CRYPTO-FOREX WRAP -BITCOIN BOUNCES OFF 23.6% FIBONACCI RETRACEMENT,GBPUSD RALLIES

detycoon (40)in #cryptocurrency • 7 years ago

BTCUSD -

TECHNICAL ANALYSIS

The bears got a whimper - a sigh of relief as prices dropped from $4420.80 high early Tuesday to $3823.50 daily low - a $597.3 drop.As expected the Fibonacci support at 23.6% of July low,proved too strong to penetrate by the bears,the bulls took over and were on rampage again pushing prices to $4145.

Price fell sharply in the European and Newyork session Tuesday following the confirmation of a bearish prise RSI divergence on the intraday charts.

The 14 day RSI and stochastic (5,3,3) shows the digital coin at extremely overbought region.Bitcoin has shed 4.65% over the last 24hrs

BTC TECHNICAL LEVELS

A break above $4178 would open up upside towards $4328 resistance on the 1 hr chart and $4420.80 record high.On the downside,breach of support at $4049 (1 hr 100 MA),will open doors for a retest of $3823.50 low (23.6% Fibonacci) and $3743.

FOREX

GBPUSD -POUNDS RALLY ON IMPROVED EMPLOYMENT DATA

In the aftermath of Brexit,a continued general improvement in market sentiments,saw a surprise increase in UK wages,coupled with better than expected jobs creation figures.Cable price moved from an early low of 1.2841 to 1.2900

Uk jobless claims fell by 4.2k in July,beating a forecast of an increase by 3.7k.Unemployment rate fell 4.4% in june as compared to 4.5% forecast last month

ICHIMOKU KINKO ANALYSIS
Bearish price signals continue to weigh down on the pair,therefore limiting further upside moves.Bears constant significant attack can be seen at daily ichimoku cloud spanned between 1.3000 and 1.2970.Falling Tenkan-sen reinforce 1.3000 resistance to cap further upsurge