Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD): critical support placed at $6281
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.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.