The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Are the Bulls Back for Bitcoin?
2023-04-07 • Updated
Hey, have you heard about the latest news on de-dollarization? It's the process of shifting away from the US Dollar (USD) as the world's reserve currency for trading oil and other commodities. The USD has been facing many problems lately, such as rising inflation, declining geopolitical relations, and the erosion of trust in banks and the Federal Reserve. As a result, many countries are moving towards using their currencies instead. For instance, China has already signed agreements with Australia, Russia, Japan, Brazil, and Iran to use their national currencies for trade. Moreover, the BRICS member countries are discussing the possibility of creating their currency backed not by gold but by land and rare earth metals. This could significantly weaken the USD's presence in global economic activity and boost cryptocurrencies like Bitcoin. Exciting times are ahead for global currencies, don't you think?
The weekly timeframe of BTCUSD is currently at a drop-base-drop supply zone. It is expected that we will get to see some minor initial reactions from the supply zone. The overall market direction, however, looks largely bullish based on the break above the previously marked highs. The trendline support and the 100-period moving average are in perfect alignment. Combining that with the drop-base-rally demand zone, we have credible confirmations of the bullish sentiment.
Based on the technical breakdown indicating a change in the market from a bearish to a bullish sentiment, it is safe to conclude that the Bulls might just be gearing up to resume the bullish movement once the retracement move is completed.
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Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.