ONLINE FOREX BROKER
2023-02-24 • Updated
Following the September 2021 cryptocurrency ban by the Chinese government, it was gathered that some economists urged the government to reconsider crypto trading and mining favorably. One such person is Huang Yiping, an economics professor and former adviser to the Chinese Central Bank. We are now beginning to see a more lenient approach toward crypto investors in Asia, leading to what many are tagging as the next bull run. The question remains, is the Chinese crypto narrative bullish for mainstream cryptos?
Bitcoin is under pressure from the 50 and 200 period moving averages on the weekly timeframe. There is also considerable impact from the pivot line at $25k. These factors point credibly to a bearish intent. However, we will also consider the outlook on the Daily timeframe.
Based on what we've seen from the weekly timeframe and the current reaction, we see clearly from the resistance line in the daily timeframe. The primary target would be the $22k area.
Analysts’ Expectations:
Direction: Bearish
Target: $22 000
Invalidation: $25 000
Here is the weekly timeframe chart for ETHUSD. So far, $1724 has acted as a natural resistance zone, pushing the price down quickly. There is also the 50-period moving average glaring down viciously at a price. To conclude this sentiment as a mature one, let's see how things are looking on the daily timeframe.
The Daily price action here confirms our sentiment from the weekly timeframe. The $1724 resistance is a key zone even though we have the 50-day moving average closing in on the price.
Analysts’ Expectations:
Direction: Bearish
Target: $1550
Invalidation: $1725
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
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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