📈 Bitcoin Review 07/29/2024
Bitcoin reached the $70,000 mark again on July 29, and remained only about 6% below its historical high.
‼📢 The recent positive sentiment around Bitcoin was driven by the speeches of two US presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25 to 27.Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis talked about creating a strategic Bitcoin reserve for the United States, while former President Donald Trump said the government would no longer sell Bitcoins if he was elected💥
⚠ If this happens, there could be significant buying pressure and a potential supply shock in the BTC markets.
📝 From a technical point of view, the price has updated the local maximum around the $68400 level, which we wrote about on Friday and is now experiencing resistance from sellers in the area of historical highs of the asset price. Sellers in this zone can be both participants who open short positions and buyers who close buy positions — with profit, due to increasing uncertainty about whether growth will continue and whether the historical maximum of prices will be updated.
If the selling pressure is strong enough and triggers that provoke aggressive purchases do not appear in the information field, we may see prices return to the middle of the range with testing of the local support zone around the $63,000 level.
⚠ A significant event that can affect the dynamics of trading will also be the decision on the key rate of the US Federal Reserve System, which will be announced on Wednesday.
#Crypto #Comments
Bitcoin reached the $70,000 mark again on July 29, and remained only about 6% below its historical high.
‼📢 The recent positive sentiment around Bitcoin was driven by the speeches of two US presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25 to 27.Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis talked about creating a strategic Bitcoin reserve for the United States, while former President Donald Trump said the government would no longer sell Bitcoins if he was elected💥
⚠ If this happens, there could be significant buying pressure and a potential supply shock in the BTC markets.
📝 From a technical point of view, the price has updated the local maximum around the $68400 level, which we wrote about on Friday and is now experiencing resistance from sellers in the area of historical highs of the asset price. Sellers in this zone can be both participants who open short positions and buyers who close buy positions — with profit, due to increasing uncertainty about whether growth will continue and whether the historical maximum of prices will be updated.
If the selling pressure is strong enough and triggers that provoke aggressive purchases do not appear in the information field, we may see prices return to the middle of the range with testing of the local support zone around the $63,000 level.
⚠ A significant event that can affect the dynamics of trading will also be the decision on the key rate of the US Federal Reserve System, which will be announced on Wednesday.
#Crypto #Comments
📝 EUR/USD Review 07/30/2024
On Monday, the US dollar remained stable as traders prepared for a busy week with decisive events in the markets. The focus is on the meetings of the Federal Reserve System (Fed), the Bank of Japan and the Bank of England, as well as an important report on employment in the United States, which will be published on Friday⚠🔥
The dollar index, which measures its value against the euro, yen and four other major currencies, rose 0.18% to 104.56.
📉 Technically, on Monday, the Euro overcame the lower limit of the local range around $1,0830 and met resistance from buyers.
‼ The upcoming data releases are likely to become catalysts for further developments and, possibly, an increase in volatility.
⏰ From the upcoming events, we will wait for the publication of preliminary data on GDP and consumer price index for the second quarter in Germany.
#Forex #Comments
On Monday, the US dollar remained stable as traders prepared for a busy week with decisive events in the markets. The focus is on the meetings of the Federal Reserve System (Fed), the Bank of Japan and the Bank of England, as well as an important report on employment in the United States, which will be published on Friday⚠🔥
The dollar index, which measures its value against the euro, yen and four other major currencies, rose 0.18% to 104.56.
📉 Technically, on Monday, the Euro overcame the lower limit of the local range around $1,0830 and met resistance from buyers.
‼ The upcoming data releases are likely to become catalysts for further developments and, possibly, an increase in volatility.
⏰ From the upcoming events, we will wait for the publication of preliminary data on GDP and consumer price index for the second quarter in Germany.
#Forex #Comments
🇺🇸 US Jobless Claims Rise to Near 12-Month High
📊 The number of people claiming unemployment benefits in the US rose by 14,000 to 249,000 on the period ending July 27th, reaching an almost new yearly high, surpassing market expectations of 236,000.
#Economy #Statistics #Comments
📊 The number of people claiming unemployment benefits in the US rose by 14,000 to 249,000 on the period ending July 27th, reaching an almost new yearly high, surpassing market expectations of 236,000.
