ONLINE FOREX BROKER
2019-11-11 • Updated
Fears for a regulation of the cryptocurrency market reappeared and this became more evident in the price action in Bitcoin, which finally managed to break the 10000 barrier in the last hours, thus consolidating below the average 200 hours mobile This movement has been important because it is once again touching an area of demand.
The latest news comes from the CFTC, where a commissioner has warned that the cryptocurrency industry must "self-regulate" with the establishment of organizations to establish a framework to follow. In addition, US officials have extolled the Blockchain technology, despite concerns about the ICO.
The Parabolic SAR is now turning bearish and finds resistance at the 50-hour moving average. Now it is going to touch the Fibonacci level of 50% in 8724. It is worth noting that the MACD is trying to form new divergences that allow providing support to the BTC/USD pair in the short term.
What do we expect?
According to our forecasts in the short-term, the selling wave in Bitcoin could continue for several more days, as there is nothing to suggest a recovery from the current stage. The level of 8724 is fundamental for the strengthening of buyers despite the current trend. If it manages to bounce and close above 10,000, the pair could aim toward the 11339 target again.
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…
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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