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Bitcoin (BTC/USD) with a negative tone for the coming days
Thursday was also a day where bears dominated the price action in the cryptocurrency and now it seems that the spotlights are pointing towards the Fibonacci level of 78.6% in 7033. The 50-period moving average continues to exercise as dynamic resistance across the board, so the current structure could be maturing soon.
It is necessary to remember that the Parabolic SAR continues to be in favor of the bearish trend, which suggests more falls for the next few days. The MACD indicator continues in negative territory, favoring the bears for the time being, while the RSI is in an oversold zone, which could be a sign that a bullish rebound is imminent.
What do we expect?
According to our forecasts in the short-term, Bitcoin follows the bearish path and is projected to reach the Fibonacci level of 78.6% in 7033. There we expect a rebound to take place to resume the upward trend and thus be able to point towards the highs of the 4 of May in 9837. If the level of 7033 comes to give in front of the bears, the fall could extend to the level of 6270.
The volatility of the oil price these days questions the previously taken uptrend. Or does it not?
AUD/JPY finds itself at the crossroads of several trends - we will use various time frames to foresee the possible scenarios.
AUD/JPY formed a “shooting star” candlestickon the W1. This week, it’s testing levels below the 50-week MA at 75.45.
On the W1, Brent oil formed a bullish “hammer”…
In times of political and economic uncertainties, analysts recommend investing in safe-haven assets. However, since recently, the USD with the weak American economic data and the easing monetary policy has been losing its status. What about the JPY and XAU? The situation is unclear.