Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Bitcoin sinks nearer to the $3000 level

Bitcoin-sinks-nearer-to-the-3000-level

The leading cryptocurrency is consolidating below $3,500 for the third day straight as the challenge remains whether the bulls or the bears will win out in the coming days

Bitcoin could soon see a corrective rally if prices manage to clear the crucial resistance at $3,633–the high of an “inverted hammer” candle on the 3-day chart–by Friday’s UTC close.

The bull case is also bolstered by Bitcoin’s 14-week relative strength index, which has been reporting oversold conditions for the first time since January 2015. A corrective rally hence, is much overdue.

The odds of a move above $3,633 would rise if Bitcoin’s five-day-long narrowing price range ends with a bullish breakout. As of writing, the upper edge of the price range is located at $3,456 and the lower edge is seen at $3,360. It is worth remembering however that BTC has repeatedly struggled to score a significant and lasting rally in recent weeks, despite oversold conditions.

Bitcoin is currently trading at $3,400 on Bitstamp, representing a 0.75% drop on a 24-hour basis. It has created a symmetrical triangle on the hourly chart. A bull breakout would validate the argument put forward by the 3-day inverted hammer candle that bargain hunters are beginning to challenge the bears’ resolve to push prices lower. As a result, the triangle breakout, if confirmed, could yield a quick move higher to $3,633.

Bitcoin, however, risks falling to the 200-week moving average (MA) of $3,179 if prices pierce the triangle support of $3,360. That long-term MA support will likely hold ground, as the 14-week RSI is reporting extreme oversold conditions.

Many market technicians believe that a break of an RSI trendline often precedes the break of a trendline in price. By that logic, the falling channel breakout in the 6-hour chart RSI could be considered an advance warning of an impending bullish price move.

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