bullish channel

Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of S&P 500 Index, Monday May 29, 2023   With the price movement in the channel that dips upwards and the two Moving Averages which are still in Golden Cross condition on the daily chart, we can see that Buyers are still dominating the S&P 500 index so that in the next few days #SPX has the potential to appreciate an upward rally up to penetrate above the level of 4216.17 and if this level is successfully broken above then the SPX still has the potential to go to the upper line of the bullish channel and/or the level of 4324.96 but please also pay attention if there is a downward correction which is indicated by the appearance of deviations between price movements and the MACD indicator because if a correction occurs If it breaks below the level of 4070.35 then all scenarios of a rally up above that have been described previously will become invalid.        

First and foremost, it is essential to acknowledge that predicting the future price movements of any market, including Bitcoin, comes with inherent challenges. The complexity of financial markets and the multitude of factors that influence them can make forecasting akin to predicting the weather – as we venture further into the future, the uncertainties increase, and accuracy becomes more elusive. That being said, the recent performance of BTC indicates a clear resistance level at 32,000, with signs of decreased flows observed among various market participants. As we look towards the medium to long term, it is prudent to consider critical price levels at around 27,900 (-3.9%), 25,500 (-12.2%), and 21,500 (-25%). These levels are likely to witness intense battles between holders and sellers, with potential shifts in sentiment impacting price movements. A crucial threshold to watch closely is 27.9k; a breach of this level could signal a break in this year's bullish channel, which, as of now, remains intact. However, it is vital to maintain perspective, even in the worst-case scenario, and currently, we are not contemplating anything below the last level of 21,500.   FXMAG: How do you think the price of Bitcoin will fall in the second half of 2023? First of all, readers should understand that forecasting the markets is in some ways similar to forecasting the weather: the further you go in time, the more unforeseen factors you have to take into account and the more difficult it is to have a truly professional estimate. That said, BTC has found a ceiling at 32k and it seems that various market makers are seeing their flows decrease lately. The medium to long term levels to take into account are around 27,900 (-3.9%), 25,500 (-12.2%) and 21,500 (-25%). Each of them will see a struggle between Holders and Sellers, while a break of the former (27.9k) would effectively sanction the break of this year's bullish channel - still intact at the moment. Even in the worst-case scenario, which is still a long way from happening, we are not considering anything below the last level for now.  

Japan last intervened in October when dollar-yen prices were at 150 Fed rate hike odds fall to 10% for the September 20th meeting Japan’s material inflation data continues fell to 3.6% from a year earlier, lowest reading since March 2021 The dollar weakened against most of its major trading partners after soft inflation data supported the Fed’s case to keep rates on hold in September.  Yen traders watched global stocks surge, which put a dent in demand for safe-havens.  Dollar-yen is now rallying above the 144 level as Japanese officials grow nervous that they may need to intervene.  We should start getting some verbal intervention now that we are getting closed to levels that triggered action last fall.     EUR/JPY approaches overbought territory The euro has had quite the run against the yen.  The bullish channel that has largely held up over the last couple of years is showing prices have exceeded the upper boundaries and it might be difficult for the rally to extend.  So far tweaks by the BOJ have had no impact in providing support for the yen, so pressure should build for bolder action.       Oil After an impressive couple of days of gains, crude prices are softening as energy traders await to see what happens with some of the supply side risks.  The monthly OPEC report delivered another reminder that the oil market will remain tight throughout the rest of the year.  With OPEC+ doing whatever it takes to keep crude prices supported, the oil market might see a 2-million barrel supply deficit this quarter. Oil has had a nice run up, but some of that was the Russian-Ukraine conflict which has yet to lead to a meaningful disruption of Russian oil shipments.  Oil prices are likely to head higher, so any dips will likely be bought into. Gold Gold prices initially surged after soft inflation data, but those gains withered away as investors decided stocks would outperform.  A peak in the dollar might be in place, but gold won’t be surging if Wall Street continues to buy up stocks.  Sentiment has been softening for gold as ETF holdings have dropped to the lowest levels since March. If the market becomes even more convinced that a soft landing is in place, gold will probably struggle.      

  Red lines- bullish channel yellow rectangle- double bottom support     Oil price is trading above $91 once again. Price formed a double bottom at $88 and bounced strongly upwards. Medium-term trend remains bullish as price continues forming higher highs and higher lows inside the red upward sloping channel since June. Recent price action has confirmed the importance of the $88 support level. A break below this level will be a sign of weakness and will most probably push price towards the lower channel boundary at $86 at least. Bulls remain in control of the medium-term trend and for now of the short-term trend as well.