Daily analytical report (16/11/2018)

Tomasz Wiśniewski

Chief analyst at Alpari Research & Analysis
  • And we are back above 1.13. So the drop didn’t last too long. Do not get too optimistic though, because the price is still in a bearish pattern and below the mid-term downwards trend line and the 38.2% Fibo. As long as things stay this way, the sell signal is still ON
  • Bitcoin has been on our radar for quite some time. Regarding the descending triangle on the daily chart we’ve been talking about for the past several weeks, we were bearish and we were waiting for the breakout of its lower line. Well, guess what happened? This ultimate support eventually got broken. What now? 3,000 USD for one BTC, how do you like this price?
  • Buyers on the SP500 just won't give up. We have a legitimate chance of keeping the uptrend intact. The price is trying to form the right shoulder of the inverse head and shoulders pattern. To be successful here, we need to see the price closing above the neckline. The neckline is a horizontal line at around 2,820 points. As long as we stay below, sellers still have bigger chances of success.

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