The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
Bitcoin (BTC/USD) looking for the consolidation above 10,000
The bulls have resumed the reins of Bitcoin during the day of Thursday and we are currently seeing a consolidation above the 200-hour moving average, where a bullish crossover is currently taking place. Because cryptocurrency made a break from the highs of April 29, the BTC/USD pair aims to reach the highs of April 25 in 9609.
In the latest news about crypto space, Goldman Sachs has announced that Bitcoin futures trading will start where the firm will use its own money on behalf of its clients. In China, national radio has questioned the transparency of Bitcoin futures trading, while Reddit announced that it will re-launch payments through BTC.
The Parabolic SAR is favoring the uptrend in the short term, helped in part by the MACD indicator, which is moving in positive territory. However, we must bear in mind that the RSI indicator is in overbought territory, which adds some strength to the current levels where Bitcoin is moving.
What do we expect?
According to our forecasts in the H1 chart, since there was already a rebound on the Fibonacci level of 50% in 8640, Bitcoin is expected to continue prolonging the bullish bias to try to break the highs in 9609. If that scenario it happens, all the focus would be set at the Fibonacci level of -23.6% in 10066, where take profit orders would be activated.
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.