Bottom line: Bitcoin long term structure continues to remain bullish against 3850 lows. After having print high around 12500 mark, the crypto might be preparing to produce a corrective drop towards 7200/8000 levels in the near term.

 Fundamental Outlook:

Dow Jones had rallied towards fresh highs in recent weeks around 28400 mark but could sustain. The indices closed around 28248 levels, -0.15% lower yesterday. The indice might be setting up for heightened volatility as markets face Jackson Hole Symposium the next 2 days. If Fed and other Central Bankers hint towards further stimulus and accommodating stand, global indices might rally further.

AUDUSD had risen and managed to close just below the 0.7200 mark yesterday. The risk related currency pair gained traction along with global indices. Going forward, the exchange rate might come under pressure over fears of another wave of COVID-19 infections in Australia.

COVID-19 infections continue to rise in several European countries including Spain, Italy and France. It is possible that the worst affected nations are facing another wave of the pandemic. The condition might derail global economic outlook in the near term and global indices along with other risk assets might face another round of selloff.

Technical Analysis:

Bitcoin bulls have managed to remain in control since 3850 lows in March 2020. The crypto has produced a religious rally from 3850 through 12500 levels before pullback over the last week. Bears have managed to break below initial support at 11130 levels and should be looking to continue further.

Bitcoin has carved a bullish boundary between 3850 and 12500 levels, which should ideally be retraced before the rally could resume. The fibonacci 0.618 retracement of the above boundary is seen towards 7200 levels. High probability remains for a bullish bounce if prices reach there.

Most traders might be preparing to remain flat for now and look to buy lower towards 7000/8000 mark. Aggressive traders might want to hold short positions with protective stops above 12500 and projected targets below 8000, going forward.

Prepared by

Harsh Japee, Technical Analyst.

Bitcoin Chart

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。