#Economy #Statistics #Comments
Gold & Oil - Review 08/01/2024
Gold
On Thursday, gold prices declined amid the strengthening of the dollar after gold reached two-week highs in the previous session following statements by Chairman of the US Federal Reserve Jerome Powell about a possible interest rate cut in September.🏛
Now the market's attention is shifting to Friday's employment report in the United States.📊
📉Technically, gold prices are implementing the second of the scenarios described yesterday, updating the local maximum around the $2,430 level and starting a wave of decline from the resistance zone located above the $2,450 mark. As we mentioned earlier, the goal of the decline may be to update the local support zone around the $2,350 level and test the $2,300 level zone. However, this does not mean that the decline in quotations will begin immediately, from the current levels. Given that the impulse price decline has not happened today, before the decline, the price may well test the maximum reached the day before⚠
Oil
📈The weakness of sellers in the oil market remains obvious today. We can draw a conclusion about this based on the inability of the market mentioned yesterday to overcome an insignificant local support zone around the $74.50 level, as well as based on the impulse growth of quotations that arose after the test of this zone. Support for oil prices, among other things, could be provided by the rhetoric from the US Federal Reserve, suggesting a reduction in the key rate.
📝The search for situations to buy, at the moment, looks more attractive relative to sales. However, this requires appropriate conditions, taking into account the risks acceptable to the trading system.
#Gold #Oil #Comments
Gold
On Thursday, gold prices declined amid the strengthening of the dollar after gold reached two-week highs in the previous session following statements by Chairman of the US Federal Reserve Jerome Powell about a possible interest rate cut in September.🏛
Now the market's attention is shifting to Friday's employment report in the United States.📊
📉Technically, gold prices are implementing the second of the scenarios described yesterday, updating the local maximum around the $2,430 level and starting a wave of decline from the resistance zone located above the $2,450 mark. As we mentioned earlier, the goal of the decline may be to update the local support zone around the $2,350 level and test the $2,300 level zone. However, this does not mean that the decline in quotations will begin immediately, from the current levels. Given that the impulse price decline has not happened today, before the decline, the price may well test the maximum reached the day before⚠
Oil
📈The weakness of sellers in the oil market remains obvious today. We can draw a conclusion about this based on the inability of the market mentioned yesterday to overcome an insignificant local support zone around the $74.50 level, as well as based on the impulse growth of quotations that arose after the test of this zone. Support for oil prices, among other things, could be provided by the rhetoric from the US Federal Reserve, suggesting a reduction in the key rate.
📝The search for situations to buy, at the moment, looks more attractive relative to sales. However, this requires appropriate conditions, taking into account the risks acceptable to the trading system.
#Gold #Oil #Comments
Bitcoin Review 08/01/2024
📉 Bitcoin started August in a bearish mood, amid market attention focused on recent U.S. Federal Reserve interest rate guidance and Kamala Harris' rising chances against her pro-crypto opponent Donald Trump in the U.S. presidential election.
📝 The reaction of the BTC price was similar to its previous reactions to the Fed's rate decisions in 2024.
📉 Technically, as we noted two days ago, the continued decline has led the quotes to the local support zone around the levels of $63000-62000.
⚠ Further decline will be possible if this zone is overcome and the price will be firmly anchored under it. In this case, the decline will be able to continue to the lower limit of the range, to the levels of $58,000 and below.
❗ Additionally, we remind you that tomorrow the market expects data on the US labor market, the publication of which may affect the volatility of quotations.
#Crypto #Comments
📉 Bitcoin started August in a bearish mood, amid market attention focused on recent U.S. Federal Reserve interest rate guidance and Kamala Harris' rising chances against her pro-crypto opponent Donald Trump in the U.S. presidential election.
📝 The reaction of the BTC price was similar to its previous reactions to the Fed's rate decisions in 2024.
📉 Technically, as we noted two days ago, the continued decline has led the quotes to the local support zone around the levels of $63000-62000.
⚠ Further decline will be possible if this zone is overcome and the price will be firmly anchored under it. In this case, the decline will be able to continue to the lower limit of the range, to the levels of $58,000 and below.
❗ Additionally, we remind you that tomorrow the market expects data on the US labor market, the publication of which may affect the volatility of quotations.
#Crypto #Comments
⚠️ Attention to US Job Data🇺🇸
⁉️ The US economy is projected to add 175K jobs in July 2024, down from 206K in June and the unemployment rate is expected to remain steady at 4.1%, the highest since November 2021.
