towards the 9470 and if we break through here   going to be looking up towards the 95.74  so when we run the data the scores we   get for the coming week are the canadian  dollar has a score of three out of four   the dxy has a score of two out of four the aussie  swiss franc and the pound all have scores of one   out of four the new zealand dollar has a score of  zero out of four so i'm neutral on the new zealand   and the euro and the japanese yen both have scores  of minus three out of minus four showing that   these are the weakest currencies going into  next week and these are the markets which i   would prefer to focus on to the short side or the  currencies i prefer to focus on to the short side   so what does this overall score or this overall  analysis and the relative currency analysis show   us well it shows us the currency pairs which are  most likely to trend would be eurocad cad yen   euro dollar to the downside we could also look  at us dollar yen to the upside we can also look   at euro aussie to the downside i'd be interested  in next week i'd also be interested in aussie yen   to the upside you're frank to the downside euro  pound to the downside as well as uh swiss franc   japanese yen to the upside and also pound yen to  the upside now obviously based on these scores   the canadian dollar versus let's say the japanese  yen to the upside would be preferable to the pound   versus the japanese yen since the cad is actually  a strong currency but the relative score analysis   also shows us something else which is that not  just the markets which are the strongest versus   the weakest but it shows us the markets which are  most likely to be choppy so going into next week   i would certainly be looking to avoid euro yen  this is a market which is most likely to range   if you like to range trade then that would be  a good market to try and rent trade next week   and also i would not be interested in us dollar  cad going into next week this is another market   which could be choppy and lack any clear direction  since both the dollar and the canadian dollar   are both quite strong going into next week so the  strongest currencies versus the weakest currencies   are going to be the forex pairs we're going to be  focused on going into next week in today's video   if we move on to the individual analysis you can  see we've already looked at the dollar index if we   go to the euro you can see that we do also have  momentum to the downside after we broke the low   and this is the euro futures so we're looking at  the euro on its own we're not looking at the euro   vis-a-vis any other currency this is just the  euro currency we're looking at we are trending   to the downside and we did start to make a low  last week i am looking for the declines in the   euro the 1.170 which is this previous momentum  low which was broken over here this would be an   area you could look for a near-term pullback  towards this area any break higher above this   high because of the relative analysis we looked at  would most likely be a false breakout if we start   to come up into this area i would be looking  for the declines in the euro down to the 1.150  

if we go and have a look at the pound and again  this is the pound futures market so we're looking   at the pound on its own we're not looking at a  currency pair this is just the pound the pound is   also weak we have broken what looks like actually  a major double top here you can see here's the low   here's the second retest over here and we  broke confirm that down below this level here   and you can see this high previously in the pound  itself is what is currently holding price over   here once we broke above we tried to break  above here we failed and once we broke above   here we held here we held here we came down we  tested and we bounced we tested and we bounced   we tested we bounced we failed and now we've come  back to re-test this level over here at the 1.3643   so i wouldn't be surprised actually to see  the pound start to come straight down at the   beginning of next week first i'd be looking for  this low in the pound and then down to the 1.3315   what's also interesting in the pound is you can  see if we zoom in a little bit on the daily chart   you can see this is a very bearish close from  this key area of resistance or broken support   turning resistance which was just highlighted and  again this is actually a reversal candle i would   not be surprised to see this starting to turn  from the monday or the tuesday and come down and   we have this bear flag pattern here in the pound  here's the previous high here's the previous low   here's the break with momentum here's the pullback  here's the fake breakout because the pound is weak   looking for a decline now down to the 1.3315 so  i am bearish on the pound going into next week   the swiss franc you can see we don't actually  have as much momentum here in the swiss franc   as we do let's say in the pound which  we just looked at certainly not the euro   and this is one of the reasons the swiss franc  is not ranked as weak as either the euro or the   pound the pound is actually weaker so when you're  looking at for example the dollar pairs i would   prefer personally