My Thoughts on Current Markets-139

By Biologist25 | Tech. Analysis | 25 Jun 2024


When you look at the daily chart of ounce gold, there seems to be a serious squeeze. Last week, I think on Thursday, there was a move to break the decline towards 2360 with two bars, but at the close, they pulled the bar back into the triangle. Now here the triangle squeeze is slowly coming to an end. We are on the eve of an important decision here. I think we are about to make an important decision in 4-5 days. There is a jam here. Now, in order to reach a serious upward momentum in the ounce, we need to sit above 2345, that is, in order for the 2-3 week retreat from 2448 to approximately 2300 to turn upwards again strongly. Let's call this the pivot resistance. As I said, we tried 2345 3-4 days ago, but it blew the fuse and then withdrew itself. Now, if closings start above 2345, that is, it is currently stuck in the band between 2345 and 2277 support area. If more than one close above 2345 is possible, two closes will be important in the sense that there will be confirmation. If 2345 is passed, we can say that the decline towards 2413 - 2448 and above has been eliminated and a new upward trend has begun. Otherwise, until 2345 is passed, this triangle compression in the 2345 - 2277 band seems to be a little more pressured in a temporal sense.

The important thing here is that if we are in a long direction, 2277 is important. The lower channel trend support of the horizontal triangle, 2277, is important, but we are above 2277 and although we are following an upward discipline, we should know that unless there are closings above 2345, the yield curve will not be triggered on the long side here yet. Triggered by these targets above 2345. They crush the ounce of gold a little more under 2277, every price returns to its trend. Unless 2277 is broken, we can consider a controlled focus towards 2345 and - or above. But there may be a possibility of deeper downward pressure below 2270, towards 2219 or even 2180. Let's say 2277 was broken and there was a relaxation towards 2200 - 2180. We will read this by giving a term like this. The short-term correction continues within the medium-term uptrend. This will present an opportunity in itself. We are stuck in the 2277 - 2345 band. This is a flat region, flat means no position, wait and see. If 2345 passes and you see closings above it, bet up, and below 2277, it means there is a new bear attack towards 2219 - 2180.

The movement in Bitcoin from approximately 15000 to 74000 continues its short-term correction. The medium-term downtrend has not started yet, but we are also in a short-term downtrend. As a result, when we look at a weekly chart, bitcoin tells us this. 65600 - 76275 are the targets and resistances in every upward move, every bull attack, every attempt that bitcoin will make. In order for Bitcoin to have another breakout like 20000 - 74000, which will also affect the enthusiastic, spoiled altcoins and drag them along, technical discipline tells 76275 to be crossed. Therefore, if 76275 is passed, a more aggressive, harsher upward trend will begin in bitcoin than the 20000 - 74000 rise. But focusing on such an exit before 76275 is exceeded is a major faulty trading discipline in technical trading. It would be the wrong strategy. What to do is, we will follow the stabilization in the 65600 - 57500 region. We will look for a balance here. If this movement shows the ability to stay above 57500, it may make an attempt towards 65000, maybe 71000, maybe 76000.

But my technical advice to investors is that unless 65600 short term and 76275 medium term are crossed, a safe and confirmed uptrade signal will not occur yet. In this sense, even if we are going to turn up, we should not break 57500. If 57500 is broken, the pressure we have been experiencing in Bitcoin for a few days may need to sag to the 55000 and 45000 region. 76275 is now a new momentum, a new power, the trigger level of positivity that will affect everything, a cautious upward reading may occur above 65600. A safe uptrend may also occur in closes above 76275. Unless this zone is crossed, the risk of 57500 or even 55000 will remain on the table. Since it has been falling hard for 3-4 days, it may give strong reactions in between. This week's data is 76275, next week it will increase to around 76500. Because the upward trend is an upward sloping line and that slope will go up every week, that number will go up from 76275 to 76400 - 76700.

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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