The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
Bitcoin (BTC/USD) still undecided, hovers around a key resistance
The price action in Bitcoin continues to be tight and profits remain limited in the short term. The cryptocurrency is above the 50-hour moving average, which is pointing to a neutrality. The support offered by the Fibonacci level of 23.6% is a key pivot for the development of the general trend.
In a statement to CNBC, the winner of the Nobel Prize in Economics in 2013, Robert Shiller, affirmed that he still perceives Bitcoin as a "bubble", although he assures that may "be with us for a while". This means a slight change in the position that has been taking with respect to the BTC, which to a certain extent generates confidence with respect to the strength of cryptocurrency.
The technical readings in the short term reflect a Parabolic SAR that offers support temporarily, in addition to the 200-hour moving average is approaching little by little the current price. It is necessary to remember that the resistance level of 8033 is an area of interest for sellers, so pullbacks are not ruled out at current levels.
What do we expect?
According to our forecasts in the H1 chart, Bitcoin could remain confined to the current trading range over the weekend, bearing in mind that the target set at the Fibonacci level of -23.6% in 8706 is still an important area to face. On the other hand, if the support level of 7587 comes to give way, then we could be in front of a fall to the Fibonacci level of 65% in 7089.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.