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: 1.09034
• Second Key support level of EUR/USD: 1.08709
• Third Key support level of EUR/USD: 1.08500
• First key resistance level of EUR/USD: 1.09816
• Second Key resistance level of EUR/USD: 1.10500
• Third Key resistance level of EUR/USD: 1.10900
• First key support level of USD/CHF: 0.85010
• Second Key support level of USD/CHF: 0.84319
• Third Key support level of USD/CHF: 0.83326
• First key resistance level of USD/CHF: 0.85504
• Second Key resistance level of USD/CHF: 0.86200
• Third Key resistance level of USD/CHF: 0.87013
• First key support level of GBP/USD: 1.26868
• Second Key support level of GBP/USD: 1.26600
• Third Key support level of GBP/USD: 1.26210
• First key resistance level of GBP/USD: 1.27272
• Second Key resistance level of GBP/USD: 1.28167
• Third Key resistance level of GBP/USD: 1.28604
• First key support level of USD/JPY: 143.500
• Second Key support level of USD/JPY: 141.673
• Third Key support level of USD/JPY: 140.162
• First key resistance level of USD/JPY: 146.425
• Second Key resistance level of USD/JPY: 149.841
• Third Key resistance level of USD/JPY: 151.830
Review of Bitcoin’s Status as of August 6, 2024
As mentioned in the previous Bitcoin analysis dated July 30, 2024, the price had the potential to drop, which eventually materialised, hitting the mentioned targets.
Bitcoin experienced a significant decline over the past week, reaching a low of $49,302 during this bearish trend. During its descent, the price saw a reduced rate of decline upon reaching and breaking through the critical support level of $53,500. The drop halted upon reaching the round support level of $50,000.
Currently, these two support the above levels and are crucial in preventing further price declines. If these levels are broken and the price stabilises below these lines, it would signal further potential decreases in this cryptocurrency.
Given the recent downtrend, the price is now entirely oversold. The formation of a long lower shadow in the previous day’s trading indicates a relative retreat of sellers from this support area.
Overall, as long as the price floor of $49,302 holds, there is potential for a correction of the bearish trend and a slight increase in the upcoming candles. In this scenario, buyers will aim to capture the resistance levels of $57,180 and, more aggressively, up to $60,000.
The CloseOption Team
www.closeoption.com
