BTCUSD Analysis - Crypto and Bitcoin Brokers - December 5 2017

EURUSD Set to Decline Amid Forecast of a Strong US Non-Manufacturing Sector

BTCUSD Forecast for Bitcoin brokers

BTCUSD Analysis for Bitcoin Brokers - 5th December 2017

Over the last week, the bitcoin remained very bullish against the U.S. Dollar as a lack of liquidity reduced supply, which pushed the BTCUSD rate above $11,000 for the first time. The popular cryptocurrency ended up reaching $11,800 marks for the first time in history by December 3, 2017.

Although the BTCUSD started a minor retracement over the last 24-hour period, the uptrend line remains intact and as the RSI has climbed down faster as opposed to the bearish retracement move, it has formed a technical divergence, which indicates further bullishness in the market in the next few days. Therefore, if the BTCUSD price closes above $11,800 level, it will likely attract additional bullish momentum in the market.

Hence, US bitcoin brokers should consider looking for trading opportunities above the last high around $11,800 level.

EURUSD – Technical Analysis for US binary Options

United States – ISM Non-Manufacturing PMI

Today, at GMT 3:00 p.m., the US based Institute for Supply Management (ISM) released its monthly Non-Manufacturing PMI figure, which measures the level of a diffusion index created by surveying purchasing managers. However, the ISM’s PMI figure excludes the non-manufacturing sector.

US Binary options investors consider the ISM Non-Manufacturing PMI figure to be a leading economic indicator because purchasing managers have the most updated view of the economy.

Last month, the ISM’s PMI figure came out at 60.1 and the forecast for this month is set at a slightly lower figure, at 59.2.

Eurozone – German Trade Balance

On Friday, at GMT 7:00 a.m., the Destatis will release the monthly trade balance figure, which measures the difference in value between net import and export of goods over the past month.

The demand for export in Germany is directly correlated with the demand for the Euro, because the German economy makes up a large portion of the overall Eurozone economy. Hence, binary options traders analyze the monthly trade balance in order to gauge the strength of the EURO against other major currencies.

Last month, the German trade balance figure came out at 22.3 billion and the forecast for this month is currently set at 21.8 billion.

EUR/USD Forecast

EURUSD Analysis for Binary Options - 5th December 2017

After breaking below the uptrend line on September 19, the EUR/USD mostly remained range-bound, but over the last two weeks, the range narrowed and it traded sideways between the 1.1830 and 1.1935 levels. Earlier on Monday, the pair once again tested the support near 1.1830, but so far it has failed to close below this key support level.

As the German trade balance is expected to decline from 22.3 billion to 21.8 billion, but the US ISM Non-Manufacturing PMI reading is set to decline to only 59.2, we believe it would set a bearish fundamental outlook for the EUR/USD this week. Therefore, if the EUR/USD closes below the support near 1.1830, it would likely attract additional bearish momentum in the market.

Hence, US binary options traders should look out for trading opportunities below this major support level around 1.1830.

Top 3 US Bitcoin Brokers to trade BTCUSD

Top Bitcoin Broker: RaceOption

Good Broker: BinaryCent

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