DAILY UPDATE FOR 03/11
BTC CLOSES THE DAY IN THE 76K ZONE
BTC:
+ Daily timeframe: Yesterday, 03/10, after the U.S. October ISM Manufacturing PMI came in at 55.5, above the forecast of 54.5, indicating continued expansion in manufacturing, BTC was pushed down to the 76.668k zone. BTC closed the day at 76.791k, recording a daily decline of -1.94%, equivalent to a drop of -1522k in price, with selling volume below the average of the previous 20 sessions. BTC may fall further to the 74-75k zone before recovering.
- RSI: Still moving closer to oversold territory, currently at 37.
- MACD: Both the indicator and Histogram are moving negatively.
• Yesterday, this index continued to show money flowing out of altcoins, with a sharp overall daily decline of -1.55%.
BTC TRADING SCENARIOS FOR 03/11
- Scenario 1: Consider LONG in the 76.600k - 76.750k zone; expected TP: 77.600k - 77.800k
- Scenario 2 (primary): Consider SHORT in the 77.800k - 78.000k price zone; expected TP: 75.000k - 75.500k * Gold (XAU): Gold recovered to the 3970 zone yesterday and closed the day around 3946, recording an overall daily gain of +1.83%.
* Oil: Oil fell to the 94.247U zone amid reports that the IRAN government was negotiating peacefully with the U.S. It closed at 95.307U, recording a sharp decline of -6.54%. Oil may make a slight recovery to the 98-99U zone before falling further to 89-90U and forming a new trend.
GOLD TRADING SCENARIOS FOR 03/11
• Consider SHORTing gold if it rises to the 3977-3990 zone, targeting 3880-3840; conversely, consider LONGing gold in the 3940-3960 zone, with an expected TP of 3990-4000 >> BTC scenarios SL: 500-700 points from Entry (depending on position and leverage)
BTC CLOSES THE DAY IN THE 76K ZONE
BTC:
+ Daily timeframe: Yesterday, 03/10, after the U.S. October ISM Manufacturing PMI came in at 55.5, above the forecast of 54.5, indicating continued expansion in manufacturing, BTC was pushed down to the 76.668k zone. BTC closed the day at 76.791k, recording a daily decline of -1.94%, equivalent to a drop of -1522k in price, with selling volume below the average of the previous 20 sessions. BTC may fall further to the 74-75k zone before recovering.
- RSI: Still moving closer to oversold territory, currently at 37.
- MACD: Both the indicator and Histogram are moving negatively.
• Yesterday, this index continued to show money flowing out of altcoins, with a sharp overall daily decline of -1.55%.
BTC TRADING SCENARIOS FOR 03/11
- Scenario 1: Consider LONG in the 76.600k - 76.750k zone; expected TP: 77.600k - 77.800k
- Scenario 2 (primary): Consider SHORT in the 77.800k - 78.000k price zone; expected TP: 75.000k - 75.500k * Gold (XAU): Gold recovered to the 3970 zone yesterday and closed the day around 3946, recording an overall daily gain of +1.83%.
* Oil: Oil fell to the 94.247U zone amid reports that the IRAN government was negotiating peacefully with the U.S. It closed at 95.307U, recording a sharp decline of -6.54%. Oil may make a slight recovery to the 98-99U zone before falling further to 89-90U and forming a new trend.
GOLD TRADING SCENARIOS FOR 03/11
• Consider SHORTing gold if it rises to the 3977-3990 zone, targeting 3880-3840; conversely, consider LONGing gold in the 3940-3960 zone, with an expected TP of 3990-4000 >> BTC scenarios SL: 500-700 points from Entry (depending on position and leverage)
