ONLINE FOREX BROKER
2019-11-11 • Updated
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.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
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…
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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