Chart the Market (22/05/2025)

BTC/USD, H4: 

BTC/USD continues to edge higher, currently testing the critical resistance level at 111,365.00, which corresponds with a key Fibonacci expansion level. A decisive breakout above this level may reinforce the bullish trend, opening the path toward the next major Fibonacci resistance around 120,745.00. The bullish scenario is further supported by the MACD, which shows increasing upward momentum, indicating strong buying interest in the market.

However, caution is warranted as the Relative Strength Index (RSI) has reached the overbought zone at 80, suggesting the bullish momentum could face short-term exhaustion. This may lead to a period of consolidation or a minor pullback before bulls attempt to push higher. Traders should monitor price behavior closely around the current resistance; failure to break above convincingly may see BTC/USD retreat toward the immediate support levels at 104,775.00 and 98,185.00.

Resistance Levels: 111365.00, 120745.00

Support Levels: 104775.00, 98185.00

GBP/JPY, H4

GBP/JPY has broken decisively below the 193.10 support level, signaling a possible continuation of the bearish trend. This breakdown is aligned with the MACD, which shows increasing bearish momentum, reinforcing the view that sellers are gaining control. Should this momentum persist, the pair may extend its downside move toward the next support levels at 190.45 and 187.65.

The RSI, currently hovering around 34, supports this bearish outlook by remaining below the neutral midline, suggesting more room for downside pressure. However, if bearish momentum begins to fade and the price stabilizes, a technical rebound may occur, with the 193.10 level likely acting as a new resistance. Traders should watch for signs of either a bearish continuation or a potential reversal at support to determine the next directional bias.

Resistance Levels: 193.10, 195.90

Support Levels: 190.45 187.65