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: 0.995056
• Second Key support level of EUR/USD: 0.991376
• Third Key support level of EUR/USD: 0.989583
• First key resistance level of EUR/USD: 1.001796
• Second Key resistance level of EUR/USD: 1.0095
• Third Key resistance level of EUR/USD: 1.013488

• First key support level of USD/CHF: 0.963493
• Second Key support level of USD/CHF: 0.960301
• Third Key support level of USD/CHF: 0.957374
• First key resistance level of USD/CHF: 0.969
• Second Key resistance level of USD/CHF: 0.97313
• Third Key resistance level of USD/CHF: 0.9765

• First key support level of GBP/USD: 1.180542
• Second Key support level of GBP/USD: 1.17619
• Third Key support level of GBP/USD: 1.171837
• First key resistance level of GBP/USD: 1.187819
• Second Key resistance level of GBP/USD: 1.193171
• Third Key resistance level of GBP/USD: 1.200308

• First key support level of USD/JPY: 135.805755
• Second Key support level of USD/JPY: 135.087374
• Third Key support level of USD/JPY: 133.396799
• First key resistance level of USD/JPY: 137.043094
• Second Key resistance level of USD/JPY: 137.644083
• Third Key resistance level of USD/JPY: 138.888633

 

Time to Choose; Will Bitcoin Rise or Drop

Bitcoin was able to experience an uptrend for a few weeks after a strong downtrend and without any corrections in the Bitcoin chart. Regarding the price movements formed, in long time frames like weekly and monthly, there is no evidence if the price will fall more, as yet the support level of $18800 retains the price has the potential to correct the previous downtrend cycle. However, if the mentioned support level breaks due to fundamental factors affecting Bitcoin price heavily, the price will likely descend more and reach the support level of $17000.

Conversely, in the current situation, in shorter time frames like four hours, the chart shows an uptrend signal by the formation of a price ceiling at 61.8 Fibonacci level (between the price ceilings of $18545 and $25200) and its stabilization by long lower shadow candlestick. If the price stabilizes in support levels of $20880 and $20700, the price will likely rise, and the price targets for buyers will be the resistance levels of $22300, $23400, and $24900.

 

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