Tag: bitcoin

Daily F.X.Analysis, May 13 – UK GDP and Fed Chair Speak In Focus! 

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let’s wait for Fed Chair’s speech today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices continue to consolidate with in the same trading range of 9,000 – 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days.  The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish

Read More

Daily F.X.Analysis, May 12 – Mixed Risk Sentiments In-Play, Eyes on U.S. Retail Sales! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar         BTC/USD – Daily Analysis Yesterday, the BTC/USD opened with a vast gap, falling sharply below 10K psychological resistance level to 8,500 support zone. Currently, the leading crypto pair is gaining support at this level and has closed a Doji candle above the 8,500 level.  The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci

Read More

Daily F.X. Analysis, May 11 – Stronger Dollar Sentiment Amid Positive NFP! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230.  BTC/USD – Daily Technical Levels Support Resistance  8,054       9,485 7,376      10,239 6,622 

Read More

Daily F.X. Analysis, May 08 – Big Day, the U.S. Non-farm Payroll Ahead! 

The U.S. dollar lost its traction after the release of Unemployment Claims for last week. Around 3.1M people reported to file claims for jobless benefits from the U.S. on Thursday and weighed on the U.S. dollar. However, it’s going to be a busy day for the U.S. dollar in the wake of high impacted labor market figures, which are due during the U.S. session today.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is on the verge of a major breakout over a key mark of resistance after it examined $9,400 once again during yesterday evening. All of the dominoes have apparently fallen into position for BTC/USD as it advances its third block reward splitting in 11 years, with several traders demanding that it will work as an impetus for the bull market. The major level of resistance to look out for is $9,550, as this begins back to the $20,000 top in December 2017 with denials occurring along the way at $13,150, $12,500, and $10,500. Being able to achieve a daily or weekly over $9,550 would imply a clear change in the market from May when Bitcoin dropped to as low as $3,850. If a move to the upside occurs this weekend, it will symbolize a period of bullish trading above the coming weeks with targets commencing to begin over $13,000. BTC/USD – Daily Technical Levels Support Resistance  9,332      10,367 8,669     10,739 8,297     11,403 Pivot Point 9,704 BTC/USD – Daily Forecast The BTC/USD

Read More

Daily F.X. Analysis, May 04 – Eyes on E.U. Economic Forecasts! 

The U.S. dollar remains weaker due to more than expected unemployment claims. The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollar.  Later today, during the New York session, the market will be following ISM Manufacturing PMI from the United States. Later today, the eyes will remain on the E.U. Economic Forecasts as it may help drive some movement in the market today.  Economic Calendar          BTC/USD – Daily Analysis During the previous week, the BTC/USD prices soared sharply to violate major resistance areas and to trade around $9,400. It crossed over the 200-day SMA (simple moving average), the 200-day EMA (exponential moving average), and the 0.618 Fibonacci Retracement level measured in within $3,600 and $14,000.  The BTC/USD prices soared to their highest levels in approximately two months, up as much as $9,478, following the release of worse than expected Jobless Claims data from the U.S. econoU.S.The recorded unemployed people for the previous week increased to 3839K against the expected 3500K and weighed on the U.S. dollaU.S. It seems like the BTC/USD prices can remain high for a while now, considering the significantly low-interest rates, which are making dollar weaker versus Bitcoin. It seems like; the Bitcoin can hold in the overbought zone for days or even weeks before a correction ensues. BTC/USD – Daily Technical Levels Support Resistance  8,689       9,153 8,479       9,408 8,224       9,618 Pivot Point 8,943 BTC/USD – Daily

Read More

Daily F.X. Analysis, April 30 – ECB Monetary Policy In Highlights! 

A day before, the U.S. dollar weakened after the Federal Reserve kept the Fed fund interest rates steady and reiterated a pledge to do what it needs to shore up the economy that has been punished by business shutdowns due to the novel coronavirus. The dollar has declined over 3% after mounting a more than the three-year high of 102.99 in late March as global central banks initiated massive incentive measures to preserve economies from the coronavirus pandemic. The Fed’s statement was released after the economic data exhibited that the U.S. economy shrank in the first quarter. Economic Calendar        BTC/USD – Daily Analysis On Wednesday, during the U.S. session, the BTC/USD pair soared dramatically to trade at 8,900 levels, and it seems to head toward $10,000 soon. The bitcoin price surged over 30% since the end of March, has almost erased its coronavirus crash losses—and is beating the U.S. S&P 500 index along with most other major markets. On Wednesday, Bitcoin (BTC) price shattered by a range of essential resistance levels as investors ponied up and initiated their target on the $9K level. Today’s $1,123 wave enabled Bitcoin price to violate several crucial levels, such as the major resistance at $8,000 and $8,500. With the move above $8,000, the BTC/USD has also cleared the yearly pivot level of $8,100, which makes it bullish for now. Let’s look at the technical side of the market.  BTC/USD – Daily Technical Levels Support Resistance  8,540      9,137 8,147     

Read More

Daily F.X. Analysis, April 28 – U.S. C.B. Consumer Confidence In Highlights! 

