The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
Bitcoin (BTC/USD): a bottom could be found soon?
The bears were the main protagonists during the past week since the price action remained consolidated below the 200-hour moving average and we have seen that the cycle that we mentioned in previous reports could triple, according to our projections in the H1 chart. This is due to the breakdown of support level of 8232, now a resistance zone.
The RSI indicator is beginning to show signs of recovery from the low of May 18 and this would give rise to the cryptocurrency to reach the 200-hour moving average, which if fractured, would give way to profits can help to make a bullish consolidation in the short and medium term.
What do we expect?
According to our forecasts in the short-term, the Bitcoin is pressed by the bears and it is likely that the dynamics will remain that way for the coming week. A breakout of the May 18th lows could clear the way to reach the support level of 7616, followed by the Fibonacci extension of 200% at 7236.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?