⏰ Data will be published later on Friday.
#Economy #Statistics #Comments
⁉️ The US economy is projected to add 175K jobs in July 2024, down from 206K in June and the unemployment rate is expected to remain steady at 4.1%, the highest since November 2021.
⏰ Data will be published later on Friday.
#Economy #Statistics #Comments
📑 Gold & Oil - Review 08/02/2024
📈 Gold
After retesting the price maximum, the probability of which we wrote earlier, and a pullback, the gold price has again updated a fresh maximum and is holding in this zone.
📝 The current levels are the area of expected sales of bidders and such a scenario remains possible. However, the price delay in this zone should be alarming, especially considering the last trading day of the week⚠️
❗️ Also, it must be remembered that leaving positions open for the weekend period is associated with increased risks.
🛢 Oil
Oil prices remained stable on Friday, but resumed their decline, continuing for the fourth week in a row.📉
📝 At the OPEC+ meeting on Thursday, the group's oil production policy remained unchanged, including a plan to begin reducing production from October.
📉 The goal of the renewed decline is likely to be a retest of the $74.50 level zone.
📝 Consideration of potential purchase positions below this zone will be possible depending on price dynamics and acceptable risks.
#Gold #Oil #Comments
📈 Gold
After retesting the price maximum, the probability of which we wrote earlier, and a pullback, the gold price has again updated a fresh maximum and is holding in this zone.
📝 The current levels are the area of expected sales of bidders and such a scenario remains possible. However, the price delay in this zone should be alarming, especially considering the last trading day of the week⚠️
❗️ Also, it must be remembered that leaving positions open for the weekend period is associated with increased risks.
🛢 Oil
Oil prices remained stable on Friday, but resumed their decline, continuing for the fourth week in a row.📉
📝 At the OPEC+ meeting on Thursday, the group's oil production policy remained unchanged, including a plan to begin reducing production from October.
📉 The goal of the renewed decline is likely to be a retest of the $74.50 level zone.
📝 Consideration of potential purchase positions below this zone will be possible depending on price dynamics and acceptable risks.
#Gold #Oil #Comments
🇺🇸 US Payrolls Below Forecasts⚠️
The US economy added 114K jobs in July 2024, well below a downwardly revised 179K in June and forecasts of 175K.
#Economy #Statistics #Comments
The US economy added 114K jobs in July 2024, well below a downwardly revised 179K in June and forecasts of 175K.
#Economy #Statistics #Comments
📈 EUR/USD Review 02/08/2024🔥
⚡ The deterioration of the situation in the US labor market, unexpected for the traders, provoked a weakening of the Dollar and a sharp increase in volatility.
📝 The deteriorating statistics are pushing investors and traders to the conclusion that the US Federal Reserve System (Fed) should start reducing the key rate, which indicates a potential decrease in the yield of the national currency of the United States.
⚠ The increase in volatility provoked the development of the scenario we described earlier, in which the Euro began to grow rapidly against the US Dollar. The pair headed towards the upper limit of the range, which is above the $1,0900 mark. Here, a slowdown in the dynamics of price movement is most likely.
❗ It is also worth considering the end of the week. Perhaps we will be able to see the development of the situation only next week.
#Forex #Comments
⚡ The deterioration of the situation in the US labor market, unexpected for the traders, provoked a weakening of the Dollar and a sharp increase in volatility.
📝 The deteriorating statistics are pushing investors and traders to the conclusion that the US Federal Reserve System (Fed) should start reducing the key rate, which indicates a potential decrease in the yield of the national currency of the United States.
⚠ The increase in volatility provoked the development of the scenario we described earlier, in which the Euro began to grow rapidly against the US Dollar. The pair headed towards the upper limit of the range, which is above the $1,0900 mark. Here, a slowdown in the dynamics of price movement is most likely.
❗ It is also worth considering the end of the week. Perhaps we will be able to see the development of the situation only next week.
#Forex #Comments
📑 EUR/USD Review 08/05/2024
📈 At the end of last week, on Friday, as we expected, after the impulsive growth of the Euro against the US Dollar towards the area of the upper limit of the range, there was a slowdown in dynamics — the price found some resistance above the $1,0900 mark.
⚠ However, today, on Monday, in continuation of the events of last week, against the background of broader global volatility, there was a fall in the main European stock markets, a weakening of the US dollar and, as a result, the strengthening of the single European currency.
