ONLINE FOREX BROKER
2023-04-14 • Updated
Hold on to your seats, folks! Bitcoin (BTC) is back with a vengeance, soaring past the $30 000 mark on April 11th, reaching its highest point since June 2022. And it's not just BTC - Ethereum (ETH) is also making gains, trading at $1917 and bagging 3.1% gains over the past day. But watch out for the Shanghai upgrade on April 12th, as it's expected to create some selling pressure on ETH and negatively impact its price. Still, with BTC and ETH up over 81% and 60% year-to-date, respectively, the crypto market is hotter than ever! In my article last week, I mentioned that the bulls might be back for Bitcoin, yet the lingering question is: how long can this move last?
The bullish spring of Bitcoin prices has reached a key pivot zone that may serve as a resistance to push prices back down slightly. It is also worthy of note that the current price action is a consolidation move within a rising channel, with the trendline resistance overlapping with the pivot zone. Another important confluence is the presence of a drop-base-drop supply zone right inside the pivot zone. Suppose the consolidation holds without a significant break above the trendline resistance. In that case, we should see a retracement move on Bitcoin pretty soon - even though the overall trend is largely bullish.
Analysts’ Expectations:
Direction: Bearish
Target: $23,100
Invalidation: $32,783
Similar to what we saw on the Bitcoin chart, Ethereum is also inching toward its pivot zone. However, with the resistance trendline of the rising channel price currently trading inside, the 100-Period Moving Average is another indicator of a bearish movement. Even though I expect the overall direction to be bullish, there's nothing wrong with having a few bearish correction movements along the way.
Analysts’ Expectations:
Direction: Bearish
Target: $1,613
Invalidation: $2,505
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This year started with a beautiful bullish price action from the crypto markets. However, the current bearish movement is already causing many investors and traders to panic is interesting.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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