📈Crypto Price Prediction: Bitcoin Could Hit $100,000 Before The End Of 2021 - FxPro Analyst Team comment in Forbes: https://www.forbes.com/sites/billybambrough/2021/11/02/crypto-price-prediction-bitcoin-could-hit-100000-before-the-end-of-2021-but-lacks-ethereum-intensity/?sh=1ae0a4776b7d
Forbes
Crypto Price Prediction: Bitcoin Could Hit $100,000 Before The End Of 2021—But Lacks Ethereum ‘Intensity’
Despite the huge gains made by bitcoin and ethereum already this year, many investors expect prices to continue to climb, with one crypto executive predicting the bitcoin price will hit $100,000 before the end of 2021...
Gold added 1.5% during October, closing the month at $1783. In the last couple of weeks, it has been frequently above its 200-day moving average. So far, it is hard to talk about a bulls’ victory, but there are increasing signs that the peak of Gold’s pessimism is over.
A consolidation during this week above the 200-day moving average (now near $1791) promises to be the first meaningful signal of a break in the long-term downtrend.
Should it succeed, it would be much easier for the bulls to push Gold above the October highs area. A rate lock above $1830 could signal a break in the downtrend that has been ongoing since August 2020.
Globally, the entire momentum of Gold’s rise from the 2018 lows to the 2020 highs and the subsequent correction fits confidently into the Fibonacci retracement pattern, giving up 38.2% of the initial rally.
Confirming signals for a bullish reversal open the prospect for Gold to rise 161.8% from the initial momentum into the $2600 area by July-August 2022.
A consolidation during this week above the 200-day moving average (now near $1791) promises to be the first meaningful signal of a break in the long-term downtrend.
Should it succeed, it would be much easier for the bulls to push Gold above the October highs area. A rate lock above $1830 could signal a break in the downtrend that has been ongoing since August 2020.
Globally, the entire momentum of Gold’s rise from the 2018 lows to the 2020 highs and the subsequent correction fits confidently into the Fibonacci retracement pattern, giving up 38.2% of the initial rally.
Confirming signals for a bullish reversal open the prospect for Gold to rise 161.8% from the initial momentum into the $2600 area by July-August 2022.
#WaveAnalysis
#Costco rising inside impulse waves 3 and (5)
• Likely to test round resistance level 500.00
Costco continues to rise inside the minor impulse wave 3 of the intermediate impulse sequence (5) from the start of October.
The price earlier broke through the key resistance level 468.00 (former Double Top from September).
#Costco rising inside impulse waves 3 and (5)
• Likely to test round resistance level 500.00
Costco continues to rise inside the minor impulse wave 3 of the intermediate impulse sequence (5) from the start of October.
The price earlier broke through the key resistance level 468.00 (former Double Top from September).
#WaveAnalysis
#AUDJPY reversed from resistance level 85.75
• Likely to fall to support level 84.00
AUDJPY currency pair continues to fall after the price reversed down from the major resistance level 85.75 (which has been reversing the price from the start of May).
The resistance zone near the resistance level 85.75 was strengthened by the upper daily Bollinger Band.
Given the strength of the resistance level 85.75, strong yen inflows, AUDJPY can be expected to fall further toward the next support level 84.00.
#AUDJPY reversed from resistance level 85.75
• Likely to fall to support level 84.00
AUDJPY currency pair continues to fall after the price reversed down from the major resistance level 85.75 (which has been reversing the price from the start of May).
The resistance zone near the resistance level 85.75 was strengthened by the upper daily Bollinger Band.
Given the strength of the resistance level 85.75, strong yen inflows, AUDJPY can be expected to fall further toward the next support level 84.00.
Late stages of Crude Oil rally
Oil has lost its upside momentum. Despite reports of record gasoline prices in the UK and the US, crude prices are losing around 0.6% on Wednesday morning on speculation that the supply-demand balance point is approaching.
The price of Brent crude has retreated 3% and WTI 3.8% from late October peaks.
Graphical analysis suggests that the latest rally in oil prices, which started in August, has moved into its final stage, and we probably already saw a local price peak at the end of last month.