pound dollar to the downside  when we look at the markets then say us dollar   franc to the upside because the franc is slightly  stronger you can see in the swiss franc we did   break this head and shoulders reversal pattern and  we're currently sitting right at the confirmation   level so again this is an area we could start to  see the swiss franc turning over to the downside   now when you look back and you think of the  pound and the swiss franc on a relative basis   they had a score of one so you may be saying  to yourself well why if this is bearish does   it have a score of one because this is just  the swiss franc on its own so on its own   relative to no other currencies it is weak  trending to the downside but because it has   a score of one relatively it means that there  are other weak currencies out there namely the   euro namely the yen so because the swiss franc is  lacking momentum you can see it really failed to   take out the previous low compared to say the euro  and the pound i do think we could see euro frank   to the downside this week and we could probably  also see pound franc to the downside as the swiss   franc itself holds up relative to those currencies  if we go and have a look at japanese yen you can see the japanese yen has  previously broken out of this correction   and we have taken out two targets here this  was previously and we're currently sitting at   an area where we're breaking the previous low  but you can see here this market really has   momentum to the downside and again if you were  to compare this for example to the swiss franc   and you see how choppy this market is then  the japanese yen really does stand out   as a very weak currency and this is again not  just on an individual basis but when we look   at it on a relative basis and we run the data  it's very weak compared to other currencies as   well so japanese yen weakness is definitely  something i would be focused on this week   in terms of the canadian dollar we have  started to break to the upside you can   see in the canadian dollar we've been very  very choppy and i noted in last week's video   that we have a stagflationary outlook here in the  forex markets because we have a stronger dollar   but also as crude oil is rising due to inflation  we're seeing some of the commodity currencies   holding up so the canadian dollar in and  of itself is fairly strong going into this   week it's benefiting from that recent rally in  crude oil we broke out of this inverse head and   shoulders if i drop down onto the four hours  you can see this a bit cleaner but you can see   there is an inverse head and shoulders break out  here to the upside and the canadian dollar is   in a near-term trend to the upside  so if you go back to the daily chart   one of the things i will be focused on  primarily next week is to see if we can   have some continuation to the upside in  this market and cad strength as we looked   at on a relative basis is one of the better  themes in my opinion going into next week   australian dollar the australian dollar in and  of itself is quite interesting we have this   inverse head and shoulders breakout on low  time frame if we come and drop down to the   four-hour chart here on the australian dollar  futures we have this inverse head and shoulders   breakout here you can see this and we have  very weak clothes up in this area having broken   above the right shoulder and we're kind of  sitting at the previous left shoulder over here   now when we look at the australian dollar on a  relative basis this is where we can get an idea of   whether we have false breakouts or real breakouts  we know that the australian dollar is only as it   currently stands a rating of plus one so it's not  particularly bullish in fact it's kind of bullish   to neutral so i would not be surprised to actually  see this fail and see the australian dollar just   continue to be a bit choppy going into next week  so overall i would be looking for further declines   to the downside in this market and therefore i  would not favor australian long positions over say   dollar long positions or canadian dollar positions  or canadian dollar long positions i should say   and finally if we have a look at new zealand new  zealand is actually if we go to the daily chart   here it is structured to the downside and it does  look like we have further declines in new zealand   despite the rate hike we saw last week we have  broken below the previous low here with momentum   as well and we are forming this kind of bear flag  set up and so overall although i have a neutral   outlook relatively speaking on the new zealand  you can see it structured to the downside and i   would not be surprised to see this come down to  the 0.68050 so what we're looking at here is the   individual analysis here is really confirmed or is  confirming the relative analysis we have a number   of markets moving to the downside like new zealand  like aussie like swiss franc like the pound   but relatively speaking these are not as weak as  the euro not as weak as the japanese yen and the   two individual currencies which are outperforming  technically as well as relatively are the canadian   dollar going into next week and also