2019-11-11 • Updated
The cryptocurrency continues to depreciate against the US dollar and still keeps intact the projections we have made in past reports. Technically speaking, the BTC/USD is finding support for the Fibonacci extension of 61.8% in 9.259. This has allowed to have relief in the short term and is waiting to resume the bearish trend.
Fears regarding strict regulations for Bitcoin are still latent and the latest news about it does not favor BTC bulls. According to the latest reports, the government of India is beginning to send tax notices to the cryptocurrency traders. On the other hand, an introduced bill could force South Korean officials to declare their investments in this market.
The Parabolic SAR on the H4 chart is calling for more losses in the Bitcoin because it remains below the 200-hour moving average, which continues to guide the path of the BTC/USD pair in the short term. In addition, the resistance of 23.6% continues to block the advance of the bulls, which produced the formation of an enveloping candlestick.
What do we expect?
According to our forecasts in the H4 chart, cryptocurrency still has enough traction to reach the goal of the 100% Fibonacci extension in 5,754, which would complete a cycle in the short term. The RSI remains in negative territory, which favors the falls in the BTC and which strengthens our hypothesis for the week ahead.
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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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Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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