ForexTechnical Analysis(FxGlory)

[FXGLORY]

EURCAD analysis for 04.01.2023




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EURCAD currency pair, represented in the H4 timeframe, is influenced by various economic factors. The Euro is affected by the European Central Bank's policy decisions, economic data releases from the Eurozone, and political stability within the EU. The Canadian Dollar is swayed by commodity prices, particularly oil, due to Canada's status as a major exporter. Trade relationships, economic indicators, and geopolitical events within and between the Eurozone and Canada are crucial for traders to monitor, as they can cause significant volatility in this pair.


Price Action:

The EURCAD chart shows a period of consolidation with a slight bearish bias, as indicated by the recent lower highs and lower lows. The market seems to be in a phase of indecision, with the candles trading within a narrow range, suggesting a tug-of-war between buyers and sellers.


Key Technical Indicators:

Ichimoku: The price is trading below the Ichimoku cloud, signaling a bearish trend. The cloud acts as a dynamic resistance.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line and close to the zero line, indicating a weak bearish momentum.

RSI (Relative Strength Index): The RSI is at 43.17, suggesting a lack of strong momentum in either direction and a potential for sideways movement.

Volumes: The volume is showing spikes below the candlesticks, indicating periods of increased trading activity that correspond with larger price movements.


Support and Resistance:

Support: The recent low around the 1.4550 level is acting as a support zone.

Resistance: The 1.4700 level, close to the Ichimoku cloud, is serving as the immediate resistance.


Conclusion and Consideration:

The EURCAD pair on the H4 timeframe is currently displaying bearish signals with the price below the Ichimoku cloud and the MACD below its signal line. However, the lack of strong bearish momentum suggested by the RSI indicates that the pair may continue to consolidate. Traders should keep an eye on fundamental factors affecting both currencies, including economic releases and oil price changes. It's also important to watch for a potential break out of the current price range. Risk management strategies should be applied when considering entry and exit points around the identified support and resistance levels.


Disclaimer: This analysis is provided for informational purposes only and does not constitute investment advice. Trading involves risks and it is recommended to perform your own analysis before making any trading decisions.


FXGlory
04.01.2023

 

[FXGLORY]

NZDJPY analysis for 05.01.2023





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The NZDJPY pair represents the exchange rate between the New Zealand Dollar (NZD) and the Japanese Yen (JPY). Fundamental drivers for this currency pair typically include the interest rate differential between the Reserve Bank of New Zealand and the Bank of Japan, trade balance data, and commodity price fluctuations, particularly dairy products for New Zealand. Additionally, Japan's status as a major exporter and its economic indicators, such as GDP growth and industrial production, can significantly impact the pair. Market sentiment towards risk, with the NZD often seen as a 'risk-on' currency and the JPY as a 'safe haven', also plays a crucial role in movements.


Price Action:

On the H4 timeframe, NZDJPY is showing signs of consolidation after a recent uptrend. The price action is currently fluctuating around key levels, indicating indecision among traders. The formation of smaller bodies and longer wicks on the candlesticks suggests a struggle between the bulls and bears for directional dominance.


Key Technical Indicators:

Ichimoku Cloud: The price is trading above the Ichimoku Cloud, which is typically considered a bullish signal. However, the proximity of the price to the cloud suggests potential support or resistance nearby.

MACD: The MACD line is above the signal line but appears to be converging, suggesting that bullish momentum may be waning.

RSI (Relative Strength Index): The RSI is hovering around the mid-range (approximately 64), which suggests momentum is neither overextended to the upside nor the downside.


Support and Resistance:

Resistance: The recent high near the 90.20 level may act as resistance.

Support: The closest support level is around the 88.90 area, where previous price interactions have occurred.


Conclusion and Consideration:

The H4 NZDJPY chart suggests a bullish but cautious outlook as indicated by price action and Ichimoku Cloud, with the MACD showing potential signs of weakening momentum. The RSI indicates there's still room for price movement before reaching overbought or oversold levels. Traders should keep an eye on the mentioned support and resistance levels for potential trade setups. Considering the fundamental context and technical indicators, maintaining a vigilant stance for signs of continuation or reversal is advisable. As with any trading decision, risk management strategies should be employed to protect against market volatility.


Disclaimer: The above analysis is for educational purposes and is not intended as investment advice. Traders should do their own research and consider all risks before entering trades.


