2019-11-11 • Updated
The saying “buy the rumor, sell the fact” in the best way possible fits to bitcoin trading. In the recent week, the cryptocurrency experienced significant reverberations. At the present moment, investors expect the consolidation followed by the return of quotes to their previous highs.
Having spiked above $1300 (all-time high of the cryptocurrency) on the speculation that US Securities and Exchange Commission could approve the first bitcoin exchange-traded fund, the cryptocurrency slumped to $980 after investors’ hope for approval was dashed. Then, there was a near-term consolidation that ended with a new even deeper drop to $942. The latest selloff was driven by intensifying wrangle over whether and how to increase the capacity of the blocks that bitcoin transactions are processed in.
This Monday bitcoin managed to regain its footing. In the course of three consecutive days, BTC/USD spiked to $1081.80. The current overtone is still bullish, but when we may expect a new streak of losses. Big question mark; there is no such thing as “economic calendar for bitcoin.” Therefore, poor bitcoin watchers had to monitor the news sites striving to glean the necessary fundamentals.
Some experts believe that in the future bitcoin can be replaced by other nascent cryptocurrencies. That’s to say, it will sidestep on the rise of such currencies as Ethereum, Dash, Monero. Market analysts noted that after bitcoin started falling many traders switched to soaring ether. Some believe that Ethereum project has more potential than bitcoin. The former one was recently been supported by a consortium of corporations including JPM and IBM and tripled in value in the course of this month having posted its record high in the mid $50.
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As Reuters experts report, traders in the space are looking for better returns in the more volatile and nascent cryptos as they look for extraordinary returns that bitcoin used to offer them when it was a “kid” cryptocurrency. Additional headwind for the bitcoin – the recent China’s crackdown eliminating the possibility of using bitcoin to bypass China’s capital controls. So, Ethereum and other nascent cryptos can experience a significant upsurge in the near term (consider buying them for higher returns), while the further uplift of their grandad – bitcoin – is rather problematic.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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