On the weekly chart, Bitcoin is looking fragile and can collapse deeper towards current support at $28,500. A break below this level could see a rapid acceleration downward where the next key support is not visable before $24,000. The optimal buy entry range: $29,500 – $29,650. Take profit: $26,000. Stop loss: $30,100.
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Author: Welcome Khoza
Welcome Khoza graduated from the University of Venda for Science and Technology majoring in Psychology and Finance. For five years, Mr. Khoza was an FX and commodity analyst for a major international brokerage. Welcome is primarily a technical analyst and his 'Chart of the Day' is one of the most viewed features of The Forex Library for traders looking to optimize their trade entry and exit points.
Recent posts by Welcome Khoza
London Market Open – May 25th, 2022
Heading into Wednesday’s trading, all eyes were on the Federal Reserve Bank in the United States and their meeting minutes release at 14:00 EST. This will give a strong indication of their plans regarding upcoming interest rate hikes. Expect significant market reaction. Until then, the Euro remains poised in a tight range between 1.0670 […]
Chart of the Day – 24/05/2022
On the 4 hour chart, GBP/USD is forming near term support at 1.2450 which is an excellent long entry opportunity for new entrants. Optimal buy range. 1.2450 – 1.2460. Take profit: 1.2590. Stop loss: 1.2410.
London Market Open – May 24th, 2022
Heading into Tuesday’s London session, equity markets were encouraged by the DOW’s previous closing up +618 points. This comes ahead of a big Federal Reserve Bank meeting on Wednesday that is highly anticipated. While the ‘R’ word – recession – has been tossed about a little more freely of late, keen observers of stock markets […]
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