2019-11-11 • Updated
It was not a good week for the Bitcoin bulls, where once again the price was consolidated below the 9000 barrier, thus moving away from the important psychological level of 10000. This in a technical context where bears are being favored by some moving averages that continue pointing downward and a MACD indicator that remains strong in negative territory.
In fundamental terms, South Korean prosecutors raided the offices of Upbit, one of the largest cryptocurrency exchanges in the world, which damaged investor confidence in crypto space. Keep in mind that in the coming days there will be several conferences and events related to cryptocurrency in New York.
The Parabolic SAR is beginning to show some bullish signals that suggest an imminent rebound in the short term. However, it should be noted that the 50-hour moving average continues to exert downward pressure, although the RSI indicator is moving in the oversold area, which would be a sign that there could be some rebound in the BTC.
What do we expect?
According to our forecasts in the short-term, Bitcoin is doubling a cycle started on May 5 and which ended on May 9, suggesting additional weakness. Therefore, we project the BTC/USD pair will fall to the level of 8241, where the Fibonacci extension of 100% is located. However, if that area comes to yield, the fall would extend to the 7997 level.
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.
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