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Technical Analysis for Bitcoin, Euro vs U.S. dollar, and Gold for 26th April 2021

The Daily Cryptomenon

This analysis was written at 9:00 am GMT +3, on 26.04.2021

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The markets are still moving in their original moves without much change. Bitcoin managed to snap the downward pressure and moved higher attempting to break through the $53,150 resistance level, in hopes that the Bulls reach $53,000. EURUSD continues to exert bullish pressure and move higher, breaking through 1.2110 and seeking the next target at 1.2120. Gold trades in consolidation, however the bullish pressure is there to take another crack at the $1,800.

 With that said, let’s find out how the markets are doing on April 26th, 2021.


Bitcoin Recovers 

Bitcoin has been doing really well as it fell below the $48,500 support level, even spiking below the $47,500 low and it traded to a new swing low near $47,000. However, it appeared that the Bulls were waiting near the $47,000 zone and the price started a steady recovery. There was a break above the $50,000 resistance level. The price climbed above the 61.8% Fib retracement level of the last key drop from the $51,050 high to $47,000 swing low.

There was a break above a major bearish trend line as the instrument continued to move higher. The pair managed to break the bearish hold just as the Bulls moved their focus on to the next target which is the 50-SMA (Simple Moving Average) on the 4-hour chart. This SMA coincides with the $53,150 resistance adding more credibility to the strength of the resistance. The current price action is positive and the price is now trading nicely above $52,000. On the upside, there’s a major resistance waiting near the $53,200 and $53,500 levels.



A successful break and close above the $53,500 level could spark a strong upward move. In the stated case, the price is likely to rally above the $54,500 and $55,000 levels in the near term. If bitcoin fails to clear the $53,200 and $53,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $51,500 level. A fresh close below the 100 hourly simple moving average is likely to open the doors for a drop towards the $48,500 support.

Current Market Sentiment:Cautiously Bullish


EURUSD Flirts with 1.2120

The common currency continues to move higher as it breaks above 1.2110. This move is a simply following the run-up to the highest levels in two months, just as Monday’s European session gets underway. The European Union’s (EU) comparatively strong stand in Brexit alongside faster vaccination-led economic recovery, is giving the Bulls much to be optimistic about and allowing them to move the way they did. Though, today’s German IFO sentiment data for April and the US Durable Goods Orders will be the key to watch.

It should be noted that the region’s dislike for Beijing’s security measures in the South China Sea and readiness to welcome the vaccinated American tourists during this summer also helped direct the EURUSD’s moves higher. That being said, the USD’s drop to a fresh low since early March continues to be the main catalyst for many upward movements in the major pair.

 


Given the upbeat expectations from the EU’s strong jabbing drive, German IFO numbers are likely to come in strong for April, as already hinted by the European Central Bank (ECB). However, the anticipated strength in the US Durable Goods Orders for March, expected +2.5% versus -1.2%, may test the EUR/USD Bulls.

Current Market Sentiment:Bullish


Gold Attempts to Break $1,800

Gold (XAU/USD) is looking to extend the recovery from Friday’s low of $1770, as the Bulls once again keep their sight on the $1800 barrier. The persistent downbeat tone around the US dollar continues to benefit gold while a cautious market mood also renders support for the yellow metal. For further trading impetus, the XAU traders eagerly await the US Durable Good data due later this Monday but the main event risk for the week remains the FOMC decision.

The next stop for the buyers is seen at the mildly bearish 50-HMA of $1785. Further up, a critical upside barrier around $1798 will be back in play. That level is the confluence of Friday’s high and two-month highs. The RSI has turned flat but holds just above the midline, favoring the bullish traders.

 


To the downside, if the 21-HMA support at $1780 fails to offer any cushion, the spot could fall back towards the daily lows of $1775. Further south, the intersection of the ascending 200-HMA and Friday’s low around $1770 could be the last line of defense for the optimists. 

Current Market Sentiment:Cautiously Bullish


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