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Bitcoin: Weekly Forecast 20210711Bitcoin continued to consolidate further and the lower portion of the entire range. Since the most recent rebound from the 30000 low, the price has been creating higher lows while it also finds resistance constantly at the current equilibrium level of 36000. As of current, the price could very well be supported at the bottom of a rising channel and we might expect a stronger buying for the week. This week, we will look for buying opportunities at the beginning if the price pulls back to 33300.
BITSTAMP:BTCUSDLong
by AlgoVenture
2
WTI: Weekly Forecast 20210711The oil prices faced a strong resistance near the equilibrium level 77, causing a sudden selloff but was able to find support and has rebounded off. The demand for oil will continue to increase or at least maintain a high capacity as the global economy recovers from the pandemic. The rising channel has been readjusted and the price is currently right in the middle of the channel. This week, we will look for buying opportunities as the rebound was strong and the recent selloff could be over. We will wait for a pullback towards 72.8 before looking to buy again.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210711Nasdaq was faced with a selloff but managed to recover quickly on the last trading day. Essentially, the market is trading within a rising channel and it is very well supported by moving averages, showing nothing but bullish. We continue to expect Nasdaq to climb further but will constantly face resistance over the course. This week, if the price come down at the beginning, we will wait for a pullback towards 14730 to buy. If the price trends higher, we will simply reassess another pullback level to buy again.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210711Gold has climbed for the 3rd consecutive week since it rebounded off from the neckline of a previous double bottom. Resistance is currently seen at 1815 as gold kept getting rejected multiple times and ranged for 4 days already. This could very well bring about another pullback based on the volume and the duration of the current bullish wave. However, given the fact that it was able to close and stay supported at the resistance turned support level 1795, we shall adopt a more bullish view and look for buying opportunities. We are expecting pullbacks at the beginning and will be looking to buy from 1803. And if the gold is able to trend and break 1820, we see a potential of reaching 1860 as there won't be much resistance in between.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210711EURUSD dipped lower and found stronger support at the bottom of the symmetrical triangle and finally the completion of a bearish Elliot wave. The price rebounded pretty well for the last 2 trading days with a bit of resistance but the buying wasn't really strong. It is also about to reach the top of the falling channel and may start to consolidate again without a stronger rebound. Nevertheless, our main direction will be bullish and we will be waiting to buy the pullback but may also attempt selling until a breakout of the falling channel and 1.1900. In short, it's just a very straightforward strategy to buy the rebound from the bottom of a ranging market.
Long
by AlgoVenture
Bitcoin: Weekly Forecast 20210704Bitcoin continued through the consolidation and was able to find support from the bottom around 30000. The price is currently attempting to break a minor falling trendline and could potentially climb further towards the top of the range. However, we also expect strong resistance at the supply zone around 39000 where multiple moving averages find confluences. This week, we will look for buying opportunities before it reaches 38000, and we aim to attempt buying at 35000 for now.
BITSTAMP:BTCUSDLong
by AlgoVenture
WTI: Weekly Forecast 20210704Oil prices trended again and broke yet another new high for the 5th consecutive week. The price has been climbing within a rising channel for more than 2 months, initially trading above the middle of the channel and now below the middle. Nevertheless, we continued to see a resurgence of buyers after every pullback and we shall maintain our bullish view for now. This week, we hope to see a pullback towards 74.3, retest the bottom of the rising channel for another buying opportunity. We should also be able to see oil prices reaching the equilibrium level of 77 where strong resistance is expected.
TVC:USOILLong
by AlgoVenture
2
Nasdaq: Weekly Forecast 20210704Nasdaq broke 3 new consecutive historical highs in a week, rising through the week along with DJI and SPX. There is no sign of selloff and the market just kept buying the dips which will probably last through a couple more months. Nasdaq has been climbing strongly within a rising channel and the recent rebounds came right at the middle of the channel. If we were to follow this characteristic, we can simply wait for a pullback towards 14570 to go long again, aiming for the top of the channel and eventually reaching 15000.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210704Gold continued with its current consolidation but shown promising rebound right at the neckline of a previous double bottom. An inside bar was also formed as it reached the week low and it followed through with a break-above, showing a stronger conviction for the bulls. Therefore, we expect the gold to follow through with its rebound and potentially reach 1820 before facing resistance again. Should the price failed to climb at the beginning and hovers around the current range top at 1795, we can expect a pullback towards 1765 where an inverse head and shoulder could potentially form.
