Daily Review for September 08, 2021
Widespread crypto market correction. Bitcoin falls more than 12%. The volume of sales in the last 24 hours has reached USD$3.5 Billion. Exchanges start buying at this level.
Traders in Europe continue to evaluate the possible ECB interest rate decision. Euro Zone trade data could set the trend.
Dow Jones closed lower yesterday. Possible rebound on Wall Street today.
China’s Trade Balance arose better than expected, so the Delta variance has not affected its exports and imports.
Crude Oil remains in an uptrend. The market expects a reduction of at least 2.8 million barrels in US inventories.
| BITCOIN -12.58% |
| The crypto market has shown a widespread correction. Bitcoin price reached USD$52,000 before falling to the current level of USD$46,333. At this moment the crypto is falling 12.58%. El Salvador started yesterday the full adoption of Bitcoin in its economy. Last Friday Bitcoin options expired, which generated a generalized market correction. Bitcoin sales volume in the last 24 hours has been USD$3.5 Billion. |
 |
| Support 1: 46,224.3 Support 2: 46,033.7 Support 3: 45,744.9 Resistance 1: 46,703.6 Resistance 2: 46,992.3 Resistance 3: 47,182.9 Pivot Point: 46,513.0 |
| Price is between support 1 and the pivot point. Expected trading range between USD$45,744 and USD$47,182. Pivot point for trend change at USD$46,513. RSI in oversold zone. Possible market rebound towards resistance 1 and 2. If selling continues, the next support level is USD$42,191. |
| DAX 30 +0.14% |
| Traders in Europe continue to look ahead to the European Central Bank’s interest rate decision on Thursday. Yesterday, Wall Street returned to the market, generating negative closes in the European stock indices, as a result of the NFP. Today, a market rebound is likely. Traders are looking forward to the French Trade Balance and Italian retail sales data. At the moment the DAX 30 is up 0.14% and is trading at 15,838. |
 |
| Support 1: 15,818.9 Support 2: 15,801.7 Support 3: 15,790.4 Resistance 1: 15,847.4 Resistance 2: 15,858.7 Resistance 3: 15,875.9 Pivot Point: 15,830.2 |
| The price reached the level of 15,965 before correcting towards the current level of 15,838. Expected trading range between 15,790 and 15,875. Pivot point for trend change at 15,830. RSI neutral. Possible bounce towards resistance 1 area. |
| DOW JONES +0.06% |
| Dow Jones closed yesterday down 0.76%, losing 269 points. Today there could be a rebound on Wall Street. At the moment the index is up 0.06% and is trading at 35,095. Today the JOLT job openings survey report will be presented, as well as some announcements from the FED. Historically, September is a month of correction for equities. Therefore, traders are on the lookout to buy low or set a trend. |
 |
| Support 1: 35,117.4 Support 2: 35,091.7 Support 3: 35,078.9 Resistance 1: 35,155.9 Resistance 2: 35,168.7 Resistance 3: 35,194.4 Pivot Point: 35,130.2 |
| Price is between support 1 and the pivot point. Trading range between 35,078 and 35,194. Pivot point at 35,130. RSI neutral, which could present a sideways movement, before buying volumes are presented. Bulls are looking to hold the 35,000 level. |
| CRUDE OIL +0.63% |
| Traders are waiting for the inventory report from API, where the market expects a reduction of at least 2.8 million barrels of crude oil in the United States. At the moment, crude oil is up 0.63% and is trading at USD$68.74 per barrel. One of the factors behind the rise in the price of crude oil and most commodities was the good results of China’s Trade Balance. China is the world’s main importer of raw materials, and with the data published yesterday, the Delta variant has not affected its level of purchases. |
 |
| Support 1: 68.55 Support 2: 68.31 Support 3: 68.18 Resistance 1: 68.92 Resistance 2: 69.05 Resistance 3: 69.29 Pivot Point: 68.68 |
| The price is right at the 200-day moving average. Possible rise towards resistance 1, where a triple top could be generated. If this level is broken, the next target is USD$70.67. Expected trading range between USD$68.18 and USD$69.29. Pivot point at USD$68.68. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
Risk Disclaimer
Any information/articles/materials/content provided by Capitalix or displayed on its website is intended to be used for educational purposes only and does not constitute investment advice or a consultation on how the client should trade.
Although Capitalix has ensured that the content of such information is accurate, it is not responsible for any omission/error/miscalculation and cannot guarantee the accuracy of any material or any information contained herein.
Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the client and Capitalix accepts no liability for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.
Risk Warning: Forex/CFDs trading involves significant risk to your invested capital. Please read and make sure that you fully understand our Risk Disclosure Policy.
You should ensure that, depending on your country of residence, you are allowed to trade Capitalix.com products. Please ensure that you are familiar with the company’s risk disclosure.