Daily Technical Analysis: Bitcoin at $50,000 Yet Again!

ZFX – Today’s technical analysis will focus on Forex, Indices (Hang Seng), and Cryptocurrencies (BTCUSD). Also, at the end of the article there is a EURGBP trading idea (signal) that might be an insight for you.

Every afternoon in the London session, ZFX provides a technical analysis or outlook in the form of a video, don’t forget to check the analysis video on our YouTube channel!

So how about today’s Pre-London Analysis?

Before you start trading, you need to do some analysis first. Here’s a little summary of today’s market outlook (24/12/2021) brought to you our ZFX Analysts:

USOIL Technical Analysis – Commodities

USOIL on the daily timeframe has closed bullish above the $72.5 resistance. Next up is a bigger resistance of $75.50, which if successfully broken, USOIL can fly up to $84.50 again. In line with the fundamental reason, where Omicron is not too ‘fierce’, it will not hamper the economy and tourism too much, so that it will boost oil prices.

BTCUSD Technical Analysis – Cryptocurrency

BTCUSD managed to break the resistance and closed bullish, surpassing the $50,000 mark. From the H4 structure, it is already bullish through the forming a new higher high and now may need to retest at the previous key level to fly higher to the daily resistance.

Hang Seng Index (HK50) Technical Analysis – Indices

The HK50 index is observed to be in a descending channel. However, currently it is being corrected upwards, bouncing from the support which is also the basis of the channel. Now HK50 will make a new lower high which may be formed at 23,800 to bring the index down further.

Trading Idea – EURGBP (Sell Limit)

Order: Sell Limit
Entry: 0.84900
Stop Loss: 0.85180
Target 1:  0.84400 (50% + BE)
Target 2: 0.84100(25%)
Target 3: 0.83800(25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bearish Structure + Break Support, setup break and retest.

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Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.