The crypto market has added another 1% to its cap in 24 hours to $2.71 trillion, with an impressive pullback on Tuesday after some altcoins surged the day before.
#XRP and #Litecoin are down 5% so far today after surging more than 20% on Monday. These are all the stars of crypto bull rally of 2017. Their gains here are impressive only if you don't consider that their prices are 1/4 of their previous highs. They have been relegated to the category of laggards in this volatile market, but that doesn't negate their ability to grow. Prices of $200 for Litecoin and $1.3 for XRP are achievable within the current bull cycle.
According to CoinShares, investments in crypto funds rose by a record $2.685 billion last week, beating the previous record set three weeks earlier.
Investments in #Bitcoin increased by $2.637 billion, while investments in #Solana increased by $24 million, and #Ethereum decreased by $2 million. Investments in funds that allow bitcoin shorts increased by $11 million.
#XRP and #Litecoin are down 5% so far today after surging more than 20% on Monday. These are all the stars of crypto bull rally of 2017. Their gains here are impressive only if you don't consider that their prices are 1/4 of their previous highs. They have been relegated to the category of laggards in this volatile market, but that doesn't negate their ability to grow. Prices of $200 for Litecoin and $1.3 for XRP are achievable within the current bull cycle.
According to CoinShares, investments in crypto funds rose by a record $2.685 billion last week, beating the previous record set three weeks earlier.
Investments in #Bitcoin increased by $2.637 billion, while investments in #Solana increased by $24 million, and #Ethereum decreased by $2 million. Investments in funds that allow bitcoin shorts increased by $11 million.
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#GBP is losing ground against the US Dollar for the second day in a row as pressure mounts on fresh UK employment data.
Data for February showed a rise in Claimant Count by 16.8K - the biggest since April last year. Overall, a moderate growth trend has now been in charge for a year, after almost a year of stagnation.
The pace of wage growth has continued to slow. Earnings growth, including bonuses, slowed to 5.6% in the three months to January from 5.8% previously. This is the lowest rate in a year and a half and below the forecast of 5.7% but well above the historical average of 3.3%.
At 3.9%, unemployment remains close to lows not seen since the mid-1970s.
On balance, the labour market indicators allow the Bank of England to ease monetary policy at a much earlier date while not fuelling speculation of an imminent or imminent economic contraction. Despite high interest rates, full employment is supporting domestic final demand, which accounts for over 80% of the UK GDP.
Data for February showed a rise in Claimant Count by 16.8K - the biggest since April last year. Overall, a moderate growth trend has now been in charge for a year, after almost a year of stagnation.
The pace of wage growth has continued to slow. Earnings growth, including bonuses, slowed to 5.6% in the three months to January from 5.8% previously. This is the lowest rate in a year and a half and below the forecast of 5.7% but well above the historical average of 3.3%.
At 3.9%, unemployment remains close to lows not seen since the mid-1970s.
On balance, the labour market indicators allow the Bank of England to ease monetary policy at a much earlier date while not fuelling speculation of an imminent or imminent economic contraction. Despite high interest rates, full employment is supporting domestic final demand, which accounts for over 80% of the UK GDP.
USDJPY is bouncing back after five sessions of cumulative drop by 2.5%.
The weakening USD accompanied the pair's decline since the end of last month, but it can also be seen as a correction from the late December lows at 140.3 to last month's peaks at 150.8. Buying in the pair came at the 61.8% level, emphasising the classic Fibonacci pattern.
USDJPY also approached the 200-day MA, which has acted as a support level since mid-2023.
The yen is likely to go into consolidation for a week, freezing up until the Bank of Japan's decision next Tuesday. This is also a sufficient interval for market forces to build up enough liquidity to make a decisive move in one direction or another.
Potentially, a failure of USDJPY below 146 would signal a victory for the Bears, making us expect the next consolidation no earlier than 140-141.
On the contrary, the ability to get back above 148, where the 50-day MA is located, would be an early signal of the pair's resumption of growth with the first potential target at 150.8.
The weakening USD accompanied the pair's decline since the end of last month, but it can also be seen as a correction from the late December lows at 140.3 to last month's peaks at 150.8. Buying in the pair came at the 61.8% level, emphasising the classic Fibonacci pattern.
USDJPY also approached the 200-day MA, which has acted as a support level since mid-2023.