📝 Globally, the quotes of the EUR/USD pair are still in the resistance zone, where at any moment, when a provoking factor appears, a wave of sales may occur, with the price returning to the range. Even above the 1.1000 level, which, among other things, is a psychological mark, conditions may form for a trend change❗
❗📝 Nevertheless, when making trading decisions, it is necessary to take into account the planning horizon, the current price dynamics, possible triggers in the information field and your own risk management system.
#Forex #Comments
📈 At the end of last week, on Friday, as we expected, after the impulsive growth of the Euro against the US Dollar towards the area of the upper limit of the range, there was a slowdown in dynamics — the price found some resistance above the $1,0900 mark.
⚠ However, today, on Monday, in continuation of the events of last week, against the background of broader global volatility, there was a fall in the main European stock markets, a weakening of the US dollar and, as a result, the strengthening of the single European currency.
📝 Globally, the quotes of the EUR/USD pair are still in the resistance zone, where at any moment, when a provoking factor appears, a wave of sales may occur, with the price returning to the range. Even above the 1.1000 level, which, among other things, is a psychological mark, conditions may form for a trend change❗
❗📝 Nevertheless, when making trading decisions, it is necessary to take into account the planning horizon, the current price dynamics, possible triggers in the information field and your own risk management system.
#Forex #Comments
📑 EUR/USD Review 08/06/2024
📈 Currencies are recovering some of Monday's sharp movements.
🏛 Coordinated efforts by central banks to calm markets have provided a much-needed lift, but the sustainability of this rally remains in question amid ongoing economic challenges.
📝 Technically, although buyers have made aggressive attempts to pass the resistance range, the price has remained within its limits.
⚠ If no new triggers appear in the information field, provoking purchases and the refusal of Euro sellers to hold positions, it is quite possible to expect the development of a wave of decline in the pair from current levels📉⁉
#Forex #Comments
📈 Currencies are recovering some of Monday's sharp movements.
🏛 Coordinated efforts by central banks to calm markets have provided a much-needed lift, but the sustainability of this rally remains in question amid ongoing economic challenges.
📝 Technically, although buyers have made aggressive attempts to pass the resistance range, the price has remained within its limits.
⚠ If no new triggers appear in the information field, provoking purchases and the refusal of Euro sellers to hold positions, it is quite possible to expect the development of a wave of decline in the pair from current levels📉⁉
#Forex #Comments
📑 EUR/USD Review 08/07/2024
⚠ Volatility in the markets, in general, has decreased significantly. Among the news that can affect the expectations of traders and investors, we can note data on Initial Jobless Claims in the United States, the publication of which is scheduled for Thursday and the consumer price index in Germany on Friday.
📝 Otherwise, provided that there are no unexpected news in the information field and significant deviations from forecasts in the published data, it is more likely that the current dynamics of quotations can be expected to remain.
📉 As we wrote yesterday, the Euro, which remained in the resistance zone, developed an assumed decline scenario, which continues to be relevant, however, it must be taken into account that in case of further decline, sellers are likely to experience resistance from buyers, and these zones are located quite close to each other.
⚠ A significant support is the zone on both sides of the 1.0800 level. Until it is overcome, the risk of resuming the growth of the pair will remain elevated.
#Forex #Comments
⚠ Volatility in the markets, in general, has decreased significantly. Among the news that can affect the expectations of traders and investors, we can note data on Initial Jobless Claims in the United States, the publication of which is scheduled for Thursday and the consumer price index in Germany on Friday.
📝 Otherwise, provided that there are no unexpected news in the information field and significant deviations from forecasts in the published data, it is more likely that the current dynamics of quotations can be expected to remain.
📉 As we wrote yesterday, the Euro, which remained in the resistance zone, developed an assumed decline scenario, which continues to be relevant, however, it must be taken into account that in case of further decline, sellers are likely to experience resistance from buyers, and these zones are located quite close to each other.
⚠ A significant support is the zone on both sides of the 1.0800 level. Until it is overcome, the risk of resuming the growth of the pair will remain elevated.
#Forex #Comments
🇺🇸 U.S. Treasury yields rose on Wednesday before the Treasury Department sells $42 billion in 10-year notes and as stocks continued to stabilize, reducing demand for the safe haven U.S. debt.
#Markets #Statistics #Comments
#Markets #Statistics #Comments