An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.11380
• Second Key support level of EUR/USD: 1.10833
• Third Key support level of EUR/USD: 1.10070
• First key resistance level of EUR/USD: 1.11890
• Second Key resistance level of EUR/USD: 1.12250
• Third Key resistance level of EUR/USD: 1.12800
• First key support level of USD/CHF: 0.84319
• Second Key support level of USD/CHF: 0.83900
• Third Key support level of USD/CHF: 0.83350
• First key resistance level of USD/CHF: 0.85164
• Second Key resistance level of USD/CHF: 0.8550
• Third Key resistance level of USD/CHF: 0.86000
• First key support level of GBP/USD: 1.33315
• Second Key support level of GBP/USD: 1.32677
• Third Key support level of GBP/USD: 1.31550
• First key resistance level of GBP/USD: 1.33985
• Second Key resistance level of GBP/USD: 1.35000
• Third Key resistance level of GBP/USD: 1.36260
• First key support level of USD/JPY: 143.410
• Second Key support level of USD/JPY: 141.723
• Third Key support level of USD/JPY: 140.421
• First key resistance level of USD/JPY: 144.456
• Second Key resistance level of USD/JPY: 146.540
• Third Key resistance level of USD/JPY: 148.220
An Overview of Bitcoin Status as of 24/09/2024
Bitcoin has been on an upward trajectory over the past two weeks, with buyers successfully reaching a peak price of $64,720 during this rise.
With the recent uptrend, the price is approaching the highest levels recorded last month. If the price surpasses and consolidates beyond this level, it will be a positive signal for long-term buyers.
Given that the $54,000 support level has been held for the third time, the scenario of a false breakout, as mentioned in previous analyses, has weakened. However, if this support level is broken, the bearish scenario will regain strength.
Currently, in long-term timeframes, such as weekly, there is no clear and compelling reason for a price decrease, and there is potential for an upward move from the $54,000 support level.
In shorter-term timeframes, such as daily and 4-hour charts, the prevailing trend is still bullish. However, as the price approaches the $65,000 resistance level, the momentum of the upward movement has diminished.
The formation of spinning top and star candlestick patterns over the past four days indicates indecision among traders regarding further movement and the exit of some buyers from their positions, which could be considered a weak signal for a potential price correction.
Given that the price is in a state of relative overbought (though not excessively so), and the divergence with the Stoch Indicator, there is potential for a correction in the upward trend. In this case, the two key support levels ahead are $62,360 and $61,200.
The CloseOption Team