FXGlory
05.01.2023

 

[FXGLORY]

Gold analysis for 08.01.2023





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:

Gold prices are influenced by a variety of global economic factors, including interest rate trends, geopolitical stability, and inflationary pressures. As gold is often seen as a safe-haven asset, its value tends to increase during times of economic uncertainty or when inflation is high, as investors look for stable stores of value. Central bank policies, particularly those of the Federal Reserve, can significantly impact gold prices as they affect the US Dollar's strength. Current geopolitical tensions or economic policies can also sway investor sentiment and demand for gold.


Price Action:

The H4 chart for gold shows a period of consolidation following a downtrend, with the price action now testing the Ichimoku cloud from below. The recent price movement indicates hesitation as the market is deciding whether to continue the downtrend or reverse into a bullish phase. The candles within the Ichimoku cloud suggest uncertainty, as the cloud typically represents a zone of support or resistance.


Key Technical Indicators:

Ichimoku Kinko Hyo: The price is currently interacting with the Ichimoku cloud, indicating a potential trend change or increased volatility.

RSI (Relative Strength Index): With an RSI reading of around 45, the market is neither overbought nor oversold, reflecting a neutral momentum.

MACD (Moving Average Convergence Divergence): The MACD histogram is below the baseline, indicating bearish momentum, although the bars appear to be shortening, suggesting a possible slowdown in downward momentum.

Parabolic SAR: The dots being below the price candles signal a potential bullish reversal, as the indicator typically suggests a stop and reverse point for the trend.


Support and Resistance:

Resistance: The immediate resistance level can be marked by the latest local high before the price entered the Ichimoku cloud, approximately at $2070.

Support: The most prominent support level would be the recent low prior to the price's uptick into the Ichimoku cloud, which is around $2020.


Conclusion and Consideration:

The gold market on the H4 timeframe is at a critical juncture, with technical indicators showing mixed signals. The interaction with the Ichimoku cloud and the position of the Parabolic SAR suggest a potential bullish reversal, while the MACD indicates ongoing bearish momentum. Traders should be cautious and consider waiting for a clearer signal outside of the Ichimoku cloud before entering positions. It is advisable to monitor global economic indicators and central bank statements, as they can lead to sudden shifts in gold prices. Risk management strategies, including setting stop losses and profit targets, should be employed to protect against market volatility.


Disclaimer: This analysis is provided for informational purposes only and should not be construed as investment advice. It is important for traders to conduct their own research and analysis before making any investment decisions.


FXGlory
08.01.2023

 

[FXGLORY]

EURAUD analysis for 09.01.2023





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:

The EUR/AUD pair is significantly influenced by economic indicators, policy decisions, and geopolitical events from both the Eurozone and Australia. Key factors to consider include:

Interest Rate Decisions: The European Central Bank (ECB) and the Reserve Bank of Australia (RBA) interest rate policies greatly affect the pair. A divergence in monetary policy could lead to volatility, with the currency of the region showing a more hawkish stance typically strengthening.

Economic Releases: High-impact data such as GDP growth rates, unemployment figures, and inflation reports from both economies can cause fluctuations in the pair. For instance, stronger than expected economic performance in the Eurozone relative to Australia could lead to an appreciation of the EUR against the AUD.

Commodity Prices: As Australia is a major exporter of commodities, the strength of the AUD is often correlated with commodity prices, particularly iron ore and coal. An increase in commodity prices could strengthen the AUD against the EUR.

Global Risk Sentiment: The EUR/AUD is sensitive to changes in global risk sentiment. During times of economic uncertainty or market stress, the EUR may act as a safe-haven currency compared to the commodity-dependent AUD.

Geopolitical Issues: Both regions are susceptible to geopolitical tensions that can impact their respective currencies. Stability in the Eurozone and any significant events in the Asia-Pacific region could sway the EUR/AUD price.


Price Action:

The current H4 chart shows that the candles are above the Ichimoku clouds, with the recent cloud behind the price being red. Despite the bearish past suggested by the red cloud, the price staying above it may indicate a bullish outlook.
The green MACD bars further support the bullish scenario, although traders should be cautious and look for confirmation as the price action remains close to the Ichimoku cloud, a region that can often signal significant resistance or support.


