2019-11-11 • Updated
The Bitcoin is making a bearish break amid the news concerning the regulation of cryptocurrency in South Korea and the actions of the SEC with respect to the ICOs that originate in the United States. On a technical level, the BTC prepares to break the lows of January 23 and it is possible that it will again test the Fibonacci extension of 61.8% at 9,259.
The Parabolic SAR continues to be in favor of the bearish price action, since it is below the 200-hour moving average and it is likely that we will see a bearish cross in the coming hours. It should be remembered that the BTC/USD pair is finding strong resistance at the level of 11,924 in the short term.
What do we expect?
According to our forecasts in the H1 chart, the cryptocurrency is opting to follow the bearish path in the short term and is approaching the Fibonacci zone of -23.6% at 8.507. If it manages to break that level, the Bitcoin could have a bearish acceleration towards the Fibonacci extension of 100% in 5,754. The RSI is in an oversold zone, although we expect it to remain within that territory.
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.
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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The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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