$GOLD low may holdOverhead resistance for gold at $1680
Reversal back above this level will
be supportive for gold.
RSI & Williams %R Divergences at recent low
may be friendly for the price.
Overhead
BTC/USD Holds above $39k as BTC PriceFollowing the rejection at the $45,000 overhead resistance, Bitcoin’s (BTC) price has resumed selling pressure. The bears succeeded in breaking below the $41,800 support which resulted in the current downtrend. On the daily chart, the BTC price drops sharply below the moving averages, signaling the resumption of the downtrend. Today, the largest cryptocurrency has fallen to the low the $39,686. This is an important crucial support level to watch. The bears will attempt to break below the $39,000 support. On the other hand, the bulls will attempt to defend the current support to regain bullish momentum. On the downside, if the bears succeed in breaking below the $39,000 support BTC’s price will drop to $36,000 low. Similarly, if the support holds, buyers will attempt to push the crypto above the moving averages. If they succeed, Bitcoin could gradually rally toward $45,000 overhead resistance. Today, buyers and sellers are struggling above the $39,000 support as bulls push BTC price above the $40,000 psychological price level.
S&P 500: Pulling back down to new trend line as resistance holdsThe "S&P 500" futures market is acting strongly bearish . Therefore I follow the trend and change my opinion from thinking that a dip to the open gap between 2719.5 to 2725.7 should get bought (as I had mentioned in my last idea. More likely the "S&P 500" is going to sink lower at least down to the other open gap between 2701.27 to 2704.54 and it's possible that far lower prices might get reached, too.
I should have simply sticked with my bearish idea "Drop later this week". The bullish price action on Monday looks in hindsight as of this Wednesday like a classic bull trap. Until the market takes out the Tuesday high at 2742.24 the bias is from now on clearly to the downside.
Short entry: 2725
Minimum Target: 2700
Maximum Target: 2625
Stop loss: 2740
Risk: 10 points
Reward: 25 points (up to 100 points)
P.S. The resistance is also visible here on my "make-or-break" price level chart:
Bitcoin Futures: BTC1! Powerful Overhead Resistance from 9000 BITCOIN FUTURES BTC1! Back to the Futures
Yesterday's comment referred to the 50% rally from 6000 to
9000 and just a little higher - Major Gann and Tesla numbers.
Weekend comments also referred to Bitcoin Futures prices
and the key reistance range stretching from 8971 up to 9224
and the problems Bitcoin will likely face on encountering this
range...overnight Bitcoin reached 8999 on Bitfinex,
effectively double topping at 9K before falling away once
more. The 50% rally presented an excellent opportunity to
gather some bull points but the downtrend here is clear to
see, still unbroken as yet. Bitcoin is not out of the woods
unless and until 9225 is taken and held by the bulls once more.
