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Bitcoin analysis for September 08, 2017

September 8, 2017 Forex analysis review 0

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The Bitcoin (BTC) is trading sideways at the price of $4.617 driven on the news that several Chinese cryptocurrency exchanges have delisted markets in a bid to comply with China’s recent clarifications on the legality of ICOs. Yunbi, Dahonguo, and Yuanbao have issued statements addressing the central bank’s new regulations, moving to delist markets that facilitate the trade of tokens issued via initial coin offering. Technical picture is showing that there is weakness in the backround.

Trading recommendations:

According to the 1H time frame, I found a broken rising wedge in the background, which is a sign of weakness. The price is testing the gap zone from Monday and gap zone acting like resistance at this point.There is also a hidden bearish divergence on the moving average oscilator. My advice is to watch for potential selling opportunties. The downward targets are set at the price of $4.460, $4.351 and $4.000.

Support/Resistance

$4.680 – Gap resistance

$4.920 – Major price action resistance

$4.460 – Intraday support

$4.351 – Intraday support

$4000 – Projected pattern target (support)

The material has been provided by InstaForex Company – www.instaforex.com

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Analysis of GBP/USD for August 23, 2017

August 23, 2017 Forex analysis review 0

Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2792. According to the 30M time frame, I found that resistance at 1.2810 is on the test and my advice is to watch for potential selling opportunities. The Stochastic…

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Trading plan for 21/08/2017

August 21, 2017 Forex analysis review 0

Trading plan for 21/08/2017:On Monday 21st of August, the event calendar is light in important data releases. Only during the US session, the global investors will focus on Wholesale Sales data from Canada. USD/CAD analysis for 21/08/2017:The Wholesale…

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The Euro switched to Jackson Hole

August 18, 2017 Forex analysis review 0

If the minutes of the July meeting of the ECB scared the bulls for the euro, then it was only for a little while. The European Central Bank expressed its concern about the future strengthening of the exchange rate, saying that the current EUR/USD movem…

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