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.
Bitcoin (BTC/USD): will we see a strong bearish breakout soon?
2019-11-11 • Updated
We have not had much action regarding the price of Bitcoin, although the 200-hour moving average continues to be maintained as dynamic resistance. The bears are still trying to gain strength to make a significant breakout to the downside, so we expect the consolidation to remain intact during this week.
The Parabolic SAR is pushing down and this helps the bearish force to gain more and more ground. In addition, the RSI indicator is entering the oversold territory, which may give signs that an imminent rebound could come, to observe a correction of the bearish cycle, although this could only provide more selling action.
What do we expect?
According to our forecasts in the short-term, Bitcoin could continue to press down and we expect there to be a break in the support level of 7033 to open the doors to the Fibonacci level of 100% in 6270. However, a rebound in the current zone could lead to cryptocurrency consolidation above the 200-hour moving average.
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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