Trade and Invest on BtcDana - A Trusted Multi-Asset Platform

DAILY MARKET NEWSLETTER 17/05/2024

2024-05-20 18:11

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (M4)‎ Intraday: intraday support around 78.75.

Pivot:

78.75

Our preference:

Long positions above 78.75 with targets at 79.95 & 80.40 in extension.

Alternative scenario:

Below 78.75 look for further downside with 78.30 & 77.80 as targets.

Comment:

The next resistances are at 79.95 and then at 80.40.

Bitcoin / Dollar intraday: the downside prevails as long as 66640 is resistance

Our pivot point stands at 66640.

Our preference:

The downside prevails as long as 66640 is resistance.

Alternative scenario:

Above 66640, look for 68050 and 68890.

Comment:

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 65705 and 65915).

GBP/USD Intraday: consolidation.

Pivot:

1.2685

Our preference:

Short positions below 1.2685 with targets at 1.2655 & 1.2640 in extension.

Alternative scenario:

Above 1.2685 look for further upside with 1.2700 & 1.2720 as targets.

Comment:

As long as 1.2685 is resistance, look for choppy price action with a bearish bias.

EUR/USD Intraday: key resistance at 1.0880.

Pivot:

1.0880

Our preference:

Short positions below 1.0880 with targets at 1.0850 & 1.0835 in extension.

Alternative scenario:

Above 1.0880 look for further upside with 1.0895 & 1.0910 as targets.

Comment:

The RSI is mixed with a bearish bias.

Nasdaq 100 (CME)‎ (M4)‎ Intraday: the downside prevails.

Pivot:

18750.00

Our preference:

Short positions below 18750.00 with targets at 18590.00 & 18470.00 in extension.

Alternative scenario:

Above 18750.00 look for further upside with 18800.00 & 18900.00 as targets.

Comment:

The RSI is below its neutrality area at 50%

Ether / Dollar intraday: the downside prevails as long as 3010 is resistance

3010 is our pivot point.

Our preference:

The downside prevails as long as 3010 is resistance.

Alternative scenario:

The upside breakout of 3010, would call for 3081 and 3124.

Comment:

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2967 and 2996).