Good day to all the fellows. It is a sunny morning, and I hope you are all very fine and start your trading with the hope of success. The opening hour was slow, but right now, the market is very good to move. Due to the selling pressure of the DXY, all other currencies do good business over the US dollar. Gold looks to change its direction, though it was trading in the bearish area at the beginning of the hour; oil price is flying after making a long correction to the level of 75. GBP/USD is in its resistance area of 1.3650. I am not sure that there would still be some drama in the market, so I need to trade using a tight stop-loss.
I had two orders in GBP/USD. An hour ago, these trades moved to my favorite side, but now I don't see any trades going on. Yes, the third consecutive margin call occurred in my account. Last week, the MA-50 crossing to the downside created the expectation that GBP/USD would trade on the sell-side. But this is a volatile pair, and to trade this instrument well, we needed enough capital and long stop-loss.
Before the market close, bears managed to reverse the NFP negative impact. This week again, bulls look stronger than bears and move toward the recent losing trades. It has caused a piece of good news for me, since I had several Silver orders in the demo account. Last Friday, this asset reached near the MA-200 and turned back toward its old trading zone. Looking at the downside, I notice Silver made a standard Doji over the uptrend line support. Silver has three more descending bottoms to help the asset continue its upward movement toward its local resistance.
This asset made a long candle with an upper shadow that indicated a bearish trend. The MA-50 has been trading for a long time below the price, so sellers could not do good because when the asset got down below the MA line quickly, bulls turned back their ground and made a bullish engulfing, which crossed the MA line. At this phase, the price is approaching its resistance of 55726.00.
In the hourly chart, 55661.35 was resistance, but now it is a support for the price. A complete candle above the level allows us to go for buying. Wow! Bitcoin is now strengthening enormously to the Northside, supported by the RSI. So buying opportunity may come to us very soon.
Bitcoin on the H4 frame is trading above the pivot level at 55661.00 and the fifty-day moving average line. Recently it tried to cross the R38 but failed and formed a bearish candle. If this asset can be well-set above the R38, its upward journey could be stronger than the previous.