Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD) looking for clues in the short and medium term
The volume of trading decreased during the weekend, although cryptocurrency was at the mercy of the bearish price action. The Fibonacci level of 78.6% in 7033 continues to provide support across the board and that is why we expect a recovery to follow the downward path in the short term, as the technical indicators are favoring this scenario.
An official of the Bank of Russia has expressed that it is still very premature and that there is a lack of information to evaluate the potential that Blockchain technology can have. Meanwhile, in China it has been announced that several universities plan to build a distributed and Blockchain-based organization to make educational resources more accessible.
What do we expect?
According to our forecasts in the short-term, Bitcoin remains technically bearish and we are likely to see a continuation of the general trend. The support level of 7033 will be an important pivot for this week because that is where the short and medium term trend would be defined. In case the cryptocurrency bounces at current levels, it could go towards the resistance level of 7587, where the 200-hour moving average is located.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
AUD/USD that has settled below the 100-day MA in the 0.6840 area. Learn more!
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.