How to Trade on FOMC Press Conference?
What will happen? FOMC press conference is among the primary methods the Fed uses to communicate with investors regarding monetary policy…
Bitcoin (BTC/USD) remains under pressure in the short-term
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.
Similar
Stock Market Drops. Will Correction Continues?
The US broad-market index, S&P 500, has been pressed below the 50-day moving average for the first time since March! Why?
Trade Ideas on September 6-10
Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…
Latest news
Last chance for bulls to exit the market. FBS explains the next two years for crypto
Crash of LUNA ecosystem and halving cycles. Glimpse into the future of the crypto market with FBS experts!
What To Trade On May 23 - 27?
Last week blew traders' minds! The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…
Can a recession be avoided?
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
