{"id":25965,"date":"2023-06-04T04:16:02","date_gmt":"2023-06-04T07:16:02","guid":{"rendered":"https:\/\/tiproject.online\/index.php\/2023\/06\/04\/market-insight-for-the-week-ending-9-june\/"},"modified":"2023-06-04T04:16:02","modified_gmt":"2023-06-04T07:16:02","slug":"market-insight-for-the-week-ending-9-june","status":"publish","type":"post","link":"https:\/\/tiproject.online\/index.php\/2023\/06\/04\/market-insight-for-the-week-ending-9-june\/","title":{"rendered":"Market Insight for the Week Ending 9 June"},"content":{"rendered":"

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Cryptocurrencies<\/h3>\n

BTC\/USD: Drop Below $27,000?<\/h4>\n

Since connecting with weekly resistance at $30,664 in April, upside momentum slowed considerably for the major cryptocurrency and moderately corrected to just ahead of weekly support at $25,381. Technically, weekly price is in the early stages of an uptrend; thus, dropping in on the aforesaid support is not out of the question.<\/p>\n

Out of the daily timeframe, price<\/a> responded to the AB=CD support structure at $25,984 in May (denoted by a 100% projection and a 1.272% Fibonacci extension from $26,095). This was noted structure in previous analysis and has since seen the unit test the underside of the 38.2% Fibonacci retracement ratio at $27,810 (derived from legs A-D) and the 50-day simple moving average at $27,909. The test of the aforementioned structure would have seen some AB=CD longs likely reduce risk to breakeven and liquidate partial profits.<\/p>\n

Ultimately, this, in addition to the daily timeframe showing early signs of a downtrend, could imply a downside push beyond $25,984 to test the mettle of weekly support mentioned above at $25,381. Should buyers change gears, however, this may see price zero in on the 61.8% Fibonacci retracement ratio (also derived from legs A-D) as the final<\/em> profit objective at $29,037 (common for AB=CD traders to target both 38.2% and 61.8% Fibonacci retracement ratios).<\/p>\n

Shorter term, resistance is active at $27,287 following a break of trendline resistance from the high of $28,473. To the downside, $27,000 calls for attention as a possible support structure which merges with the above-noted trendline, marked as a possible support. South of here, attention shifts to support at $26,658, while venturing above $27,287 this week opens the door to H1 resistance at $27,560.<\/p>\n

In light of the current analysis, weekly support at $25,381 will likely remain a key watch for many going forward, particularly as the AB=CD pattern on the daily chart saw the price rebound and reach the initial take-profit target. That, along with the daily chart depicting an early downtrend, could see H1 drop below $27,000, targeting support from $26,658.<\/p>\n<\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] Cryptocurrencies BTC\/USD: Drop Below $27,000? Since connecting with weekly resistance at $30,664 in April, upside momentum slowed considerably for the major cryptocurrency and moderately corrected to just ahead of weekly support at $25,381. Technically, weekly price is in the early stages of an uptrend; thus, dropping in on the aforesaid support is not out of the question. Out of the daily timeframe, price responded to the AB=CD support structure at $25,984 in May (denoted by a 100% projection and a 1.272% Fibonacci extension from $26,095). This was noted structure in previous analysis and has since seen the unit test the underside of the 38.2% Fibonacci retracement ratio at $27,810 (derived from legs A-D) and the 50-day simple moving average at $27,909. The test of the aforementioned structure would have seen some AB=CD longs likely reduce risk to breakeven and liquidate partial profits. Ultimately, this, in addition to the daily timeframe showing early signs of a downtrend, could imply a downside push beyond $25,984 to test the mettle of weekly support mentioned above at $25,381. Should buyers change gears, however, this may see price zero in on the 61.8% Fibonacci retracement ratio (also derived from legs A-D) as the final profit objective at $29,037 (common for AB=CD traders to target both 38.2% and 61.8% Fibonacci retracement ratios). Shorter term, resistance is active at $27,287 following a break of trendline resistance from the high of $28,473. To the downside, $27,000 calls for attention as a possible support structure which merges with the above-noted trendline, marked as a possible support. South of here, attention shifts to support at $26,658, while venturing above $27,287 this week opens the door to H1 resistance at $27,560. In light of the current analysis, weekly support at $25,381 will likely remain a key watch for many going forward, particularly as the AB=CD pattern on the daily chart saw the price rebound and reach the initial take-profit target. That, along with the daily chart depicting an early downtrend, could see H1 drop below $27,000, targeting support from $26,658. [ad_2] Source link<\/p>\n","protected":false},"author":1,"featured_media":25966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-25965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t