Daily Trading Signal

    * Bitcoin's price declines below $29,000, potentially dropping below $28,000.

    * Short-term bearish phase was initiated after slipping below $30,000 and $29,500.

    * Bears push price towards $28,000 support, with Bitcoin consolidating losses.

Bitcoin's price is declining below $29,000, with potential to drop further below $28,000 and approach the $27,200 support in the near term. Starting a new decline from the $30,500 resistance, BTC slipped below $30,000 and $29,500, entering a short-term bearish phase.

As the price dipped below $29,000, bears pushed it towards the $28,000 support. Currently consolidating losses, Bitcoin is trading well below $29,000 and the 100-hourly Simple Moving Average. Immediate resistance lies at $28,500, with a key bearish trend line on the BTC/USD hourly chart.

Major resistances are at $28,800 and $29,250, the latter near the 50% Fib retracement level of the drop from $30,461 to $28,009. Breaking above $29,250 could trigger a notable increase, potentially revisiting $30,000 or even $30,500.

If Bitcoin fails to surpass $28,500, it may keep declining. Immediate downside support is at $28,100, followed by $28,000. Breaking below $28,000 could lead to $27,400 or $27,200 support levels.

BTC/USD Trade Ideas

Entry Price – Buy Above $27,786

Stop Loss – $26,887

Take Profit – $28,685

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$890/ -$890

Profit & Loss Per Micro Lot = +$89/ -$89

Daily Trading Signal

    * GBPUSD pair attempts to breach 1.1940 resistance, maintaining stability below it.

    * EMA50 strengthens 1.1940 resistance level, anticipating corrective bearish wave.

    * Today's expected trading range: 1.1820 support to 1.1990 resistance.

The GBP/USD pair continues its upward momentum, attempting to breach the 1.1940 resistance level while maintaining stability below it. The EMA50 converges with this level, reinforcing its strength and anticipating the resumption of the corrective bearish wave, with the next primary target at 1.1625.

The Stochastic indicator currently displays prominent negative signals, suggesting that the price may drop in the coming sessions, confined within the bearish channel visible on the chart.

As a result, our bearish outlook remains valid and in effect. It's important to note that surpassing the 1.1940 and 1.2020 levels would halt the projected decline and lead to a price recovery.

For today, the anticipated trading range is between 1.1820 support and 1.1990 resistance.

GBP/USD Trade Idea

Entry Price – Sell 1.24051

Stop Loss – 1.24308

Take Profit – 1.23693

Risk to Reward – 1 : 13

Profit & Loss Per Standard Lot = +$350/ -$250

Profit & Loss Per Micro Lot = +$35/ -$35

Daily Trading Signal

    * USD/CHF oscillates around EMA50, maintaining a bearish trend.

    * Staying below 0.9030 is crucial for the anticipated decline.

    * Today's trading range: 0.8880 support, 0.9050 resistance.

The USD/CHF pair continues to bounce around the 50-day exponential moving average (EMA50), staying below it and within the chart's negative channel. This keeps the bearish trend scenario legitimate and active for the foreseeable future, with the 0.8865 level as the primary objective.

Staying below 0.9030 is critical for the expected slide to continue, as a break of this level would trigger a corrective bullish wave with initial targets around 0.9180. The projected trading range for today is 0.8880 support to 0.9050 resistance.

USD/CHF Trade Idea

Entry Price – Sell 0.89566

Stop Loss – 0.89916

Take Profit – 0.89216

Risk to Reward – 1 : 1

Profit & Loss Per Standard Lot = +$390/ -$390

Profit & Loss Per Micro Lot = +$39/ -$39

Daily Trading Signal

    * Gold rebounds after hitting $1,970, now above $1,992.20.

    * Bearish scenario supported by 50-day EMA pressure.

    * Today's trading range: $1,970 support, $2,006 resistance.

After hitting the $1,970 barrier yesterday, gold prices saw a strong bounce and have since settled above the $1,992.20 mark. The market is now looking for a new negative catalyst to drive the price past the indicated level and resume the corrective bearish wave, with the following key objective at $1,957.30.

As a result, the bearish trend scenario for the future period remains true, supported by the negative pressure produced by the 50-day exponential moving average (EMA50). It is worth noting that a break of the $2,006 level would halt the expected slide, causing the price to form a bullish wave and seek to re-establish the core bullish trend.

Today's trading range is predicted to be between $1,970 support and $2,006 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $2000

Stop Loss – $1987

Take Profit – $2015

Risk to Reward – 1 : 15

Profit & Loss Per Standard Lot = +$1500/ -$1300

Profit & Loss Per Micro Lot = +$150/ -$130

Daily Trading Signal

    * Bitcoin fails to maintain bullish momentum, dropping below $29,500 and pulling Ethereum under $2,000

    * BTC price consolidates around $28,577, facing immediate resistance at $29,050 and major resistance at $29,500

    * A failure to clear $29,500 resistance could lead to further decline, potentially testing $28,000 support or lower.

