Watchlist: Bitcoin, Gold and Dollar

Important News

  • On the last trading day of the past week, the dollar gained value against all of its competitors and closed the day. This week started with buyers.
  • In the US indices other than Nasdaq, sellers dominated. recorded an increase during the day and closed the last trading day of the previous week with an increase. The trend direction is the same at the opening of this week.
  • It retreated from a 1.52% peak to 1.44%. This drop could put pressure on the dollar.
  • completed the previous week in the support test in the 1.2080 region. On the side, the price was above support in the 1.3930 area. The dollar’s strength was most felt in the commodity-backed parities. NZD closed the day with 150 pips and AUD 180 pips decline.
  • sales pressure was also high on the side. It fell to $ 1717, reaching the lowest level of the year. was traded at 61.50 a barrel.
  • On Saturday, Joe Biden’s $ 1.9 trillion Covid-19 support package was voted on. The package passed the House of Representatives with 219 to 212 votes. All Republicans in the House of Representatives voted against the package, while Democrats gave two fires. It is expected to pass the Senate before March 14.
  • On the UK side, Economy Minister Rishki Sunak is expected to announce an economic support budget worth £ 5 billion in a statement Wednesday. With the allocated budget, aid will be sent to small and medium-sized enterprises damaged by the corona.

Technical analysis

XAU

With the increase in sales pressure on the last trading day of the previous week, a low bottom was formed at $ 1717. We started this week with strong buyers after buying orders taken at 1717 level, which intersects with the support zone of the flag formation on the weekly chart.

The passage of Biden’s support package through the House of Representatives on Saturday is seen as one of the factors that support purchases. The price recorded an upward retracement to 1760 resistance after starting this week with a rise from the 1734 level. The negative momentum mismatch on the 15M charts signals that we are at the end of the first bullish wave that has occurred today. A downward price movement can be expected in the short term.

On the downside, the price awaits 1744 and 1730 supports. On the upside, there are 1755, 1765 and 1778 resistances.

  • Resistors: 1755 – 1765
  • Supports: 1744 – 1730
DXY

The last two trading days of the past week were critical in the price charts of the dollar index. On the weekly charts, starting from 8 March 2020, we are in the breakdown zone of the falling wedge formation that completed the formation of the previous week. The gains recorded in the last two trading days of the previous week gave the first breakout confirmation of this pattern. The increase in buying momentum after this confirmation caused the index to rise from 90,327 to 90,957 on Friday. The upward momentum is expected to continue this week, but positive news on Biden’s support package may increase the selling pressure on the index.

The price awaits the upside resistances 90,940, 91,110 and 91,280. On the downside, formation support is waiting at 90.810, 90.610 and 90.520 levels.

  • Resistors: 90.940 – 91.110
  • Supports: 90.810 – 90.610
BTC

The sales pressure on the weekend continued. Bitcoin prices declined from the 58300 peak to the 43130 level. When we look at the 4H charts, we see that the price is holding above the 21EMA resistance in the 46200 region. The buy signal from the Autochartist indicator is rising up to 52000 and 54.000 zones.

On the other hand, waiting for the 4H candle close above the 48000 resistance to confirm the rise by the price action may be appropriate for traders with a conservative approach. For aggressive traders, the candle closing above 46700 will be more appropriate if followed by close stop levels.

When we look at the daily charts, it should not be forgotten that the fibonacci golden ratio region, which is at the level of 40300, is still not tested and is a playing field in the medium term until this region. On the upside, the price awaits the resistances 48100, 49900 and 51540. On the downside, 46180, 45000 and 43180 supports are waiting. 4H candle closing under 46180 can be considered as a danger signal.

  • Resistors: 48100 – 51540
  • Supports: 46180 – 45000

Disclaimer: The investment information, comments and recommendations contained herein are not within the scope of investment consultancy. The investment consultancy service is offered individually, taking into account the risk and return preferences of the individuals. The content, comments and recommendations contained herein are of a general nature, which are not in any way directive. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. The author is not responsible for any gain or loss that may arise as a result of the investment, information, comments and recommendations contained herein.

Check Also

5 factors Bitcoin investors should watch this week

Bitcoin (BTC) started the new week with a rise again from Elon Musk. The crypto …

Leave a Reply

Your email address will not be published. Required fields are marked *