Dow Jones forming a major top
Dow Jones is currently testing important support around 24,185, where a close below will be followed by a test of the possible neckline at 23,900 and last line of support around 23,240. A close below the latter leads to a drop of min. 7-10%. The outlook is negative, why I continue to stick to my general warning against US stocks from late 2017.
EURUSD: No clear intraday direction
Continues to move sideways without showing any clear short-term direction. The overall trend is down, where a break of 1.1320 will lead to next support at 1.1265-70 and 1.1215. Above 1.1365 will be followed by a test of resistance around 1.1400 and probably also 1.1440.
Bitcoin: Whats Next !
The break below 5,500 lead to the expected drop to next support around 3,250. The sell-off was massive and fast, which is confirmed by a historically oversold RSI. The speed of the drop reflects a market which basically lost its faith in Bitcoin. Did we see the bottom yet?. Probably not, though with a historically oversold condition, it's not the right time to establish new short positions. Sit on your hands and wait for a correction, preferably to the 4,400 area, before establishing new short positions. Even though an upward correction is possible from current levels, I would not buy. Never g...
EUR/USD: Expecting a test of important support near 1,11
Is short-term trapped in a narrow range between 1,1306 and 1,1342, where a break below will lead to support at 1,1225, while a break above will be followed by a rise to 1.1370 and 1.14. The overall trend is down, why I favour a test of important support around 1,11. Only a London Close above 1,16, will reverse the trend from down to up.
Bitcoin - Long-term down-trend still intact - Short-term Momentum is flat
Bitcoin is trapped in a wide range between 5,500 and 10,000. The short-term trend is flat, without any clear direction. Long-term trend is down, pointing towards a test of major support around 5,500. Break of 5,500 will lead to further drop towards 3,250 area. Upward potential is limited.