MarketBreakdown | BITCOIN, EURNZD, GBPCHF, S&P500

27 Jul 2021

Here is a brief technical outlook for 4 financial instruments that are on my radar.

1️⃣ Bitcoin (BTCUSD) - 3 days time frame ₿

I guess everyone was watching this sharp bullish rally from 29.500 level.
No wonder, the price is currently consolidating and trades within a wide horizontal trading range.

28.800 - 29.800 is its support
40.600 - 41.400 is its resistance

Yesterday the upper boundary of the range was reached.
For now, chances will be high that the price will keep trading within the range.

In order to catch the next bullish swing, wait for a breakout of the resistance of the range.

2️⃣ EURNZD - 3 days time frame 🇪🇺🇳🇿

The market is currently ranging.

1.71 - 1.73 is the closest resistance
1.66 - 1.67 is the closest support

For range trading consider these key level for buying/selling.

To catch a trend following move, wait for a bullish breakout of the resistance,
it will most likely trigger a bullish continuation.

To catch a swing move wait for a breakout of its boundaries,
sell in case of a bearish breakout and buy in case of a bullish one.

For intraday trading consider the boundaries of the range.

3️⃣ GBPCHF - Daily time frame 🇬🇧🇨🇭

The market is trading in a bearish trend.
The price is steadily going down within a falling parallel channel.

The price is quite close to the resistance of the change.
The next bearish move will most likely initiate from there.

4️⃣ S&P500 Index - 3 days time frame 📈

The index keeps rallying and currently trading in a noman's land.
The price formed a rising wedge pattern and currently, the market is approaching its resistance.
I expect a pullback.

For trend following trading, consider a support of the wedge.

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