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Weekly Market Update 02-05-2024

BTCUSDT

4H analysis

The range formation from the early December is still in progress. The range was deviated twice on the bullish side and one time on the bearish side. In the meantime, the price is just over the equilibrium of the range. Although 4H market structure shifted to bearish, there is still some more change for the price to increase. $45,000 is the fib 0.618 of the last impulsive down leg. In order to reach there, price has to make a deviation on the sell-side. Then we may expect lower prices unless there is break of structure.

15 min analysis

On 15 minute chart, another range is shown. It is the Monday range formed last week. The price remained within the range and just made some deviations. The price is still within the range and just over equilibrium level as with the 4H range level. Price can sweep the liquidity around fib 0.5 of the range and then move higher prices. Actually, new range will be formed on the next Monday.

XAUUSD

4H analysis

For long time, the market structure of gold is in bullish market structure. However, it was in a corrective downward leg. If we consider the impulsive upward movement, which was shown by the black colour, we could observe that the price reversed from optimal trade entry zone of the HTF Fibonacci level. Last week, we showed that the price also reversed from another optimal trade entry of LTF upward impulsive leg. There is still evidence that price can reach $2,090 since the market structure has not shifted. The expectation is that price will fill the imbalance first, it can move some more sideways and then want to test the buy-side liquidity.

15 min analysis

There is a continuation of the bullish market structure on 15 minute chart. Price made break of structure twice since the market structure was bullish on the current time frame. Then, price swept liquidities twice. Those movements can be deemed as fuel for the price to move upwards. There is significant imbalance that should be repaired. Price will want to first fix the imbalance, then it will target swing high value.

EURUSD

4H analysis

The last market structure on 4H is bullish. Therefore, we expect the price reversals some point of interest areas within the discount zone. After fixing the imbalance price reached the order block. Here can be regarded as a good entry price for long positions. Stop-loss can be put under the last swing low and take-profit can be over the swing high. The best place can be the sell-side fair value gap zone.

15 min analysis

As with 4H chart, the market structure is bullish on 15 min chart. Price made a break of structure and nearly tested the liquidity. But, it was unable to sweep the liquidity. Current price movement is towards the sell-side. Therefore, price can reach the dashed line and then increase to first fill the fair value gap and then to make a new BoS.

** Important Note: Above ideas are not investment advice!**