Key Technical Indicators:

Ichimoku Kinko Hyo: The last cloud is red, indicating a bearish sentiment in the recent past. However, the current price action is above the cloud, and both the conversion line (Tenkan-sen) and the baseline (Kijun-sen) are above the cloud as well, which could indicate a potential bullish trend or at least a pause in the bearish momentum.

RSI (Relative Strength Index): Sitting at 52.36, the RSI suggests a neutral market without signs of being overbought or oversold.

MACD (Moving Average Convergence Divergence): The MACD line is above the histogram bars which are green, signaling a bullish momentum in the near term. This suggests that the short-term price movement is stronger than the long-term trend, and the market may be in an uptrend.


Support and Resistance:

Resistance: On the resistance front, 1.63430 stands out as the key barrier for any upward movements. This level represents a ceiling where sell-offs have occurred, suggesting a concentration of selling interest. Should the price approach this level, traders might expect some resistance, and it could serve as a strategic point for setting profit targets on existing long positions or for initiating short positions.

Support: The primary support level to watch on the H4 chart for EUR/AUD is currently at 1.61830. This level has previously acted as a floor for the price, where demand increased and the currency pair found buyers stepping in to drive the price upward. A test of this support level could again prompt a bullish reaction, making it a significant marker for traders considering long positions or looking for stop-loss placements.


Conclusion and Consideration:

Investors and traders considering the EUR/AUD pair should closely monitor the economic calendar for upcoming announcements and reports from both regions. Additionally, staying informed on global economic conditions and risk sentiment is vital for those trading this cross-pair.


Disclaimer: This analysis is provided for informational purposes only and should not be construed as investment advice. It is important for traders to conduct their own research and analysis before making any investment decisions.


FXGlory
09.01.2023

 

[FXGLORY]

EURUSD analysis for 11.01.2024





Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EUR/USD pair is significantly influenced by economic indicators, policy decisions, and geopolitical events from both the Eurozone and the United States. Key factors to consider include:
Interest Rate Decisions: The European Central Bank (ECB) and the Federal Reserve (Fed) interest rate policies greatly affect the pair. A divergence in monetary policy could lead to volatility, with the currency of the region showing a more hawkish stance typically strengthening.
Economic Releases: High-impact data such as GDP growth rates, unemployment figures, and inflation reports from both economies can cause fluctuations in the pair. For instance, stronger than expected economic performance in the Eurozone relative to the United States could lead to an appreciation of the EUR against the USD.
Dollar Index (DXY): As a measure of the value of the United States dollar relative to a basket of foreign currencies, the DXY can impact the EUR/USD pair. A stronger DXY often correlates with a weaker EUR/USD and vice versa. Global Risk Sentiment: The EUR/USD is sensitive to changes in global risk sentiment. During times of economic uncertainty or market stress, the USD may act as a safe-haven currency compared to the EUR.
Geopolitical Issues: Both regions are susceptible to geopolitical tensions that can impact their respective currencies. Stability in the Eurozone and any significant events affecting the United States could sway the EUR/USD price.


Price Action:
The current H4 chart shows that the candles are below the Ichimoku cloud, suggesting a bearish sentiment. However, the presence of Parabolic SAR dots below the candles indicates a potential bullish pressure or a reversal in the downtrend.
The RSI is just below the mid-point, indicating a neutral to slightly bearish market without signs of being overbought or oversold. Traders should seek additional confirmation as the price action remains close to the Ichimoku cloud's lower boundary, which can often signal significant resistance or support.


Key Technical Indicators:
Ichimoku Kinko Hyo: The price being below the cloud indicates a bearish trend, but the bullish signal from the Parabolic SAR suggests caution for bears. The conversion line (Tenkan-sen) and the baseline (Kijun-sen) are also below the cloud, which typically indicates bearish momentum.

RSI (Relative Strength Index): At approximately 49.11, the RSI is neutral, suggesting a balance between buying and selling pressures.

Parabolic SAR: The placement of the dots below the candles indicates a potential uptrend or a halt in the downtrend, signaling that buyers may be gaining strength.


Support and Resistance:
Resistance: A key resistance level is at the price point where the Parabolic SAR dots align with the price action, which could be around 1.11230. This level represents a potential turnaround where sell-offs have occurred previously, suggesting a concentration of selling interest.