The yen is likely to go into consolidation for a week, freezing up until the Bank of Japan's decision next Tuesday. This is also a sufficient interval for market forces to build up enough liquidity to make a decisive move in one direction or another.
Potentially, a failure of USDJPY below 146 would signal a victory for the Bears, making us expect the next consolidation no earlier than 140-141.
On the contrary, the ability to get back above 148, where the 50-day MA is located, would be an early signal of the pair's resumption of growth with the first potential target at 150.8.
US CPI beat expectations for the 4th month. The CPI rose 0.4% m/m. The monthly growth rate has been rising since October. The year-over-year rate climbed to 3.2%, a bit above forecasted 3.1%.
Core CPI rose 0.4% m/m for the second month. The annual growth slowed to 3.8%, which formally kept it on a downward trajectory.
However, both the Headline and Core indices have risen over the past three months at a pace that would keep inflation above 2% for months to come.
This is potentially good news for the dollar, which has been given a chance to rally after selling off since mid-February. However, we will be watching the reaction of markets, where hopes of a rate cut have not moved. The consensus still points to a cut in June with a 68% probability, down from 72% a day ago and 73% a week ago. These are not significant changes.
Clearly, the inflation surprised economists but barely market traders, and they still expect the Fed to ease policy in the middle of the year as prices have not yet risen dramatically.
Core CPI rose 0.4% m/m for the second month. The annual growth slowed to 3.8%, which formally kept it on a downward trajectory.
However, both the Headline and Core indices have risen over the past three months at a pace that would keep inflation above 2% for months to come.
This is potentially good news for the dollar, which has been given a chance to rally after selling off since mid-February. However, we will be watching the reaction of markets, where hopes of a rate cut have not moved. The consensus still points to a cut in June with a 68% probability, down from 72% a day ago and 73% a week ago. These are not significant changes.
Clearly, the inflation surprised economists but barely market traders, and they still expect the Fed to ease policy in the middle of the year as prices have not yet risen dramatically.
#WaveAnalysis #NDX
Nasdaq-100 index reversed from key support level 18000.00
Likely to rise to resistance level 18400.00
Nasdaq-100 index recently reversed up from the key support level 18000.00 (former strong resistance from February acting as the support after it was broken earlier) coinciding with the 20-day moving average.
The upward reversal from the support level 18000.00 continues the three of the active impulse waves iii, 3 and (3).
Given the predominant daily uptrend, Nasdaq-100 index can be expected to rise further toward the next resistance level 18400.00 (which reversed the index earlier this month).
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Nasdaq-100 index reversed from key support level 18000.00
Likely to rise to resistance level 18400.00
Nasdaq-100 index recently reversed up from the key support level 18000.00 (former strong resistance from February acting as the support after it was broken earlier) coinciding with the 20-day moving average.
The upward reversal from the support level 18000.00 continues the three of the active impulse waves iii, 3 and (3).
Given the predominant daily uptrend, Nasdaq-100 index can be expected to rise further toward the next resistance level 18400.00 (which reversed the index earlier this month).
📣Trade responsibly with FxPro
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#WaveAnalysis
#CADJPY reversed from support level 109.00
Likely to rise to resistance level 110.00d
CADJPY currency pair recently reversed up from the support level 109.00 (low of the previous correction 4) coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse (1) from December.
The upward reversal from the support level 109.00 stopped the C-wave of the active ABC correction (2) from the end of February.
Given the resumption of the yen sales and the strong daily uptrend, CADJPY currency pair can be expected to rise further toward the next resistance level 110.00 (former low of wave A).
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#CADJPY reversed from support level 109.00
Likely to rise to resistance level 110.00d
CADJPY currency pair recently reversed up from the support level 109.00 (low of the previous correction 4) coinciding with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse (1) from December.
The upward reversal from the support level 109.00 stopped the C-wave of the active ABC correction (2) from the end of February.
Given the resumption of the yen sales and the strong daily uptrend, CADJPY currency pair can be expected to rise further toward the next resistance level 110.00 (former low of wave A).
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#Crypto market rose another 0.5% over the past 24 hours to $2.75 trillion. The Cryptocurrency Fear and Greed Index remained at 81 (extreme greed). But the past day was not a quiet one.
#Bitcoin briefly broke above $73K in a sharp move, triggering an avalanche of stop orders that drove the price down 6.5% over the next three hours to $68.6K - precisely the level from which the last rally began on Monday.