Bitcoin's price faced difficulty maintaining momentum above $30,250, leading to a decline below $30,000 and $29,500, impacting Ethereum as well. The price dropped past the $29,000 support, reaching $28,500, and is now consolidating around $28,577.

Currently, Bitcoin trades below $29,200 with immediate resistance at $29,050. Major resistances are set at $29,250 and $29,500. Breaking past $29,500 may lead to a potential increase towards $30,000 or $30,500.

However, Bitcoin's price could decline further if the $29,500 resistance isn't surpassed. Immediate downside support is $28,700, with the next major support at $28,500. Falling below $28,500 might result in a decline toward $28,000 or even $27,400.

BTC/USD Trade Ideas

Entry Price – Buy Above $28,550

Stop Loss – $27,250

Take Profit – $30,400

Risk to Reward – 1 : 1.4

Profit & Loss Per Standard Lot = +$1,850/ -$1,300

Profit & Loss Per Micro Lot = +$185/ -$130

The EUR/JPY pair seems poised to continue its bullish assault, as it consistently consolidates above the supplementary support at 145.65, leading to the formation of new positive waves and reaching the 147.45 level.

Furthermore, the ongoing oscillation of the stochastic indicator within the overbought territory enhances the bullish trajectory, keeping us on the lookout for new targets upon surpassing the 147.70 level. The subsequent primary target for bullish trades will be at 148.40.

The anticipated trading range for today is between 146.65 and 147.70.

EUR/JPY  Trade Idea

Entry Price – Buy Above 147.30

Stop Loss – 146.87

Take Profit – 148.20

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$667/ -$311

Profit & Loss Per Micro Lot = +$66/ -$31

Gold price powerfully broke the $1,992.20 level and closed the recent four-hour candlestick below it, reinforcing the ongoing bearish trend's efficiency for the upcoming period, paving the way toward our next target at $1,957.30.

Consequently, we await further decline on an intraday basis, backed by the negative pressure created by the EMA50. It's important to note that staying below $1,992.20 is the primary condition for the continuation of the proposed bearish wave.

The projected trading range for today lies between $1,960.00 support and $1,990.00 resistance.

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below $1980

Stop Loss – $1990

Take Profit – $1960

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100

The EUR/USD currency pair currently exhibits a selling stance after encountering significant resistance near the 1.098 mark. This resistance level, reinforced by a double-top formation, poses a considerable barrier for the euro today.

On the downside, immediate support for the EUR/USD pair lies around the 1.0930 mark, with a significant decline potentially driving the pair further down to 1.0910 or 1.0880 levels. However, if the EUR/USD surpasses 1.0950, it may aim for resistance levels at 1.0980 or 1.1000.

EUR/USD Trade Idea

Entry Price – Sell Below 1.0952

Stop Loss – 1.09830

Take Profit – 1.08831 

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$689/ -$310

Profit & Loss Per Micro Lot = +$68/ -$31

Lately, the GBP/USD pair has shown a negative trend, aiming for the 1.2370 level while trying to surpass it, which indicates a possible progression towards more bearish correctional goals. If a confirmed breakthrough occurs, the price is expected to reach 1.2262 as the following downward target.

Consequently, a bearish perspective is proposed for today, reinforced by the descending pressure applied by the 50-day EMA. Nevertheless, if the required breakthrough does not materialize and the 1.2430 level is surpassed, the predicted decline will be stopped, prompting the price to revert to the main bullish trend.

The anticipated trading range for today is between the 1.2350 support and the 1.2550 resistance levels.

(GBP/USD) Trade Idea

Entry Price – Buy Above 1.2425

Stop Loss – 1.23512

Take Profit – 1.25475

Risk to Reward – 1 : 1.6

Profit & Loss Per Standard Lot = +$1,220/ -$730

Profit & Loss Per Micro Lot = +$122/ -$73

On Tuesday, the precious metal gold oscillated around the $1,992 level, attempting to break through it. This suggests a bearish trend for the upcoming period, with the next correctional target set at $1,957.

The exponential moving average (EMA50) exerts negative pressure on the price, supporting the continuation of the corrective bearish scenario.

However, it is essential to note that breaching the $2,010 level would halt the anticipated decline and lead the price to regain its primary bullish trend.

The expected trading range for today lies between the $1,975 support level and the $2,010 resistance level.

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2000

Stop Loss – $1992

Take Profit – $2015

Risk to Reward – 1 : 1.88

Profit & Loss Per Standard Lot = +$1,500/ -$800

Profit & Loss Per Micro Lot = +$150/ -$80