My Thoughts on Current Markets-147

By Biologist25 | Tech. Analysis | 10 Jul 2024


Looking at the daily chart of ounce gold, the triangle squeeze found balance above its 89-day moving average and 55-day moving average, and I think it started a strong upward movement towards $2390 on Thursday or Friday last week. Then he approved the triangle he broke yesterday and withdrew. Now, in order for the move it made last week to remain meaningful, it should not fall below $ 2350. We can interpret this as pivot support. If this movement can stay above 2350 dollars, I will be following an upward movement with 2390 intermediate target and 2446 main target as long as it remains above 2350 in the short term. Now, I will follow the $ 2350 support in order for the 2350 - 2440 levels to experience some pressure in terms of short-term trading and to return to a downward discipline a little more. Because if the movement below 2350 occurs again, the upward discipline will continue towards 2390 - 2446 as long as we stay above 2350 dollars. A new pressure begins below 2350 towards 2300 2290. If pressure starts below 2350 towards 2290, this may keep the short-term price a little lower, but it will be an opportunity in itself. It is positive that it is above the short-term decline and above the moving averages and horizontal support from a broader perspective. Generally speaking, I say gold's ounce chart is positive as long as it stays above 2300 and 2350.

I said that unless Bitcoin goes above 66000, there may be reactions, but it is not in the safe zone. We broke the trend that has been forming since February last week. So we broke downwards. We applied Fibonacci correction to the 56000 - 71500 exit, in the opposite direction. When 78.6 levels were exceeded, the price was spoiled and when it was broken, it hardened downwards. Now, there has been an attempt to hold on to the 233-day moving average for 2 days. This is relatively positive. It is not safe, when will the falling trend here be overtaken, which we were wondering about last week, when this 60600 will be passed, then again it is not completely safe, but in terms of trading, we are in the 60600 - 56000 band. This is an unsafe area. In other words, being above the 233-day moving average keeps the possibility of a reaction towards 60600 on the table, saying it could happen. But unless the decline in technical discipline is overcome, there may be a risk of another sell-off below 56000. Unless I see two closings above the 60600s, I will continue to read this flat, without a position. Well, I wouldn't necessarily say it's short, but I continue to follow it without a position.

If 60600 is passed, I will initiate an upward trading discipline with a target of 64100 - 65900. There may be reactions between 60600 and 56000 until 60600 is crossed. If 56000 is broken, there will be a very hard candle in Bitcoin and this candle can dig up to the 52400 - 48000 band. As the price goes up, the golden ratio becomes the target at 1.618. We are below the bottom of 56552 and the top of 71758. 60600 up transaction trigger discipline, that is, if 60600 is exceeded, the risk of 52000 and 48000 falls to default and the game turns up. Unless 60600 is passed, there may be another round of sales towards the 52400 - 48000 region, where very strong buyers can be seen, especially in 47000 - 48000. If it exceeds 60600, I will put a hard and absolute stop and be in the discipline of starting a reaction attack towards 64000 - 66000 in an unsafe manner. But I wouldn't buy anything below 60600. Sometimes, in technical analysis, a higher numerical value is cheaper than a lower numerical value. This is explained as getting rid of the falling trend.

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
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