This pullback was considered an opportunity for those looking to get in at the rally, and there appear to be quite a few. The intraday nature of the move is reminiscent of the behaviour of large institutional traders, with trading algorithms intercepting the move and retail traders often joining in. Either way, the overall trend remains bullish, and Bitcoin is climbing back towards its highs as we head into early European trading.
The FxPro Analyst Team
#Bitcoin briefly broke above $73K in a sharp move, triggering an avalanche of stop orders that drove the price down 6.5% over the next three hours to $68.6K - precisely the level from which the last rally began on Monday.
This pullback was considered an opportunity for those looking to get in at the rally, and there appear to be quite a few. The intraday nature of the move is reminiscent of the behaviour of large institutional traders, with trading algorithms intercepting the move and retail traders often joining in. Either way, the overall trend remains bullish, and Bitcoin is climbing back towards its highs as we head into early European trading.
The FxPro Analyst Team
📯Copper hits 7-month high ⤴️ surpassing long-term resistance. 👉Will the rally continue?
Anonymous Poll
66%
⬆️ BUY
34%
⬇️ SELL
#Gold lost over 1% on Tuesday, its first daily decline after nine days of gains, six of which were all-time highs.
Signs of consolidation were already evident on Monday and Tuesday, which began with a moderate decline, accelerated by the release of US inflation data. While the rush out of risk assets on this news was very short-lived, the sell-off in gold was more sustained but did not go beyond a short-term fixation.
A number of factors suggest that this is a corrective pullback rather than a reversal.
Firstly, the sell-off has come to an end near $2150, where there was a consolidation at the end of last week before the latest upside momentum.
This level also coincides with the 76.4% Fibonacci retracement of the $175 rally of the last fortnight, when gold broke out of a bearish trading range. Such shallow corrective pullbacks are a sign of a strong bull market.
Signs of consolidation were already evident on Monday and Tuesday, which began with a moderate decline, accelerated by the release of US inflation data. While the rush out of risk assets on this news was very short-lived, the sell-off in gold was more sustained but did not go beyond a short-term fixation.
A number of factors suggest that this is a corrective pullback rather than a reversal.
Firstly, the sell-off has come to an end near $2150, where there was a consolidation at the end of last week before the latest upside momentum.
This level also coincides with the 76.4% Fibonacci retracement of the $175 rally of the last fortnight, when gold broke out of a bearish trading range. Such shallow corrective pullbacks are a sign of a strong bull market.
Second, gold's weakness is not supported by a general decline in risk appetite. Bitcoin briefly lost 6.5% during Tuesday's sell-off, but by Wednesday morning, it was already at all-time highs. As I write this, the Dollar Index has given back all the gains from the CPI release.
The S&P500 closed at a new high on Tuesday, and the European indices are moving further into their all-time high territory on Wednesday. The correlation between European indices and gold has become very high since the second half of December.
Separately, we note the break of multi-month resistance in copper and the rise in oil, pointing to increased risk appetite, which is also favourable for gold.
All of this suggests that we may have seen a quick recharge of the bulls yesterday, allowing them to build up liquidity - fuel for further buying and renewal of all-time highs.
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The S&P500 closed at a new high on Tuesday, and the European indices are moving further into their all-time high territory on Wednesday. The correlation between European indices and gold has become very high since the second half of December.
Separately, we note the break of multi-month resistance in copper and the rise in oil, pointing to increased risk appetite, which is also favourable for gold.
All of this suggests that we may have seen a quick recharge of the bulls yesterday, allowing them to build up liquidity - fuel for further buying and renewal of all-time highs.
📣Trade responsibly with FxPro
#WaveAnalysis
#WTI broke resistance level 80.00
Likely to rise to resistance level 83.20
WTI crude oil recently broke the round resistance level 80.00 (which has been reversing the price from November).
The breakout of the resistance level 80.00 coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave (C) from October.
Given the deterioration of the global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance level 83.20.
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#WTI broke resistance level 80.00
Likely to rise to resistance level 83.20
WTI crude oil recently broke the round resistance level 80.00 (which has been reversing the price from November).
The breakout of the resistance level 80.00 coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave (C) from October.
Given the deterioration of the global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance level 83.20.
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#WaveAnalysis
#Google reversed from support level 130.00
Likely to rise to resistance level 150.00
Google continues to rise strongly after the price reversed up from the pivotal support level 130.00 (which has been reversing the price from November, as can be seen below).
The upward reversal from the support level 130.00 started the active short-term correction ii.