the us  dollar going into next week as well okay so   putting those pieces of the puzzle together  let's move on to the currency pairs themselves   we'll start off just quickly by looking at crude  oil and the recent rally in crude oil has been   what has supported the canadian dollar and it's  seen the canadian dollar outperforming and in fact   previously in previous weekly forex forecast  videos i put the canadian dollar pairs in there   said canadian strength was something we're looking  for and that was based off of similar numbers   we've had the canadian dollar outperforming  relatively for the past couple of weeks and   this is why the canadian dollar has done so well  so we are still training to the upside in crude   oil we took out both targets to the upside in  crude oil last week and going into this week i am   still looking for further advances as it currently  stands any pullback in crude oil is simply viewed   as an opportunity to look for further advances up  towards the 83.92 so with crude oil still strong   the first pair that we're going to look at and  my favorite currency pair going into next week   is eurocad this is the weakest currency versus  the strongest currency and look at the sell-off   we had in eurocad last week eurocad was a market  that are highlighted in last week's weekly forex   forecast that was before we had this continued  sell-off last week i highlighted this we took   out both of the targets set in this market and  again the reason i highlighted this last week was   because we had similar numbers when i ran the  data in the morning it showed the euro is the   weakest and the cad is the strongest that's why i  put eurocad into the weekly forecast and you saw   this paying off last week so very simply put going  into this week i am once again looking further   declines in this market we're still in the daily  chart here any pullback in this market next week will be viewed as an opportunity to look for   bearish setups and what i'd like to see is because  we're coming quite close to the target down here   at the 1.4377 what i would like to see is a  pullback first any correction simply viewed  

as an opportunity to look for bearish reversals  break lower i'm going to be looking down towards   the next q supports the downside target set the  1.4377 so next market i like is cad yen this was   another market highlighted in last week's weekly  forex forecast and again why was this highlighted   in last week's weekly forex forecast well for the  same reasons because the end was underperforming   in last week's relative data and also the cad  was over performing and what did we get last week   we had a rally took out both the targets in last  week's weekly forex forecast and we finished up   nearly 89.93 so you can see this was as a result  of the data which was run in last week's weekly   forex forecast or before last week's weekly forex  forecast i should say so very simply put going   into this week i am looking further advances to  the upside in this market look at the previous   break we had here as well and this is what we want  to be looking at we broke above here with momentum   look at this this is where we start to get these  ball flag setups we're lacking momentum over here   lacking momentum lag momentum and then we break  with momentum this is an indication that there's   a very good chance we're going to be coming up  for higher highs in this market so any pullback   in cadiene next week is going to be viewed  as an opportunity to look for bush reversals   and if we start to break higher and we start  to get high highs in this market i'm going to   be looking up towards the next care resistance  the upside and target set 91.15 the next market   i would look at them based on what we've just  discussed in the currency strengths the individual   relative analysis would be euro dollar the euro is  very weak and i highlighted this market last week   we started to pull back and this was a market that  identified as being good for short opportunities   we did have a pullback and a nice sell-off towards  the target we haven't got there just yet so if   anybody not involved from last week or anybody  who did not take short positions any continued   pullback in this market is simply viewed as  another opportunity to look for bearish reversals   down to next kiev supports the downside in the  target set and the 1.1496 the next market i like  

going into next week is us dollar japanese yen now  u.s dollar japanese yen is a market that has been   performing really well we had this big rally and  in last week's weekly forex forecast video again   because the dollar was outperforming in the data  which i ran before the video and the japanese yen   was underperforming i highlighted the fact that we  wanted to see a pullback in us dollar japanese yen   and that would be the opportunity to look for  long positions into the one one two point one   ninety and that's exactly what we got and  we finished the week right at the target   last week so going into this week now we've  accomplished this target what i'd like to see is   any continued pullback in this market and you can  see we're breaking above the previous high here   with some momentum now