Tradepedia’s Founder & CEO Mr. Avramis on CNBC

Tradepedia’s Founder & CEO Mr. Avramis on CNBC

Discussing the technical outlook for dax, bitcoin, gbpusd, stocks, gold & oil

Bitcoin:

Technically, we can see a clear downtrend, T1 is lower than T2 and B1 is lower than B2, that means we are in a bearish market, and expect further declines, if the price breaks below the 3510 level it is expected to target 2430 then 1330.

The main catalyst behind this decline is legislations, because cryptocurrencies will be subject to very strict legislations.

DAX:

The index is in a clear bearish trend as revealed on the weekly charts. As we see the market reaching the first target at 10745, giving us room to take some profit, and is now expected to correct, maybe in the next few weeks we may see a retracement towards 11000. There we will look for a chance to go short again and target 9225.

Dow Jones:

The index is in a clear downtrend, and corrected somehow after the recent sharp decline. The index dropped from around 26000 and reached 22500 and entered the oversold territory. Therefore, the last correction is normal. When the price reaches 23000-23500, we may have the opportunity to open new short positions and target 19500.

Dollar Index:

The index is declining which means that the dollar is weakening and that other major currencies such as the yen and the euro will improve. And that gold will rise due to the inverse relationship between the precious metal and the dollar.

 Gold:

The Stocks and the dollar are going down as the cryptocurrencies are also going down, and the gold is going up. As we see the gold had already has its first move, which reached the first target at 1273, and is currently under some pressure, which coincides with the opposite move of the stock markets. After reaching the first target the market is expected to make a normal correction and then continue its rally, and will target 1320.

WTI:

It is also in a clear downtrend and is having a totally normal correction same as the one witnessed from B2 to T2, and will continue its bearish trend, and unless it surpasses T2 it will return back lower and target the 38.50 then 35.50 levels. This trend is consistent with the trends of the other assets, because declining oil prices means that economies do not perform well and declining stock prices mean that economies do not perform well and traders tend to seek the gold’s safety.

Sterling pound:

Technically, the pound is in a clear downtrend. Our main expectation for sterling is to break the 1.2420 level and reach 1.2200 or 1.1950 but currently the pound looks strong and can break above T1 at 1.2815. If this happens, the Sterling will reach 1.3050. Not because the pound is being stronger but since the dollar is weakening, and who knows perhaps the brexit negotiations may end up with a deal, and the pound gets stronger at least in the short term.