Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD) forming a bearish channel in the short-term
It has not been a good weekend in the crypto space and a reflection of this can be found in Bitcoin, which has managed to consolidate its price action below the level of 8000. Since the session of March 12th has been strengthening the bearish bias with the formation of a channel that is guiding the road in the short term.
The fundamental news still does not favor cryptocurrencies. On the one hand, we have the U.S. SEC announcing that there are dozens of investigations in progress related to cryptos. In addition, rumors that Twitter could join the Google initiative to ban the advertising of cryptocurrencies and ICOs continue to weigh on the price action.
The Parabolic SAR shows bearish signs indicating that there is more space to fall since the pressure remains latent. In addition, the 200-hour moving average continues to be a very tough dynamic to break and it is possible that a breakthrough above that area could allow more gains, although that remains to be seen.
What do we expect?
According to our forecasts in the short-term, the BTC/USD pair still has room to follow the bearish path in the short term, with the 50-hour moving average exerting pressure on the price of cryptocurrency. If the Fibonacci level of 78.6% gets broken, our general bullish hypothesis would be invalidated to give way to further drops to the 5830 level. On the other hand, if the BTC breaks above 8041, it could go to the moving average of 200 hours.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
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.