Bitcoin (BTC/USD) forming a bearish channel in the short-term

Bitcoin (BTC/USD) forming a bearish channel in the short-term

2019-11-11 • Updated

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.

BTCUSDH1.png

Similar

How will the reporting season affect US indices?
How will the reporting season affect US indices?

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.

Stocks to trade in July
Stocks to trade in July

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.

Top Stocks to Trade this Earnings Season
Top Stocks to Trade this Earnings Season

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.

Latest news

Gold is Rising Despite Inflation Returns
Gold is Rising Despite Inflation Returns

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.

Can the Chinese Economy Recover?
Can the Chinese Economy Recover?

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.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

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!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera