2019-11-11 • Updated
The Bitcoin has begun to resume the bearish trend after having found resistance at the 17.161 mark. The 50-hour moving average offers dynamic resistance and that is helping the cryptocurrency to strengthen the bearish bias in the short term. At the moment, the BTC/USD is touching the 200-hour moving average, which acts as a pivot point.
The latest news about the BTC comes from Israel since the central bank of that country has said that it will not recognize Bitcoin or any other virtual currency as currency. Speaking to Reuters, the deputy governor of the central bank has said that the Bitcoin should be seen as a financial asset.
On the Asian continent, it is reported that South Korea's financial authorities are inspecting six local banks that offer virtual currency accounts to institutions. The inspection measures seek to verify that these banks are taking anti-money laundering measures when a client opens these types of bank accounts.
What do we expect?
According to our forecasts, Bitcoin is trying to close below the 200-hour moving average with a wide-range candlestick across the board. This could lead to further falls en route to the Fibonacci level of 23.6% at 12,852. If it breaks that level, the BTC/USD could aim to hit the 10.680 mark in the short and medium term. Keep in mind that the RSI is in oversold area.
Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.
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 past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
