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Failed Recovery In Bitcoin As DAX Bulls Bet On Earnings Season

By Axi (Milan Cutkovic)ForexOct 17, 2018 07:59
au.investing.com/analysis/failed-recovery-in-bitcoin-as-dax-bulls-bet-on-earnings-season-200199109
Failed Recovery In Bitcoin As DAX Bulls Bet On Earnings Season
By Axi (Milan Cutkovic)   |  Oct 17, 2018 07:59
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Originally published by AxiTrader

Bitcoin tries to recover

(Bitcoin) attempted a recovery, but resistance at $7400 proved once again to be too strong. The cryptocurrency has seen rather low volatility in the past few weeks, with general interest still on the decline. However, concerns around the cryptocurrency Tether led many investors to sell it and put their money back into Bitcoin, which caused the sudden jump yesterday.

The charts suggest that BTC/USD needs to clear the resistance at $7400 to gain proper momentum. A break above that level could then signal a recovery to at least $8000. As selling interest remains high on every rally, this seems like the less likely scenario. To the downside, watch the rising trendline from the June low as well as support around $6100.

BTC/USD chart
BTC/USD chart

GBP/JPY could have an explosive week

After several weeks of trading within a rather tight range, GBP/JPY volatility might finally increase again. Should this week´ Brexit negotiations fail, the pound would suffer, while the Japanese yen might continue to benefit from the broad risk-off sentiment in the market. This would pave the way for a retracement towards 145, if not the 61.8 % Fibo of the Aug-Sep rally around 143.60. On the other side, should the Brexit talks result into progress, the next leg of the GBP/JPY may have begun - although heavy resistance at 150 needs to be cleared first.

GBP/JPY pound
GBP/JPY pound

DAX bulls bet on earnings season

For DAX bulls, the bounce off the important 11.350 points support level gives them some hope that a recovery is near. Further, the earnings season in the US has just started and might provide the necessary momentum.

However, the charts signal heavy resistance at 11.700 points, which could be too difficult to clear amid the high number of political risks and general risk aversion of investors. Should the DAX fail here, a continuation of the downtrend towards 11.200 points is likely.

Dax chart
Dax chart

Failed Recovery In Bitcoin As DAX Bulls Bet On Earnings Season
 

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Failed Recovery In Bitcoin As DAX Bulls Bet On Earnings Season

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