The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
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.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.