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Bitcoin (BTC/USD): looking for a lower consolidation? 6,000 in sight
There is a strong selling pressure on Bitcoin, which has managed to fracture below the 7586 support. This has allowed us to once again observe a test of the Fibonacci level of 78.6% in 7068, since the bearish signals are well aligned in the short term, also taking into account that the Parabolic SAR remains in favor of the bearish bias.
The 200-hour moving average continues to exert pressure on the BTC, and the 50-hour moving average is offering dynamic resistance across the board. The seller interest could increase during the next week since this weekend will be holidays in most countries of the world, so we expect a fairly limited price action in the coming days.
What do we expect?
According to our forecasts in the short-term, the cryptocurrency aims to find support at the 7068 level, where the bulls would have the last chance to push the BTC to higher levels. In case of achieving this, we would have to see a break of the 200-hour moving average and then reach the resistance at 8906. However, if the 7068 level gives up, we could be facing a fall to 5830.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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