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Overview

Weekly Market Update 10-14-2024

 

BTCUSDT

4H analysis

On HTF, a harmonic pattern was identified previously. Fib 0.382 was first reached and reacted from this area. Price made a lower high. After that priced both slightly closed candle than the previous lower low and swept liquidity. This movement initiated an increase until the trend line shown by blue colour. We can further expect TP2 target unless the trend line is broken towards the higher prices. Current trend shows a drop until $56k.

15 min analysis

Market structure break on 15 minute chart is present on the chart after the recent candles. An impulsive downward movement was observed. We can expect the continuation of this movement. There is a significant zone that can be regarded as order block over $62.5k. short position can be taken from this zone.

XAUUSD

4H analysis

The market structure on 4H time frame is still bullish. This trend has not changed for several weeks. The blue box was a resistance area since it was tested several times but reacted back. Fair value gap worked well last week and price reversed just as a pin point from this area. Now, $2671 is critical. Price can again reverse from this area. If not and break the zone, then we can expect a continuation of the movement.

15 min analysis

As with 4H time frame, structure is bullish on 15 minute chart. EMA200 crossed positive side. To be on the safe side for a possible entry, price is around a FVG zone. An additional FVG is available below, shown by the blue box, around $2645.

 

EURUSD

4H analysis

After nearly completing the downward movement, a bullish RSI divergence is visible on the chart. As this is a 4H chart, the probability is quite high. The price pattern will possibly be an inverse head and shoulder formation. $1.102 is a close target that can be reached.

15 min analysis

When we check exponential moving averages, we can observe a horizontal EMA200 line. After a falling trend this shows us a possible reversal zone after the break of the range. Considering also HTF chart, current price of the pair is in a discount area.