CloseOption Knowledgebase

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: 1.045613
• Second Key support level of EUR/USD: 1.040381
• Third Key support level of EUR/USD: 1.035325
• First key resistance level of EUR/USD: 1.048474
• Second Key resistance level of EUR/USD: 1.054656
• Third Key resistance level of EUR/USD: 1.059214

• First key support level of USD/CHF: 0.987399
• Second Key support level of USD/CHF: 0.982208
• Third Key support level of USD/CHF: 0.976971
• First key resistance level of USD/CHF: 0.997708
• Second Key resistance level of USD/CHF: 1
• Third Key resistance level of USD/CHF: 1.004812

• First key support level of GBP/USD: 1.216084
• Second Key support level of GBP/USD: 1.210669
• Third Key support level of GBP/USD: 1.207413
• First key resistance level of GBP/USD: 1.219973
• Second Key resistance level of GBP/USD: 1.223901
• Third Key resistance level of GBP/USD: 1.232032

• First key support level of USD/JPY: 133.593669
• Second Key support level of USD/JPY: 132.899083
• Third Key support level of USD/JPY: 131.273453
• First key resistance level of USD/JPY: 134.667932
• Second Key resistance level of USD/JPY: 135.16536
• Third Key resistance level of USD/JPY: 136

 

Bitcoin and the Frequent Drops in Value

Since the last ATH of around $69,000 in November 2021, Bitcoin’s value has been descending continually; lately, the descent has taken a more rapid pace. This is a sign for the market bulls to take action in the approaching price lows. So far, the market bears have successfully pushed the price down to $20,793.29, and the monthly and weekly chart analyses still do not signify a change in the market trend. In other words, according to the price movements, Bitcoin’s value can decrease to the following support line at $19,000.

On the other hand, short-term price analyses based on the four-hour and the daily chart imply a weak and temporary rise in Bitcoin value in reaction to the bull’s suppression. The formation of a buy candle or a candlestick pattern on the current support line in the daily chart can increase the likelihood of a change in the trendline. Furthermore, the formation of the Spinning top candlestick pattern in the four-hour chart (which shows indecisiveness in the market direction) signals a new low in the current price range. Overall, according to the present situation, Bitcoin’s trendline can change in favor of the market bulls if the above candlestick pattern maintains. Additionally, if the trendline goes up, Bitcoin’s value can rise to the resistance level of $23,356.41 and then to $25,000.

Warning: Please note that the cryptocurrency market is highly volatile, and trading crypto assets is risky. Also, given the complicated market status, the above analysis is by no means financial advice for selling or buying cryptocurrencies. (Not Financial Advice)

 

The CloseOption Team

www.closeoption.com

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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: 1.065281 • Second Key support level of EUR/USD: 1.062727 • Third Key support level of EUR/USD: 1.056842 • First key resistance level of EUR/USD: 1.071421 • Second Key resistance level of EUR/USD: 1.078697 • …

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