Support: The primary support level on the H4 chart for EUR/USD is at the lower boundary of the recent price consolidation area, which appears to be around 1.08980. This level has previously acted as a floor for the price, where demand increased and the currency pair found buyers stepping in.


Conclusion and Consideration:
Investors and traders considering the EUR/USD pair should closely monitor the economic calendar for upcoming announcements and reports from both the Eurozone and the United States. Additionally, staying informed on global economic conditions and risk sentiment is vital for those trading this major currency pair.


Disclaimer: This analysis is provided for informational purposes only and should not be construed as investment advice. It is important for traders to conduct their own research and analysis before making any investment decisions.


FXGlory
11.01.2024

 

[FXGLORY]

BCHUSD analysis for 12.01.2024




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The BCHUSD pair reflects the relationship between Bitcoin Cash (BCH) and the US Dollar (USD). Key fundamental factors that could impact this cryptocurrency pair include regulatory developments, technological advancements within the Bitcoin Cash network, such as updates to the protocol, and macroeconomic data affecting the USD. Sentiment in the cryptocurrency market, particularly investor confidence in Bitcoin Cash's scalability and transaction efficiency, along with broader economic trends, can significantly influence BCHUSD's movements.


Price Action:
The H4 chart for BCHUSD shows a period of consolidation followed by a bullish breakout. The price exhibits higher highs and higher lows, indicating a bullish trend. The recent candles closing above the Ichimoku cloud suggest a strong upward momentum.


Key Technical Indicators:
Ichimoku Cloud: The price is above the Ichimoku cloud, indicating a bullish trend.

Parabolic SAR: The dots are placed below the candles, suggesting that the current trend is upward.

RSI (Relative Strength Index): The RSI is above 70, which typically signals overbought conditions, but it can also indicate strong bullish momentum.

MACD (Moving Average Convergence Divergence): The MACD line is above the signal line and the histogram is in the positive zone, reinforcing the bullish sentiment.


Support and Resistance:
Resistance: The resistance level could be identified at the highest recent price before the current bar, which seems to be in the vicinity of 272 - 275 USD.
Support: The support level seems to be where the price has touched the lowest point and reversed upwards, which visually appears to be around the 228 - 230 USD range.


Conclusion and Consideration:
The BCHUSD chart on the H4 timeframe indicates a bullish trend, with technical indicators supporting continued upward momentum. However, given the RSI is signaling potential overbought conditions, traders should be vigilant for signs of a reversal or pullback. It’s important to keep abreast of any fundamental news that could affect market sentiment. Risk management strategies should include setting stop losses below support levels and considering taking profits near potential resistance.


Disclaimer: This analysis does not constitute investment advice; it is provided for informational purposes only to
enhance traders' knowledge. Trading decisions should be based on one's own research and risk appetite.


FXGlory
12.01.2024

 

[FXGLORY]

SILVER analysis for 15.01.2023




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
Silver, represented as XAGUSD in forex markets, is influenced by a multitude of factors, including industrial demand, investment demand, and macroeconomic trends. Fundamentally, silver's dual status as both an industrial metal and a precious metal means its price is affected by both industrial production levels and investor sentiment. Economic data releases, such as manufacturing indices and inflation rates, alongside geopolitical events, can sway silver prices significantly. Additionally, as silver is priced in U.S. dollars, fluctuations in the strength of the dollar have a reciprocal effect on silver's value.


Price Action:
The H4 timeframe for XAGUSD shows that the price has recently rebounded after a downtrend, suggesting a potential shift in momentum. The recent candles have closed higher than previous ones, indicating a short-term bullish sentiment among traders. This recovery in price may attract more buyers if it sustains, leading to a further increase in silver prices.


Technical Indicators:
RSI (Relative Strength Index): The RSI is hovering around 55, suggesting that the market is neither overbought nor oversold, and there is room for price movement in either direction without immediate pressure from momentum traders.

MACD (Moving Average Convergence Divergence): The MACD line is below the signal line but appears to be converging, indicating that the bearish momentum may be waning. If the MACD crosses above the signal line, it could be a bullish signal.

Ichimoku Cloud: The price is currently below the Ichimoku cloud, which typically suggests a bearish sentiment. However, the recent price action towards the cloud may indicate a potential trend reversal if the price breaks through the cloud.