FX_IDC:XAUUSDLong
by AlgoVenture
EURUSD: Weekly Forecast 20210704EURUSD fell through the week but rebounded off from the key demand zone at 1.18 after and despite a highly positive NFP. That goes to show that the market has bought the news and is selling the facts where we can now expect more bullish momentum. While the price failed to break above the previous day high, it did break above a falling trendline in the H1 chart. Additional, this could very well be the final wave of a bearish elliot wave. This week, we expect EURUSD to follow through with its rebound and will be waiting for a pullback towards 1.1850 to look for a buying opportunity. Should the price failed to garner enough interest to buy, we will aim to buy deep into the demand zone at 1.1760, right at the bottom of a 8-month symmetrical triangle.
Long
by AlgoVenture
1
Bitcoin: Weekly Forecast 20210627Bitcoin was fell back into the demand zone below the 50% pullback level and was able to rebound off again. However, the buying stopped despite a breakout of a falling trendline and it fell back into the same demand zone over the weekend. As of current, we are still seeing persistent support and a rebound from the same trendline that was broken last week. We could expect Bitcoin to recover towards 35000, subsequently, the supply zone sitting above 37000. Should the bull give way, the next key support is seen at 23000.
BITSTAMP:BTCUSDLong
by AlgoVenture
2
WTI: Weekly Forecast 20210627Oil prices continued to climb last week and managed to close near the high despite a consolidation which did cause a breakout of a rising structure. It was climbing within a rising channel but was broken eventually after facing multiple rejections at 74. However, a bearish trend was not even able to form and the price quickly rebounded off from the bottom of the consolidation and continued with forming higher lows. This week, we will wait for a pullback towards 73.5 to go long again but keeping in mind that the upside could be limited as it's about to reach the equilibrium level at 76.6.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210627Nasdaq, along with other US indices, made a strong bullish run and broke a new high again. It was trading near the top of a 3-month rising wedge and it did get rejected at first but quickly regained losses and continued to climb higher and even breaking out of the rising wedge. As such, we can continue to eye for more upside towards the top of a potential rising channel. At current, the price is already about to test a demand zone at 14320, supported by a rising trendline as well. If the price rebounds successfully, it will likely reach as high as 14700. Should the price failed to rebound earlier, it may pull back towards 14100 to retest the previous high.
ULong
by AlgoVenture
Gold: Weekly Forecast 20210627Gold ranged throughout the week with every attempt to rebound getting wiped out over and over. However, gold was able to stay supported and garner some bulls before the market close for the week. We could expect the bulls to fight back again this week since the gold was able to survive multiple rejections after an extremely bearish week, and not forgetting it is still technically oversold. So this week, we want to continue to look for buying opportunities and we probably will get one at the beginning of the market. If the bull is able to take over the current range top at 1795, it should reach 1820 before facing another resistance. And if the bull starts to trend, we might get a V-shaped recovery and it will quickly reach the equilibrium level at 1858. Should the rebound this time fails and support gets broken, we might get a stronger demand at the neckline level of the previous double bottom at 1747.
