Good afternoon!
Bitcoin closes the week with a strong growth, effectively forming the “Tower” candle base, which “lies” on strong support around the level of 16000. It is also worth noting that the downward weekly channel was broken earlier, to which the price returned to the area of the same support 16000. After testing the broken line, the coin “lay down” and was in a very narrow range for eight weeks, most likely accumulating strength for a future breakthrough.
It is worth noting that a confirming growth signal will be received after a confident breakout of the horizontal level of 21000. If we focus on the width of the broken channel and the depth of the fall of bitcoin, then in the long term we are expected to rise to prices in the 40000 region. Two more resistances that prices will need to overcome are – the levels of 25500 and 30000, although their penetration and pullback may form the basis for further growth:
The Eurodollar has broken through the resistance level of 1.0785 and is trying to gain a foothold above the broken line. If on Monday the price does not return under the horizontal indicated above, the scenario for the pair will be transformed into an enhanced continuation of the upward movement:
Silver is approaching the resistance level of 24.75 again, but it is still too early to talk about a clear break or rebound. It is worth looking at how the price will behave near the indicated level, where the future intentions of the metal can be indicated. Although, given the continued growth of gold, there is reason to believe that it will pull a further increase in silver:
Oleg Svirgun, analyst at the brokerage company Ticmill
01/16/2023
