Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
Bitcoin ceases diving as market tries to form a short-term bottom
On Tuesday, Bitcoin ceased its devastating dive, so the number one crypto asset traded marginally higher.
On the Kraken crypto exchange, the currency pair BTC/USD ended up with a result of $3,685.64, adding 0.2% since Monday’s outcome.
After a dire stretch for the most popular crypto asset, one financial analyst told that signs hint at a probable bottom around the current levels. Having lost approximately 40% of its market value for the last two weeks, with little news to drive that powerful move, the leading crypto asset is attempting to form a base around the $3,500 - $3,700 level for the last three days, as some market experts pointed out.
While the longer-term chart setup is still downbeat, with a probable test of $2,970, but in the short-term the charts are indicating that the number one crypto asset is in oversold territory. As follows from this, it might end up with a relief rebound up, experts explained, referring to the relative strength index.
The RSI turns out to be a technical gauge, measuring the overall magnitude of recent price moves to assess whether a particular asset is overbought or oversold.
Meanwhile, altcoins marginally headed south. As a matter of fact, the currency pair ETH/USD slumped by 1.6% being worth $102.55. As for Litecoin, the currency pair LTC/USD lost 0.2% reaching $28.91. XRP/USD, the crypto asset, running on the Ripple protocol, dived by 0.3% hitting 34 cents. Besides this, the currency pair BCH/USD headed south by about 0.4% being worth $168.70.
Having dived over 10% on Monday, futures markets stand still on Tuesday. As a result, December delivery Cboe Global Markets contract XBTZ8 decreased by 0.6% showing $3,625, while November delivery CME Group contract BTCX8 rallied by up to 1.8% showing $3,675.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.