It's all or nothing! - Bitcoin & Gold Update 😤

Morning team. Hope you all had a nice weekend!

Brief market update before we kickoff another week of trading.

In today’s post we’ll be breaking down Gold & Bitcoin.

Let’s dive right in…

Taking a look at the Gold 4H chart.

There are a few things to note that give us an inkling idea that it may start to turn bullish.

First, we see another test of the top trend line zone, and typically we see on the 3rd test of any trend lines there's a break.

IF this zone gets broken to the upside, we will wait for it to retest, and it should start another bull run.

This is where we'll jump on board.

Also, the AlgoBuddy momentum indicator is getting red hot, meaning we are a bit oversold.

We will look for price divergence alerts here.

In addition to this, looking at the daily chart we see some interesting price action.

A massive bullish doji candle with a break, and peak below the previous bar low, and price comes back above… this is bullish price action.

As always, we're going to wait to see some more price action on the shorter time frame charts, but we can start to size into this long trade.

Not advice, please trade at your own risk.

Switching gears to Bitcoin. Let’s take a look at the 1W chart.

Once again, we point out the “Death Cross” taking shape. Like we said in our previous post, if price can hold above $25K then the march to $30K looks promising.

However, if Bitcoin can’t hold above $25K level, then the drop might be ugly.

Here’s the 4H chart where we’ve mapped this out.

You can see we’re ranging in that ascending trend line. Hold above the yellow $25K level and the bulls will have their fun.

Fall below that trend line in the coming weeks, and our only support levels are at $21K and $17-19K.

We’ll be watching Bitcoin very closely to see if this recent rally is real or just fools gold.

Eyes peeled out there team.

P.S. — we’ve had quite a bit of our Discord community ask which crypto exchanges we recommend.

We’ve been using BitGet for quite some time now and have really enjoyed their platform.

The team ended up giving us a referral link for our members.

You can try them out here 👉 BitGet Sign Up

No worries at all if you don’t.

Some other exchanges we've enjoyed using include: KuCoin, ByBit, Binance, and Coinbase Pro.

All are solid options.

We’ll see you in the next one.

Cheers!

-The AlgoBuddy Team