Bitcoin Forecast: Buy the Rumor, Sell the News?
The price of Bitcoin has gone south after a decision by the SEC Commission on the launch of several BTC ETFs. Afterwards, the asset’s price rebounded, dived under the resistance level of 45500, and formed a bullish trap. Bitcoin might rebound back to the broken resistance level of 45500 and drop. Otherwise, it could also rebound from the upper supporting level of 40000 or a slightly lower level of 35000. All in all, Bitcoin is likely to undergo a correction soon. So, let’s observe which scenario might play out.
The price of gold tested the crossing points of the downtrend and the broken uptrend. It might potentially drop and gain the required support at the level of 1990 at the beginning of the next trading week.
The American stock index S&P500 is testing the resistance level of 4795. If the resistance gets broken, the asset’s price might head north. Now, the price of the index is moving below the resistance level. Hence, the stock index might potentially undergo a correction today, that is, at the beginning of the trading week.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.