The oil market will likely need a reset in the coming weeks, potentially correcting to $78.5-81.5/bbl for Brent and $75.7-79 for WTI. Such a pullback could clear the way for further buying as part of the bullish momentum.
But it also cannot be ruled out that a more aggressive production build-up by the US and OPEC+ is on the way while the pace of demand growth slows. In that case, we could see a deeper correction with downside potential at $74 and $73, respectively.
Oil has lost its upside momentum. Despite reports of record gasoline prices in the UK and the US, crude prices are losing around 0.6% on Wednesday morning on speculation that the supply-demand balance point is approaching.
The price of Brent crude has retreated 3% and WTI 3.8% from late October peaks.
Graphical analysis suggests that the latest rally in oil prices, which started in August, has moved into its final stage, and we probably already saw a local price peak at the end of last month.
The oil market will likely need a reset in the coming weeks, potentially correcting to $78.5-81.5/bbl for Brent and $75.7-79 for WTI. Such a pullback could clear the way for further buying as part of the bullish momentum.
But it also cannot be ruled out that a more aggressive production build-up by the US and OPEC+ is on the way while the pace of demand growth slows. In that case, we could see a deeper correction with downside potential at $74 and $73, respectively.
The annual growth rate in UK house prices fell to 9.9%, returning to the single-digit territory after five months. At the same time, a 0.7% jump in prices in October signalled increased buyer’s demand.
Buyer interest is based both on accelerating inflation (actual and felt considering the jump in energy prices), which lowers the value of money, as well as a desire to lock in the current low mortgage interest rate. Financial markets are banking on a 0.15 percentage point rate hike by the Bank of England as early as tomorrow.
Yields on 10-year government bonds have doubled since August. Although long-term interest rates remain broadly in a multi-year bearish cycle, Britons generally follow Ray Dalio’s strategy of preferring to borrow in the current macroeconomic process, betting that inflation will eat away at the purchasing power of money.
Buyer interest is based both on accelerating inflation (actual and felt considering the jump in energy prices), which lowers the value of money, as well as a desire to lock in the current low mortgage interest rate. Financial markets are banking on a 0.15 percentage point rate hike by the Bank of England as early as tomorrow.
Yields on 10-year government bonds have doubled since August. Although long-term interest rates remain broadly in a multi-year bearish cycle, Britons generally follow Ray Dalio’s strategy of preferring to borrow in the current macroeconomic process, betting that inflation will eat away at the purchasing power of money.
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At FxPro, we pride ourselves on developing strong and long-lasting partnerships with our valued Introducing Brokers & affiliates.
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#WaveAnalysis
#Tripadvisor reversed from support level 32.10
• Likely to rise to resistance level 38.50
Tripadvisor recently reversed up from the pivotal support level 32.10 (which has been reversing the price from the end of January) – intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 32.10 stopped the earlier active impulse waves (iii) and 3.
Given the proximity of support level 32.10, Tripadvisor can be expected to rise further toward the next resistance level 38.50 (top of wave 2 from October).
#Tripadvisor reversed from support level 32.10
• Likely to rise to resistance level 38.50
Tripadvisor recently reversed up from the pivotal support level 32.10 (which has been reversing the price from the end of January) – intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 32.10 stopped the earlier active impulse waves (iii) and 3.
Given the proximity of support level 32.10, Tripadvisor can be expected to rise further toward the next resistance level 38.50 (top of wave 2 from October).
Is euro the weakest link in Europe’s FX market?
The pressure on the single currency remains high on the foreign exchange market. Much of the credit goes to ECB head Lagarde, who yesterday once again pointed out that it hasn’t met conditions for a key rate hike before the end of next year.
The final Eurozone composite PMI value was lowered to 54.2 in October, declining for the third month in a row. A couple of hours earlier, Germany had reported a rise in industrial orders in September of only 1.3% after a slump of 8.8% a month earlier.
Based on this central bank stance and an evident slowdown in growth after a rousing surge in the middle of this year, we should take the rise in Eurozone government bond yields as a sell-off of European sovereign debt. And this is already starting to resemble somewhat the initial conditions of the euro area debt crisis and causes a sell-off of the euro to its main competitors.
