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FxWirePro: BTC/USD finds trend line support at 9560, bias bearish, good to go short on decisive break below

Wednesday, January 31, 2018 7:06 AM UTC

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BTC/USD broke below the trend line support on Tuesday and dropped to 9514 levels. It is currently trading at 9990 levels at the time of writing (Bitstamp).

On the topside, resistance is seen at 10134 (1h 20-SMA) and a break above would target 10541 (2h 20-SMA)/10847 (5-DMA). Further strength would see it testing 11000/11458 (100-DMA)/11725 (20-DMA)/12000/.

On the downside, the pair has found support near 9560 (trend line joining 11159.93 and 10162) and a break below would see it testing 9349 (61.8% retracement of 2972.01 and 19666)/9222 (January 17 low). Further weakness would drag it to 9000/8575 (78.6% retracement of 5555.55 and 19666)/8172 (trend line joining 11159.93 and 9222)/8000.

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 35, bearish MACD crossover, stochs and major moving averages biased lower.

On the weekly chart, the pair is hovering just above 9845 (20-SMA), with stochs biased sharply lower, and bearish MACD crossover. A decisive break below 20-SMA, coupled with RSI falling below 50, would confirm further bearishness in the pair.

Call Update: We recommended going short in our previous call. All the targets have been hit.

Recommendation: 1. Exit trade, book profits.
2. Good to go short on break below 9560. SL: 10750. TP: 9349/9222/9000/8575.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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MOODY'S SAYS DISCREPANCY BETWEEN TURKEY'S CENTRAL BANK'S INFLATION FORECASTS, "UNWILLINGNESS" FOR POLICY TO ACHIEVE THOSE TARGETS UNDERMINES ITS CREDIBILITY

MOODY'S SAYS TO MANAGE "SOFT LANDING" OF TURKISH ECONOMY IS A CHALLENGE IN LIGHT OF WEAKENED INSTITUTIONS AND INCREASING TENSIONS WITH U.S.

MOODY'S SAYS PROBABILITY THAT TURKISH AUTHORITIES WILL MANAGE TO ENGINEER A "SOFT LANDING" OF ECONOMY IS DECLINING

MOODY'S SAYS ALSO NOTES THAT TURKEY HAS SUCCESSFULLY MANAGED PREVIOUS SERIOUS ECONOMIC AND FINANCIAL SHOCKS

MOODY'S SAYS TURKEY'S EXTERNAL FUNDING NEEDS REMAIN SIGNIFICANT, AND THE RISK OF A BALANCE OF PAYMENTS CRISIS CONTINUES TO RISE

MOODY'S SAYS VIEW OF FURTHER DECLINE IN PREDICTABILITY, EFFECTIVENESS OF TURKEY'S ECONOMIC POLICY MAKING EXEMPLIFIED BY CONCERNS OVER CENTRAL BANK'S INDEPENDENCE

MOODY'S SAYS ALSO LOWERED TURKEY'S LOCAL CURRENCY BOND AND DEPOSIT CEILINGS TO BA1 FROM BAA2

MOODY'S ON TURKEY SAYS TIGHTER FINANCIAL CONDITIONS, WEAKER EXCHANGE RATE, LIKELY TO FUEL INFLATION FURTHER, UNDERMINE GROWTH

MOODY'S SAYS LOWERED TURKEY'S LONG-TERM COUNTRY CEILINGS, FOREIGN CURRENCY BOND CEILING TO BA2 FROM BAA3; FOREIGN CURRENCY DEPOSIT CEILING TO B1 FROM BA3

MOODY'S SAYS KEY DRIVER FOR TURKEY'S DOWNGRADE IS CONTINUING WEAKENING OF PUBLIC INSTITUTIONS, RELATED REDUCTION IN PREDICTABILITY OF POLICY MAKING

MOODY'S SAYS DOWNGRADED THE GOVERNMENT OF TURKEY'S LONG-TERM ISSUER RATINGS TO BA3 FROM BA2 AND CHANGED ITS RATING OUTLOOK TO NEGATIVE

MOODY'S DOWNGRADES TURKEY'S RATINGS TO BA3 AND ASSIGNS NEGATIVE OUTLOOK

S&P SAYS EXPECT TURKEY'S FISCAL POSITION TO WEAKEN BUT REMAIN SUPPORTIVE OF THE SOVEREIGN RATINGS

S&P ON TURKEY SAYS BELIEVE THAT GENERALLY HEIGHTENED POLITICAL UNCERTAINTY WILL ALSO LIKELY PUT A BRAKE ON PRIVATE INVESTMENT

S&P SAYS TURKEY'S BALANCE OF PAYMENTS VULNERABILITIES REMAIN A KEY RATING CONSTRAINT

S&P SAYS TURKEY'S CURRENT ACCOUNT DEFICIT HAS PEAKED AND WILL DECLINE IN COMING MONTHS

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America's Roundup: Dollar slips as China-U.S. trade worries ebb, Wall Street rises on trade talk optimism, Gold gains, Oil rises in session, but has weekly loss on trade worries-August 18th, 2018

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FxWirePro: EUR/USD upside capped by 34-4H EMA, break above targets 1.1465

Economics Monitor

August 17 14:30 UTC Released

USECRI Weekly Annualized

Actual

0.3 %

Forecast

0.6 %

August 17 14:30 UTC Released

USECRI Weekly Index

Actual

147.4 %

Forecast

147.8 %

January 31 00:00 UTC 288201288201m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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January 31 00:00 UTC 288201288201m

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Forecast

2016 bln ARS

Bln AR bln ARS

January 22 19:00 UTC 300021300021m

ARTrade Balance

Actual

Forecast

-1541 %

January 31 00:00 UTC 288201288201m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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January 22 19:00 UTC 300021300021m

ARTrade Balance

Actual

Forecast

-1541 %

January 31 00:00 UTC 288201288201m

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Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 288201288201m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 288201288201m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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