any pullback is simply  viewed as another opportunity to start to look   for bullish reversals in this  market and we're going to be looking   up towards the next key resistance the  upside in the target set at the 112.87 so those are the four currency pairs that i would  be primarily interested in keeping our next week   looking for opportunities for setups in those  directions the next market we can look at let's   look at the dollar pairs is new zealand dollar  what we have here is we have a neutral new zealand   against a stronger dollar so this is a market that  can also look at to the downside we've started to   break down in this market already you can see  we're forming this type of bear flag pattern   so any continued pullback in this market would  be viewed as an opportunity to look for bearish   reversals down towards the next key of support to  downside the target set with 0.6807 next is pound   dollar now pound dollar as we looked at previously  this is a market as you can see we've pulled back   to the previous kiev resistance over here for a  start in the four hours and we've retested this   previous low and you can see i've put a fibonacci  on here for you because this is also the 618   fibonacci fibonacci is just a measuring tool it's  nothing special about it it just helps you measure   risk to reward we have pulled back to the 618 and  we're forming what looks like a double top here so   any brake lower in pound dollar you can  see here's potential double top for me   is going to be viewed next week as an opportunity  to look for bearish reversals any brake blower   and a pullback and we're going to be looking  at initiating shorts down towards the next   key of support to the downside the target  set with 1.3399 the next dollar pair we're   going to look at is us dollar swiss franc  now don't forget after new zealand dollar   what's happening here is we're moving on to  pairs which are actually slightly bullish   to neutral such as the swiss franc and the pound  and the aussie so i do not favor these as much as   i would favor for example EurUsd us dollar yen or  even new zealand dollar but us dollar swiss franc   is still training to the upside and what i'd like  to see is any break above the previous high here   would be viewed as the opportunity to start to  look for bullish setups up towards the next q   resistance the upside the target set the zero  point nine three seven zero and the final dollar   pair is aussie dollar again keep in mind the fact  that pound us dollar swiss franc and also aussie   dollar are bullish to neutral currencies versus  a stronger currency so not as good however any   continued pullback in this market you can see  we are also sitting at this potential inverse   head and shoulders breakout the confirmation  point was actually here but we're sitting at   the left shoulder now because when we looked  at the relative analysis the australian dollar   relatively speaking is weaker than the us dollar  us dollar we had a score of two aussie was a score   of one this tells me that this breakout to the  upside is probably going to fail most probably   any breakdown from this area here in australian  dollar will be viewed as an opportunity to look   for bearish setups down towards the next key  of supports the downside in the target set   at the 0.7158 so we've already looked at eurocad  and also cad yen let's have a look at aussie yen  

because aussie yen frank yen and pound yen  are bullish to neutral currencies versus   a weak currency in the japanese yen so aussie  yen aussie yen is structured to the upside and   in terms of this market we have almost taken  out the previous targets at the 8209 so what   i would really like to see here is let's see this  target taken out first any pullback in this market   perhaps to the previous highs over here is  going to be viewed as an opportunity to look   for potential bullish setups up towards the next q  resistance the upside the target set and the 82.80   frankie bullish to neutral currency versus  the weak currency we started to break out from this corrective pattern and you can see we  really started to break with momentum in fact   the previous high is over here and you can see  we are breaking with momentum above here so going   into next week further advances in this market  do look probable because we have this momentum we   also have a bullish neutral currency versus weak  currency any pullback in this market therefore   would be viewed as an opportunity to look for  bullish setups and if we start to get some decent   bullish setups in this market this is something  i'd be prepared to consider for long positions   up towards the next care resistance upside in the  target set the 121.45 and finally with the end   pairs let's have a look at pound yen now pound gen  is in this order because the pound is weaker than   the frank and the frank is weaker than the aussie  so out of those three there in fact the four with   cadian this is my least favorite however we are  still trending to the upside in this market so any   pullback in pound gm could be considered next week  as an opportunity to look for bullish reversals   up towards the next care residency upside the  target set at the 154.130 and the final three  

