Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
Bitcoin (BTC/USD): will we see a strong bearish breakout soon?
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.
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.