ONLINE FOREX BROKER
2019-11-11 • Updated
The Bitcoin continues to point north, in an attempt to consolidate the price action in favor of the bulls. Finally, we could observe the resistance level of 8907 breaking and this puts the focus on the Fibonacci level of -23.6% in 9486. The bulls continue to gain traction and we may continue to see this dynamic for several more days.
It should be noted that the resistance level of 9759 is a target of interest for sellers, where we expect a consolidation to occur and subsequently a pullback that can erase the overbought levels in which the cryptocurrency is found, following the upward trend that has developed above the 200-hour moving average.
What do we expect?
According to our forecasts in the short-term, the BTC aims to extend the upward trend towards the Fibonacci level of -23.6% in 9486. The Parabolic SAR is in favor of the bulls and the profits could be extended even to the level of 9759 This would strengthen the general trend in the medium term and eventually we could see a testing of the psychological level of 10k.
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.
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
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
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