Amana Capital Daily Market Reports
Bitcoin prices are once again trying to trade higher, and in the last few minutes the price took out this week's high of $17443. In the past, the price has continued to rally when a significant level has been breached. If the price fails to take out this week's high, the price could move back to the prior range of $15871 to $17443.
Overall, the trend is bullish, and as long as the price trades above $12709 we suspect traders will try to lift price, either via a breakout or buying a corrective pullback as seen below.
See this video for today's outlook on the EUR/USD, Crude oil, DAX 30, Gold prices, and Bitcoin. To join us live, visit the Live trading room at 9 am London time, Monday to Friday.
Main points in today's video:
The EURUSD is trading sideways between 1.1710 and 1.1815, and a break to this range is needed for a new trend to form.
Bitcoin is short-term bullish above $13855 and traders will probably wait for a correction or a break to this week's high before adding to their bullish exposure.
Crude oil is short-term bullish above $56.73.
The downward trend in gold prices will be in place as long as the price is capped at $1252.
The DAX 30 remains bullish above €12982 and could be on its way to €13408.
Watch today's video for more details.
Watch this video for our view on critical markets such as EUR/USD, Bitcoin, Crude oil, DAX-30, and Gold
EURUSD remains short-term bullish above 1.1799, but the trend is fragile, and a break to the 1.1799 low might open the door for a decline towards the November 21 low of 1.1710.
Bitcoin keeps on rising and created a new all-time high in today's session. Traders that are not long bitcoin will probably wait for a pullback in the price to obtain a better risk-reward ratio.
The bullish trend in Crude oil prices is losing momentum, but as long as the price trades above $56.71 a barrel, the bullish trend will remain intact.
Yesterday, gold prices traded below the important 1263 level and this might the end multimonth range trading in prices.
Today, the DAX 30 is under pressure but still within the 12813 - 13200 range that has dominated prices over the last few weeks.