Bitcoin analysis for May, 23.2019

BTC price has has been trading downside as we expected. BTC tested and rejection of the $7.417. Anyway, we still expecting more downside on the BTC.


Red horizontal line - horizontal support

Red Horizontal line 2 – horizontal support

Red rectangle – Resistance cluster

Breakout of symmetrical triangle in the background was the key for the sellers and today BTC is testing the lower diagonal of the triangle. Strong resistance is set at $7.745 and it is good place for short positions. Downward references are set at $7.417 and $7.010. Additionally, we found overbought condition on the Stochastic oscillator. Watch for selling opportunities with the first target at $7.417.

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GBP/USD analysis for May, 23.05.2019

GBP/USD price has has been trading upside as we expected. The GBP tested the level of 1.2670. We are still expecting more upside on the GBP.


Red horizontal line - horizontal resistance

White line- Bullish divergence line

The bullish divergence on the H4 time-frame did set the tone for the day. The price is now testing the medium Bollinger band at 1.2675. Our advice is to watch for potential breakout of the medium Bollinger to confirm further upward movement. Watch for potential test of 1.2743. Key support is set at the price of 1.2605.

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Bullish reversal candlestick pattern in the 4 hour chart of EURUSD

EURUSD has been trading weak all morning breaking below 1.1150 support and reaching 1.11 as expected. In previous posts continued to note that trend remains bearish as long as price is below 1.1230-1.1260 but there were significant bullish divergence signs by the RSI. EURUSD has now made a 180degree turn with a 4 hour candle looking very bullish.


Red line - important resistance trend line

Red rectangle - reversal candlestick

EURUSD has made a low at 1.1107 and closed the 4hour candlestick at 1.1182. Price remains below resistance still but traders should not ignore this long bullish reversal candle pattern. Short-term resistance is where the top of the candle is and recent highs where selling pressures started and lead to the decline to 1.11. Breaking above this level will open the way for a move towards the red resistance trend line at 1.1230. Trend will change to bullish if price breaks above 1.1230-1.1260. Until then bulls need to be cautious. Yes this is an important sign for the bullish scenario but we need to see follow through. Without any follow through this reversal pattern has no meaning.

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Analysis of Gold for May, 23.2019

Gold price has has been trading upside as we expected. The Gold tested the level of $1.287. We are still expecting more upside on the Gold.


Yellow rectangle - horizontal resistance

Orange rectangle- horizontal resistance 2

Gold has been trading upside and our first target from yesterday at $1.287 is on the test. The momentum is upside and it is very risky for selling. We expect potential test of the second resistance at $1.298. Stochastic oscillator is looking stron as well, which adds more upside potential. Watch for buying opportunities.

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Technical analysis for Gold for May 23, 2019

Gold price was breaking below important support of $1,276 and was about to test $1,266 low. Price reversed and we are now looking at another try from bulls to change the trend. Resistance is still formidable at $1,300-$1,290 area so bears are still alive.


Black line - resistance trend line

Green line - major support trend line

Blue neckline -horizontal support

Gold price although marginally broke below the green trend line support it is now well back above it challenging the black downward sloping trend line resistance. Gold price has recaptured the blue neckline and the green trend line. These are important wins for bulls but still not game over for bears. Bulls will need to break above $1,294 and of course recapture $1,300 in order to regain control of the trend and hope for a move to $1,350. As long as price remains below $1,300 bears have the upper hand.

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