【BITCOIN】
Bitcoin's three-month journey from a high of 69,000 to the latest 33,000 showed that the volatility of virtual currencies can be more exaggerated than expected.
However, there is a recent US listed company that bought thousands of bitcoins. MicroStrategy is a publicly traded company in the United States which mainly trades cryptocurrencies as a channel for profit. They bought three times in January 2022 with a total of 1157. The total number of bitcoins currently held is 125,000 bitcoins and that exceeded the company's market capitalization.
In terms of technical lines, the current Alligator long-term, mid-line, short-term shows a death cross. KD shows a gold crossover. This period for Bitcoin is in consolidation waiting for a new step of information to provide future trends. The market is currently suited for a range breakout trading strategy.
BITCOIN – D1
Resistance 1: 39608 / Resistance 2: 41715 / Resistance 3: 45439
Support 1: 32965 / Support 2: 31019 / Support 3: 28976
【XAUUSD】
After the Fed released the information, the price of gold fell from $1850 an ounce all the way to the position of $1820 an ounce. Basically, the Fed's statement on the interest rate hike is not new.
Gold is still trading at the high end. There are no special updates about the borders of Ukraine and Russia, and the geopolitical situation in the Middle East remains the same.
On the short term, it is still dominated by technical lines. At this stage, Alligator and KD contradict each other with a death cross and a golden cross. This indicates that the market is still oscillating up and down at this level.
XAUUSD – D1
Resistance 1: 1865.50 / Resistance 2: 1875.80
Support 1: 1832.20 / Support 2: 1814.50 / Support 3: 1789.50
【EURUSD】
The Fed announced after their 2-day meeting that it would keep the federal benchmark rate unchanged at 0-0.25. Their inflation is now above 2% and they will soon start raising interest rates.
The Fed currently bought $30 billion a month of debt until March and will begin to consider shrinking its balance sheet after driving interest rate hikes in the future.
After the meeting, the euro fell to the bottom of the consolidation range. At this stage, the euro shows an Alligator dead cross on the technical line, while KD is in the low range. This is a more favourable pattern for the bears. This also represents the rise of the US dollar which drove the decline of non-US currencies.
EURUSD – D1
Resistance 1: 1.14500 / Resistance 2: 1.14800 / Resistance 3: 1.15200
Support 1: 1.13800 / Support 2: 1.13500
【USOIL】
On the growing fears of Russia's invasion of Ukraine – if the Ukrainian-Russian war really breaks out, it may lead to increased sanctions on Russia by Western countries. Russia's oil production in 2021 has stopped 10 years of growth and this has seriously affected the global supply of crude oil.
Crude oil prices hit a new high and this indicates that the market sentiment for the supply of crude oil market is still not optimistic. At this stage, all the technical lines are showing a buy rating due to the record high price of the index. Investors are advised not to enter the market against the trend.
USOIL – D1
Resistance 1: 87.180 / Resistance 2: 87.800
Support 1: 85.120 / Support 2: 82.800 / Support 3: 81.820
OneProSpecial Analyst
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The foregoing is a personal opinion only and does not represent any opinion ofOneProGlobal, nor is there any guarantee of reliability, accuracy or originality in the foregoing.
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