Cryptocurrency Market Analysis
Key Points:
- The support level for the cryptocurrency is set at 2014.54 and 2011.05
- The resistance levels for the market are noted at 2022.61 and 2023.04
- The FIB .50 level is identified at 2017.13
- Points of interest in the cryptocurrency market are Bull (TP)-2030.42 and Bear (TP)- 2003.69
- Traders should watch for the cryptocurrency to either break and close above or below the daily high or daily low region for an entry point
- The Fibonacci extension/retracement analysis is being utilized to determine the profit-taking level of both breaks.
Hot Take
The cryptocurrency market continues to exhibit volatility with different support and resistance levels and fluctuating prices. Traders should be wary and conduct thorough analysis of the market trends before entering a position. In this complex environment, tools like the Fibonacci extension/retracement can be extremely beneficial to construct potential profit-taking levels, thus assisting in informed investment decisions. Nevertheless, due to the inherent unpredictability in the crypto market, it’s crucial to remain vigilant and adjust strategies according to the current market conditions.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/XAUUSD/2l36xSHP-XAUUSD/
