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 to break above the 200-hr SMA
2019-11-11 • Updated
Bitcoin has managed to recover from the support level of 6281 and we are currently seeing a break of a bearish channel on the H1 chart. The price is hovering around the 200-hour moving average, where cryptocurrency could find dynamic resistance to resume the bearish bias at any time.
The Liechtenstein government has announced that it will avoid "excessive" regulation of the Blockchain technology but has highlighted the idea of establishing a regulatory framework. In addition, it has been announced that several Australian Bitcoin exchanges will begin to implement rules that prevent money laundering through these platforms.
The Parabolic SAR is providing support for the current price action, which suggests that we could see an upward extension towards the resistance zone in 7586. The MACD indicator remains in positive territory and is not showing significant divergences that could indicate a sharp change in the trend in the short term.
What do we expect?
According to our forecasts in the H1 chart, the BTC/USD pair is consolidating gains in the area of the 200-hour moving average, which is shown as a key resistance, followed by the 7586 level. break above that area, the crypto currency could gain momentum to go to the next target at 8906. A pullback at current levels could lead the BTC to touch the support level of 6281.
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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