The pressure on the single currency remains high on the foreign exchange market. Much of the credit goes to ECB head Lagarde, who yesterday once again pointed out that it hasn’t met conditions for a key rate hike before the end of next year.
The final Eurozone composite PMI value was lowered to 54.2 in October, declining for the third month in a row. A couple of hours earlier, Germany had reported a rise in industrial orders in September of only 1.3% after a slump of 8.8% a month earlier.
Based on this central bank stance and an evident slowdown in growth after a rousing surge in the middle of this year, we should take the rise in Eurozone government bond yields as a sell-off of European sovereign debt. And this is already starting to resemble somewhat the initial conditions of the euro area debt crisis and causes a sell-off of the euro to its main competitors.
The EURUSD on Thursday morning returned to test the October low area near 1.1550. The EURGBP rebound choked yesterday, and the pair returned below 0.8500.
The pair has predominantly traded in a wide range of 0.8500-0.9200 since 2016 but has settled near its lower boundary this year. Is it not time for a hike downwards? Waning economic growth and the ECB’s ultra-soft stance markedly contrasts with a more optimistic picture elsewhere.
EURCHF is trading at 1.0540 - renewing lows from May 2020 and losing 3.6% in the last six weeks. All eyes here are on the 1.0500 level - and area of lows since 2015 from where the SNB bought the euro against the franc in the midst of the market downturn due to the lockdown.
The pair has predominantly traded in a wide range of 0.8500-0.9200 since 2016 but has settled near its lower boundary this year. Is it not time for a hike downwards? Waning economic growth and the ECB’s ultra-soft stance markedly contrasts with a more optimistic picture elsewhere.
EURCHF is trading at 1.0540 - renewing lows from May 2020 and losing 3.6% in the last six weeks. All eyes here are on the 1.0500 level - and area of lows since 2015 from where the SNB bought the euro against the franc in the midst of the market downturn due to the lockdown.
#WaveAnalysis
#IBM broke support level 124.00
• Likely to fall to support level 117.50
IBM opened today with the downward gap, breaking below the support level 124.00 (low of the previous impulse wave (iii)).
This breakout of the support level 124.00 accelerated the active short-term impulse wave C – which belongs to intermediate ABC correction (2) from March.
IBM can be expected to fall further toward the next support level 117.50 (previous monthly low from January and the target for the completion of the active impulse wave C).
#IBM broke support level 124.00
• Likely to fall to support level 117.50
IBM opened today with the downward gap, breaking below the support level 124.00 (low of the previous impulse wave (iii)).
This breakout of the support level 124.00 accelerated the active short-term impulse wave C – which belongs to intermediate ABC correction (2) from March.
IBM can be expected to fall further toward the next support level 117.50 (previous monthly low from January and the target for the completion of the active impulse wave C).
#WaveAnalysis
#EBAY reversed from support zone
Likely to rise to resistance level 80.00
EBAY recently reversed up with the daily Bullish Engulfing from the support zone located between the round support level 70.00, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from June.
This reversal started the active short-term impulse wave 5 – which belongs to wave (C) from March.
Given the clear daily uptrend, EBAY can be expected to rise further toward the next round resistance level 80.00 (top of the previous impulse wave (i)).
#EBAY reversed from support zone
Likely to rise to resistance level 80.00
EBAY recently reversed up with the daily Bullish Engulfing from the support zone located between the round support level 70.00, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from June.
This reversal started the active short-term impulse wave 5 – which belongs to wave (C) from March.
Given the clear daily uptrend, EBAY can be expected to rise further toward the next round resistance level 80.00 (top of the previous impulse wave (i)).
#WaveAnalysis
#GBPJPY broke support level 155.00
• Likely to fall to support level 152.60
GBPJPY currency pair continues to fall after the pair broke the support level 155.00, intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse wave 3.
The breakout of the support level 155.00 accelerated the active short-term corrective wave 4.
Given the prevailing sterling bearishness, GBPJPY currency pair can be expected to fall further toward the next support level 152.60 (target for the completion of the active wave 4).
#GBPJPY broke support level 155.00
• Likely to fall to support level 152.60
GBPJPY currency pair continues to fall after the pair broke the support level 155.00, intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse wave 3.
