one royal market analysis

Tuesday, 29 March, Market Overview

Bitcoin Monthly Overview: 

A member of the Russian Parliament mentioned that Russia could agree to payments for its natural gas in bitcoin. The news has since then boosted the crypto market. 

Market Overview

The bitcoin market is more likely to break the upside than the downside after almost three months of choppy price action. February was an inside month for bitcoin and March is a potential inside a month. Inside patterns refer to a smaller trading range in relation to previous days which show a reversal move and a bullish trend.

The past three months held support around the $33,974.914 level. Each month closed above the lower quarter of the range at $28,700. Retracement of April 2021 above 19,999 have shown a buying power which kept the price holding above $28,700. February’s high was approximately $45.860.

A daily close above February’s high will confirm a breakout, start the bullish movement, and direct the bitcoin price to $66,852.757; however, a fail to break above February’s high and a break below $42,000 a bearish movement will be started. And will direct this pair to $36,300 at first, then $32,950. 

EUR/USD Market Weekly Overview: 

In the US, all eyes will be on ADP Employment Change for the March report and Gross Domestic Product Annualized report, due Wednesday, March 31. ADP is released by Automatic Data Processing, Inc, and is a measure of the change in the number of employed people in the US, a reading above 450k has positive implications for consumer spending, stimulating economic growth; however, a reading below the estimated number is bearish for USD.

The GDP report released by the US Bureau of Economic Analysis shows the monetary value of goods and services. A reading below 7% will be as bearish for the USD; However, a reading above 7% will be as bullish for the USD. On Friday, NFP will be announced, 475k is the forecasted number a reading below this estimated number will be considered bearish for the USD; however, a reading above this number will be considered bullish for the USD. 

In The Euro-zone, all eyes will be on the Harmonized Index of Consumer Prices released on Wednesday, and on Friday HICP-X F, E, A, T report will be released. HICP is an index of consumer prices calculated and published by Destatis, Germany’s National Statistical Office, a reading below 6.7% will be considered bearish for the EUR; However, a reading above 6.7% will be considered bullish for the EUR.

The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components, a reading below 3.1% will be considered as bearish for the EUR; however, a reading above the estimated number will be considered as bullish for the EUR

Market Overview

EUR/USD struggle to surpass the 1.1040 resistance in case these pairs have succeeded to break above this level the next bullish target is seen at 1.1080. However, a break below the psychological level at 1.10 will direct the pair to 1.0960 and then 1.0940.

Peace talks between Russia and Ukraine are offering some support to the euro. But a break below 1.0900 will continue the downside risk to 1.08. 

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances or needs. 

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