currency markets i like going into next week  are based on a weak euro versus bullish neutral   currencies so if we look at euro aussie we are  trending to the downside we actually have this big   head and shoulders breakout you can see if i go  to the daily chart here this becomes a lot more   clearer we also have momentum in the daily chart  with this break lower so i would not be surprised   to see this coming down lower so going into  next week any pullback in this market is simply   going to be viewed as an opportunity to look for  bearish setups and perhaps we come back and retest   the confirmation point of this breakout and any  bearish reversals will be views an opportunity   to look for short positions down to the point five  seven seven three and if we can break through here   down to target two at the one point five six eight  nine euro frank euro frank is a weak euro versus   a bullish neutral swiss franc as we looked  at we have this head and shoulders reversal   and we're trending to the downside we came very  close to the target set so really would like to   see a pullback in this market if there's going to  be trading opportunities any pullback towards the   confirmation point here would be viewed in this  market as an opportunity once again to look for   bearish reversals down towards next qf supports  the downside of the target set at 1.0698 and final   currency market forex pair we're going to look at  here is euro pound again i prefer the strongest   versus the weakest currencies but because  this is a weak versus a bullish to neutral   pound this is something else i will be keeping  an eye on somewhat next week you can see that   we have had a big sell-off and what we have here  in europe is a developing head and shoulders   if we come out to the daily chart you can  see this more clearly and we were correcting   making new highs and then we had this big  sell-off and we kind of broke out of this kind of channel to the upside but we broke this  new low and this is now developing a potential   head and shoulders in europe so any pullback in  this market if we drop back down to the four hours   would be viewed as an opportunity to start to  look for bearish reversals and we're going to   be looking down towards the next key of support to  the downside the target sets we start to correct   and then we start to break new lows in this area  going to be looking down towards the next care of   support 0.84 160. so moving on to the stock  market and stocks if we start with the spx   and we scroll out to the daily chart here you can  see we did come down and take out the target set   last week at the four two eight seven point  six nine and we started to bounce from here   we have not yet reversed in the stock market as a  result of this i would still favor short positions   in stocks going into next week in the spx the  next key of support to the downside is the four   two three three point one three and if we start  to decline further in the spx down to the four   two three three point one three again this is  going to provide a bearish bias on stocks within   the s p 500 next is the nasdaq if we go and have  a look at the nasdaq this was also a market which   we came down and took out the target last week  almost to the point here the 14 457 457.33 going   into this week the nasdaq is still bearish  and the reversal would be above the 15 342   so going into next week once again because the  market structure to the downside i would favor   short setups in stocks within the nasdaq and  any pullback in this area would be viewed   as an opportunity to look for the declines  down to the 14 205.97 next is the dow jones

now the dow jones really went nowhere last week  we just started to correct sideways and we have   failed to break 3504.90 so i'm still currently  bearish on the dow jones and stops within this   index since we pulled back slightly i would be  looking for further declines in this index down   to the 33 318.14 just remember as i always say  to you guys you don't have to short the market or   even short stocks within these indices if you want  to be long only then what this simply means is   you just sit out these markets and you just wait  and once the markets break higher once you start   to reverse you can then look for long positions  in stocks within those indices or even in those   in the seas themselves so if you don't like short  stocks you don't have to short stocks this would   just be a wait and be patient time if you do  like short stocks or you want to build into a   long short portfolio i would still favor short  positions in these indices next is the russell   now the russell is a little bit of a giveaway  because i highlighted previously how the russell   leads other indices and as the other indices  have been selling off the russell has been   maintaining its bullish structure and this is  just a correction as it currently stands and   it's still bullish so if you do want to be long  stocks i would be long stocks within the russell   next week if you think the markets are going to  reverse and the sell-offs in spx ndx dow jones   are all coming to an end which they could well  be because we have about five