2019-11-11 • Updated
It seems that there is a truce between buyers and sellers in the short term because the Bitcoin is moving around the 200-hour moving average, which could exercise dynamic resistance in the short term. In previous reports, we addressed the idea that cryptocurrency fractured a bearish channel in the H1 chart.
However, this break may not have enough momentum to continue moving upwards. We will have to see how the price action behaves in the next few hours since the Parabolic SAR seems to be pointing to more gains in the short term and the 100-hour moving average is approaching the current price.
As for the crypto space news, the Russian government has finally resolved a disagreement on a draft of a law that regulates cryptocurrency. On the Latin American side, the United States has issued an executive order that prohibits US citizens from buying Venezuelan cryptocurrency Petro.
What do we expect?
According to our forecasts in the short-term, Bitcoin is in a decisive stage for the bulls, since if a bullish cross of moving averages is confirmed, we could see an advance in the direction of the highs of March 12, the which coincide with the Fibonacci level of 38.2% in 9407. On the downside, if the BTC/USD pair breaks below the low of March 18, it could go for the psychological level of 6000.
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.
Welcome to October, the tenth month of 2023. For this installment of What to Trade, I have handpicked a few of my favorite trade ideas for the month. Let’s go over a few of them.
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.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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