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Technical Analysis for Bitcoin, Euro vs U.S. dollar, and Gold for 27th April 2021

The Daily Cryptomenon

This analysis was written at 9:00 am GMT +3, on 27.04.2021

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The markets are keeping an eye on multiple things at the same time. The most important has to do with international travel picking back up with announcements from the US, UK, and France about allowing people to enter only if they’d taken the COVID-19 vaccine.

Bitcoin seeks to continue the recovery higher, but it’s faced with strong resistances that will make the Bulls’ job of clearing $55,000 much harder. EURUSD has experienced some pullback after failing to break above 1.2120, however, the bullish momentum remains intact with technical indicators supporting the claim. Gold is also showing some pullback after the inability to break above $1,800, but with the current risk-sentiment, however, Bulls aren’t done yet.

With that said, let’s find out how the markets are doing on April 27th, 2021.


Bitcoin Continues Recovery 

The $51,000 has been kept intact which has helped the market from tanking, in fact, it has helped BTC secure some good gains. The bullish momentum continued to expand and pushed BTC above the $52,000 resistance, even managing to clear the $53,000 and $53,500 resistance levels. A high is formed near $54,400 and the price is now consolidating gains. It already tested the $53,000 support level which coincides with the 50-SMA creating a good support structure for bitcoin.

It seems like there’s a key contracting triangle forming with resistance near $54,000 on the hourly chart of the pair. BTC is now trading well above $52,000 and slightly above the 50-SMA on the 4-hour chart. If there’s a clear break above the $54,000 resistance zone, then the price is likely to accelerate higher. The next key resistance is near the $54,500 level, above which the doors would open for a run up towards the $58,000 barrier in the near term.



If bitcoin fails to clear the $54,500 and $55,000 resistance levels, it could start a downside correction. An immediate support on the downside is near the $53,000 level. The first key support is near the $51,250 level. The 50% Fib retracement level of the recent wave from the $47,010 swing low to $54,455 high is also near the $50,700 level to act as a support.

Current Market Sentiment:Cautiously Bullish


EURUSD Falls Back to 1.2050

EUR/USD is extending its correction from two-month highs of 1.2120, as it looks to test the 1.2050 support level. This was a previously strong resistance that kept a lid on many upward movements, but we need to see if that strength can be translated into support strength as well. Expectations of US President Joe Biden hiking the capital gains to pay for his social plan combined with surging covid cases in the emerging economies and weaker US Durable Goods data have unnerved the markets, with investors rushing to the safe-haven USD.

Furthermore, pre-Fed caution trading and downbeat German IFO Survey also add to the weakness in the main currency pair. The Fed is expected to hold its dovish monetary policy stance, although its take on the economic outlook and any hints on tapering plans will be closely eyed. In the meantime, the focus remains on the US CB Consumer Confidence data and sentiment on Wall Street, in the wake of the key corporate earnings reports.

 


The technical picture of the instrument looks a bit bearish, this is evident as the instrument is trading close to the 1.2070 level with Bears targeting the 1.2050 support level. That being said, the outlook remains somewhat bullish. Despite the pullback, it’s quite evident by the RSI which is still trading above the midline at 50 level. Furthermore, the daily chart is showing an impending Bull cross with the 21-SMA about to cross the 200-SMA on the daily chart.

Current Market Sentiment:Cautious Bullish


Gold To Attempt $1,800 Again

Gold matches the tune of risk catalysts to reverse the early Asian losses ahead of Tuesday’s European session. Having initially dropped to $1,773.80, the yellow metal rises past $1,780 by the press time. Traders in the West are analyzing the market sentiment, and in doing so, the investors seem to highlight the hopes of a faster easing in international travel, led by the UK, the EU and the US, as well as expectations that India will soon be okay, due to the latest international help.

Above all, cautious sentiment ahead of Wednesday’s Federal Reserve monetary policy meeting and the key earnings scheduled for publishing during the week become the key to follow. While the Fed is likely to keep cautious optimism on the table, also rejecting any near-term changes to the monetary policy, results from Alphabet, Facebook and Apple will be crucial for Wall Street.

 


Moving on, gold is likely to benefit from the USD declines and anticipated recovery in trading sentiment. However, any further worsening of the COVID situation in Asia may propel the USD and drag the bright metal. From the technical perspective, both the RSI and MACD are both showing some consolidation in the future of this instrument. RSI is currently printing right at the midline (50), while the MACD is showing signs of conversion between the MAs and histogram.

Current Market Sentiment:Cautiously Bullish


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