When we look at the daily chart of ounce gold, there was a very serious triangle compression, a contraction, between 2020 and 2080, probably for about 2 - 2.5 months. I said that if 2021 passes, especially 2058, the price will gain an upward momentum. If you notice, it came with momentum from 2058 onwards. Step by step, we go step by step, like stairs. As a result, they first squeezed it between the triangle. They had squeezed it between 2194 and 2146 for 15 days. They stopped this exit by sandwiching it between two Fibonacci triangles. I was attaching importance to 2146, I was saying defense if it breaks up unless it breaks. About 10-12 days ago, on the night between Sunday and Monday, he put the needle on 2146, got up without breaking it and said he would continue. The result started to price above the 2254 region. 2058 - I said 2254 targets with Fibonacci 1.618 since the 2020s. We got there and today it maintains its technical upward discipline and effort to drag this price upwards with 2260s. Now there is an overshoot in the lower indicator. There is also a strong divergence from the moving average. This means that the trend is up and the trend is strong, but in general terms, 2351 - 2427 ounces are the upper step targets in terms of general projection.
We are monitoring whether this movement will zig-zag and enter the 2325 - 2400 range or whether it will correct itself before passing 2351. However, I am saying that the 2351 - 2427 region is 2190 - 2254 unless 2146 is broken per ounce of gold. Now we have moved above 2194 and have been above it for 3-4 days. Then we reduce the trace time from 2146 to 2194. Therefore, 2194 is now short-term support and trailing stop loss zone. I will follow gold, which continues to remain above 2194, with the discipline and trading modding that has moved to a new playing field with the targets of 2351 - 2427. If pricing starts below 2194, with or without reaching these targets, the uptrend targeting 2146 - 2080 will end in the short term. A correction and/or a downtrade strategy begins and is triggered. Unless 2194 is broken, 2351 - 2427 will continue to be the upward target discipline of the ounce of gold. Below 2194 a correction of around $50 to $70 is triggered in gold.
Last week, I put a Fibonacci chart on Bitcoin's daily chart for the peak and bottom of the 73800 - 60800 decline. Last week I was in the 70000's and I stated this. This completed the 78.6 correction of the decline, that is, the buyback. Now if 71058 is crossed it will go to the top of the channel. I said that if 78.6 is not exceeded, there will be another pressure. Now, for the last 9 days, Fibonacci has resisted the 78.6 reaction here. Therefore, in the decision and support zone between 71058 and 64900, Bitcoin may now want to correct and rest the rise that followed a decline for a while. The 73800 - 60800 reaction ended at Fibonacci 78.6. Then, this time we throw Fibonacci to the top of 60800 and 71000, and this creates a region approximately like 64900 - 63000. If Bitcoin is going to come back and pass 71000 and move towards 77000 and 81000, it should not break the 64900 and 61400 supports. As a result, the intermediate support at 64900 can be followed as a support zone in the short-term pressure of 61400 bitcoin. More importantly than staying above this support zone, passing the resistance zone of 71058 on the chart creates momentum and performance in terms of providing a strong return.
If 71058 is passed, Bitcoin will break out to make a new ATH towards 77356 and 81800. 71058 - 64900 band means wait and see if you are long, be cautious, and if you are chasing short, they will take your short from you above 71058. Therefore, Bitcoin will sleep, rest and digest a little in the 64900 - 71058 band. Unless 64900 - 61400 is broken, it may go up again. Let me remind you something before we start this. For the expanding triangle, megaphone, I said 3 weeks ago that the megaphone was finished. Since we said Megaphone is over, that's currently the short-term top. Bitcoin bulls are fast, they distribute money fast. It is bear overwhelming and spreads over time. This warning may not be very important for those who invest in crypto such as value investors, but I think it is important for traders. In this sense, staying above 64900 - 61400 is relatively positive, but the investor will not forget this. If 71058 is passed, bet strongly up. When this point cannot be passed, it may be useful to watch and see, to keep one's feet firmly on the ground, to persevere and to watch.
The information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are provided within the framework of the investment consultancy agreement to be signed between brokerage firms, portfolio management companies, banks that do not accept deposits and customers. The comments in this article are only my personal comments and these comments may not be appropriate for your financial situation and risk return. For this reason, investments should not be made based on the information and comments in my articles.
