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: 1.08346
• Second Key support level of EUR/USD: 1.078846
• Third Key support level of EUR/USD: 1.07
• First key resistance level of EUR/USD: 1.090037
• Second Key resistance level of EUR/USD: 1.1
• Third Key resistance level of EUR/USD: 1.109139
• First key support level of USD/CHF: 0.895108
• Second Key support level of USD/CHF: 0.889849
• Third Key support level of USD/CHF: 0.884
• First key resistance level of USD/CHF: 0.899457
• Second Key resistance level of USD/CHF: 0.901365
• Third Key resistance level of USD/CHF: 0.90500
• First key support level of GBP/USD: 1.268274
• Second Key support level of GBP/USD: 1.258888
• Third Key support level of GBP/USD: 1.25
• First key resistance level of GBP/USD: 1.271119
• Second Key resistance level of GBP/USD: 1.275938
• Third Key resistance level of GBP/USD: 1.283493
• First key support level of USD/JPY: 143.983371
• Second Key support level of USD/JPY: 143.633652
• Third Key support level of USD/JPY: 143
• First key resistance level of USD/JPY: 144.339026
• Second Key resistance level of USD/JPY: 144.6
• Third Key resistance level of USD/JPY: 145
Technical Analysis of Bitcoin on 06/07/2023.
Upon analysing the previous Bitcoin data from June 15th, 2023, it is clear that the price could establish a price floor and continue its upward trend. The buyers were able to capitalise on this opportunity and drive the trend forward.
The current upward trend has led to a new high in buyer activity, reaching a price level of 31,496.47. This price level has become a significant resistance level for the round amount of $31,000, which acts as a major price peak or barrier for the market.
Based on the weekly period, the Spinning top candlestick pattern appears to indicate a lack of conclusive action from either buyers or sellers. This suggests a decrease in the strength of the upward trend.
Taking a long-term perspective, such as considering the monthly period, this cryptocurrency’s current upward trend is still bullish. If one were to form positive purchase thoughts regarding this asset, there is potential for the price to increase and even reach resistance levels of 32800 and possibly surpass 35800 dollars. This analysis suggests that careful consideration and analysis of market trends could lead to profitable investment decisions.
The price has been unable to break through the crucial resistance level of $31,000 in shorter time frames like daily. Instead, it has formed a price ceiling and confirmed it, indicating an attempt to make downward movements.
Based on the current market situation, it appears that the price may experience a decline due to being overbought. As a result, sellers may attempt to take advantage of this and target critical support levels such as $29,500 and possibly even $28,500.
CloseOption Team
