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Overview

Weekly Market Update 10-21-2024

BTCUSDT

4H analysis

On 4H chart, price made higher highs. This means a bullish trend for the current time frame. The distance between the tips of every wick at higher points are becoming shallow. We can observe the momentum loss. RSI is also decreasing somehow. In case of a correction, price can retrace to fib0.618 of the last impulsive leg. This location corresponds to the FVG zone below $64k. Next FVG is just under $62k. After reaching these price, we can expect another bullish impulsive movement.

15 min analysis

Recent price is within a range, which is formed during the weekend. Price finds support from EMA200. The trend push the price three times to higher levels. This trend gained much importance. Range high can be thought for a sell position. If EMA200 cannot hold the price anymore, this location will also be a place for sell position.

XAUUSD

4H analysis

The market structure on 4H time frame is bullish as with the previous weeks. The resistance zone is now broken after a few attempts. Price has sent sometime within the box. All sell positions were exhausted by buy positions. Then, price kept moving upwards. As there is no clear sign for a reversal, we should expect bullish movement. Two options are shown on the chart. The most likely path will be the red one. Price can retest the resistance zone and keep its movement until any momentum loss.

15 min analysis

As with 4H time frame, structure is bullish on 15 minute chart. EMA200 increases like a straight line. This is a sign of a smooth trend. We should not expect any market structure shift in normal cases. The closest point of interests are the below liquidities. Price may sweep these liquidities until $2700 and keep its positive movement.

EURUSD

1D analysis

The fair value gap and TP2 target of the butterfly pattern was reached recently. Now the target can be the shown liquidity with red colour. Its probable value is 1.1 pair price. Current RSI level indicates an oversold region and a possible reversal is currently in play. Short-term analysis will inform us for a possible entry price.

15 min analysis

According to market structure, the lower-high (LH) has not been exceeded yet. This means, the price is still in bearish for 15 minute chart. However, EMA ribbons can show us an early sign of the market structure change. Almost all lower time frame lines crossed EMA200. Therefore, we can think of a possible change in the market. But it will be confirmed after a candle close over 1.087. There is a FVG below current price. Long position can be built there.

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