Bitcoin still Retracing
Recently, for the past two week, Bitcoin has been rallying on the lower ranges and even reached the lows of 2956.23. This is no Good news to the investors, it means the price of one Bitcoin is slowing decline, and if the price can get back below 2656.23 this week, then the price could plummet further towards 1828.63. If you’re currently in a buy position, or is holding Bitcoin under your custody, it’s better to dispose them off and wait for a clear buy signal. Ideally, Bitcoin could spike lower up to 1500 before picking a momentum to the upper side. On the other hand, Bitcoin could rise even higher towards 7000.00 by the end of next year.
For almost two months now, Silver has been in a constant upward rally but is currently finding it a challenge to close above the upper resistance trend line. Unless there a clear breakout above this trend line with a big green, I expect the downward rally that began last week to be a sign of rejection from the upper trend line and could mean we’re short towards the lower trend line. As it is, this commodity looks better for a short position and should not be bought, instead, I’ll focus more on sell positions. On the way downwards, key support lines to look for include but are not limited to 15.45, 16.25, and 16.80. Expect a possible rejection from these lines pick a short term long positions:
Look for short positions towards the lower trendline.
French Stock Index
Last week, my stop loss was hit when the price gaped above the previous week’s highest high 5228.6, this index then rallied even higher but is currently finding it hard to close above the resistance line 5228.6. This is a key daily resistance line and unless it’s clearly broken to the upper side with a big green candle, I expect a rejection from this line to pick a short position towards 4987.9. If its broken, then I’ll wait a breakout above 5297.00 to confirm a bullish rally towards 5436.5. As it is, I choose to remain flat and wait for a clear breakout above 5228.6 to pick a buy position or rejection from 5228.6 to pick a short position towards 4987.9.
Imelda MasenoAnalyst of «FreshForex» company