The golden bulls are coming in, according to technical analyst Ross Burland. He also notes that the trendline resistance may come under pressure. Crypto analyst Rakesh Upadhyay says Bitcoin bears are in an advantageous position.
Gold price technical analysis
According to the previous week’s analysis, golden bulls were at the forefront of the bull trend. Thus, the bearish scenario was played out, the long positions in the profits were compressed.
Gold, previous analysis
Gold price updatesBullion price has made long-term buys towards the main trendline support, which is expected to hold in early tests.
The price rallied on Friday and may stay a little longer from the bulls for the first balance of this week.
However, resistance is expected to remain.
Gold price 4 hour chartThe W-pattern is a reversal pattern. So this is something to note.
Gold price 1-hour chartThe hourly impulse shows the price is correcting inside towards a major support area.
How is the cryptocurrency market outlook?
Traders who are inexperienced in the market are often afraid of missing the rally at the end of a bull period. So they expect prices to rise. On the other hand, institutional investors generally tend to wait for the bubble to come down before entering the market. As you follow on Kriptokoin.com, Bitcoin’s bear market in 2022 put an end to the crypto hype in 2021. Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, takes an interesting approach to this situation. According to Pye, as the FOMO in Bitcoin disappeared, institutional investors and portfolio managers began to look at it as a ‘serious venue’.
Crypto market data daily view / Source: Coin360In the current situation, analysts are in an uptrend in the long run. However, BTC price has been stuck in a range for the past few days. Therefore, the short-term chart does not provide a clear picture. On the other hand, analysts are waiting for the trend movement to start next week or next week.
Bitcoin analysis: Bears are active and advantageous at higher levels
Leading crypto Bitcoin is trading near the support line of the symmetrical triangle. However, the bulls failed to push the BTC price above that. This shows us that the bears are quite active at higher levels.
BTC daily chart / Source: TradingViewThe 20-day exponential moving average ($27,481) is down. Also, the relative strength index (RSI) fell below 42. These show that bears have the advantage. If the sellers sink the price below the $26,361 close support, a drop to the key support zone between $25,800 and $25,250 is possible. On the other hand, buyers are expected to protect this region with all their might. Because if they fail, BTC will likely drop to $20,000.
Conversely, if the bulls push the price above the 20-day EMA, more buying is likely. Thus, it is possible for BTC to rise towards the resistance line of the triangle later on. If the leading crypto breaks this barrier, it is likely to start its journey towards $32,400.
BTC 4-hour chart / Source: TradingViewThe four-hour chart shows a symmetrical triangle formation forming. This points to the uncertainty between the bulls and bears. The flattening moving averages also indicate a balance between supply and demand. If BTC price breaks below the triangle, the short-term trend will turn negative. Thus, BTC price will likely drop to $25,800. Meanwhile, the formation target of the triangle is $24.773. This bearish view is invalidated if the price breaks above the triangle. In this case, Bitcoin is likely to rally to $28,400 followed by the $29,165 pattern target.
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