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April 28, 2021

Trade Ideas for GU, GOLD, BTC

Frank Cabibi

GU Could Breakout, Gold Recovers, Bitcoin Under Pressure
4/28/2021

GBP/USD Analysis 
GU on the 4H chart looks like it's about to break out of wedge formation. This morning started off with a big green candle coming up to test resistance showing potential momentum to the upside. If price breaks below, it could find additional support around the 200 SMA.
Gold Analysis 
Gold broke under a strong rising trend line which could cause some more bearish momentum. However, price did reject the lows on the 4H chart and is turning up. If the support can hold, it could be a good sign for the bulls and possibly test the trend line again.
BTC/USD Analysis 
Bitcoin comes up to test resistance as well as gold and is stuck under this level. On the 4H chart, gold will have to break above the 200 SMA on this timeframe to look more bullish, but recent news on capital gains tax hikes and overall criticism crypto gets from lawmakers continues to pressure Bitcoin's price.

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