The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
Bitcoin (BTC/USD) looks to test the $5300 level
2019-11-11 • Updated
Bitcoin has been in a recovery mode since September 5th due to the declines suffered in September 2nd and now is hovering around the 4611 area. According to our Fibonacci outlook, BTC/USD has made a rebound above a key demand zone established between the 4286 and 4080 levels and it should be giving the enough momentum to break all-time highs and the next target placed around 5300 should be reached.
RSI indicator is still in the positive territory, favoring to the short-term bulls that are trying to dominate the pair across the markets.
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Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.