US100
Let’s start today’s analysis with the US tech index - Nasdaq-100 (US100). Looking at the H4 interval, one can see that the index has been trading in an upward trend recently. However, market bears have been trying to take the lead this week. Should the negative sentiment prevail, the downward correction may deepen towards the lower limit of 1:1 structure at 16,035 pts which can be considered the nearest key support. In case of a break lower, the next potential support can be found near the 15,700 pts, where one can find previous price reactions. According to the classic technical analysis, a break below the 15,700 pts area, would herald a bigger sell-off.
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US100 H4 interval. Source: xStation5
Bitcoin
Next, let’s move to the Bitcoin chart. Looking at the H4 interval, we can see that the main cryptocurrency managed to break above the upper limit of triangle formation and reached a fresh all-time high this week. However, price pulled back later on and tested the earlier-broken ATH near $66,500. Should the price stay above this level, the upward trend may be continued. On the other hand, breaking below may lead to a bigger downward correction. In such a scenario, the nearest support lies at $63,700, which is a result of previous price reactions. However, taking a broader look at the chart shows us that key - mid term support is located at $55,000 where the lower limit of 1:1 structure (purple rectangle) is located. One should also pay attention to the psychological $60,000 level which acted as a support in the past.
Bitcoin H4 interval. Source: xStation5
DE30
Last but not least, let’s take a look at the German index - DAX (DE30). Looking at the D1 interval, one can see that upward momentum has slowed recently. The index reached a fresh all time high yesterday, but buyers quickly let it go. The 15,950 pts area, marking the lower limit of local trading range, is a key support to watch now. As long as the price sits above, the buyers have a chance to resume the main trend. On the other hand, breaking below this level could pave the way for a bigger correction. Considering the bearish scenario, the next potential support lies at 15,835 pts, where the lower limit of 1:1 structure is located.
DE30 H1 interval. Source: xStation5
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