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Weekly Market Update 07-01-2024

BTCUSDT

4H analysis

The long-term range since the mid-March is still in play. In the current chart, we observe a descending narrowing wedge. This is a bullish pattern after the break of the upward trend line. However, a fake break of the lower trend line is possible. In this case, we can expect the red path line for the price movement. The expected target will be the equilibrium of the range. The price will change between 63k and 67k$.

15 min analysis

The price of BTC is on the dip of the 4H lower trend line. Here, I would like to draw attention by a range. As we are on a weekend, a shallow price change was observed. But recently, we got reacted from the equilibrium of the range. The target on 15-min chart will possibly be the lower boundary of the range.

XAUUSD

4H analysis

We draw the price expectation by a harmonic pattern last week. The price path quite well obeyed. I just moved the red path horizontally. You will realize that the expectations were well met. The FVG during the last price fall was filled and fib 0.786 of the price fall was reached. Then, we saw a correction, which was until fib 0.786 again. Now, there is enough room for the price to reach above FVG.

15 min analysis

Above price levels are layered by several FVGs. Current state of RSI and MACD supports an increase of the price. The initial target is between $2,360 and $2,340.

EURUSD

4H analysis

This week, I continue again from the previous week’s chart. This chart was enough to explain the price movements over a three-week period. But I think it will be over this week by reaching the FVG below. The half of FVG between 1.075-1.08 was swept. After this movement, price had support from the current price level. If you observe 1.069 pair price, you will see that candle bodies remain over this dashed line. Previously, same line acted as S/R zone several times. The price can again target the above FVG and then move downwards to lower HTF FVG zone.

15 min analysis

The above FVG was tried to be reached by the price. But it was unsuccessful. Price continued its drop and stopped somewhere above 1.067. The price can reach the above FVG around 1.072 after some pullback.

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