The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Bitcoin has surged above the $7,000 handle
Last week was super optimistic for the crypto market. Despite the global uncertainties which pulled all of the risky assets down, Bitcoin started to rise. The rise of the oldest crypto began on Thursday when the price managed to break above the resistance zone near the $6,000 level. On Sunday, bulls pushed Bitcoin above the $7,127 level and even managed to test the highs above the $7,408 level. However, they could not hold their positions for a long time, as the price for crypto has entered the correction phase. At the moment, it is falling towards the support at the weekly pivot at $6,763. If bulls regain their strength, they will try to push the price of Bitcoin to the resistance at $7,408 once again.
If we look at oscillators, we can see that RSI and Stochastic show that the market is overbought. Moreover, there is a crossover between the Stochastics indicator and the average line, this is a sell signal.
What are the reasons behind this bullish surge?
There are no clear reasons for the current rise of the crypto asset. Analysts mention a combination of different factors which resulted in the upward movement. Here are the main of them:
· The Boston asset manager company Fidelity investment announced the start of buying and selling operations for its institutional customers. Institutional interest is always considered as positive for Bitcoin.
· Increased sentiment in the crypto community driven by optimistic announcements.
· The increase in the number of unspent transactions, which means that there are more holders than sellers.
The bullish pressure pushed the other top coins higher. Here are the current prices for them (updated at 13:40 MT time):
Litecoin – 86.55
Dash – 132.67
Ethereum – 191.7.
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.