
Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
A rapid revival from one-week minimums observed today might have helped Bitcoin to dodge a bigger sell-off, although the bulls haven’t been defeated yet.
The number one crypto asset by market capitalization managed to establish a bearish lower-high pattern at $4,400 the previous week and concluded below $4,000 yesterday. The given outcomes confirmed the end of the corrective rebound.
Therefore, today Bitcoin appeared to be on the defensive, with prices reaching a one-week minimum of $3,730, before rapidly recovering to $4,000.
The sudden revival from one-week minimums probably shows that sellers don’t want to step in at current levels and might be exhausted, having pushed the crypto asset down by over 30% in November.
A short-term bullish reversal is anticipated to be confirmed just above the new maximum of $4,410. However, on the day, the leading digital coin fluctuated to $3,955.
Bitcoin struggled to conclude above the 10-day exponential moving average for four days in a row before slumping below the minimum of November 30 - $3,861 yesterday.
Bitcoin’s break below that major support level actually confirmed the end of the oversold condition. Moreover, the 5- as well as 10-day exponential moving averages keep going down in favor of the bears.
As follows from this, the indicators are definitely indicating the downside. On the contrary, it might change on the condition Bitcoin manages to settle at a higher-lows as well as higher-highs pattern with a confident move above $4,410, which happens to be a November 29 maximum.
Over on the hourly graph, Bitcoin’s revival from seven-day minimums has set a bullish divergence of the relative strength index. As follows from this, Bitcoin might face a diving channel breakout in the next several hours.
If it is confirmed, the breakout will undoubtedly welcome another level, which is $4,410.
Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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