ONLINE FOREX BROKER
2019-11-11 • Updated
The Bitcoin continues to move within a stage of indecision against the US dollar since the support of 12,852 remains intact and continues to provide support. Technically, cryptocurrency is facing the 200-hour moving average, which could be maintained to exercise dynamic resistance on the pair, since it also coincides with the Fibonacci level of 38.2%.
It is interesting to note that the sustained movement from the highs of January 7 is being taken as a corrective in favor of the bulls, although the Fibonacci retracement suggests that the BTC could reach new lows in the financial markets.
What do we expect?
According to our forecasts in the H1 chart, we expect that Bitcoin will continue to strengthen the bearish bias in the short term, as long as it remains below the 200-hour moving average. If the cryptocurrency reaches break the 12.852, the downtrend could be strengthened so that it will visit the Fibonacci level of 0% in 10,680.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
The Crypto market usually also has a rough time in September. Bitcoin lost 12.7% in September 2021, 17.4% in 2020, 17.5% in 2018, 21.4% in 2017 and 45.4% in 2015. The main cryptocurrency increased by 13.3% and 3.95% in 2016 and 2019, respectively.
US100 broke through the strong resistance trendline, following July's inflation numbers on Wednesday, which were less than analysts expected…
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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