ONLINE FOREX BROKER
2019-11-11 • Updated
Bitcoin has entered a phase of relaxation since the highs of March 21 and is now approaching the 200-hour moving average. This is allowing it to erase a bit the overbought levels that he reached after the rebound from the Fibonacci level of 78.6% in 7068, so the spotlights would be put on a new visit of the psychological level of 8000.
The British government has announced the launch of a "task force" that monitors the risks and benefits that the technology that is behind cryptocurrency can provide. In addition, Korean regulators are applying new measures to prevent money laundering in crypto exchanges, extending to banks that may be involved.
The current price of the BTC remains below the 50-hour moving average, which could continue to exert pressure on the asset and thus push it to touch the 65% Fibonacci level at 7856, which is shown as a key pivot for the short-term path in the cryptocurrency and the MACD indicator is favoring this scenario.
What do we expect?
According to our forecasts in the H1 chart, Bitcoin is entering a corrective phase that could not last long, as there are no bearish formations below the lows of March 18. Therefore, we project that the cryptocurrency advance towards the next resistance at 9407 and the invalidation point for this bias would be at the break of the 7068 level.
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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