Bitcoin, Daily and Weekly
For the past two days, Bitcoin has been consolidating gains seen during January in a a safe haven play on rising concerns about the US-China trade war, geopolitical tensions and Iran sanctions, but also following the launch of options on the CME Globex.
Bitcoin staged a stunning upside reversal around the $6,400- $6,800 support area a week ago, with the price surging back above the 200-day Simple Moving average and towards two-month highs.
Currently however, sellers are pushing for a recoil below the 61.8% Fibonacci of $8,562 of the downleg from $9,904 to $6,407, a break of which could see the retest of the $8,148 barrier, which reflects the 50% Fibonacci level. Particularly if the 50% Fibonacci does not hold and sellers move below it, then the $8,000 number could come back into play.
However, moving higher, above the psychological resistance at $9,000, could next captivate trader’s attention and trigger another bullish action towards $9,570 – $9,904, i.e. the October-November upswings.
Still, with the RSI close to overbought waters,as the indicator moves softly towards its 70 overbought mark, downside corrections cannot be ruled out in the near term. On the contrary, MACD lines keep gaining ground in the positive territory. If MACD and RSI keep gaining ground in the positive territory, the price may continue to head higher.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.