Trade and Invest on BtcDana - A Trusted Multi-Asset Platform

DAILY MARKET NEWSLETTER 06/12/2024

2024-12-07 14:52

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (F5)‎ Intraday: choppy.

Pivot:

69.15

Our preference:

Short positions below 69.15 with targets at 67.75 & 67.20 in extension.

Alternative scenario:

Above 69.15 look for further upside with 69.50 & 69.90 as targets.

Comment:

The RSI is mixed to bearish.

Bitcoin / Dollar intraday: the downside prevails as long as 100570 is resistance

Our pivot point is at 100570.

Our preference:

The downside prevails as long as 100570 is resistance.

Alternative scenario:

The upside breakout of 100570, would call for 102290 and 103320.

Comment:

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 101505 and 101118).

GBP/USD Intraday: the upside prevails.

Pivot:

1.2715

Our preference:

Long positions above 1.2715 with targets at 1.2780 & 1.2810 in extension.

Alternative scenario:

Below 1.2715 look for further downside with 1.2690 & 1.2660 as targets.

Comment:

The RSI calls for a new upleg.

EUR/USD Intraday: further advance.

Pivot:

1.0545

Our preference:

Long positions above 1.0545 with targets at 1.0600 & 1.0630 in extension.

Alternative scenario:

Below 1.0545 look for further downside with 1.0520 & 1.0500 as targets.

Comment:

The RSI is bullish and calls for further upside.

Nasdaq 100 (CME)‎ (Z4)‎ Intraday: turning down.

Pivot:

21560.00

Our preference:

Short positions below 21560.00 with targets at 21390.00 & 21260.00 in extension.

Alternative scenario:

Above 21560.00 look for further upside with 21640.00 & 21720.00 as targets.

Comment:

The RSI shows downside momentum.