Major crypto currencies Bitcoin has fallen down by more than 30% from its all time high of $64,829 made in the month of April. Bullish sentiment is shifting down after recent announcements came from Tesla CEO for suspension of Bitcoin as a payment due to environmental concerns. Technically, it has broken down 23.6% retracement level. On the downside first support is at 38% Fib level, $41,590 followed by $40,000. Major support below $40,000 is at $36,710 which is 50% retracement from its 52 week high/low. While on the upside, a firm move above $51,000 might give some bullish momentum. Traders can trade BTC/USD with Deriv on DMT5 Financial and DMT5 Financial STP.
It is the first weekly loss for the ETH/USD since mid March-2021. Prices of ETH/USD fell by more than 25% from its recent peak of above $4,377. Major cryptocurrencies are witnessing a market wide correction. On a daily chart, first support is at $3,195, 38.2% retracement level followed by pivot support at $3,044. While on the upside, $3,718 will be key levels for any shift in the momentum. Traders can trade ETH/USD with Deriv on DMT5 Financial and DMT5 Financial STP.
Gold started the week by trading above a 3 month high. Weak US dollar and a decline in US treasury yields helped the prices of gold to move further up. It has crossed the psychological level of $1,850. On a daily chart, Gold has made the double bottom pattern near to $1,670 level and is currently moving up in an ascending channel. Above $1,858, the next resistance for the Gold is at $1,938, 78.6% retracement level while on the downside $1,793 will provide strong support.
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