Given the clear daily uptrend, Google can be expected to rise further toward the next resistance level 150.00 (which stopped the previous minor correction last month).
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#Google reversed from support level 130.00
Likely to rise to resistance level 150.00
Google continues to rise strongly after the price reversed up from the pivotal support level 130.00 (which has been reversing the price from November, as can be seen below).
The upward reversal from the support level 130.00 started the active short-term correction ii.
Given the clear daily uptrend, Google can be expected to rise further toward the next resistance level 150.00 (which stopped the previous minor correction last month).
📣Trade responsibly with FxPro
Crypto Market reverses 📉 with Bitcoin -7%, Ether -5.8% in 24hrs. 👉BUY deep or SELL high?
Anonymous Poll
46%
⬆️BUY
54%
⬇️SELL
The #crypto market is under pressure, losing 6% of its capitalisation in the last 24 hours to $2.6 trillion.
#Bitcoin is losing almost 7% in 24 hours, at one point wiping out last week's gains and falling to $66.7K. We note that the current area of active buying is below last week's selling levels. Obviously, new historical highs are a trigger for selling. Some players are taking profits, which raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction.
In a corrective scenario, the $65.0-65.5K and $60.0-60.5K areas are of particular interest, as they contain important round levels (significant for retail) and the 76.4% and 61.8% Fibonacci retracement lines.
As a result of another recalculation, the difficulty of mining the first cryptocurrency increased by 5.79%. The indicator updated the historical maximum at 83.95T. The average hash rate for the period since the previous change in value was 600.72 EH/s.
#Bitcoin is losing almost 7% in 24 hours, at one point wiping out last week's gains and falling to $66.7K. We note that the current area of active buying is below last week's selling levels. Obviously, new historical highs are a trigger for selling. Some players are taking profits, which raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction.
In a corrective scenario, the $65.0-65.5K and $60.0-60.5K areas are of particular interest, as they contain important round levels (significant for retail) and the 76.4% and 61.8% Fibonacci retracement lines.
As a result of another recalculation, the difficulty of mining the first cryptocurrency increased by 5.79%. The indicator updated the historical maximum at 83.95T. The average hash rate for the period since the previous change in value was 600.72 EH/s.
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Oil hit 4-month highs on Thursday, closing the day above $80 per barrel WTI. The indicative smooth uptrend suggests that the wildest part of the rally is yet to come.
The medium-term uptrend in oil began at the December lows. At that time, oil was actively bought in attempts to break below the 200-week moving average. Touching this mark was also a turning point in 2023, kicked off a strong rally in 2020, and provided crucial support in 2019.
It's important to note that this isn't just a technical level, as OPEC and Russia have increased support for the price over the past five years by announcing quota cuts to break through it. The collapse in 2020 was not only the result of the cut. Still, it was preceded by a moment of open competition between Saudi Arabia and Russia for market share, coinciding with the peak in US production.
The medium-term uptrend in oil began at the December lows. At that time, oil was actively bought in attempts to break below the 200-week moving average. Touching this mark was also a turning point in 2023, kicked off a strong rally in 2020, and provided crucial support in 2019.
It's important to note that this isn't just a technical level, as OPEC and Russia have increased support for the price over the past five years by announcing quota cuts to break through it. The collapse in 2020 was not only the result of the cut. Still, it was preceded by a moment of open competition between Saudi Arabia and Russia for market share, coinciding with the peak in US production.
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Although the rally in January did not quickly gain momentum, it gradually took hold in the markets. The 200-day moving average is more indicative of trader sentiment than producer sentiment. For almost a month now, the price has been hovering around this mark. This week has seen the most significant attempts by the bulls to shake up the market.
At levels just above $80, the price of WTI is approaching the upper boundary of the bullish corridor seen in late January and late February.
If oil really manages to accelerate, the price could rise to $88-90 within 2-3 weeks. Resistance at $92.5, where selling has intensified since August 2022, is where it could meet bolder resistance.
A pullback within the rising channel to the $75 area is an alternative short-term scenario.
At levels just above $80, the price of WTI is approaching the upper boundary of the bullish corridor seen in late January and late February.
If oil really manages to accelerate, the price could rise to $88-90 within 2-3 weeks. Resistance at $92.5, where selling has intensified since August 2022, is where it could meet bolder resistance.
A pullback within the rising channel to the $75 area is an alternative short-term scenario.
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