Bitcoin price today: dips to $108.2k on tariff woes, Trump’s shifting deadline
The origin of this move came from the 1.0539 low. From there we have seen a long, long… err… long sideways move over 3 weeks. After the break of 1.0960 on the 28th of January, I penned 2 intermediate target areas that should be met before rallying further. In my own conservative manner I thought the cumbersome development would continue, deeper corrections – maybe complex – and that we’d see this move into next week or the week after. Yesterday saw those 2 intermediate targets met within 3 hourly bars…
So much for being conservative…
However, it was the underlying expectation, and the rush of blood has caused some adjustments in 1 or 2 pairs and greater clarification in the others. In particular, I think that USD/CHF will provide the target and should match with EUR/USD. Equally, GBP/USD (which was the biggest adjustment) is in a position in the structure that normally has a relatively tight range for targets. These 3 Europeans tend to have a nice correlation for the next move.
Meanwhile, AUD/USD whipped back higher. The depth of this rally has been far deeper than I had anticipated but doesn’t really change the next outcome…
And as for the JPY pairs. Those highs we saw really duped me. It was clear from the bearish 4-hour and hourly momentum that we’d see losses – but I hadn’t expected the drop we saw that blew out the list of supports I normally generate in the analysis. However, in the bigger picture nothing has change in my views and I see this as constructive.
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Today should be steadier but don’t expect a repeat of yesterday…
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