Chart the Market (01/08/2025)

BTC, H4: 

Bitcoin has traded sideways in recent weeks, consolidating within a narrow range between $115,000 and $120,000. The world’s largest cryptocurrency had previously maintained a firm long-term uptrend, supported by a rising trendline that has now been decisively breached.

The latest technical development shows BTC breaking below its multi-week uptrend support near the $117,650 mark, raising the prospect of a bearish trend reversal. Momentum indicators offer little optimism— the Relative Strength Index (RSI) continues to hover below the neutral 50 level, while the MACD remains flat along the zero line. Together, these suggest a lack of directional conviction and limited upside momentum in the near term.

Resistance Levels:121,550.00, 125,700.00

Support Levels: 111,700.00, 106,885.00

XAUUSD,  H4

Gold attempted a technical rebound from recent lows but faced rejection at the immediate resistance level of $3,305, reinforcing a short-term bearish bias. The precious metal is now gradually forming a falling wedge pattern—often seen as a potential signal for a bullish reversal if confirmed by a breakout.

A decisive move above the $3,305 resistance level would be viewed as a key technical trigger, potentially marking the end of the current downtrend. However, for now, momentum remains subdued. The Relative Strength Index (RSI) continues to hover near oversold territory, reflecting sustained selling pressure. Meanwhile, the MACD has extended its decline further below the zero line, reinforcing the bearish tone in the near term.

Resistance Levels: 3305.00, 3345.00

Support Levels: 3256.00, 3205.00