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.
Bitcoin (BTC/USD) looking for clues in the short and medium term
2019-11-11 • Updated
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.
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.
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