Price action traders who took a short for CADCHF are in profit and now traders are looking to potentially long Bitcoin to $70,000.
Shorts for CADCHF currently have traders in +50 pips of profit as the price rejected a key resistance yesterday. The next target for traders is near-term support at 0.74000. If the bears can breach and close below this level, CADCHF could fall to 0.71900.
Bitcoin had a successful pullback yesterday as the price printed a bearish hammer on the daily. Today’s daily candle will most likely close as a bullish hammer suggesting a next higher. The first target will be the all-time high of $64,500 and then the psychological level of $70,000.
Despite today’s positive CPI (inflation) data, the US Dollar is down 0.47% for the day. This has been the theme for the Dollar during the pandemic as price often has mixed or no reactions to fundamental events. Traders should take note of this when incorporating fundamentals into their analysis.
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