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) with strong bids around $8,916
2019-11-11 • Updated
Bitcoin is taking a break around the support level of 8916, where the Fibonacci zone is at 78.6%, positioning itself in a perspective that could turn bullish for the next few days. This on the understanding that the price is consolidating above the 50-hour moving average and the outbreaks could point upward.
However, we are still seeing a consolidation below the 200-hour moving average and cryptocurrency would have to break the strong resistance at the Fibonacci level of 50% in 9251 in order to validate the bullish hypothesis. The RSI indicator remains in positive territory, which favors the bulls for the next few days.
What do we expect?
According to our forecasts in the short-term, the BTC would have to break above 9251 in order to point towards the highs of May 5 in 9837, where the bulls would be looking to reach the Fibonacci level of -23.6% in 10114. If we came to observe a consolidation above the psychological barrier of the 10000, the action of the price would lead the Bitcoin to visit the level of 11000.
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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