My Thoughts on Current Markets-91

By Biologist25 | Tech. Analysis | 21 Feb 2024

Judging by the weekly chart of ounce gold, the risk of 1980 - 1940 will remain on the table until the 2058 - 2078 region is crossed. But I said that sagging towards this region would also be a buying opportunity. Last week, I think he made a point towards 1984, around Wednesday and Thursday. Without touching 1980, it has returned from 84 to 2021. It has been waiting in this box between 2058 and roughly 1980 for probably 2 - 2.5 months. My personal opinion is that the model of being a bit cautious will continue to be correct until 2058 is passed.

I think downward needles like last week towards the 1980s - 1940s will be a buying opportunity. Therefore, I do not expect such a devastating downward movement. However, until 2058 has passed, I can say that such loosening modeling in this region towards the 1980 - 1940 region still remains aside as a risk. Above 2058, in 2 days, the ounce will move towards 2154, or even towards 2240. The net upward movement in the ounce, that is, the compression of the last 2.5 months, will begin to move upwards.

Unless 2058 is passed, I think we need to manage the possibility of a renewed downward pressure towards the needle we saw last week. Above 2058, gold will be free from 2.5 months of pressure. There is this risk in the fact that every price reverts to the trend. Let's not say that it will not fall into the 1980 - 1940 region; if it does, it will be a buying opportunity. Because after that, I think the story will continue to remain upward in 2024. We will follow the trend closely.

Bitcoin stalled and experienced a sharp upward movement. Judging by the daily chart of Bitcoin, the expanding triangle or, more professionally speaking, the megaphone formation, also served as support for the lower channel of the megaphone during the decline in January. Now there is a cover story. Now there is a megaphone target at 59900. Bitcoin has an expanding triangle target, but there is also a fact that we need to control. The reason is the angle here, the loss of power in the mac and timing.

In general, the trend is upward, but a loss of strength has begun to occur. Despite everything, pay attention to the 8-day moving average with price discipline. It turned out that for about 7 days, a flag-like, flag-like image started to form here, in a positive sense. But there is a flag-like story here; the discipline of managing this place with passion may not be very accurate. Because the bars have become too short and too stubby. After rising above the 8-day moving average, the 8-day moving average has been a support, especially for the last 3 days. As a result, 51400 is the support that follows in terms of short-term trading, and the discipline of reading bitcoin above 51400 in a relatively positive direction will continue in technical terms.

Above 51400, 55400 and the expanding triangle, the megaphone target 59900s, will continue to remain strategically in focus. Here, especially long traders can stay in the discipline of following Bitcoin, which continues to stay above 51400 or its old peak of 48969 - 51400, with 55400 as a short and 59900 as a formation target. Attention, megaphones, that is, expanding triangles, maintain their main upward trend, while their downward corrections are aggressive. There are things that happened in the past.

Therefore, let's read above the 51400 - 48969 supports from a positive side, especially to stay long. But be careful, if it goes below the peak here again, that is, under 48969, my personal opinion on bitcoin is 55400 unless 48969 is broken, and if 48969 is broken, 2 or 4 hour closing is not even daily, especially 4 hour closing, because it is to apply an early defense mechanism against a possible hard break. It means one candle on 4-hour charts. Bitcoin, which remains above 48969, will maintain its target of 55400. A very aggressive and very damaging 44500 swing may occur below 48969. There is a possibility that the megaphone will retreat to its lower band. Under 48969, the risk of 44500 is triggered in 4 hours. 55400 is the target unless 48969 is broken.

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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