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Technical Analysis for Bitcoin, Euro vs U.S. dollar, and Gold for 30th June 2021

The Daily Cryptomenon

This analysis was written at 9:00 am GMT +3, on 30.06.2021

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The market is focused on the ADP Non-Farm Payroll as it’s the precursor to the actual NFP from the US government. The market will be closely looking at the economic indicator to understand which way the NFP will be swinging. EURUSD and Gold are already feeling the negative pressure as they fall from their respective levels. Bitcoin on the other hand had shown some bullish pressure only to correct the gains it made.

With that said, let’s find out how the markets are doing on June 30th, 2021.


Bitcoin Shows Bullishness

Bitcoin began to gain momentum after reaching a level above $34,000. BTC broke through the critical $35,000 mark and the simple 100-hour moving average, further entering the positive zone. The price even climbed above the $36,500 resistance level. However, it’s currently correcting the gains that it managed to make. This correction broke below the $36,500 and $36,000 mark. It is even lower than the 23.6% Fibonacci retracement level that rose from a low of $33,939 to a high of $36,698.

The main bullish trend line also formed support at around $35,700 on the hourly BTC/USD pair. If the currency pair does not remain above the trend line support, it may start a bearish correction below $35,500. The next major support is near the $35,200 level. This is approximately 50% of the Fibonacci retracement level from a low of $33,939 to a high of $36,698.

 



Any further losses may need to continue to fall towards the $34,000 support in the next few trading days. However, if Bitcoin remains stable above the trend line support, it may rise above the $36,000 resistance level. The immediate upside resistance is near $36,500, any higher and the instrument would reach $37,000. Any further increase may push the price to the resistance level of $38,000, and the next major resistance is near $40,000.

Current Market Sentiment:Cautiously Bullish


EURUSD Faces Negative Pressure

The buying interest in the U.S. dollar made the EURUSD nervous during the Asian session on Wednesday morning. The instrument did manage to rise towards 1.1902, an increase of 0.05% throughout the day. However, the U.S. dollar index (DXY), which tracks the U.S. dollar against the six major competitors, remained strong at 92.03, an increase of 0.02%. Investors remain pessimistic about the spread of the highly infectious Delta variant and its impact on the global economy.

At the same time, Fed Chairman Christopher Waller called on the Fed to consider implementing its ambitious economic stimulus plan this year in order to raise interest rates before the end of 2022. Despite the optimistic economic data released on Tuesday, the gains were limited. Eurozone consumer confidence reached 3.3 in June and immediately rose for the fifth time.


The service industry prosperity index reached 17.9 in June, far higher than market expectations. The sentiment index in June was 117.9, the highest in 21 years. Currently, investors expect some support for changes in the German unemployment rate, unemployment rate, and core inflation in the eurozone.

Current Market Sentiment:Bearish


Gold Breaks Consolidation

After a sharp sell-off to a two-month low of $175 on Tuesday, gold prices are licking their wounds. Due to new concerns about the coronavirus pandemic and its impact on the global economy, and the risk sentiment erupted, the US dollar continued its recent gains. Restore the rapid spread of Delta Covid variants.

The U.S. dollar also benefited from the Fed’s aggressive stance, as the "very optimistic" Fed Governor Christopher Waller said that as Gold’s appeal when the U.S. dollar gradually weakened, the world’s most powerful central bank may resume quantitative easing this year. policy. Currently, the focus is on key US labor data, including a leading indicator: ADP released at 12:15 PM GMT.

 

 


The technology fusion probe showed that the price of gold traded below a set of strength resistance levels and immediately reached the $1,764 mark, the low point of the previous week. The next obstacle for gold Bulls will be the impact of last month's low and the four-hour SMA5 of $1,766. Above, the 61.8% Fibonacci USD 1,769 within a day will protect the upside. If buying interest increases, gold may rise to $1,776, Fibonacci convergence-61.8% per week and SMA100-hourly.

Current Market Sentiment:Bearish


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