Technical analysis

Technical analysis

03 December 2018
  • 19:07

    Bitcoin Forming a Consolidation Triangle

    Bitcoin Forming a Consolidation Triangle 03.12.2018



    The price of Bitcoin has moved nowhere over the last couple of days and it was down 3 percent on Monday to trade at around the 4,000 USD mark.

    Lately, Bitcoin has been forming what seems to be a consolidation triangle, which can be broken to either side. The lower support line of this triangle is currently at 3,870 USD, where previous lows are also seen. The upper resistance line is at 4,200 USD. Volatility has been decreasing recently, which could quickly change once the triangle is broken.

    If the price drops below the triangle, the next target could be at the current cycle lows near 3,500 USD, but on the other hand, if bulls manage to push Bitcoin above the mentioned resistance, it might advance toward the 5,000 USD level.

    However, the RSI bullish trend line was already broken to the downside, suggesting the price might follow lower, thus the outlook seems carefully bearish for Monday.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

     

  • 18:47

    SP500: Christmas Rally is Here

    SP500: Christmas Rally is Here 03.12.2018


    Stocks soared across the globe on Monday as Trump and Xi managed to calm the markets at their weekend meeting with a  90 days truce in their trade conflict. The SP500 index was trading 1.7 percent stronger during the London session and jumped back above the 2,800 USD level.

    The price is now testing the critical resistance of previous double highs again and the 100-day moving average, which are all converged near 2,815 USD. Considering the much overbought level, according to the RSI indicator, this might be considered as an entry point for bears to shorten this steep rally.

    Stocks have advanced for six days in a row in a very steep move and therefore, some correction seems likely.

    However, if bulls show more strength and the mentioned resistance is taken out, the index might rise toward the 2,900 USD level in a well-known Christmas rally.

    On the downside, the first support could be at 2,785 USD and then at the 200-day moving average near 2,760 USD. As long as the SP500 index remains above the 200DMA, the short-term outlook seems bullish, but the price should jump beyond 2,815 USD to confirm this view.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

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