Bitcoin, Gold, US Dollar Technical Analysis: Key Levels and Trends

Sunday, 13 October 2024, 17:57

Bitcoin, Gold, US Dollar technical analysis reveals key price patterns and important levels to watch. Bitcoin is showing signs of bullish consolidation while gold continues to rise. The US dollar, trading near resistance, awaits significant retail sales data.
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Bitcoin, Gold, US Dollar Technical Analysis: Key Levels and Trends

Bitcoin's Current Trends and Patterns

Bitcoin has displayed a bearish trend over the past few weeks, yet a positive price action initiated on Friday has sparked investor interest. The surge is attributed to favorable market conditions surrounding US spot Bitcoin ETFs, leading to higher demand and confidence.

Technical Analysis of Bitcoin

  • Daily Chart: Bitcoin is positioned within a bull flag pattern since March 2024. For bullish momentum to persist, the price must break above the 200-day moving average at $63,377.
  • 4-Hour Chart: The descending channel suggests the price needs to surpass $63,377 for an upward trend.

Gold Market Analysis

Gold has recently shown resilience, boosted by a favorable report comparing the U.S. CPI and PPI data, strengthening investor sentiment.

Detailed Gold Technical Metrics

  1. Daily Chart: Gold maintains positive momentum within an ascending broadening wedge. A breach above $2,685 is critical.
  2. 4-Hour Chart: Evident bullish strength in the ascending channel pattern forms key support around $2,605.

US Dollar Outlook

The US dollar is experiencing trading fluctuations at a critical resistance level of 103.10. The upcoming release of retail sales data is crucial for determining the dollar's short-term trajectory.

US Dollar Technical Points

  • Daily Chart: Currently at a crucial triangle formation, the market needs clarity around the retail figures to establish direction.
  • 4-Hour Chart: Resistance is marked, indicating potential market consolidation.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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