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Bitcoin analysis for November 08, 2017

November 8, 2017 Forex analysis review 0

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $7,517. Sweden’s financial regulator has issued a statement outlining a number of risks pertaining to ICOs. The document describes “ICO” as a “term used as the designation for launching a new token or other form of digital access based on… crypto”. Technical picture looks neutral to bearish.

Trading recommendations:

According to the 1H time frame, I found the resistance cluster at the price of $7,467 is on the test. In my opinion, the Bitcoin looks extend today and my advice is to watch for potential selling opportunties. I found the Shooting Star formation near the strong resistance, which is a sign of weakness. Downward targets are set at $7,229 and $7,070.

Support/Resistance

$7.517 – Intraday resistance

$7.229 – First downward target

$7.070 – Second downward target

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Analysis of Gold for November 08, 2017

November 8, 2017 Forex analysis review 0

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Recently, Gold has been trading upwards. The price tested the level of $1,282.40. Anyway, according to the 15M time – frame, I found successful rejection from pivot resistance 1 at the price of $1,280.70, which is sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,270.90 (pivot support 1) and at the price of $1,266.48 (pivot support 2).

Resistance levels:

R1: $1,280.70

R2: $1,286.24

R3: $1.290.64

Support levels:

S1: $1,270.90

S2: $1,266.48

S3: $1,260.85

Trading recommendations for today: watch for potential selling opportunities.

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Breaking forecast 11/08/2017

November 8, 2017 Forex analysis review 0

EURUSD: We are waiting for an exit from the range and strong movement.There is a lull in the market: there is no important news (and there is nothing expected until the middle of next week), there is no strong bias towards buying or selling.As a result…

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