Parabolic SAR: The last four dots of the Parabolic SAR are below the candlesticks, signaling a potential bullish trend reversal or strengthening of the current uptrend.


Support and Resistance Levels:
Support: The recent low around the $22.58 mark could serve as a short-term support level.

Resistance: A previous area of consolidation around the $23.40 level may act as a resistance in the near term.


Conclusion and Consideration:
The technical indicators on the H4 chart for XAGUSD suggest a possible shift in momentum, with several signs pointing towards a budding bullish sentiment. Traders should watch for a potential bullish breakout if the price continues to rise and breaches the Ichimoku cloud. Caution is advised as the market has not yet fully confirmed a trend reversal; thus, keeping an eye on both fundamental factors affecting silver and the key technical levels identified is essential for risk management. Setting stop losses below the support level and considering taking profits near resistance can help mitigate risks associated with potential volatility.


Disclaimer: The above analysis is for educational purposes and should not be taken as investment advice. Traders should conduct their own research and risk assessment before making any trading decisions.


FXGlory
15.01.2024

 

[FXGLORY]

USDJPY analysis for 16.01.2024




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The USDJPY pair, like all forex currency pairs, is influenced by various macroeconomic factors, such as central bank policies, economic data releases, and geopolitical events. For the Japanese Yen, factors such as Japan's trade balance, Bank of Japan's monetary policy, and risk sentiment play a pivotal role. The U.S. dollar is affected by Federal Reserve policy, economic indicators, and global market sentiment. Any changes in these areas can cause significant price movements for USDJPY.


Price Action:
The H4 chart shows a recent recovery in price after a period of downward movement, indicating a potential shift in market sentiment. The price has formed a series of higher closes, which may suggest that bulls are gaining control. If this trend persists, it could lead to further upward momentum in the USDJPY pair.


Technical Indicators:
RSI (Relative Strength Index): The RSI is around 61.6, which is slightly above the midpoint of 50, indicating a mild bullish momentum without being in the overbought territory.

MACD (Moving Average Convergence Divergence): The MACD histogram is positive, but the MACD line is below the signal line. This could suggest that while the bearish momentum is fading, the market has not turned fully bullish yet.

Ichimoku Cloud: The price is above the Ichimoku Cloud, which is typically a bullish signal. However, a close observation of the cloud's future projection suggests uncertainty in the trend's strength.

Parabolic SAR: The dots of the Parabolic SAR are below the price bars, which supports the bullish sentiment seen in the price action.


Support and Resistance Levels:
Support: The price action shows a clear support level at the recent swing low around 141.50, which could act as a floor for future price dips.

Resistance: On the higher side, a resistance level can be identified near the recent high of around 146.00, which could pose a challenge for bullish movements.


Conclusion and Consideration:
The technical outlook for USDJPY on the H4 chart suggests a cautiously optimistic view for the bulls, with the price action and Parabolic SAR indicating an emerging bullish trend. However, the MACD and Ichimoku Cloud advise caution as they do not fully confirm a bullish reversal. Traders should monitor the key support and resistance levels, keeping an eye on macroeconomic developments that could affect the pair. It's prudent to set stop losses below the identified support level and take profits near resistance to manage potential risk.



Disclaimer: The above analysis is for educational purposes and should not be taken as investment advice. Traders should conduct their own research and risk assessment before making any trading decisions.


FXGlory
16.01.2024

 

[FXGLORY]

EURCHF analysis for 18.01.2024




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The EURCHF currency pair reflects the exchange rate between the Euro and the Swiss Franc. Fundamental factors that may affect this pair include the monetary policies of the European Central Bank (ECB) and the Swiss National Bank (SNB), differential inflation rates, and the economic health of the Eurozone and Switzerland. Given the Eurozone's expansive market size and the Swiss economy's reliance on banking and financial services, changes in fiscal policies or economic indicators such as GDP growth, unemployment rates, and consumer confidence can significantly impact this pair. Additionally, geopolitical events in Europe, as well as global risk sentiment, can lead to fluctuations in the EURCHF exchange rate.


Price Action:
The price action on the EURCHF H4 chart shows a clear uptrend, with the price moving above the key moving averages, indicating bullish momentum. The pair has been making higher highs and higher lows, which is characteristic of a strong uptrend. The recent candles are green and sizable, which suggests a continuation of buying interest in the market.


