Alpari - Analytics

Alpari

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Daily analytical report (17/01/18)

  • Bitcoin continues to decline. As mentioned yesterday, the first target for BTC was the support around the psychological barrier at 11k. Bitcoin went there but it was not enough for the bears, they continued to sell, pushing the price even lower, below another psychological barrier – 10k. How much further down can Bitcoin go? The next potential target is around 8,7k USD. Why there? Well, for this estimation, we used the impulse equality pattern. Those light blue rectangles are the same, so we are looking for the same movement that happened in the middle of December.
  • Cable reached the lows from February 2016 and it looks like we are ready for a correction here, especially since the price is creating a shooting star candlestick pattern. It would be nice to test 1.362 as a support as we still haven’t done that yet.
  • FTSE had a really bad day yesterday. Obviously, long-term sentiment is still positive but yesterday's drop may be a start of a bigger bearish correction. The potential target for this is the upper line of the ascending triangle pattern (around 7,600 pts). There is a chance that we will get there, creating a good opportunity for new buyers.

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