Analytics

News, Trends, & Analytics 11.12.2020

Will Bitcoin replace gold?

Today, the focus is on the deadline for discussing a trade deal between the EU and the UK, a fine for Google, and JP Morgan’s opinion on the fate of bitcoin.

 

Calendar

13:30 UTC

The US PPI for November will be released. The indicator is forecast to grow by 0.2%. If the real indicator turns out to be higher, the USD will receive a positive impulse.

Assets to trade: EUR/USD, EUR/CHF

 

News

ECB may increase economic stimulus. Affects EUR


European Commission President Ursula von der Leyen and the British Prime Minister Boris Johnson have set a deadline for negotiating a trade deal. Affects GBP


The French government regulator has fined Google. Affects Google


Manufacturing output in the UK has skyrocketed. Affects the FTSE 100


JP Morgan believes bitcoin will gradually replace gold over the long term. Affects Bitcoin

 

Technical Analysis

Bitcoin

The main cryptocurrency is still trading near the psychological 20,000 mark. And JP Morgan analysts are throwing fuel on the fire, admitting that Bitcoin may become an alternative to gold. This means that investment funds will protect their capital not only by investing in gold, but also by buying bitcoins.

Fibonacci levels indicate that the cryptocurrency correction may continue. The target of the decline will be the level of 17300.

EUR/CAD

A head and shoulders reversal pattern has formed on the chart of the currency pair, which indicates a high probability of a downtrend.

CAD/CHF

The range of movement of the asset price has sharply decreased in recent years. A breakout of the upward support level is possible as the CAD has a number of bearish signs against other currencies.

CAD/CHF on this day in history

  • Since 2000, December 11th has been a trading day 14 times.
  • On 28% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.69%.
  • The downward trend was limited to 1.71%.
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