The ounce of gold rose and Fibonacci moved to 2.618, that is, 2427. Since there it is now floating towards its 34-day moving average. What had he done to fix it before? It had achieved its previous correction in the 2050 - 1980 region, again around the 34-day moving average, and within the 34 and 89-day moving average regions, albeit with sags below it. Now the effort to hold on above 34 is relatively positive, but there is some weakening. This is not clearly a down trade or short trade signal yet. But there is a signal of weakness. The 2300 - 2427 band should be read as follows.
If you are long, you can use stop discipline below 2300, and if you are short, position management can remain a discipline with short discipline for closing above 2427. However, the band between 2300 and 2427 is a flat area for me. If the position is below 2300, and the non-position is above 2427, or if 2300 is broken and there is pressure below 2254, the costing can be reviewed there. There is a weakness in the chart. This 15-20 day correction is over for gold, which has more appetite. If we are looking for an answer to a question about when a movement will start here, like in March or April, by looking for support from a technique, 2383 intermediate, 2427 main and trigger resistances.
2300 support is the short term resistance zone of 2383 and 2427 ounces. If 2427 is passed, the 2400 - 2570 region is a wide Fibonacci zone. As Fibonacci spreads open, volatility increases and accelerates upwards. Therefore, a strong and confirmed momentum and triggering may begin above 2427 towards 2600. Unless 2427 is exceeded, the ounce is in the flat region between 2427 and 2300, in the correction phase of its exit. Here, if 2300 is broken, the risk of deepening the correction towards 2254 and 2190 should be followed and managed by investors, especially short-term traders.
2300 is an important pivot support in this sense. Here, unless 2300 - 2254 is broken, the pennant can be reviewed and an assessment can be made that the pennant is forming, or the long trader can remain relatively optimistic. But look, I warn you, if 2300, especially 2254, is broken, every price will return to its trend. Relatively optimistic uptrade continues unless 2254 is broken. But with the discipline of caution, whenever it exceeds 2383, the appetite tone will be increased. If 2254 is broken, they will reduce the price to its trend. It will arrive in the 2190s.
There are signs of a recovery in Bitcoin prices. In the weekly chart, the process and strategic view has turned to the cup and handle. Here, if the cup handle probability breaks at 56000, it will be defaulted. In my opinion, Bitcoin, which continues to remain above 56000 as long as the 56000 if condition support is not broken, may want to maintain its upward conversion discipline towards 65720 - 75000, paying attention to the reaction attack it has made since Friday last week. However, just staying above 56000 will not constitute a sufficient safe zone signal in my opinion. If 65720 passes and closings begin above it, 75780 should be pulled forward as a discipline.
Otherwise, it looks like bitcoin will go up in the 65700 - 56000 band, hit its head and then come back, whining in the 56000 - 75000 band for a while. Attention, I said "cup handle", but not that I was expecting a cup handle, I explained a possibility. If this thing breaks 56000, it will cease to be a cup and handle and with the discipline of returning to every price trend, I think technically bitcoin will face even more serious pressure below 56000. Of course, this is the process from below 56000 to 48000 - 42000. Now, when 56000 is broken, it will react. Such bodozlama may not fall, there is nothing like a waterfall. I mean, it might or might not happen, but we shouldn't think that it will come down all at once.
In the broad picture, the long-term frame of bitcoin's broad band is 75700 to 35000. 56000 support is important. If the reaction movement above 56000 exceeds 65700, it can be traded with an upward appetite and expansion towards 73000 and 75000. I strongly underline that 75000 will be important. If it passes, Bitcoin could probably start a very ridiculous move. Unless 75000 is exceeded, we should not manage this place with great appetite. If you are not a very long term bitcoin investor. Note that I am not saying trader, unless you are an investor. For example, when I look at this chart, I see staying above 56000 as a relatively positive side as long as we stay above the 57500 - 56000 region. I think the 83000 target may be in the pot with a very strong tone. This is my personal comment by the way.
Am I using bitcoin as a short-term trade, a speculation, a manipulation, a tool to make money, or do I say I believe in bitcoin and do not look at the price as its value, I need to look at it as if I am saving it. If you see it as a value and say that it will enter our lives at a higher level in the future and that you are not interested in prices or technical analysis, I respect you. But if you respect yourself, distinguish the difference correctly.
Am I an investor or am I worth it? Am I a trader or a price? If you consider yourself as a price trader, they will tickle this place below 56000. But unless 56000 is broken, the targets of 65000 and 75000 can be achieved with discipline. But I strongly underline this, look, if it is going to 75000, the 65720 resistance has been tried and will be tried again. But whether it is passed or not is very important. Generally, investors have this problem. They enter the market for trading purposes and turn into investors out of necessity.
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.
