My Thoughts on Current Markets-74

My Thoughts on Current Markets-74

By Perfectionist25 | Tech. Analysis | 23 Jan 2024


Let's start with Bitcoin prices. Because while we were wondering whether the 42000s would break down or not, we suddenly found ourselves at 40000s. On the weekly chart, we pinned the pin on 61.8 of the peak of 69000 and the decline of 15000 on the day the ETFs were approved, neither the day before nor the day after, exactly on the day when the ETFs were approved, which is the golden rate of 61.8. Since the day we pinned the needle to 48600, that is, since we completed 61.8 of this decline, it has now turned into a correction, a correction of this medium-term exit. Now investors should be careful here. It had passed the 8-week moving average at approximately 28000. After 28000, the 8-week moving average was maintaining the trend. Now, we went below the 8-week moving average for the first time towards the end of last week and this week. Now the 8-week moving average is 42500. Halfway Fibonacci is at 42300. Until the decline that has occurred since 48600 returns to above 42500, one should be a little cautious, especially for long trading. Because with the story that resistances are always swallowed when rising and supports are swallowed when falling, bitcoin is read with a target of 38000 - 36000 in the medium term, above 42500 in an upward direction, and in the medium term below 42500 in a downward direction. If the long trading signal comes, 44600 and 48600, which is Fibonacci 61.8, will go to the target again. According to the result weekly chart, the scenario above and below 42500 will be at the decisive point during an important journey. This is a mid-term structure that I call the expanding triangle and megaphone that I have been talking about for a while. There is a very strong trend, but we have reached an important short-term support. There is trend support at 39800. Its 89-day moving average is also the same at 89800. There is a clear intersection there. So, after reaching an important trend support today, it is preparing for a comeback from this support at 39000. More accurately, it could be misinterpreted to mean that he is preparing to try to return. So when it falls below 39800, it is a sign of weakness. Therefore, it seems that the 28000 - 48000 movement in Bitcoin will remain in correction for a while until it moves above 42500 in the medium term. In the medium term, a second day's close above 42500 will return the upward signal. If we look at the short term, unfortunately, being below 39800 may cause the market to circulate downwards towards 36000 - 35300. What investors should pay attention to here is that bitcoin, which continues to remain below 39800 today and Wednesday, may see pressure towards 35300 - 36000. The 144-day moving average here roughly corresponds to Fibonacci 38.2 at 36000. Bitcoin should be returned to a controlled and clear upward reading above the 42500s. The risk of 36000 will remain on the table until 42500 is passed. We can label the 28000 - 48000 movement up to 36000 as a correction. But if 36000 is broken, a completely different scenario will be discussed there. What to do here is, will we go above 42500? Will 36000 support work for long? You need to be controlled in these scissors. But the chart shows that the weekly pressure will continue a little longer. If it returns above 39800, it may look for a reaction. He may look for a reaction tomorrow or the day after. As I said here, it is very important at 39800 and at 42 500. If you ask me which one you should use, you should read uptrade here with the target of 48000 at the second day closing above 42500. Until we see the closing above 42500, we need to be cautious about the reactions and check 36000.

Ounce gold spoiled from 1800 to 2150 on the weekly chart. Fibonacci 78.6 in 2021 is positive but relatively positive as it has been above it for about 2 months. Because he can't skip 2008. They stuck it here. They compress, but they compress with pressure. We are in the 2020 - 2080 box. The inside of this box can be read as relatively positive by long traders until there are closes below in 2021. But personally, I think long traders should maintain the discipline of remaining cautious as long as 2080 is not exceeded. So what does this mean? If you have traded long, be cautious or manage your weight correctly. Despite falling below 2021. Here, tone above 2080, appetite tone can be increased with the target of 2151 - 2244. But in my personal opinion, 2080 has not been passed, let's be a little sensitive towards 2021. This is not necessarily about fear, but it will be very important in terms of managing risk. An energy has accumulated here for 34 weeks. Unfortunately, there is something like this in technical analysis. The price will definitely return to its trend one day, whether you want it or not. Therefore, if 2021 breaks, 2080 - 2141 above 2021. Below 2021 it will decide the price direction towards 1976 - 1950s. So let me state it this way. 2020 is a tracker, 2080 is an appetite boosting level. In other words, the level of arrival of that momentum. In short, 2021 pivot support is for those who play upwards in a controlled manner. There is a risk of downward pressure in 2021 unless 2080 is passed. As I mentioned before, let's not be afraid, but let's be controlled.

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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