Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD) breaking lower, could plummet towards $7,616
The bears are increasingly strengthening in the Bitcoin and the 200-hour moving average is guiding the short-term path, so this gives rise to see more weakness in the coming days, taking into account also that the moving average of 50 hours is exercising dynamic resistance. Currently, cryptocurrency is finding support at the 7997 level, where the Fibonacci zone is at 123.6%.
These recent movements validate the fact that the psychological area of 10,000 has become a nut difficult to break and where there is a high selling concentration that avoids any consolidation attempt in the short and medium term. The Parabolic SAR is once again showing bearish signals, adding even more pressure on the asset.
What do we expect?
According to our forecasts in the short-term, Bitcoin is waiting to reach new lows across the board, taking into account that the support level of 8241 has been broken and has given way to the inclement strength of the bears. The break of that range supposes that cryptocurrency can make a bearish extension towards the Fibonacci expansion of 161.85% in 7616. The RSI indicator remains in negative territory, favoring this bearish outlook.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.