Sirwin
Sirwin

My Thoughts on Current Markets-128

By Biologist25 | Tech. Analysis | 22 May 2024


Looking at the daily chart of ounce gold, 2427, corresponding to Fibonacci 2.618, was seen 1.5 months ago. Then we pulled back towards the 34-day moving average. Here, in this process, we made a bowl-like double hill. This week, we reached out to 2427 with the story of whether there will be tension with the helicopter crash. Now we are slightly below 2427 again. But when you look at it, we see that the ounce maintains two moving average disciplines, that is, the short-term trend discipline. We are only getting some pressure from a Fibonacci resistance in this area at 2.618. We can call these correction processes due to encountering resistances in the upward trend. So the trend does not end, we only see profit sales at certain levels. As a result, 2380 - 2340 is the trend support or tracking area. As long as 2380 and 2340 remain above the trend support, yes, we are getting pressure from 2427, but the trend is over, a downward discipline has been triggered in the ounce and we are not at the point where we have received the technical signal of this.

In my opinion, these levels are not the cost zone for ounces of gold. It goes back to every price trend, it has turned over time. The movement here has not returned yet. We have also deviated too far from the trend. Therefore, as long as it remains above 2380 - 2320, it has already completed its short-term target of 2427 for the second time. 2520 and 2600 will continue their technical potential. When the technical potential of 2520 - 2600, this should be followed at the defensive point due to the divergence and / or short-term correction I mentioned. 2380, especially 2340, worked wonderfully as support on the 34-day moving average. Therefore, unless 2340 is broken, we saw 2427 for the second time, the ounce of gold will maintain the technical potential of 2520 - 2600. If it breaks 2340 before settling above 2420, it can present the move to investors as a short-term correction and an opportunity for a new cost increase in gold. Therefore, as long as it stays above 2380 - 2340, the discipline of reading the ounce upwards will not be disrupted. Below that, the correction may intensify, reaching 2250.

Bitcoin found support there as it approached the short-term 144-day moving average and rising trend support on the daily chart. It did not exactly touch the 144-day moving average, but it found support as it approached that area. Then the intermediate decline was passed and the main decline was reached. Now yesterday 70090 also started to price above the Fibonacci 78.6 of this decline. This level is important here because it is above 70000. In a positive technical sense, it is passing or testing the decline and it is 78.6. If bitcoin can sit above the falling trend of these 70090s and 78.6, the target is 73700 - 78046 in the short term and 84400 in the medium term. So, we will do trend discipline and risk management against these targets as follows.

66600 is the support zone of bitcoin's upward trading discipline towards targets 73700 - 78400 in upward trading. If you are a short-term player, you will know 73800 - 78400 above 66600. It's your choice to take your wife or not when she goes here. But below 66600, we will say that the problem here turns into pressure in terms of trading. This was short term. If you are a medium-term trader and not a trader and say you are trading the big trend, there may be withdrawals unless 62000 or even 60000 is broken. However, the target of 84400 will be maintained.

Recently, there have been analyzes showing that the correlation between Bitcoin and Nasdaq has reached its highest level in history. The 16767 - 10432 breakout on Nasdaq sat above Fibonacci 78.6 and maintains its trend. The rise is going inside the channel. Assuming that it is currently around 18500, 18000 is the intermediate support and 16970 is the main support and trend support. Even if there are retreats towards these two support zones, I think that as long as we stay above the 18000 - 16970 region, declines will be an opportunity, especially unless the 16970s are broken during the retreats. 19200 will remain on the table as the intermediate target and 20682 as the Golden Ratio target. Therefore, Nasdaq 16970 is the main support and 18000 is the intermediate support. In the short term, 19200 will maintain its trend focusing on making the 20682 Fibonacci Golden Ratio level a target this year. Let me just make a small caveat here, it can make occasional corrections without going to 20682. You know, we shouldn't have the self-confidence of never putting a red bar in between. They shake the mulberry tree from time to time.

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.

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Tech. Analysis
Tech. Analysis

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