Bitcoin has had a slightly positive week, but quite frankly it is still flat on its back- - forextrade forextrading
markets spent the early part of the week trying to rally but have pulled back from the 200-Weekly EMA, as well as the crucial $1680 level, an area that previously had been very important. The fact that we are closing toward the bottom of the candlestick suggests that we may very well be getting ready to test the $1620 level underneath, which is where we formed a short-term double bottom.
If that gets violated, Bitcoin goes much lower. On the other hand, rallies all the way up to the $25,000 level only continue the consolidation that we had been in.has rallied rather significantly during the trading week to pierce the parity level. The European Central Bank had raised interest rates to the 2.00% level, as anticipated.
The Frankfurt exchange initially pulled back a bit during the trading week, but then turned around to show signs of strength, just as most other stock markets did. At this point, traders are starting to focus on the fact that central banks may slow the rate of interest rate hikes, but quite frankly that’s not a good sign, because it shows that we still have plenty of economic headwinds out there. Yes, it could provide a short-term boost for stocks, but over the longer term, you are still going to see a lot of negative pressure.
I think this week will probably be more of the same, because the Canadian dollar may be insulated by the oil markets.
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