ONLINE FOREX BROKER
2021-10-20 • Updated
After a long correction in September, BTC/USD has managed to reverse up and gained 50%! How to trade it now? Let’s find out.
First, the growth has started in early October, supported by the comments of Federal Reserve Chairman Jerome Powell. He said that the US central bank had no intention to ban cryptocurrencies. That announcement encouraged crypto investors. As a result, Bitcoin surged by 10% that day. Secondly, the first Bitcoin exchange-traded fund in the United States has begun trading at the New York Stock Exchange! It is great news for the entire crypto market as the launch of this ETF has confirmed that Bitcoin is legitimate.
iTrustCapital: “The launch of the first bitcoin-linked ETF in the US will bolster the broader crypto market and help an entirely new investor class experience the benefits of bitcoin as a legitimate asset.” Bitcoin has increased its value significantly in October as investors on expectations of the fund's debut and also since more institutional investors with big names are purchasing it.
Bitcoin has approached the psychological mark of $65,000. It’s a strong resistance level which the pair may fail to cross on the first try. The RSI indicator signals that Bitcoin can be already overbought. Thus, we might expect a short pullback to the support level of $60,000. It’s a good idea to add the MACD indicator to your chart. When the MACD bar crosses the red signal line upside down, it can signal that Bitcoin will go down. Still, the long-term trend remains upward. If Bitcoin closes above the resistance level of $65,000, it will rally up to the next round number at $70,000.
Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. It comes right after Bitcoin surged above $20k. However, is this enough to kickstart a full recovery for crypto coins?
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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