Daily analytical report (20/03/18)

2018-03-20T14:30:54
  • Bitcoin has broken all major supports this March. It all started with a bounce from the 11.2k USD resistance, then BTC crashed to 10k, and then to 8.7k (green), which is currently the closest resistance. Now, the price is creating a flag formation (red lines). A breakout of the lower line of the flag is more probable here and it should give us a major sell signal with a target of around 6k USD.
  • Cable did not wait with the upswing for an upwards trend line. Traders started buying as soon as the price created a correction equality pattern. After the initial rise, the price broke the upper line of the wedge and later defended it as a support. With this technical setup, sentiment is very positive and the buy signal looks straight out of a price action textbook.
  • Gold attacked 1,307 USD/oz again, and once again this area was defended by buyers. That would have been a great opportunity for traders if not for the fact that we are still in a mid-term downwards trend (red). Only a breakout of this resistance can give us a strong buy signal on this commodity.

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