ONLINE FOREX BROKER
2019-11-11 • Updated
The Bitcoin has resumed the bearish bias in the short term and now is heading to touch the double bottom that formed around the Fibonacci level of 61.8% in 8041. This could well be the indicator that cryptocurrency could form a triple bottom pattern, due to the buyer interest in the area mentioned above.
The latest news about crypto space comes from Thailand, where it was announced that the cabinet approved two royal decree drafts that aspire to regulate cryptocurrency and that these may be taxable. On the other hand, it was announced that Google will ban advertising on ICO and cryptos on its Google Ads platform.
It is perhaps this latest news that has dominated the price action during the session of March 14, adding uncertainty about the acceptance of cryptos globally. The Parabolic SAR also continues to exert pressure on the BTC/USD pair in the H1 chart, while the MACD indicator remains in negative territory.
What do we expect?
According to our forecasts in the H1 chart, if the Bitcoin reaches a break with a big candlestick below the Fibonacci level of 65% in 7856, we could see a wave of selling orders that push the cryptocurrency to touch the Fibonacci level. 78.6% in 7068, opening the doors to go to the level of 6000. On the upside, if the BTC makes a rebound and finds demand in the current zone, this movement could extend to 10252.
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
US100 broke through the strong resistance trendline, following July's inflation numbers on Wednesday, which were less than analysts expected…
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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