Bottom line: Bitcoin long term structure continues to remain bullish against 3850 lows. In the short term though, the crypto might be looking to push towards 6300 levels in a corrective manner. We can expect rally to resume thereafter

Fundamental Outlook:

Dow Jones futures managed to rally towards 26400 mark during early hours yesterday. This was quickly revered and the indices closed lower by -1.43% at 25864. SPX500 also followed suit, and managed to close -1.04% lower, at 3146. NASDAQ hit yet another high at 10700 before closing lower.

Indices in the US continue to diverge, and this could be a potential warning. Further with steady rise of COVID-19 in the United States, risk assets have also surprisingly rallied. These might be early signs of a potential risk aversion ahead. Investors should remain mindful.

AUDUSD had come under pressure after hitting highs at 0.6997 yesterday. The Reserve Bank of Australia kept interest rate unchanged at 0.25%. Low interest regime may stay for a while, it was hinted. On the other hand, state of Victoria plans a lock down as COVID-19 infections rise.

Technical Analysis:

Bitcoin continues to trade within a set boundary 8900-9300 since quite a few trading sessions. Kindly note that Bitcoin bulls were successful in taking out a major resistance around 10500 mark. It might be ideal for a corrective drop towards 6300 zone, before the rally resumes.

Bitcoin had rallied from 3850 through 10500 levels earlier. The fibonacci 0.618 retracement of the above rally is also passing through 6350/60 levels. Probability remains for a bullish bounce if prices manage to reach there.

Most traders might be preparing to initiate fresh long positions around 6300/6400 levels, allowing Bitcoin prices to produce a corrective drop. Aggressive traders might initiate short positions with risk above 10500 and potential target towards 6400.

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。