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Daily analytical report (08/11/17)

  • There are two bullish factors currently at play on bitcoin. The first one is obviously the upwards trend and the second one is the ascending triangle pattern (green). In theory, this should result in a bullish breakout and is exactly what is happening in practice right now. The road has been paved to reach new all-time highs.
  • Gold broke the mid-term downwards trend line and defended it as the closest support. This is great, but it’s still not enough to trigger a buy signal. For that, we need to see the price breaking the 50% Fibonacci, which has been a crucial resistance since the 24th of October.
  • USDJPY on Monday had a chance to break an important long-term resistance. Instead of that, the price has drawn a shooting star on a daily chart (long head). That trigged a short-term sell signal with a potential target at 113.30.

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