Bitcoin lower as expected from our selling opportunity at 14500/600

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 16 January 2018

Bitcoin

Bitcoin lower as expected from our selling opportunity at 14500/600, to hit support at 13000/12800. A BREAK BELOW 12800 IS ANOTHER NEGATIVE SIGNAL & LOOKS INCREASINGLY IMMINENT - sell in to shorts & look for 12600/500, 12300 & 2 week lows at 12050 before the 3 week low at 11160. Do not be surprised if we break this level on the next test.

Holding support at 13000/12800 allows a recovery to 13400, perhaps as far as 13800/900. Gains are likely to be limited but above here look for a selling opportunity at 14500/600. Stop above 15000 but only above strong resistance at 15400/500 is less negative. Bull require a break above above 16400/500 for the bull trend to resume. It would be encouraging above the recovery high of 17300 of course & allows a further recovery towards the all time high at 19550/666. HOWEVER WE STILL HAVE DOUBLE TOP RISK HERE. LONGS COULD PANIC OUT ON THE WAY TO THIS RESISTANCE, SEEING THIS AS THEIR LAST CHANCE BEFORE A COLLAPSE. Bulls need a clean break above 20,000.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.