Bitcoin Price Analysis – April 5

Highlights

• The medium and short term trend bias are bearish.

• In a downtrend, a trader should know that if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.

BTCUSD Medium-term Trend: Bearish

 Resistance: $7,000, $6,900, $6,800

 Support: $6,400, $6,500, $6,600

Yesterday, BTCUSD pair had a bullish outlook but the bullish movement was short-lived. Bitcoin which was trading at $7,429.57 yesterday lost control to the bears who took the price to $6,621.17, as at the time of writing. However, from the weekly chart, the 20-day moving average crosses below the 50-day moving average indicating a bearish outlook of Bitcoin. 

Price is falling and moving towards the previous low of $6,500. However, the RSI period 14 is level 21 which indicates that the market is oversold suggesting bulls could take control of the market for a biref bounce. As the market is oversold, traders could look for buy setup to form in order to place long trades.

BTCUSD Short-term Trend: Bearish

From the daily chart, you will find price of Bitcoin making series of  lower highs and lower lows symbolizing a bearish movement. The bearish trend line over laps the price bars showing resistance levels where a trader can make short positions. In a downtrend, a trader should know that  if price retraces from the recent low, a resistance level would be created. This gives the trader the opportunity to place short trades.

Meanwhile, the RSI period 14 is level 67 which indicates that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Source: https://www.cryptoglobe.com/markets/price-analysis/ 

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Technical Reviews for Gold and Silver (April 2018)

GOLD (XAUUSD)

Dominant Bias: Neutral   

The market bias is neutral in the long-term and bearish in the short-term. Since February 2018, price has been ranging (whereas December 2017 and January 2018 were bullish). However, going short-term, price dropped sharply in the last week of March, and made a rally attempt on April 3, only to get corrected lower on the following day. Given the current price action, a movement to downside is much more likely than a movement to the upside, when a breakout does occur. There is a strong supply barrier at 1360.00, which has been the major supply zone within the last two months. The demand zones at 1320.00 and 1310.00 would likely be tested this month.

SILVER (XAGUSD)

Dominant Bias: Neutral

Silver is also neutral in the long-term and bearish in the short-term, just like Gold. Price has been consolidating since February; whereas December 2017 and January 2018 were bullish. In a smaller time horizon, last week was bearish, plus this week, whose bearishness follows an abortive effort to effect a rally. A closer observation of the market behavior in the last several weeks reveals that bulls are getting weaker, and thus, bears would take advantage of this by pushing price lower and lower, towards the support levels at 16.2000, 16.1000 and 16.0000. Should this happen, the precarious Bearish Confirmation Pattern in the market would become stronger.  

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Daily analysis of major pairs for April 2, 2018

Daily analysis of USD/CHF for April 2, 2018

USD/CHF

This bias on this currency trading instrument is bullish – but it is currently not a strong bias.  Since testing the support level at 0.9200 (February 16), price has managed to gain about 360 pips. Last week, it managed to stay briefly above the resistance level at 0.9550, after which it closed below it again.

Things will go upward when volatility arises. A rise in the market is expected this week, which would also be fueled by weakness in EURUSD. The resistance levels at 0.9550, 0.9600 and 0.9650 could be reached before the end of the week.

Daily analysis of USD/JPY for April 2, 2018

USD/JPY

The market is expected to go downwards. The trading instrument is bearish in the long-term, and bullish in the short-term. There is a Bullish Confirmation Pattern in the market, at least on a short-term basis.  Price rose 220 pips last week, to test the supply level at 107.00, and then retraced below the supply level at 106.50.

The supply level at 107.00 has thus become a major barrier for any bullish effort, as price goes downwards towards the demand levels at 106.00, 105.50 and 105.00.  The outlook on JPY pairs is bearish for this week, and for this month, which means long trades are not recommended (except in a very short-term context). There will be great volatility on JPY pairs, which would most probably favor bears.

Daily analysis of EUR/JPY for April 2, 2018

EUR/JPY

The EUR/JPY is bearish in the long-term, and rather neutral in the short-term. Price is currently choppy as things are now in a range. There is a supply zone at 132.00 and a demand zone at 130.00.

As long as price saunters between these two zones, the short-term neutrality will hold. There is a higher probability that price will go southwards (in agreement with the long-term outlook) when a breakout does occur. There is still a Bearish Confirmation Pattern in the market, and that would become more important as price goes further downwards, reaching other demand zones.

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Weekly Trading Forecasts for Major Pairs (April 2 - 6, 2018)

Here’s the market outlook for the week:

EURUSD

Dominant bias: Neutral

The market went upwards last week, to test resistance line at 1.2450; a level from which a bearish correction was experienced. Price came down to test the support line at 1.2300, and then closed just above it. While the current bias on the market is neutral, it is expected that a rise in momentum will happen before the end of this week, which would most probably favor bearish, because the outlook on EUR pairs is strong bearish for the week.

USDCHF

Dominant bias: Bullish

This bias on this pair is bullish – but it is currently not a strong bias.  Since testing the support level at 0.9200 (February 16), price has managed to gain about 360 pips. Last week, it managed to stay briefly above the resistance level at 0.9550, after which it closed below it again. A rise in the market is expected this week, which would also be fueled by weakness in EURUSD. The resistance levels at 0.9550, 0.9600 and 0.9650 could be reached before the end of the week.

GBPUSD

Dominant bias: Neutral

GBPUSD is bearish in the short-term, but neutral in the long-term. Last week, price nearly reached the distribution territory at 1.4250, after which it dived towards the accumulation territory at 1.4000. The outlook on GBP pairs is bearish for this week. However it is strongly bullish for April. While the general movement is expected to be upside in April, some selling pressure would be witnessed this week, which could propel price towards the accumulation territories at 1.4000, 1.3950 and 1.3900.     

USDJPY

Dominant bias: Bearish

The trading instrument is bearish in the long-term, and bullish in the short-term. There is a Bullish Confirmation Pattern in the market, at least on a short-term basis.  Price rose 220 pips last week, to test the supply level at 107.00, and then retraced below the supply level at 106.50. The supply level at 107.00 has thus become a major barrier for any bullish effort, as price goes downwards towards the demand levels at 106.00, 105.50 and 105.00.

EURJPY

Dominant bias: Bearish    

This cross is bearish in the long-term, and rather neutral in the short-term. Price is currently choppy as things are now in a range. There is a supply zone at 132.00 and a demand zone at 130.00. As long as price saunters between these two zones, the short-term neutrality will hold. There is a higher probability that price will go southwards (in agreement with the long-term outlook) when a breakout does occur.

GBPJPY

Dominant bias: Neutral  

The market is choppy and without direction, although the long-term bias is bearish. In March, what generally happened could be called a rally in a context of a downtrend, as price moved from the demand zone at 145.00, to reach the supply zone at 150.50. The outlook on JPY pairs is bearish for this week, and for this month, which means long trades are not recommended (except in a very short-term context). There will be great volatility on JPY pairs, which would most probably favor bears.

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