Tue, May 18, 2021 @ 23:31 GMT
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BTCUSD Sell The Rally

Bitcoin is attempting to recover higher after sellers failed to breach the $42,000 support level during the Asian trading session. The BTCUSD pair could recover back towards key trendline resistance, around the $48,500 area if gains above the $46,000 level take place. It is important to note that the...

PoS Or Not, If Bitcoin Does Down, Others Should Follow

It's a slow start to the week and there is not much appetite across the equity markets. A part of this global lack of appetite is due to the inflation worries, but most of it, is due to the revival of virus worries as the Indian variant is now...

Soft Start for Stocks End Empire State Pricing Pressures

US stocks are edging lower following mixed Chinese economic data, concerns that Taiwan and Singapore success in fighting COVID is in jeopardy, and after the Empire State manufacturing survey solidified the inflationary theme that is running wild on Wall Street. Earlier, a key truce was reached between the US...

US Open: Futures Trade Lower on Uneven Global Recovery Concerns

After strong gains on Friday, the mood in the market is more subdued. Chinese data overnight highlighted the slowing and uneven nature of the recovery. Tighter covid restrictions in Asia are also unnerving investors. Musk downs Bitcoin (again). US futures Dow futures -0.5% at 34228 S&P futures -0.4% at 4150 ...

Bitcoin Rebounds But Damage Already Done?

Once upon a time, traders used to watch Donald Trump's twitter handle like hawks. Now it is Elon Musk's turn – especially for crypto traders. After Musk replied to a tweet implying that Tesla had sold or is selling its holding of Bitcoin, the digital currency tanked. BTC/USD fell...

Forex and Cryptocurrency Forecast

First, a review of last week's events: EUR/USD. As predicted by most experts (60%), the first half of the week benefited the dollar, strengthening it and dropping the EUR/USD pair to support 1.2050. The US inflation report, released on Wednesday May 12, pointed to an impressive rise in April and...

BTCUSD Watching Triangle

Bitcoin is once again attempting to recover higher after sellers failed to take out the technically $46,000 support level over the weekend. A triangle pattern has formed over the lower time frames and warning of a big breakout once the $46,800 to $50,800 range is broken. A bullish breakout...

Dollar Recovers Mildly, Gold Extending Rise, Bitcoin in Free Fall

Dollar and Yen recover mildly in a mixed Asian session today, while commodity currencies are mildly today. But major pairs and crosses are all bounded inside Friday's range so far. China data provided some support to Hong Kong and China stocks but Japanese Nikkei is in another sharp decline....

Bitcoin quickly approaching 41k strong support zone with another Musk prompted selloff

Bitcoin is in another steep selloff after Tesla CEO Elon Musk implied that the company might sell its holdings. A self claimed "crypto analyst" @CryptoWhale tweeted, "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount...

Week Ahead: Inflation or Stagflation? The UK Reopens and the US Takes it All Off

US inflation data has been coming in higher than expected. Will it be the same in other parts of the world? Last week, inflation data came in hot for April in the US.  However, since the beginning of the month, manufacturing and jobs data were weaker than expected. Is the...

Week Ahead – Will the Bond Market Remain in a Holding Pattern?

Financial markets seem to be constantly recalibrating. The economic data is expected to be volatile and that should support the Fed’s patient stance on waiting for enough data to make a clear assessment over pricing pressures and the strength of the labor market recovery. Inflation expectations are weighing on sentiment,...

BTCUSD $50,300 Important

Bitcoin is trying to recover higher on the cryptocurrency market on Friday, following the recent price plunge towards the $46,000 support level. The $50,300 level is extremely important from a technical perspective as it is the neckline of a large head and shoulders pattern. Failure to hold the price...

US Open: Stocks Stabilize, Elon’s About-Face

Major US indices are poised to open near flat after the Dow Jones Industrial Average saw its biggest decline since January on yesterday’s US CPI reading US futures Dow futures -0.3% at 33415 S&P futures +0.0% at 4060 Nasdaq futures +0.4% at 13054 In Europe FTSE -1.7% at 6889 Dax -0.9%...

BTCUSD Slighty Bearish

Bitcoin is trading towards the worst levels of the month as the top cryptocurrency comes under pressure due to a broad-based sell-off in risk assets. The BTCUSD pair could tumble towards the $47,000 level if the $50,000 support level is breached with conviction. Bears may use any technical pullbacks...

BITCOIN Price Crashes After Tesla Stops Accepting The Currency

Bitcoin and other cryptocurrency prices retreated in the overnight session as traders reflected on the decision by Tesla to stop accepting the digital currency. In a statement, Elon Musk cited the substantial energy consumption needed to mine the currency. It is still unclear whether Tesla will sell its remaining...

