ONLINE FOREX BROKER
2019-11-11 • Updated
The bearish pressure remains in the Bitcoin, although during the April 5 session we did not see major changes in the price structure. The 200-hour moving average is still validated as a strong dynamic resistance across the board and we still do not see an invalidation of the bullish divergence formed in the MACD indicator.
The latest news about crypto space comes from the United States and Mexico. The governor of Arizona signed a decree that allows corporations to use blockchain-based platforms to legally store information. In addition, the Mexican government announced that there is an ongoing project based on blockchain to reduce corruption in the awarding of government contracts.
The price action remains weak, although there are slight attempts to resume the bullish bias because the Parabolic SAR is showing some bullish signals. It is important to note that the 50-hour moving average is coinciding with the 200-hour moving average, which is a strong resistance at the psychological level of 7,000.
What do we expect?
According to our forecasts in the short-term, the BTC could enter a consolidation phase that could last several more days. In case of breaking the support level of 6281, the cryptocurrency could strengthen the bearish bias towards the level of 5475, which puts the focus at the psychological level of 5000. If we see a rebound in current levels, Bitcoin would seek to resume the bullish trend towards the resistance level of 7586. However, there would still need more signs to confirm a change in the current trend.
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.
Get ready for some suspense as the Bank of Canada faces a tough decision on whether to raise interest rates or keep them on hold. The resilient Canadian economy and the goal of curbing inflation further are at the heart of this dilemma. While some money markets and economists predict another rate hike, others believe the central bank should exercise caution and wait, hinting at a possible increase later in the summer.
Let's take a closer look at Australia's recent economic performance. Brace yourselves for some interesting developments. The country's economy experienced its slowest growth since late 2021 in the first quarter, raising doubts about the Reserve Bank of Australia's rapid interest rate increases. Despite the bank's record-breaking 12 rate hikes in the last 13 months, the resource-rich economy only grew by a modest 0.2% in the quarter, falling short of economists' expectations.
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.
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