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Potential signal: I am bullish on bitcoin over the longer term, so if we get some type of pullback toward the $67,000 level, I will step in and start buying bitcoin, with a stop loss at the $65,000 level, and a target of $72,000 above. In other words, it is a “buy on the dips” market. The bitcoin market rallied quite nicely during the trading session on Wednesday, as we have bounced from the crucial $67,000 level. The $67,000 level is a large, round, psychologically significant figure that a lot of people will be paying attention to, and it’s probably worth noting that the 50-Day Exponential Moving Average will continue to be of interest as well. With that being the case, I think it’s a situation where we continue to do much of the same behavior that we have seen over the last several weeks. FOMC and CPI The Consumer Price Index came in 0.1% less than anticipated in the United States, and as a result traders are already starting to jump the gun and suggest that the Federal Reserve is l...

Gold Forecast: Continues to See Support in the Same Area Ahead of FOMC You can see that the gold market initially fell during the trading session, but it does seem to be catching its support a little bit as the Americans step on board. And it'll be interesting to see how this plays out, mainly due to the fact that it had plunged so drastically before due to the idea that the Federal Reserve may have to stay relatively tight. However, it also looks like we have a scenario where gold is trying to do everything it can to perhaps find its footing, and if it does, that could be an excellent entry. Keep in mind that we have the FOMC meeting during the session on Wednesday. So that has a certain amount of influence as well. So do be cognizant of this. Look for Value With that being said, I think you look at this through the prism of a market that offers value, but you don't want to get too big ahead of the FOMC meeting because quite frankly, you could get a nasty surprise and you neve...

Short Term Elliott Wave in S&P 500 (SPX) suggests the rally from 4.20.2024 low is in progress as an impulse. Up from 4.20.2024 low, wave 1 ended at 5341.88 and pullback in wave 2 ended at 5191.68. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 5256.93 and wave ((x)) ended at 5311.65. The Index then extended lower in wave ((y)) as a zigzag structure. Wave (a) ended at 5269.67, wave (b) ended at 5282.06 and wave (c) ended at 5191.74. This completed wave ((y)) of 2 in higher degree. The Index has turned higher in wave 3. Up from wave 2, wave (i) ended at 5292.25 and dips in wave (ii) ended at 5234.32. The Index resumed higher in wave (iii) towards 5370.3 and pullback in wave (iv) ended at 5347.09. Wave (v) higher ended at 5375.08 which completed wave ((i)). Pullback in wave ((ii)) is proposed complete as a shallow zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 5341.88 and wave (b) ended at...

Key Highlights Bitcoin price started another decline from the $72,000 resistance zone. BTC traded below a key bullish trend line with support near $68,250 on the 4-hour chart. Gold prices consolidate near the $2,320 resistance zone. The Fed is likely to keep interest rates at 5.5%. Bitcoin Price Technical Analysis Bitcoin price failed to clear the $72,000 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $70,000 and $69,200. Looking at the 4-hour chart, the price traded below a key bullish trend line with support near $68,250. The price settled well below the 100 simple moving average (red, 4 hours) and tested the 200 simple moving average (green, 4 hours). However, the bulls are now active near the $66,500 support zone. If there is another increase, the price could face resistance near the $67,800 level. The first key resistance is near the $68,400 zone. The next resistance is near $69,200 and the 100 simple moving average (red, 4 hours). A succes...

The US dollar has rallied again during the trading session on Monday against the Brazilian real, as we continue to see a lot of concerns around the world affecting emerging market currency such as this one. All things being equal, this is a market that I think will continue to see a lot of upward pressure, and I think at this point in time it does make a certain amount of sense that short-term pullbacks will continue to be buying opportunities. Technical Analysis AC several support levels that are excellent buying opportunities if you do in fact get the opportunity. Keep in mind that this is a pair that will be extraordinarily volatile at times because it is somewhat thinly traded during certain times of the day. That being said, I believe that the 5.30 level has now offered itself a bit of support, as it previously had been resistance. With that being the case, I like the idea of buying dips in bits and pieces and taking advantage of value any time, it shows up. After all, the US doll...

EUR/USD Forex Signal: Found Support at $1.0758 EURUSD was not triggered, as there was no bullish price action when the support level at $1.0863 was first reached. Today’s EUR/USD Signals Risk 0.75%. Trades may only be taken prior to 5pm London time today. Short Trade Ideas Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0784, $1.0834, or $1.0856. Place the stop loss 1 pip above the local swing high. Move the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride. Long Trade Ideas Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0758, $1.0722, or $1.0709. Place the stop loss 1 pip below the local swing low. Move the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the price reache...

Short Term Elliott Wave in Gold (XAUUSD) suggests the rally from 5.03.2024 low ended a wave 3 at 2450.10 high. Wave 4 pullback is currently in progress. The internal subdivision of wave 4 takes the form of a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 2407.15 low and wave (b) bounce ended at 2433.90. The stock extended lower in wave (c) towards 2325.20 which completed wave ((w)) in higher degree. The market rallied starting wave ((x)) taking the form expanded flat structure. Up from wave ((w)), wave (a) ended at 2364.12 and pullback in wave (b) ended at 2314.40. Wave (c) higher finish at 2387.71 which completed wave ((x)). XAUUSD continued lower strongly in wave ((y)) of 4. Down from wave ((x)) Wave (a) of ((y)) ended at 2286.50 as an impulsive structure. Wave (b) bounce could already end at 2313.8 and the metal has turned lower in wave (c). Near term, while below 2387, it should continue lower in wave (c) of ((y)) to the extreme 100% – 161.8% Fibonacci are...