BTCUSDT
4H analysis
The consolidation zone is evaluated by volume profile this week. The two extreme line are shown by blue colour which are called VAH and VAL. VAH level at top also corresponds to and important area on 15-min chart. Last week, we expected the price to reach there and considered as a possible reversal zone. 4H chart of this week points out the importance of that level. The highest exchange volume occurred over the red line. This level also exhibited as a resistance. The price tried to move upward of the red line but it was declined twice. Another factor is the volume decrease of the pair. Our expectation is still the same. $30,750 is critical and there are several open FVGs below.
15-min analysis
On the lower time frame, there is a new range as shown on the chart below. The range is between $30,400 and $29,600. The price started to move lower ranges on LTF. We may expect a deviation to 15-min POI around $30,750, which also corresponds to VAH on 4H time frame. This level may be a local high, then price can move to lower levels.
XAUUSD
Daily analysis
On the daily chart, price of gold moved sideways within the premium zone. The price was unable to break the upper level of the premium zone. Therefore, the price could not make a market structure shift to bullish. On the current time frame, we may still expect lower prices until there is a clear break of structure.
4H analysis
Current price is the place where highest exchange volume was occurred. One can expect that this level can hold the price. There was a little reaction from the red line in the middle. But the reaction rate is not sufficient. There is MA200 curve around $1,940. It can be the next target for the price of gold.
EURUSD
4H analysis
After reaching the TP2 level or the harmonic pattern on weekly analysis that was shown in previous weeks, we emphasized the importance of the premium zone that the price is reached. The expectation was reversal of the pair and it worked well. The loss of momentum of RSI was also an excellent indicator for us when the price was moving sideways. Now a local dip formation is observed.
15 min analysis
After the shift of character, mitigation block worked properly and pushed the pair to lower levels. The price has some fair value gaps, there is a positive RSI divergence, and MA100, 50, 20 crossed each other. We may expect some higher pair prices but still expect lower after some correction.
** Important Note: Above ideas are not investment advice!**
Nihat Çetinkaya
https://twitter.com/nhtctnk
I’m a private trader of over 7 years, based in Istanbul.
All trading and research are my opinion, not investment advice.