Bitcoin markets experienced a slight drop during the week, but there is strong support around the $60,000 level. This suggests that the market may soon turn around, with a potential bounce towards $63,500 and even $67,000 in the long term. Shorting Bitcoin is not advisable at the moment, although a breakdown below $57,000 could spell trouble for Bitcoin.
The US dollar in the USD/JPY pair initially dipped but has since shown signs of life, trading above the ¥160 level. The Bank of Japan may intervene in the future, providing a buying opportunity for traders due to the interest rate differential.
WTI Crude Oil markets were slightly positive last week, with the market remaining a “buy on the dips” scenario. Demand typically increases during the summer, contributing to the market’s cyclicality. While bullish, the market may experience some noise.
The German DAX has been consolidating between the €18,000 and €18,375 levels, indicating a potential rise in the long term. Despite not being overly bullish, selling pressure seems to have eased, with a move above €18,375 likely leading to further strengthening.
The S&P 500 has been volatile, showing signs of exhaustion near the 5500 level. A pullback may present a buying opportunity, with the 5300 level acting as crucial support.
The NASDAQ 100 has been fluctuating similarly to the S&P 500, forming a significant shooting star pattern last week. Support is expected near the 19,500 level, with a break below potentially leading to a correction.
The Euro has rallied against the Japanese yen, approaching the 0.85 level. Resistance is anticipated at this level, with a break possibly targeting 0.86. Support lies at the 0.84 level.
The British pound encountered resistance at the 200-Week EMA, signaling potential exhaustion. A move towards the 1.25 level may be on the cards as the pound continues to grind lower.