ONLINE FOREX BROKER
2019-11-11 • Updated
The bulls and bears took a break in Bitcoin, although the bearish trend was dominant over the past week. The price approached the Fibonacci level of 78.6% in 7033, where the bulls are looking to gain traction in order to resume the upward trend. It is important to note that the current bearish cycle could end at that level.
To confirm the development of an uptrend for the short and medium term, the BTC/USD pair would have to break above the 200-hour moving average and then point towards the resistance level of 8729. However, the Parabolic SAR is pushing to the downside, so it is likely that we continue to see a selling manifestation.
What do we expect?
According to our forecasts in the short-term, cryptocurrency is approaching a key level that could serve as a pivot point for this week. If the level of 7033 comes to give in front of the bears, the next obstacle to face would be in 6270, where the bulls could resume the upward trend. The RSI indicator suggests that bullish momentum is trying to recover steam.
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.
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…
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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