Key Technical Indicators:
Ichimoku: The price is above the Ichimoku cloud, and the cloud is bullish (green), indicating that the overall trend is upwards. The future cloud also appears to be bullish, suggesting that the trend may continue.

Parabolic SAR: The dots of the Parabolic SAR are below the candles, which confirms the bullish trend, indicating that the market sentiment is favoring the upside.

RSI: The RSI is above 70, which often indicates overbought conditions; however, in a strong trend, the RSI can remain overbought for extended periods.

MACD: The MACD line is above the signal line and above zero, which reinforces the bullish momentum. There is no immediate sign of a bearish crossover, which could suggest that the bullish trend may sustain in the near term.


Support and Resistance:
Support: The immediate support is observed at the recent swing low around the 0.93200 level.
Resistance: The next resistance level is likely near the recent highs around the 0.94350 level.


Conclusion and Consideration:
The EURCHF pair on the H4 chart exhibits a strong uptrend, confirmed by price action and the key technical indicators. The Ichimoku cloud and Parabolic SAR support the bullish sentiment, while the overbought RSI suggests a cautious approach as the market may be due for a correction or consolidation in the near future. Traders should watch for potential retracements to the support level as entry points and consider resistance levels for taking profits. It's also important to stay updated with the fundamental developments from the Eurozone and Switzerland, as they can abruptly affect the pair's direction. As with any trading strategy, risk management is crucial, including the use of stop losses to protect against unexpected market movements.


Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Trading involves risks, and it's essential to conduct your own research or consult with a financial advisor before making any trading decisions.


FXGlory
18.01.2024

 

[FXGLORY]

BTCUSD analysis for 19.01.2024




Time Zone: GMT +2
Time Frame: 4 Hours (H4)


Fundamental Analysis:
The BTCUSD pair represents the exchange rate between Bitcoin (BTC) and the US Dollar (USD). Fundamental factors influencing this pair include regulatory announcements affecting the cryptocurrency market, technological advancements within the Bitcoin network, and macroeconomic indicators that impact the USD. For instance, Bitcoin's perceived role as a digital store of value can be affected by inflation rates and monetary policies set by the Federal Reserve. Investor sentiment can also shift due to geopolitical events or news regarding Bitcoin's adoption by institutions and retail investors. Understanding the interplay of these elements is crucial for grasping the underlying movements in BTCUSD.



Price Action:
The H4 chart for BTCUSD shows a bearish trend, with the price action demonstrating a series of lower highs and lower lows. The recent candles have closed below a significant moving average, indicating continued selling pressure. The price has moved swiftly downwards, suggesting a strong bearish sentiment in the market during this period.



Key Technical Indicators:

Parabolic SAR: The dots of the Parabolic SAR are positioned above the price bars, indicating that the trend is bearish and suggesting that the downward momentum could continue.

Moving Averages: The short-term MA (9 periods) has crossed below the long-term MA (17 periods), which is a bearish signal often interpreted as a confirmation of the downtrend.

MACD (Moving Average Convergence Divergence): The MACD histogram is below the signal line and has extended further into negative territory, reinforcing the bearish momentum.

RSI (Relative Strength Index): The RSI is below the 40 level, which typically indicates bearish momentum and may point to an oversold condition.


Support and Resistance:
Resistance: The previous high around $44,800 acts as the closest resistance level where price action has faced selling pressure.

Support: The immediate support level appears to be around $40,900, aligning with the latest significant low on the chart where buyers may potentially step in.


Conclusion and Consideration:
The H4 timeframe for BTCUSD indicates a bearish outlook, confirmed by both the price action and key technical indicators. The market is showing strong bearish momentum as evidenced by the positioning of the Parabolic SAR, the bearish crossover of the moving averages, the negative MACD, and the low RSI. Traders should approach with caution, as the oversold RSI may suggest a potential for a rebound or pullback. It is advisable to monitor key support levels for bounce-back opportunities and resistance levels for potential sell entries. As always, keeping abreast of fundamental news is crucial as it can significantly impact market sentiment and price action.


Disclaimer: This analysis is intended for educational purposes only and should not be taken as investment advice. Trading cryptocurrencies involves significant risk and can result in the loss of your invested capital. Always conduct your own research and consult with a financial advisor.


FXGlory
19.01.2024