Technical Reviews for Gold, Silver and Bitcoin (July, 2017)

6 July 2017, 12:28

Here’s the market outlook for this month: Content courtesy of Tallinex Limited‌

Dominant bias: Bearish
From a high of 1295.87 on June 6, price dropped 5400 pips by month end, and this month has opened on a strong bearish note - losing another 2000 pips already. Any rallies will be transient and offer opportunities to sell short at better prices. Expected further decline of around 3000 pips this month.

Dominant bias: Bearish
There has been a decline since June which hints at continued weakness – bolstered by a huge Bearish Confirmation Pattern. The demand levels at 16.0000, 15.7500 and 15.5000 should be reached before the end of this month.

Dominant bias: Bullish
With the recent bullish aspect ending on June 11, and the bearish move starting on June 12, Bitcoin is now long-term bullish and short-term bearish. Movement below the accumulation territory at 2100.00 will result in a bearish outlook, while a movement above the distribution territory at 2900.00 will reinforce the bullish outlook, and one or the other will be breached before the end of this month.

Azeez Mustapha
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines

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