percent corrections   then instead of trying to pick the bottoms  in those indices i would prefer to actually   trade stocks within the russell which is already  structured to the upside and which already has a   long bias so going into next week i am looking  further advances in this market up towards the   next q resistance the outside the target set and  the 232 3.32 and the final stock market we're   going to look at is the nifty the nifty has been  a fantastic performing market and if we drop down   to the four hours here i said previously that what  i wanted to see was any pullback towards the 17357   this was the opportunity to look for bullish  setups into the 18047 we have come up so any   continued correction once again for anybody not  already long is just another opportunity to look   for bullish setups into the next care resistance  the upside the target set the 18047.15 and finally  

moving on to XauUsd XagUsd and bitcoin if we  look at XauUsd, XauUsd was the market last week   which are highlighted to the downside i said i was  bearish on XauUsd and we've seen with the relative   currency analysis the dollar is actually a fairly  strong currency not quite as strong as the cad but   it's fairly strong and this is going to weigh to  the downside on XauUsd and when we look at that   relative analysis we can see just very similar to  what we looked at in aussie dollar we have this   fake breakout to the upside in XauUsd and that's  because the dollar is still quite strong so we   came up we faked this breakout with this really  very bearish pink handle and in the daily the   reason i'm on the daily is because of this you  can see this is pointing to further declines to   the downside so very simply put going into next  week because we've already pulled back towards   the 178643 and we have this set up here let me  drop down to the four-hour chart you can see   this is now an area where i am going to start to  look for bearish reversals in gold i'm going to be   looking down towards the next care of supports the  downside the target set from last week at 1718.21 now XagUsd is also a market highlighted to  the downside and we started to pull back   in this market but again we've already looked  at the fact that the dollar index is strong so   this break to the upside we kind of have  an inverse head and shoulders break here   i would be looking for this to fail based on the  strength analysis of the dollar so going into   next week if we start to break lower start to  break these lows over here this would be a sign   that i am going to start to look for potential  bearish setups in XagUsd i'm going to be looking   down towards the next kev supports the downside  the target highlighted last week and 21.15 and   finally we have bitcoin now bitcoin was a market  that performed really well in last week's weekly   forex forecast i was looking for further advances  to the upside in this market and we took out both   targets at 50 505 and the 52913 as well and what's  interesting is bitcoin is starting to outperform   despite the fact we have a stronger dollar we  are still seeing bitcoin rise to the upside   so if we reset the chart here and zoom out  to the daily you can see we are coming up to   potentially retest the right shoulder of the head  and shoulders which started this big sell-off in   bitcoin so i am bullish despite the fact we have a  stronger dollar going into next week i am actually   bullish on bitcoin still if we drop down to the  four-hour chart you can see we're sitting right   at the end of this rally so very simply  put going into next week again what i'd   like to see as always is any pullback in  this market and you can see we broke above   this high here with momentum so any pullback  potentially to the 51 931 would be viewed as an   opportunity to start to look for bullish setups  once again in bitcoin i'm going to be looking   up towards the next care resistance outside the  target set at the 58 622 so that is it for me for   this week guys we went through the full process  today so you can really get an understanding of   why i'm looking at the charts that i'm looking at  going into next week once again please let me know   in the comments what you thought of this week's  video and if you like this longer style format   for those of you who like to jump straight to the  charts i have indexed that in the pinned comments   so you can just go straight to the charts in  future if you wish to although personally i think   it's a good thing to have an understanding of why  we're looking at the charts we're looking at and   i think if you go straight to the charts without  understanding why we're looking at those markets   it can lose a lot of the context so as always  i hope you guys enjoyed this video and if you   did please let me know by liking sharing and  subscribing a big thanks to everybody who   does that on a regular basis and everybody  who has subscribed to the channel so far   i want to wish every single one of you a fantastic  weekend and i want to wish you all the best in   your trading next week the only thing left to  say is take care and don't forget to trade safely

2021-10-11 08:38

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