ONLINE FOREX BROKER
2019-11-11 • Updated
The selling pressure in Bitcoin remains latent across the board and the 200-hour moving average continues to put pressure on the price action. During the weekend, the cryptocurrency could not fracture above the highs of January 20, which coincide with the Fibonacci level of 23.6% in 12,852 and this has allowed the bears to gain strength.
The news about the regulation of cryptocurrency in financial markets continues to add uncertainty to the outlook in the medium and long term, although it seems that the short-term effects continue to show bearish signs. The Yonhap news agency has reported that the South Korean government plans to require the cryptocurrency exchanges to share information on transactions with banks.
In addition, the news around a possible taxation of income by cryptocurrency trading in South Korea and in India continue to weigh on the BTC/USD, which at the moment is looking to reach the psychological level of 10,000. At the moment, the Parabolic SAR seems to be favoring the bears in the short and medium term.
What do we expect?
According to our forecasts in the short-term, Bitcoin is projected to reach the lows of January 17, where it just found support thanks to the Fibonacci extension of 61.8%. The closest goal of take profit is -23.6% at 8,507, which if gives up against the strength of the bears, could allow the BTC to fall to the Fibonacci extension of 100% at 5,754.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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