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Bitcoin Analysis

Yesterday, Bitcoin managed to break above the downward trendline and successfully closed above the $27,997 R1 resistance level. The Relative Strength Index (RSI) is now approaching the overbought territory. Given this RSI indicator, it's possible that BTCUSD might experience a sideways range. With Bitcoin surpassing the R1 support level, there's a likelihood that the bulls could drive the BTCUSD price up to $29,031, and potentially even reach $30,579.

Tesla

Wall Street is expected to open lower, with futures indices erasing earlier gains. Investors are shifting towards lower-risk positions as US 10-year bond yields surge and the dollar strengthens.

Final PMI data indicates a contraction phase in major economies despite better-than-expected results from Europe. US Manufacturing PMI improved due to increased employment and better supply availability, but inflation concerns persist due to rising producers' costs.

US ISM Manufacturing PMI shows contraction for the 11th month in a row, despite some recovery signs. While demand remains soft, production improved, and suppliers retained capacity. Discrepancies between ISM and PMI prices underscore the rapidly changing environment.



Goldman warns of the impact of rising rates on US corporate profits. Kevin McCarthy faces pressure from Joe Biden to fund Ukraine and from Matt Gaetz to cut government spending. Bill Ackman plans to pursue a deal with Elon Musk's X through Pershing Square's SPARC.

The US500 index is trading at 4320 points, down 0.20%, with selling pressure preventing recovery. It's set to retest the critical 4300 support zone.

Tesla's shares fell 4.0% as Q3 deliveries and production fell short of estimates. The company delivered 435,059 vehicles and produced 430,488, attributing the decline to planned factory upgrades. However, Tesla's 2023 volume target of 1.8 million vehicles remains unchanged.

 

Bitcoin Bulls Hold the Fort: An Analysis of Current Market Trends

The bears put pressure on the bitcoin from $28,708 and currently bitcoin is testing the $27,349 pivot. The RSI indicator is hovering above the 50 level and with the BTCUSD holding above the broken trendline and pivot, bitcoin bulls are yet in control and we can expect the bitcoin price to rise and test the R1 resistance again.

EURUSD Technical Analysis

The EURUSD currency pair is currently navigating within a downward channel and is positioned below the pivot in the 4-hour time frame. A minor resistance level is observed at 1.049, and at present, the pair is maintaining a position above this level. The RSI indicator has surged above the 50 mark, suggesting the potential onset of a bullish wave. Given the prevailing market conditions and the dominant bearish trend, our recommendation is to wait for the EURUSD to hit either the pivot or the 1.066 resistance level before initiating sell orders.



Please note that this bearish outlook will be invalidated if the EURUSD bulls manage to push the currency pair out of the downward channel.

USDCAD Analysis: Technical View

The USDCAD is currently trading above a crucial broker resistance zone, spanning from 1.3655 to 1.3648. This zone serves as a strong support for the bullish trend. As long as the price remains above this level, we can expect the USDCAD bulls to push higher and challenge the next resistance zone, which lies between 1.3877 and 1.3976.



Conversely, if the bears manage to push the price below 1.3655, and if the RSI indicator dips below the 50 level, it could signal a bearish turn. In this case, the USDCAD might aim for the 1.355 pivot point.