Bitcoin price today: surges to $122k, near record high on US regulatory cheer
Short-term selling opportunity emerges on the AUDUSD. In overall, in the long-term we have a bullish trend (major lows and highs are higher) here but most recently (since the beginning of September) the price is declining,
In the last few weeks, the price created a head and shoulders formation, which is a bearish reversal pattern. Unfortunately, in this case, the neckline (blue) is declining, which usually complicates the technical signal. Currently, we are having a sideways trend in form of the rectangle (green lines) and the price is aiming towards its lower line. That is where the sell signal can emerge. In case of the breakout of the lower line of this formation, the sell signal will be triggered. The potential target for this movement is the long-term up trendline (purple), which creates a short-term opportunity for around 80 pips.
As for now, thinking about the bigger downswing is a bit extreme as the price is still above the long-term up trendline mentioned above. Our negative scenario will be denied, once the price will break the horizontal resistance on the 0.775 (orange), which was already respected many times in the past few months.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI