Slobodan Drvenica
Windsor Brokers
Bitcoin remains well supported and holding near new record high at 93.5K, although facing difficulties to sustain gains above cracked psychological 90K barrier.
Long upper shadows on daily candles of today / Wednesday, send warning of potential fatigue, with repeated failure to register close above 90K to generate initial signal of formation of bull-trap on daily chart.
Overbought conditions, with stretched 14-momentum and stochastic emerging from overbought zone, contribute to such scenario, though more work at the downside will be required to validate signal.
On the other hand, various factors, with dominating role of ‘Trump trades’ continue to strongly underpin bitcoin price and keep in play scenario of extended consolidation before bulls resume.
Stand aside while the price holds within current congestion and await initial direction signal on violation of either boundary.
Rising 5DMA (86790) offers immediate support, followed by Tuesday’s spike low (85132) and upper 20-d Bollinger band (83839), guarding 10DMA (80810) and psychological 80K pivots.
New record peak (93539) acts as initial resistance, followed by 95029 (FE 261.8% of the third wave of five-wave cycle from 52563) and magic 100K barrier.
Res: 90000; 91856; 93539; 95029
Sup: 86790; 85132; 83839; 80810
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD gathers fresh upside traction and approaches 1.0580
Following an early dip to a new 2024 low at 1.0495, EUR/USD manages to regain some balance and retests the area of daily peaks near 1.0580 as the US Dollar's initial uptick seems to have run out of steam.
GBP/USD reclaims the 1.2700 barrier and above
In line with the rest of its risk-related peers, GBP/USD leaves behind the initial drop to multi-month lows near 1.2630 and attempts a move beyond 1.2700 the figure amidst renewed weakness in the Greenback.
Gold trims early losses hovers around $2,575
The loss of momentum in the US Dollar and the retracement in US yields across the curve allow Gold prices to pick up some upside traction and revisit the $2,570 zone per ounce troy, trimming part of their early losses.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.