The breakout of the support level 155.00 accelerated the active short-term corrective wave 4.
Given the prevailing sterling bearishness, GBPJPY currency pair can be expected to fall further toward the next support level 152.60 (target for the completion of the active wave 4).
Bitcoin remains sideways, barely moving out of the $60-63.5 range for the past two weeks.
Interestingly, the price surge to the highs of October 20 was later counterbalanced by a proportional dip, making the area near $61.50K the centre of equilibrium for bitcoin over the past four weeks.
A similar balancing act can be seen in the cryptocurrency Fear and Greed Index, which has been moving at levels just above 70 since early October, showing a mark of 73 in the last 24 hours, firmly in Greed territory.
Against the backdrop of Bitcoin stabilisation and cryptocurrency “greed”, interest in altcoins continues to rise. Cryptocurrency market capitalisation ex BTC has added 26% over the past month, although it has faced several sharp declines.
Among the week’s top coins, Binance Coin (+21.7% in 7 days), Solana (+21.7%) and Polkadot (+22.6%) shone. On the other hand, Dogecoin was depleted by the battle, with Dogecoin losing 9.5% and Shiba Inu losing 28%.
Interestingly, the price surge to the highs of October 20 was later counterbalanced by a proportional dip, making the area near $61.50K the centre of equilibrium for bitcoin over the past four weeks.
A similar balancing act can be seen in the cryptocurrency Fear and Greed Index, which has been moving at levels just above 70 since early October, showing a mark of 73 in the last 24 hours, firmly in Greed territory.
Against the backdrop of Bitcoin stabilisation and cryptocurrency “greed”, interest in altcoins continues to rise. Cryptocurrency market capitalisation ex BTC has added 26% over the past month, although it has faced several sharp declines.
Among the week’s top coins, Binance Coin (+21.7% in 7 days), Solana (+21.7%) and Polkadot (+22.6%) shone. On the other hand, Dogecoin was depleted by the battle, with Dogecoin losing 9.5% and Shiba Inu losing 28%.
Today's October employment data could strengthen the dollar bulls' position by highlighting wage and hiring growth acceleration. Indirect indicators point to a high chance of such a scenario.
The number of new jobless claims in the USA has fallen steadily since October. Americans were in no hurry to go to work with the removal of the benefits supplements in September. In October, however, this process became more evident. The number of initial claims as of October 30 was 269K against 364K in the final week of September. The number of continued claims fell by 706K to 2.105M, although there was little change for September.
The fall in the number of insured unemployed is setting up an NFP gain of over 700K, against average market expectations near 450k. A positive surprise in the data promises to be a significant fundamental buying factor for the US currency, which has recently played the leading role amongst lagging majors.
The number of new jobless claims in the USA has fallen steadily since October. Americans were in no hurry to go to work with the removal of the benefits supplements in September. In October, however, this process became more evident. The number of initial claims as of October 30 was 269K against 364K in the final week of September. The number of continued claims fell by 706K to 2.105M, although there was little change for September.
The fall in the number of insured unemployed is setting up an NFP gain of over 700K, against average market expectations near 450k. A positive surprise in the data promises to be a significant fundamental buying factor for the US currency, which has recently played the leading role amongst lagging majors.
Robust labour market data will allow the states to regain their status as the engine of economic growth for the developed economies, creating attractive conditions for further dollar strength. This trend has been rising since the start of the year.
If markedly different from expectations, the employment news has enough potential to push the dollar index to renew more than a year high. A strengthening of the DXY by just 0.2% to 94.56 would be a renewal of the highs since September 2020, and a move above 94.8 would return the Dollar to its highest levels since last July. We could then see a sharp increase in buying of the US currency and a more active upward trend, which could mirror the declines of June-July last year.
If markedly different from expectations, the employment news has enough potential to push the dollar index to renew more than a year high. A strengthening of the DXY by just 0.2% to 94.56 would be a renewal of the highs since September 2020, and a move above 94.8 would return the Dollar to its highest levels since last July. We could then see a sharp increase in buying of the US currency and a more active upward trend, which could mirror the declines of June-July last year.