Bitcoin moves back into daily bear zone
The BTCUSD faded yesterday's early gains and closed below its open. The cryptocurrency's current position is between the lower blue and red bands in its daily bear zone. The chart on the right shows its hourly time frame. Here, the trend following EMAs have already crossed down (black ellipse). After bouncing off its S1 pivot, the EMAs are looking to angle down - perhaps an exploitable rally? In this regard, the stochastic will need to cross bearishly, and if it moves below 20 (red rectangle), the downward momentum will pressure BTCUSD's price. Given the overbought nature of US yields, caution is warranted.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.