Hello traders! How is everyone doing?  The crypto  and Gold market  has been so volatile these days,  displaying a serious bearish trend indicating massive liquidation in the market. Today we will look at the  crypto market behavior, price actions and what we maybe expecting in the future.  But before then, let's look at the Gold market this week.

GOLD MARKET PRICE ACTION

We will be looking at the 1 day time frame and from there we slowly  move into smaller time frames. Now from 1 day time frame, we can see that gold dropped from 4,380 price territory being the ATH (all time highs) to  $3,891 where price found support. Now there have been some concerned that prices might fall lower, from some market analyst, driven by massive liquidation and sudden dropped in prices as the result of aggressive profit taking and reduced expectations for aggressive Federal Reserve rate cuts, and easing geopolitical tensions. 

Most traders believes that prices might keep falling. But if we carefully look at the chart above, you can see that price only made a necessary correction. While it is necessary to observe the downside risk, but the long term sentiment remains bullish. We will look at the 4 hour time frame to see what the price behavior is like.

From 4 hour time frame, we can see price bouncing  between $4048 price level and  and $3,900 price level, with $4048 being the resistance level and $3900 being the support level.  Now what we should be looking  to see is; if price breaks above the support level and hold, with increase in volume, we should be expecting more increment and possibly price should be heading to $5,000 price level. However, if price doesn't play this way, but falls below the support level and hold, it will keep dipping until the next support level is found.

CRYPTO MARKET PRICE BEHAVIOR

Now let's take a look at what has been  going on the crypto market recently. So bitcoin dropped all the way down to $103k price level, ETH dropped to $3061 price level and SOL, to $145 at the lower price territory.  But while the crypto market is dipping, privacy tokens like  Dash and ZEC keep surging in price with Zec reaching $512  from $34  gaining about  +1405.88% increase and Dash from $19.9 to $149, gaining about 649% increase.

currently as at the time of writing, Dash is priced at $100 from $149. I believe this is just  a correction. Let's take a look at the chart below:

Zec is currently trading within $512 price level. I am perceiving  that dash might reach $400 during the next bullish leg. let's take a look at the chart below: 

So you can see, although we have a short-term pullback. but the bullish sentiment remain strong. I will leave you with this for now. Stay strong and trade wisely.

DISCLAIMER:

Trading financial markets is not risk-free. Please understand that none of the information contained in this publication constitutes financial advice. Before taking any financial actions, please conduct your own research and consult with a qualified financial advisor.