Weekly Market Update 05-15-2023


Daily analysis

Bitcoin, which was priced positively with the bank crisis, could not break the $31,000 band and was pulled back to the $26,000 band. Although it is cold weather in four hours, it is at a very positive level on a daily basis.

In addition, I would like to point out that the price, which has made very strong and unbalanced outputs, needs to cool down a bit and reach the balance again. It is quite normal for him to want to reach the first pink box on this occasion. In possible declines, the $24,500 band is our first support, and the $31,200 band is our first resistance. I would also like to state that the price testing the pink area will bring a negative atmosphere to the market.

4h analysis

Bitcoin failed to protect the bottom that it needed to protect in order to continue its rising trend in the 4-hour time frame and closed below.

However, the strong reaction from the lower support zone shows that this zone is covered by the buyer block. In addition, the lower peaks made the trend weaker. In order to create a new and healthy trend structure, it needed to take strength from the lower side, and now it seems to have done it.

Important support is the $26,000 level.


Weekly analysis  

A descending channel was formed in the weekly chart and a harmonic bullish crab was present inside the channel.  The price was trying to reach exactly the TP-2 line and premium zone for two weeks. But we can talk about a reversal in lower time frame now. The state of the RSI also shows us the intention of the long buyers, which may no longer want to long their positions. The price isn’t expected to reach TP-2, just a wick can reach TP-2.

4H analysis

The price of EURUSD was between a range for about three weeks after two consequent bullish BoS movements. In this time frame the price is still bullish, however, we should care about a change to bearish market structure. Because price bounces twice from MA200 but it was unable to hold the price over and now it is below MA200. A retracement occurred to the average curve. This can be regarded an approval for the price character change. According to smart money concept we have to look at the red horizontal line which can show us a change of character if the candle stick body closes under that level. So the important level is $1,083 for 4H time frame.

Hourly analysis

Bearish MSB formed in the hourly chart, the price reached the premium zone. After testing the premium zone, price continued the bearish structure. Bearish BoS formed and a bullish retracement can be expected to close the imbalance between $1,088- $1,086. Then, we may expect to move towards lower prices and This will make a market structure shift in 4H time frame.


Daily analysis

After the wick at $2,075, the price of the gold is expected to reach weekly imbalance between $1,940 and $1,860. Last week close was $2,015, only $5 higher than the current price. A small profit is available for swing positions. It should now be noted that the pattern is bullish in daily, we are on a price retracement.

Hourly analysis

According to hourly price chart, we expected to fill the imbalance of the price and then take short positions. The price moved somewhat further but couldn’t reach the premium of the hourly price retracement. Since the price has turned to bearish in 1H, we continue our short bias until a new MSB. Price expectation of the last week is also available on the chart. Below, around $1,940 our new target is available in higher time frame.