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April 21, 2021

Trade Ideas for USDCAD, DOGECOIN and Bitcoin

Frank Cabibi

UC Keeps Sinking, What's Happening With the Crypto Craze Now

USD/CAD Analysis 
USD/CAD on the daily chart sinks after Canada disappoints on their CPI m/m and as US oil inventories were more than what was wanted this month. Right now, price has come down to a long term falling trend line for possible support. However, this pair has been making new lows for the past year, so it will be hard to shift momentum the other way.
BTC/USD Analysis 
Bitcoin breaks under a one month trend line and is stuck underneath as the crypto craze takes a step back. One analyst is now calling for a 50% drop in Bitcoin's prices since he sees the market as "frothy" for the time being. If price can't break above that trend line, it could be bad news for the crypto. Heavy support also lies in the low $40Ks.
DOGE/USD Analysis 
Dogecoin enters a wedge yet again after it had its meteoric rise in price to $0.42. Right now, the meme-based crypto is at the bottom of the wedge on the 4H chart and could be looking to bounce off. If it doesn't, there is key support around $0.15.

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