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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Weekly Recap Technical Analysis: Bitcoin Breaks Above $97,000 on Weaker Dollar

Bitcoin Breaks Above $97,000 on Weaker Dollar

Gold prices showed weakness after the precious metal reached an all-time high last week. This weeks movement showed fluctuations with more bearish bias. On the daily chart, the candlesticks broke below the short term moving averages MA(5) and MA(10).

Currently, gold is facing the mid-term moving average MA(30) which will present some support as seen from previous encounters.

The RSI cooled down and is moving now near the 50 level, which indicates easing in the uptrend. Failure to close below the dynamic support of MA(30) will likely lead to rise in gold prices from $3,200 levels to $3,300 levels.

A close below the $3,200 support line on the daily chart is likely to lead to more declines towards $3,175 levels.

Gold (XAUUSD) Daily Chart

A close below the $3,200 support line on the daily chart is likely to lead to more declines towards $3,175 levels.
Resistance$3,353$3,387$3,461
Support$3,203$3,124$3,022

GBPUSD Daily Chart

The British Pound declined against the US dollar this week after reaching major resistance level on the daily chart at 1.3444. Short term moving averages MA(5) and MA(10) showed bearish cross over, which indicates further declines in the pair. Closure below the moving averages in the daily chart may indicate more selling pressure pushing the price to the moving average MA(30).

The next major dynamic support level is the uptrend near the 1.3100 psychological level.

The next major dynamic support level is the uptrend near the 1.3100 psychological level.
Resistance1.33781.34491.3564
Support1.32351.32041.3066

Bitcoin (BTCUSD) Daily Chart

As the US dollar weakened, Bitcoin continued to rise in the month of April. The cryptocurrency broke above $97,000 on Friday, nearing the crucial level of $100,000. Confluence of short term moving averages MA(5) and MA(10) with the uptrend on the daily chart may provide support for cryptocurrency at the $96,000 level.

Closing above the $95,932 level on the daily chart is indicative of more increases towards the next resistance levels. The overall buas on bitcoin is still bullish as long as daily candles are closing above the uptrend.

Closing above the $95,932 level on the daily chart is indicative of more increases towards the next resistance levels.
Resistance$99,554$100,420$102,664
Support$93,006$91,614$89,440

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Daily Technical Analysis : British Pound breaks above 1.3400 against the USD

Weekly Technical Analysis Forecast – April 28, 2025

Weekly Technical Analysis Forecast – April 21, 2025

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