Cryptocurrency & Forex Market Analysis - Jan 17th 2022
BTC/USDT
BTC bulls are struggling to push the price above $ 44,415. It also suggests that bulls are buying at the dips.
If they push the price above $ 44,415, they can target $47,987 and clear the path to 52,088.
If below $ 44,415, the sellers attempt to sink the price below the critical support at $39,600 and the pair could extend its downtrend.
As per 4 hour chart the pair is range bound between $39,600 and $45,456.
Bullish above $45,456 and bearish below $ 39,600.
MATIC
The price is on bullish trend targeting $2.95 if above $2.43.
If it breaks Fib retracement level 78.6% at $2.51 it could face challenge at $ 2.59, $ 2.71 and 127.2% Fibonacci extension level at $2.88.
Downside support at the 61.8% Fibonacci retracement level at $2.38 and $ 2.35.
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Forex & Commodities
GBP/USD
Its range bound between 1.3661 and 1.3676 so far.
The Omicron's impact on growth may ultimate prove moderate.
Brexit and Prime minister Boris Johnson political call will hamper major movement for Pound.
BOE hawkish approach could underpin the pound as covid risk is less alarming.
Nothern Ireland protocol are still set to prove challenging.
USD/INR
The bulls are aiming 74.37 and could target 74.70.
Downside 74.10 will validate if break of 74 which could target support of 73.70.
As per the chart the trend is further weak and bears have control over bull.
GOLD
After the last week fall a correction could be on the cards and could retest $ 1821.
As per 4 hour chart they could test $ 1800 and $ 1801.
A close above $ 1829 and $ 1830 will negate bearish trend.
The views and opinions expressed here are solely mine. Every investment and trading move involves risk, you should conduct your own research when making a decision. For analysis and investment contact +91-76000-48237.
