Bitcoin: $8000 before end of the week?

Yann Quelenn Swissquote Bank Ltd

EUR/GBP

Strong upside risks.

EUR/GBP's bullish pressures are string. The pair is heading towards resistance at 0.9046 (05/09/2017 high). Hourly support is given at a distance at 0.8733 (01/11/2017 low). Expected to show positive momentum.
In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).

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EUR/CHF

Stalling below resistance at 1.17.

EUR/CHF has broken uptrend channel. Support is given at 1.1610 (27/10/2017 low). Expected further consolidation.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

BITCOIN (in USD)

$8000 before end of the week?

Bitcoin is back to recent its highest levels after a profit-taking period. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 5605 (13/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising.
In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $10'000.

Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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