If you look at the daily chart of the ounce of gold, I can say that the 2146 - 1980 squeeze came quickly, and since it touched 2427, it has been receiving horizontal - downward pressure and / or short-term correction. I said that if the 1980 decline with 2146 is to go up or continue to go up, it must pass 2427, which is Fibonacci 2.618. Approximately 10 - 12 days later, since it touched there, it has received some pressure and the movement towards its 34-day moving average and / or below 2254, that is, two Fibonacci channels (2.618 - 1.618), cools or corrects and consolidates in the short term within the medium-term uptrend. Therefore, what I will state for the ounce of Gold is this; It seems that it will continue to remain below the 2335 level for the short term and may remain under some pressure in the band between 2427 and 2254, fluctuating within this band. Especially for those who are still holding long and/or want to buy long, the 2254 support is an area that should be followed carefully.
If 2254 is not broken, I wouldn't say it will necessarily get there. But if it is not broken, it may want to make an upward recovery effort towards 2340 - 2427, even if it goes down to 2254 again or not. Especially in my opinion, they might want to touch 2254. Because let's think of this as a Fibonacci pullback. Because there is no pullback only on moving averages and trend lines. There is also a pullback on Fibonaccis. Therefore, we can read the short-term correction boundaries formed since 2427 until 2254. As long as 2254 works, we can see a recovery in the ounce of gold towards 2340 - 2427. Attention, let's go beyond the limits now. Let me get to the way the band blows up and down. If 2254 is broken, this movement will increase the downward pressure, which may reach 2190s and 2140s.
In other words, it is no longer a correction and may put the price in a more suppressed tone. 2254 will be an important short-term threshold for staying in such a pressure towards 2190 - 2140 or insisting on long positions. We are in the 2254 - 2427 band. The correction below 2190 - 2140 2254 may deepen further and bring it to a more devastating point. My personal opinion is that 2427 is very critical if it is going to make a third trend in the coming days, like the last 2 rising trends. I don't have any positions. I want to get a position. I do not enter the 2427-2254 band because I have no position. If it reaches 2254, I can try placing a stop in a reasonable area below 2200 - 2220, or if you say you will accompany the momentum, nothing will come of it unless 2427 is passed.
I have previously mentioned a megaphone in Bitcoin analysis. The megaphone formation has been completed for 4 - 5 months, from the 17000 - 23000 band to the 72000 - 74000 band, probably a month ago. Now, with the megaphone, Bitcoin is over for me and there is a peak left there. Now let's pay attention, I have drawn two lines since 70000, one is in the falling trend and the other is in the short-term rising trend, the 89-day moving average passes through 60800. This means short-term support. If bitcoin can continue to run the 60800 short-term rising moving average, it may attempt an upward reaction attack above the 60800s with a target of 67900 - 71390. Notice I said reaction. Unless this movement passes 71390, that is, this falling trend that has been confirmed twice, the band between 60390 and 71390 should be disciplined with a cautious upward play, not be spoiled. 71390 So, if this decline is passed, then momentum will come to Bitcoin and I think a safer upward signal will be formed above 71390 towards 77000 - 81000.
Otherwise, pay attention to the band between 71390 and 60800. The very important short-term rising trend should not be broken. It shouldn't be broken, so if you're long, you'll pay attention under it. If you want to buy, if you want to try something, you will place a stop at a reasonable place underneath. Because bitcoin, which continues to remain above 60800, may react towards 67900 and 71300. But if this moving average, which operates the 89-day short-term rising trend discipline under 60300, is broken and 60800 is broken, the risk of 57000 and 54400 in bitcoin begins. Yes, it is not at a very safe point right now, the bottom line is. 71300 is the bitcoin safe up trigger trigger point for me. 60800 is the short-term risk management level.
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.
