Forex Analysis:Bitcoin Intermediary Resistance Is At 10500

Bottom line: Bitcoin long term structure remains bullish against 3850 lows. After having hit 10500 mark, bears might be inclined to drop lower towards 6300/6400 before finding support again.  

 Fundamental Outlook:

Dow Jones rose only marginally higher (+0.39%) to close at 26842 yesterday. The indice has lagged behind SPX500 which has surged through 3281, above its June 09 high. Hang Seng and Nikkei trade lower by -0.40% as we prepare to publish the update.

Risk appetite and Global Indices might be facing a major selloff as Geo-political tensions keep rising. UK seems to have joined the list against China off late. The country might ban Chinese Telecom provider Huawei, as confirmed by UK Prime Minister Boris Johnson.

EU summit was successful in drawing a EURO 750 billion stimulus package over the COVID-19 pandemic, yesterday. This has helped EURO to rise through 1.1500 mark, against the US Dollar yesterday. It remains to be seen if risk assets can continue their dominance over USD.

AUDUSD also managed to hit fresh highs around 0.7152 as we prepare to publish today’s updates. The risk related currency pair rose alongside Global Indices. It might come under renewed selling pressure as traders might be looking to take profits. It might be good to keep an eye of Global Equity markets as well.

Technical Analysis:

Bitcoin continues to drift in a tight range between 8800 and 9800 broadly, since the crypto was successful in taking out resistance at 10500 mark earlier. A triangle consolidations seems to be playing out and a break below 8800 levels would accelerate towards 6300/6400 mark.

Bitcoin had managed to rally from 3850 through 10500 levels as an impulse wave. Since then, the crypto has been carving a corrective drop towards 6300/6400 levels, before the rally could resume further towards 13800 levels.

Also note that fibonacci 0.618 retracement of the rally between 3850 and 10500, is seen towards 6300/6400 mark. High probability remains for a bullish reversal if prices manage to reach there as traders might be prepare to go long again.

Prepared by

Harsh Japee, Technical Analyst.

 

Bitcoin Chart

 


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