Bitcoin: Collapse

Peter A Rosenstreich Swissquote Bank Ltd

EUR/GBP

Consolidation.

EUR/GBP is trading sideway at the 0.89 range. Hourly support and resistance are given at 0.8883 (13/11/2017 low) and 0.8982 (28/11/2017 high). The technical structure suggests shortterm sideway moves.
In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading above its 200 DMA.

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EUR/CHF

Heading higher.

EUR/CHF bullish momentum is maintained, the pair broke hourly resistance at 1.1731 (01/01/2018), approaching hourly resistance at 1.1763 (03/01/2018 high). Hourly support remains at 1.1659 (06/12/2017 low). The technical structure suggests further short-term increase.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0234 (20/04/2015 low).

BITCOIN (in USD)

Collapse.

Bitcoin continues its decline, approaching the 8000 range and breaking hourly support at 9022 (30/11/2017 low). Approaching hourly support given at 7614 (02/02/2018 low). The technical structure suggests short-term downward moves.
In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7'000 - 12'000 in 2018. Bitcoin is approaching its 200 DMA (7000 range).

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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