FX_IDC:XAUUSDLong
by AlgoVenture
6
EURUSD: Weekly Forecast 20210627EURUSD made a decent rebound at the beginning of the week but lost momentum throughout the week. It is notable that every attempt to climb higher was rejected but at the same time, the bears were not strong enough. In fact, both the highs and lows are getting higher day by day, and every daily candle closed with a bullish body. Therefore, we shall stick to our initial forecast that EURUSD will continue to pull back towards the equilibrium level at the psychological level of 1.20 before any notable selling can happen. And should the price breaks and closes above 1.20, it should be able to reach 1.21 effortlessly, and this is what we will be focusing on this week. However, if the bull loses its handle, the next important level will be 1.18, right at the bottom of the symmetrical triangle
Long
by AlgoVenture
Bitcoin: Weekly Forecast 20210620Bitcoin continued to range for one full month since it tumbled to a 50% loss. Last week, Bitcoin lost steam quickly after it faced resistance at 41500 and the selling continued through the weekend. As the FOMC is just over and signals for tightening, Bitcoin may continue to lose its ground, ending the current consolidation and head for an even bigger pullback in search of stronger demand. This week, we will look to sell Bitcoin if it pulls back to 35200, and aim to take profit as it reaches the 60% pullback mark at 26000.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 20210621WTI continued to stay bullish as demand for oil continues to get stronger amid the reopening of major economies. However, it is noted that the price will face strong resistance as it's about to reach a 6-year high and the major equilibrium at 76. This week, we will still look for buying opportunities as the market pulls back at least back to 71, and if the pulls back deepen, it will most likely test the demand zone around 69. We will stick to our plan and aim to take profit around 75 just before it reaches the equilibrium level.
TVC:USOILLong
by AlgoVenture
Nasdaq: Weekly Forecast 20210620Nasdaq managed to break a new high last week as it reached the top of a rising wedge. While Nasdaq was able to remain somewhat bullish, both Dowjones and S&P500 ended the week in a loss, especially the Dowjones which shed off 3.7%, the biggest weekly loss in 8 months. It is fundamentally reasonable for the stock market to come off the top as the Fed signals for earlier tightening of monetary policy which ultimately means a reduction for "hot money". As such, we expect Nasdaq to follow suit and therefore we will be looking for selling opportunities this week at the top of the rising wedge, targeting at 13800 and 13500.
UShort
by AlgoVenture
Gold: Weekly Forecast 20210620Gold fell through multiple support last week and marked the biggest weekly loss in 15 months. Almost every forms of support, from a 3-month rising channel to the equilibrium level at 1860 to all the moving averages, have been broken. As of writing, the gold seems to have found a bit of support as it's ultimately way oversold in the short-term, and thus an opportunity to possible buy into a potential pullback. The bigger picture, however, remains the same as inflation risk looms but the short-term sentiment is pointing towards a strong recovery in the dollar and thus demand fell for gold. This week, we will look for signs of rebound to buy into the pullback and target 1813, where we will then look for an opportunity to sell, aiming for the neckline level at 1750.
FX_IDC:XAUUSDShort
by AlgoVenture
EURUSD: Weekly Forecast 20210620The dollar climbed the most in 15 months and the EURUSD tumbled amid a hawkish Fed that signals to tighten monetary policy. EURUSD fell from a range top and has broken the bottom of a 3-month rising channel together with the 262 ma. The short-term sentiment for EURUSD has turned bearish but is also extremely oversold and a strong pullback is inevitable. This week, we expect EURUSD to quickly find support and pull back towards the equilibrium level near 1.20. We will only look to sell after the pullback and mainly target the bottom of the current range around 1.80 with strong demand. If the price continues to go lower, we expect it to reach 1.1650, completing an ABC corrective wave.
Short
by AlgoVenture
Bitcoin: Weekly Forecast 20210613Bitcoin continues to find buyers whenever it retests the 50% pullback low. With every rebound, the price, however, created yet another lower high, forming a downward pressure within the consolidation. The crypto market has been extremely vulnerable to any news from major governments to tweets from Elon Musk. We continue to see Bitcoin under negative pressure and will continue to look for selling opportunities, awaiting pullback towards 36650 and targeting 31000.
BITSTAMP:BTCUSDShort
by AlgoVenture
1
Nasdaq: Weekly Forecast 20210613Nasdaq is potentially going to break a new high this week! Currently, we are seeing a clear bullish wave forming and continuing towards the top of a rising wedge. In my instances, the price is able to break out of the pattern and peak higher before ending the trend and into another pullback. This week, we will buy the pullback, if any, at the beginning of the week and hold it till it at least reaches the top of the rising wedge around 14200. Should the price breaks out of the pattern, we expect it to reach 14500 before making a turn.
ULong
by AlgoVenture
1