DAX: Short-Term Buy
DAX, 4-Hour Chart Analysis
The German index has held up above the 12,000 level despite the selling pressure this week, although it slid out of the rising long-term trend channel. The bullish cross on the MACD indicator suggests a reversal, and a positive outcome on the French election could propel the benchmark back in the channel.
The outperformance of the NASDAQ (see daily analysis) suggests a test of the prior highs, while the recent lows provide an optimal stop-loss level in the case of another leg lower. Further support levels for longer-term positions are found near 11,920 and 11,850.
Bitcoin: Long-Term Buy (update)
Bitcoin, 4-Hour Chart Analysis
Bitcoin rallied past the resistance level that kept a lid on the currency for almost two weeks, and it’s now only a few percent off the prior highs near $1295. The move could justify a new stop-loss level for long-term traders. The cryptocurrency is also on a short-term buy signal after the break-out above $1215.
A weaker resistance level is ahead at $1260, while the $1295-$1300 zone might be the next significant hurdle for BTC. The $1200-$1215 zone should now act as strong support, with last week’s lows just below $1170 offer an optimal level for placing stop-loss orders.