Tag: BTC/USD

Daily FX Analysis, Aug 29 – Big Day Eurozone PMI & US Prelim GDP q/q In Highlights! 

On Wednesday, the dollar index, which measures the U.S. currency against a basket of six currencies, surged 0.19% to 98.186. The Chinese yuan trimmed lower to 7.1690 in foreign markets, not distant from the record low of 7.186 it placed on Monday. Quite distinctly, the Greenback was building a mounting wedge pattern, pleasing the bears. Meantime, the USD Index continued to stay well above the red Ichimoku Clouds, aiming the 98.45 resistance handle. On the flip side, 97.16 stable support handle remained as an authoritative stoppage. The RSI stood muted near 55 levels, maintaining a neutral perspective on future actions.  Economic Calendar – Eurozone PMI & US Prelim GDP q/q    BTC/USD – Daily Forecast During the previous session, Bitcoin’s price slid more than $600 in 30 minutes, falling back below $10,000. Bitcoins opened the day at just under $10,200. Over the trading day, BTC broke over $10,250 a few of times. The action finished with a 30-minute sell-off. BTC observed a large pullback from $10,200 to $9,600, followed by a small bounce near $9,740, providing temporary support. At the time of writing, BTC is currently changing hands at $9,700. BTC/USD – Daily Technical Levels Support Resistance  9617         10805.92 9094.65    1472.49 7905.73    12661.41 Pivot Point 10283.57   BTC/USD – Daily Forecast On the 4 hour chart, the BTC/USD was facing solid support around 9790 which has now been violated amid massive sell-off. For now, the BTC/USD has an open room for 9476 and 9300. Let’s

Read More

Daily FX Analysis, Aug 27 – Boosted Haven Appeal Weights on Dollar, What’s on the Chats Today?

During the previous session, the U.S. dollar index was crossing the centerline of the Bollinger Bands, heading to the upper vicinity of the indicator. After shaking the market on Monday, President Trump was on the tape, making remarks from the G7 meeting in Europe. The President stated that China has stretched out to his cottage and was ready to come back to the negotiating desk. He also sought to soothe the markets by striking a more friendly tone. Trump also clarified that China necessitated the US more than the US needed China as he proceeded to seek the upper hand on the Chinese. Economic Calendar – CB Consumer Confidence Up Next!     BTC/USD – Daily Forecast BTC/USD moved from 10,182 to 10,680 in ten minutes In the Asian session.  We know that a volatile consolidation range of between $14,000 and $9,800 will likely be met with an explosive breakout. However, If trading volume levels don’t rise soon, which is lowest due to summer holidays, Bitcoin price will likely see another drop which could create a lower low on the 4-hour chart, anywhere between $8,800 and $8,100. If price levels drop below $8,100, it’s wise to assume the trend is bearish and to be more cautious when taking long positions. BTC/USD – Daily Technical LevelsSupport Resistance 10142.9 10532.01 9916.35 10694.57 9527.24 11083.68 Pivot Point 10305.46   BTC/USD – Daily Forecast On the technical front, the BTC/USD is still facing double bottom support around 9,780. Bitcoin has already completed correction until 10,200,

Read More

Daily FX Analysis, Aug 20 –Major Trade Setups In Forex & German PPI Ahead!

The Asian session has been a bit quiet on the economic calendar as traders seem to be out on summer holidays, so we are facing a lack of volatility and trade opportunities in the market. Thus, there are no quantitative stats to present direction through the early part of the day. On the monetary policy front, the RBA meeting minutes provided the Aussie Dollar with direction. Quick Look on RBA Meeting Minutes Prominent features from the RBA meeting minutes included: Members anticipated 2nd quarter growth to be more solid. RBA Members also anticipated supply disruptions and mining investment to be scarcer of a burden on exports. Partial indicators point to subdued consumption growth in the quarter, however. The RBA expected dwelling investment to have declined further in the quarter. Public demand and non-mining business investment were expected to have continued to support growth. The unemployment rate stays at 5.2%. Whereas the unemployment rate remains unchanged, the employment to population ratio and participation rate prevailed around record highs. BTC/USD Bitcoin price rebounded recently and climbed above the $10,700 resistance against the US Dollar. The price is currently trading nicely above $10,500, but facing hurdles near $11,000.There is a mixing bullish trend line likely to extend support near $10,250 on the hourly chart of the BTC/USD pair. The price is likely to climb higher if it breaks the $11,000 resistance area in the near term. Economic Calendar – German PPI In Focus     EUR/USD – Horizontal Resistance Pushes Euro Lower On Tuesday, the EUR/USD pair lost

Read More

Daily FX Analysis, Aug 19 –Major Trade Setups & EU CPI In The Limelight!

The summer calm will extend into this week as economic events will remain sparse. Nevertheless, meeting minutes from the central bank and the annual conference of central bankers at the Jackson Hole Economic Symposium should produce loads of headlines ahead of proposed policy easings in September. Besides, the trade and geopolitical tensions will also come to the fore as world leaders attend a G7 summit in France. Bitcoin (BTC/USD) has restored the psychologically level $10,000 whole figure level (as part of its ongoing 2-month consolidation) after some profit-taking during the previous week. Whereas the buyers see BTC/USD recapitulating an up channel. Bulls are also suggested to closely monitor Ripple (XRP/USD) and Ethereum (ETH/USD) as these seem to reclaim (after breaking last week) major prior support at 0.3 and 200 respectively. Economic Calendar – Eurozone’s Inflation Report In Focus   EUR/USD – Inflation Figures Set to Drive Price Action One of the most important fundamental today is the Eurozone’s July inflation figures which are due to kick the week off. Excluding any deviation from prelim numbers, the focus will be on the headline CPI figure. Later, the investors focus will shift to August prelim private sector PMI numbers due out on Thursday. Expect the German manufacturing PMI and the Eurozone’s composite PMI to be the key drivers. Moreover, the Eurozone’s service sector activity will need to extend support, though. Moderate growth in services and anticipate risk aversion to impact. The single currency hasn’t moved much as the EUR/USD pair continues to trade

Read More
Top