Online Forex broker
2019-11-11 • Updated
Finally, Bitcoin managed to leave the bearish consolidation zone. The digital currency had been trading sideways since November 2018. Since the beginning of the year, the cryptocurrency didn’t differ with big liquidity. Several spikes during 2 months couldn’t determine the direction of the BTC/USD pair. Now it seems that the time has come... or not?
Bitcoin managed to cross the psychological level of $4000. Many experts associate the boost of bitcoin with the JPM Coin. JPM Coin is the own cryptocurrency of JPMorgan. One of the banking giants announced it created and successfully tested a cryptocurrency that would have a value equivalent to one USD. It’s not a surprise that such news boosted the BTC. But was it enough to push bears from the market?
Although bitcoin left the correction zone, it’s too early to talk about the uptrend. Firstly, the cryptocurrency has to confirm the bullish market mood. The upward movement will be possible if only there is encouraging news for the cryptomarket. For example, if Nasdaq launches bitcoin futures contracts in the first quarter of this year.
Technical side.
On the daily chart of BTC/USD, the pair managed to break above the psychological level at $4000. After the surge, the rise of the pair started slowing down. To prove the further rise the pair needs to break above $4080. Until then the consolidation is likely. The RSI indicator has been placing above the 70 level that is a strong sign that the pair is overbought. To confirm the uptrend the pair needs to overcome the $4200 level. $4380 is the reversal point. As soon as it’s broken, we can anticipate a resume of the upward movement. Until the uptrend is confirmed, the pair may test support at $3930. Next supports will lie at $3775 and $3645. A break below $3422 will resume the downtrend.
Predictions.
The most interesting thing about the cryptomarket and especially about bitcoin is forecasts.
Analysts of Fundstrat predict bitcoin not lower than $36,000 in 2019 mentioning $64,000 and $20,000 as its maximum and minimum respectively.
Michael Novogratz, Galaxy Digital CEO, forecasts bitcoin above $10,000 by the end of the first quarter of 2019 with an additional rise to $20,000 and higher during 2019.
And one more prediction that seems the craziest one. Billionaire investor Tim Draper predicts that in just 5 years we all will use bitcoin instead of fiat currencies. The interesting thing is that he claims that only criminals will hold on fiat. Previously, Mr. Draper predicted bitcoin to soar to $250,000 as soon as in 2022.
As we can see, two of the predictions are not that impossible. However, the cryptomarket needs more encouraging events.
Making a conclusion, we can say that it’s early to talk about the bullish market. However, a recovery of the digital currency is already a good sign. We need supportive news and additional confirmations from levels to be sure that it’s worth being long on BTC.
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
A month after Russia invaded Ukraine, oil markets are still more volatile than ever, with little clarity on how the sanctions will affect Russian crude production as well as global oil demand.
Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
