WHAT HAPPENED?
Last week, our main scenario was implemented and a full–fledged rebound from the $77,000-$73,000 zone was achieved (volume anomalies, pushing volumes).
After passing through several large selling zones, we’ve reached a resistance level from which we can get a significant correction.
At the moment, the $85,600–$88,000 zone is being tested (absorption of the buyer's market aggression). The latest wave of buys, which began on April 10, is inertial. Trading volumes have decreased, and there is no clear dominance between one side and the other.
WHAT WILL HAPPEN: OR NOT?
There are strong anomalies along the delta, which can provoke a significant correction. Below the current price, we have a support zone of $82,700–$81,400, but with high activity from the seller, it can only slow down the fall slightly.
The main expectations are the beginning of a corrective movement, as indicated by the nature of growth, the current volume zone, as well as delta protection.
A less likely scenario is a surge in the buyer's market activity, which will take the quote above the $88,000 level. In this case, the priority will change dramatically to long.
Sell Zones:
$85,600–$88,000 (absorption of aggressive buyer activity)
$95,000–$96,700 (accumulated volumes)
$97,500–$98,400 (pushing volumes)
$107,000–$109,000 (volume anomalies)
Buy Zones:
$82,700–$81,400 (volume zone)
Level at $74,800
$69,000–$60,600 (accumulated volumes)
IMPORTANT DATES
The following macroeconomic events are expected:
• Wednesday, April 16, 2:00 (UTC) — publication of China's GDP for the first quarter and in comparison with the first quarter of 2024;
• Wednesday, April 16, 6:00 (UTC) — publication of the UK consumer price index for March and in comparison with March 2024;
• Wednesday, April 16, 09:00 (UTC) — publication of the consumer price index in the Eurozone for March and in comparison with March 2024;
• Wednesday, April 16, 12:30 (UTC) — publication of the basic index and volume of US retail sales for March;
• Wednesday, April 16, 13:45 (UTC) — announcement of Canada's interest rate decision;
• Wednesday, April 16, 17:15 (UTC) — speech by Fed Chairman Jerome Powell;
• Thursday, April 17, 12:30 (UTC) — publication of the number of initial applications for US unemployment benefits, as well as the Philadelphia manufacturing activity index from the Federal Reserve Bank for April;
• Thursday, April 17, 12:45(UTC) — European Central Bank press conference;
• Thursday, April 17, 13:15 (UTC) — announcement of the deposit rate in the Eurozone.
*This post is not a financial recommendation. Make decisions based on your own experience.
#analytics
Unlock your potential in trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Unlock your potential in trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.