Tradepedia’s Founder & CEO, Avramis Despotis, on CNBCPosted on Tuesday, June 19 2018 at 10:42 am GMT+0000
Discussing Euro, GBP and Bitcoin technical outlooks
As we see that after reaching the top, Bitcoin reversed lower and dropped significantly breaking the support level (at the previous Bottom) and is now targeting the first support level at $4150, we will not talk about the next support level since it’s a bit far, but if we focus on the weekly chart we see the market in a downtrend. On the shorter-term time frame, we may witness a bullish retracement and then the market is expected to continue the decline. There is a significant support area around $1500 and we will talk about it later in our next run.
The dollar is very strong in general, and the euro is weak and as you can see on the chart, the euro is looking for support around the 1.1500 level and then we might witness some upwards correction, but the overall trend is bearish.
As you can see, market participants expect BoE to keep its interest rates unchanged, and this is reflected by the reversal we witnessed on the weekly charts. On the weekly time frame, the sterling reached 1.3300 which is the first target of the Bearish reversal pattern activated at 1.3700. Currently the markets are a bit restrained and trying to absorb the new levels but the trend remains bearish and the pair is expected to continue its downwards path towards 1.2600. The short-term trend is also bearish and we expect the pound to fall below 1.3200 and reach 1.3000 during the week.