Cryptocurrency Market Analysis: GBP/USD
Key Points
- On a weekly basis, the cryptocurrency market trending GBPUSD exhibits a bullish trend. However, if there is a closure below 1.25350, the trend may turn bearish.
- On the daily analysis, bearish sentiments are noticed, with evidence of supportive structure and breakdown of the zone, though aligning respect with the level below is also observed.
- On a 4-hour basis (4H), a bullish structure within an ascending channel is visible. The advisable strategy is to wait for a rejection at the bottom level of the zone or a breakdown of the channel to go bullish.
- On an hourly basis (1H), the market shows bearish, but with respect to the channel’s low.
- Trading recommendation would gravitate towards shorts, considering the perceived respect to zones at higher frame and most recent pushes at lower frame.
Closing Remarks
It’s critical to note, these estimations call for vigilance and are not to be considered as financial advice. Market conditions are highly dynamic, encompassing different timeframes and ideas, and therefore, require stratified analysis. Therefore, it is advisable to seek professional counsel before venturing into trades.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Original article: https://www.tradingview.com/chart/GBPUSD/lVXayvWw-GBPUSD-Feb-19th-2024/
