Forex analysis review

Forex analysis review

Netflix stock price trades above key long-term support

Posted: 12 Jun 2021 07:13 AM PDT

As we mentioned in previous posts Netflix was trading in a long-term sideways trading range between $465 and $575. Price is now trading very close to the lower boundary of this trading range and breaking below it will give us an important bearish signal.

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Red rectangle -support

Green rectangle -resistance

Netflix initially bounced the last time price reached the support but the bounce was short lived and price is now turning back lower. The RSI is far from oversold levels. Technically short-term trend remains bearish as price is making lower lows and lower highs. Using the Ichimoku cloud indicator on a weekly basis we find some warning signals for bulls.

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On a weekly basis the candlestick pattern has entered the Kumo (cloud). This has turned weekly trend from bullish to neutral. Price is trading below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). As long as this is the case (price below tenkan-sen and kijun-sen), price will be vulnerable to pushing lower towards the lower cloud boundary at $435. This at the same time will mean the exit of the long-term trading range we are in. Resistance is found in the upper cloud boundary at $505-$510. Bulls need to recapture this level in order to challenge the next resistance level of $520-35. The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin analysis and expectations

Posted: 12 Jun 2021 07:00 AM PDT

Bitcoin this past week was rejected for the third time once it reached the important resistance trend line near $38,000-$39,000. This rejection confirms the importance of the trend line resistance and also confirms that bulls are still not strong enough. This could lead to a decline to new lows towards $25,000 if support fails to hold.

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Red line - resistance

Red rectangles - rejections

Bitcoin is making lower highs. Price has resistance at $37,500-$38,000 and as long as price is below this level, we expect another sell off to push price lower towards $25,000-$15,000. Price has been mostly moving sideways for the last month and the lower highs is a sign of weakness as bulls are getting weaker and weaker. Support is found at $34,000-$33,000 and breaking below this level will confirm that the next sell off is coming. If this consolidation breaks to the downside, Bitcoin should fall between $25,000 and $15,000. If bulls manage to recapture the resistance area around $38,000, then a bounce towards $45,000-$50,000 is very possible.

The material has been provided by InstaForex Company - www.instaforex.com

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