A day before, the U.S. dollar slipped across the board as various countries laid out plans to loosen limitations on businesses that have been blocked in the wake of novel coronavirus outbreak, increasing risk appetite and reducing demand for the safe-haven U.S. currency. The significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the latest updates from COVID19, European Spanish Unemployment Rate, and U.S. consumer confidence figures, which are expected to release during the trading sessions today.  Economic Calendar        BTC/USD – Daily Analysis On Monday, the Bitcoin prices haven’t changed much due to a lack of liquidity in the market. Even today, on Tuesday, the Bitcoin prices continue to move in a tight trading range 7,625 – 7,800. We can’t have much of the trading opportunity until the bitcoin prices break this range and determine the clear trend. Elsewhere, we can do choppy sessions until this range gets violated.  Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week’s accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance.  BTC/USD – Daily Technical Levels Support Resistance  7,685       7,847 7,579       7,904 7,522       8,010 Pivot Point 7,741 BTC/USD –

Read More

Daily F.X. Analysis, April 27 – Choppy Sessions Amid Mixed Risk Sentiment! 

The global stock market indices and the U.S. dollar seems to be proposing a potential turning point with the stimulus trade. Global stocks have been broadly backed by unique stimulus from central banks and states, but that appears to be missing some of its firepowers, while the constant demand for U.S. Bonds has buoyed the greenback.  The subsequent significant movement with risk appetite will probably stem from expectations on when key economies resume. Today, the focus will remain on the Japanese unemployment rate and the latest updates from COVID19.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price continues to soar week in and week out, as another 9% has been combined to its price since the previous Sunday. Nevertheless, with the block reward halving being presented over two weeks away, and drilling pressure set to grow 5% further. The BTC/USD prices have abruptly jumped over $7,700, implying the remainder of the weekend, along with the weekly close will produce higher than usual levels of activity. The progress to $7,708 was short-lived but almost set a higher high above Thursday’s dramatic wave to $7,742.  Currently, the BTCUSD price is trading sideways between $7,600-$7,769 as traders have violated the intraday pivot point level of 7,632 to press the price above $7,600. Bullish seems stronger today.  BTC/USD – Daily Technical Levels Support Resistance  7,557        7,776 7,413        7,851 7,338       7,995 Pivot Point 7632 BTC/USD – Daily Forecast During the previous week, the BTC/USD

Read More

Daily F.X. Analysis, April 23 – Manufacturing & Services PMI’s In Highlights! 

On Thursday, the greenback accelerated ahead versus the currencies of oil yielders as a bounce-back in crude prices from an abnormal collapse only partly soothed markets weakened by the massive coronavirus-led decline in global demand. Today, the market’s focus is going to be on the manufacturing and services PMI figures, which are scheduled to come out from the Eurozone. Let’s take a look at the significant trade setups.   Economic Calendar        BTC/USD – Daily Analysis The BTC/USD price has started trading in the bullish region around 7,147 area during the Asian session. The BTC/USD has tested and already violated the psychological resistance level of $7000. The Bitcoin price has also crossed over the 50 periods exponential moving average and is already trading over the 200 simple moving average on the 4-hour timeframe.  The price action in Bitcoin is looking strong, as we can observe from the chart here, but the high of 7466.00 is likely to be taken out for the bulls to remain in charge.  If that doesn’t appear then, the price could look for support levels around 6,818.58; that level seems solid as it has been examined a few times in the past. The next major downside target stays at $6500, which, if breached, could invite a huge wave of selling. BTC/USD – Daily Technical Levels Support Resistance  6,913       7,219 6,730       7,342 6,424       7,648 Pivot Point 7,036 BTC/USD – Daily Forecast The BTC/USD prices showed slight surged to trade below 7,212

Read More

Daily F.X. Analysis, April 22 – U.K. Inflation Reports in Focus! 

On Tuesday, the U.S. dollar surged versus a basket of major currencies as traders explored the safety of the world’s most liquid currency as a fall in oil prices drained desire for risky assets. The U.S. crude oil traded into the negative zone for the first time in history on Monday, as a dramatic drop in global oil usage due to the coronavirus pandemic constitutes a supply excess and a deficiency of storage capacity. Today, the focus will remain on the UK CPI reports, let’s brace for it.  Economic Calendar          BTC/USD – Daily Analysis The Bitcoin traded with a slight bullish bias at 6,911 area after completing the Fibonacci retracement level around 6,788 level. It seems like the U.S. citizens are using a portion of their $2,000 stimulus plan in Bitcoin and other cryptocurrencies.  On Monday and Tuesday, the BTC/USD price slips from the previous week’s high of $7,314, to trade at $6,750. However, the BTC/USD price grew slightly on Wednesday during the Asian session.   The BTC/USD is exhibiting indications of an upside revision from the $6,761 low versus the greenback. A few major obstacles are operating around the $6,955 and $7,030 trading levels. There is a major bearish trend line building with resistance at $7,030 on the hourly timeframe of the BTC/USD. With this, the BTC/USD pair could extend trading lower towards a support area of $6,550, where the buyers are likely to emerge. BTC/USD – Daily Technical Levels Support Resistance  6,798        6,968

Read More
Top