Daily Review for February 7, 2022
Bitcoin attacks USD$42,000. Bulls maintain buying volume. Institutions and Hedge Funds continue bullish.
Natural Gas prices correct. However, interest in replacing Russia’s exports to the European Union increases. Japan, Turkey, Israel and the United States are interested in increasing LNG supply.
European stock indices start the week in negative territory, awaiting the statements of Christine Lagarde, as president of the ECB. The focus is on the statement on economic stimulus and interest rates.
Geopolitical tensions continue to rise. Russia increased its military presence in Belarus. WTI prices correct, however, the Bulls’ target is at USD$100 per barrel.
| BITCOIN +2.50% |
| Over the weekend Bitcoin maintained the bullish momentum and reached the USD$42,000 level. At the moment the crypto is up 2.50% and is trading at USD$42,722. According to analysts, Bitcoin has left the bearish channel behind. The next target for the Bulls is USD$48,000. Institutions, Hedge Funds started buying at the floor of the fall. Even Texas Senator Ted Cruz bought USD$50,000 in Bitcoins. Traders are watching for resistance levels. |
 |
| Support 1: 42,647.4 Support 2: 42,519.7 Support 3: 42,439.4 Resistance 1: 42,855.4 Resistance 2: 42,935.7 Resistance 3: 43,063.4 Pivot Point: 42,727.7 |
| Price is at resistance 2, marking bullish momentum, after sideways movement above USD$41,000. Expected trading range between USD$42,439 and USD$43,063. Pivot point at USD$42,727. The price is above the 200-day moving average, which is a bullish signal in Bitcoin. |
| NATURAL GAS -3.08% |
| Russia announced the increase of Natural Gas exports to China through a new pipeline. On the other hand, Democratic senators in the United States are trying to limit LNG exports to balance rising domestic prices. In Europe, the energy crisis is growing as natural gas reserves dwindle. Japan, Israel and Turkey have shown interest in exporting LNG to Europe. At this moment the price is falling 3.08% and is trading at USD$4.43 per BTU. |
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| Support 1: 4.392 Support 2: 4.343 Support 3: 4.309 Resistance 1: 4.475 Resistance 2: 4.509 Resistance 3: 4.558 Pivot Point: 4.426 |
| The price is below the 200-day moving average. Expected trading range between USD$4.30 and USD$4.55. Pivot point for trend change at USD$4.42. Price is at support 1. The price is at support 1. Possible correction towards support 2, before the Bulls start buying. |
| DAX 40 +0.18% |
| Traders are watching Christine Lagarde’s appointment as ECB president. Meanwhile, in Europe, stock indices are moving lower. Analysts are waiting for news on monetary policy, mainly after last week’s announcement, where the ECB mentioned the total tapering of economic stimulus by March 2022. Traders are also on the lookout for the Bank of England’s rate hike last week. At the moment, the DAX 40 is up 0.18% and is trading at 15,121 points. |
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| Support 1: 15,174.6 Support 2: 15,144.3 Support 3: 15,124.1 Resistance 1: 15,225.1 Resistance 2: 15,245.3 Resistance 3: 15,275.6 Pivot Point: 15,194.8 |
| The index is below the 200-day moving average. Price is at support 1. Expected trading range between 15,124 and 15,275. Pivot point for trend change at 15,194. Neutral RSI coming out of the oversold zone. |
| WTI -1.12% |
| WTI price is correcting 1.12% and is trading at USD$91.26 per barrel. Geopolitical tensions continue between Ukraine and Russia. Russia continues to increase its military presence in Belarus. Rising international energy commodity prices are impacting U.S. domestic prices. For example, gasoline is at the highest level since 2014. As a result, active wells in the U.S. are on the rise. |
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| Support 1: 91.42 Support 2: 91.04 Support 3: 90.63 Resistance 1: 92.21 Resistance 2: 92.62 Resistance 3: 93.00 Pivot Point: 91.83 |
| The price is still above the 200-day moving average. The price is at the pivot point, so it could present a change of trend. Expected trading range is between UDS$90.63 and USD$93. Pivot point at USD$93. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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