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: 1.10391
• Second Key support level of EUR/USD: 1.1000
• Third Key support level of EUR/USD: 1.09493
• First key resistance level of EUR/USD: 1.1105
• Second Key resistance level of EUR/USD: 1.12000
• Third Key resistance level of EUR/USD: 1.12773
• First key support level of USD/CHF: 0.85000
• Second Key support level of USD/CHF: 0.83994
• Third Key support level of USD/CHF: 0.83327
• First key resistance level of USD/CHF: 0.85540
• Second Key resistance level of USD/CHF: 0.86174
• Third Key resistance level of USD/CHF: 0.87289
• First key support level of GBP/USD: 1.31094
• Second Key support level of GBP/USD: 1.30435
• Third Key support level of GBP/USD: 1.29626
• First key resistance level of GBP/USD: 1.31400
• Second Key resistance level of GBP/USD: 1.32259
• Third Key resistance level of GBP/USD: 1.33000
• First key support level of USD/JPY: 145.189
• Second Key support level of USD/JPY: 143.710
• Third Key support level of USD/JPY: 141.647
• First key resistance level of USD/JPY: 147.252
• Second Key resistance level of USD/JPY: 149.363
• Third Key resistance level of USD/JPY: 151.883
Overview of Bitcoin’s Status as of 03/09/2024
The price could rise, as mentioned in the previous Bitcoin analysis dated 06/08/2024. Eventually, Bitcoin succeeded in increasing its price, and the resistance levels highlighted by the buyers were reached.
Considering the price movements observed in the long-term time frames, such as monthly and weekly, the overall trend is still interpreted as bullish. However, given the buyers’ failure to maintain upward momentum when facing resistance levels in 2021, there remains a possibility of a false breakout, which traders should pay attention to.
In the current conditions, if the price floor of $57,120 is breached, the price can further decline and reach the support level of $54,000.
In medium-term time frames, such as daily, the price generally fluctuates between $70,000 (resistance) and $54,000 (support). This indicates indecision among traders, leading to a range-bound market.
During Bitcoin’s recent price decline, the price halted its further drop upon reaching the $57,000 support level. The recent formation of two hammer candlestick patterns suggests the potential formation of a price floor.
Considering that the price is relatively oversold and candles with long lower shadows have formed, risk-taking buyers have entered trades and are attempting to capture the resistance levels of $61,160 and, in the next step, $64,500.
The CloseOption Team