Inflation Fear Prompted Selloff in Bonds and Stocks, Dollar Extending Recovery

Extremely higher volatility was seen in the markets overnight, with the steep decline in stocks and rally in yields. Bitcoin also had a free fall. Negative sentiments continue in Asia with major indexes trading in deep red. In the currency markets, Australia and New Zealand Dollars are under most...

Bitcoin dives on Tesla halt, correction to extend to 41k

Bitcoin was in free fall overnight after Tesla said it has suspended vehicle purchases using the crypto-currency. "We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Chief executive Elon Musk tweeted. "Cryptocurrency is...

Bitcoin Dives On Musk U-Turn On Taking Bitcoin As Payment

A late tweet from Elon Musk sent Bitcoin prices into freefall. Elon Musk decided that the environmental impact of Bitcoin mining has become too significant, his tweet was a major reversal for Tesla. Musk’s decision for Tesla to suspend acceptance of Bitcoin as payment for a car is a...

BTCUSD Slightly Bearish

Bitcoin is looking more bearish as the number one cryptocurrency struggles to rally away from the worst levels of the week. Sustained weakness under the $56,000 level could prompt an even greater decline in the BTCUSD pair towards the $53,000 level. It is highly likely that Bitcoin could fall...

BTCUSD Watching Bollinger Bands

Bitcoin is trading back towards the lower end of its recent trading range after the top coin once again failed to move above the $60,000 level. The Bollinger Bands indicator on the four-hour time frame highlights that a breakout will take place once the BTCUSD pair moves away from...

Sterling Extends Rally, Yen Diving Continues, Euro Down on ECB Comments

Sterling rises strongly today, and overpowers Australia and New Zealand Dollar. On the other hand, Yen's selloff continues while Dollar is following closely behind. Despite strong investor confidence data, Euro is indeed under heavy selling pressure against the Pound and Aussie. Comments from ECB chief economist Philip Lane suggests...

Bitcoin extending rebound, but near term upside potential limited

Bitcoin retreated to 52960 last week but set a base there. Rebound from 47112 resumes today and is now heading back to 60k handle or above. Still, we'd continue to view current rise as the second leg of the medium term corrective pattern from 64848 high only. Hence, bitcoin...

BTCUSD Range Bound

Bitcoin has had a mixed weekend on the cryptocurrency market after failing to rally above the $60,000 level, despite last Friday’s promising price rally. Bulls could target the $65,000 level if they managed to break past the $60,000 resistance level this week. The overall uptrend in the BTCUSD pair...

Forex and Cryptocurrency Forecast

First, a review of last week's events: EUR/USD. There has been a lot of talk for a long time about how quickly and how well the US economy is recovering. But the head of the Fed, Jerome Powell, warned a week ago that everything is still quite fragile, and the...

Week Ahead – Dollar Declines after Massive Payrolls Miss; Focus Shifts to Inflation

Wall Street went on a wild ride after a huge nonfarm payroll report miss reaffirms the Fed’s stance to do nothing. A massive slowdown in hiring was not expected and the knee-jerk reaction across the bond market might have paved the way for further dollar weakness. The US economic...

Markets Stunned on Massive NFP Miss, Yields Plunge then Rebound, Stocks Pop, Gold Surges

Investors were supposed to quickly look quickly beyond this nonfarm payroll report. The playbook for the next couple of months was to look for more robust employment reports and try to figure out what is the right balance of pricing pressures that will force Fed Chair Powell and company...

BTCUSD Buying Opportunity

Bitcoin has undergone a strong price pullback from the $58,000 level after bulls failed to ignite a large inverted head and shoulders pattern on Thursday. The current price pullback could provide a dip-buying opportunity as the inverted head and shoulders pattern is still valid. Risk-averse traders may wait for...

BTCUSD Looking Bullish

Bitcoin is building on its recovery from the $53,000 support level as the largest cryptocurrency tests back towards the best levels of the month. A bullish inverted head and shoulders pattern is a warning that the BTCUSD pair could rally to the $65,000 resistance level. Sustained strength above the...

BTCUSD $56,800 Key

Bitcoin has staged another bearish pullback as the top digital asset continues to fall out of favor with cryptocurrency traders. A bullish inverted head and shoulders pattern has formed, with the neckline of the bullish price pattern found around the $56,800 level. It is possible that the latest pullback...

Record Trade Deficits, Markets on Edge, Crude Higher, Gold Steady Despite Strong Dollar

Investors are a little unsure on how to navigate the next couple of quarters of roaring US growth that is unlikely to be reciprocated by the rest of the world. Today’s massive record setting trade deficit will likely only get worse as the US economy heats up and the...