Market Analysis: Gold Holds Support at $68-69k
Updated
On the daily chart (D), the price closed with a bullish candlestick and retraced to the 0.618 Fibonacci level, indicating strong support. The bullish view remains intact, with potential for further upward movement if the $68-69k support area holds.
On the hourly chart (H1), there is a reversal pattern forming, suggesting a potential uptrend. Traders may wait for the price to retrace to around 69.5k for a buying opportunity. The next resistance levels to watch are 72.7k and 73.5k.
Altcoins are showing weaker buying pressure compared to BTC due to BTC's dominance in the market. Traders may focus more on BTC trades, while considering quick scalping strategies for Altcoins.
On the hourly chart (H1), there is a reversal pattern forming, suggesting a potential uptrend. Traders may wait for the price to retrace to around 69.5k for a buying opportunity. The next resistance levels to watch are 72.7k and 73.5k.
Altcoins are showing weaker buying pressure compared to BTC due to BTC's dominance in the market. Traders may focus more on BTC trades, while considering quick scalping strategies for Altcoins.
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