Bank of Indonesia Governor Perry Warjiyo announced that Jakarta is following the lead of the BRICS bloc to reduce dependence on the USD and diversify the use of currency in international trade. Indonesia is "more concrete" than the BRICS...
What Lies Ahead for the Crypto Market?
2023-05-17 • Updated
Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect of lower inflation and its impact on Bitcoin's price has got him a bit worried too. In a recent interview, Jones shared his thoughts on Bitcoin and the US economic scenario, painting a rather pessimistic picture. He mentioned how Bitcoin and Gold had lost some of their bullish charm as the whole "inflation hedge" narrative seems to be losing steam. But wait, there's more! The US government's tough stance on cryptocurrencies has also caught Jones' attention. The increased skepticism and scrutiny from regulatory bodies have made the crypto industry a hot topic. Despite his concerns, Jones still holds on to a small amount of Bitcoin in his investment portfolio. He believes that Bitcoin's finite supply, which humans can't manipulate, sets it apart from other assets. So, while he may have reservations, he's sticking with them. Let's see how these factors might impact Bitcoin's future!
US Dollar - H4 Timeframe
The US Dollar recovered spontaneously last week in response to the release of the CPI news. The resultant bullish movement broke out of a triangle pattern and is approaching a major supply zone on the Daily timeframe. My expectation based on this is that we should see a rejection from the supply zone that could push prices back to the trendline of the triangle pattern.
BTCUSD - H4 Timeframe
The strength of the US Dollar, coupled with the unfriendly sanctions in the United States, as previously mentioned in the introduction, has impacted the price action on the BTCUSD chart: the bearish price action on the chart, as seen above, is proof. However, the price is currently approaching a key area of support. It is expected to rebound off that area based on the projection of an impending US Dollar's impending weakness, as discussed earlier.
ETHUSD - Daily Timeframe
The overlap of the trendline support and the 100-Day moving average is a key confluence supporting a bullish reaction. The moving averages on the Daily timeframe of the ETHUSD chart are also arrayed in ascending order, another confirmation of a bullish trend. Correlating the technical analysis of Ethereum with the forecast from the US Dollar, I have reason to expect a bullish reaction from the highlighted pivot zone.
XRPUSD - Daily Timeframe
XRPUSD seems to have already commenced its bullish reaction from the support area, originating from the overlap of the trendline support and the 200-Day moving average. Similar to what we saw on the ETHUSD chart, the moving averages on Ripple are also arrayed in ascending order - another indication of likely bullish price action. My conclusion on this is that we will see some continuation of the bullish movement until the price hits the pivot zone I have highlighted.
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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...
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 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.
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%.