Bitcoin Rallies Up, USD Takes Breath
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Tesla killed two people, USD is at one-month low, and other news
Here’s what you need to know:
- A Tesla electric car with no driver crashed into a tree in Texas. Two passengers died. It may press Tesla stock down.
- The US dollar is at its one-month low as Treasury yields dropped to the lowest level in five weeks. It was caused by Fed’s statement that any hike in inflation is likely to be temporary.
- The record oil oversupply is almost gone, the demand is picking up. The re-balancing should continue, which is a positive factor for oil prices.
- Bitcoin dropped by 15% on Sunday with its brothers like Ether and XRP also falling. The pullback came after the crypto king hit a record high of $64,000 on Wednesday as the largest crypto exchange, Coinbase, went public on Nasdaq. It’s natural that after such a fast rally, the price retreats.
Tech analysis
EUR/USD has failed to cross the upper trend line at 1.2000 so far. If it manages to do so, the way up to the 100-day moving average of 1.2050 will be open. It’s likely to happen if the US dollar keeps weakening. On the flip side, if it crosses the 50-day moving average of 1.1960, it may drop to the 200-day MA of 1.1900.
Gold has been rising for the third day in a row! Now it’s getting closer to the resistance of $1790. Once it’s broken, the way up to the high of February 23 at $1815 will be clear. In the opposite scenario, the move below the recent low of $1760 will press the pair down to the $1745 support.
USD/JPY is getting ready for the reverse. All the signs are there. The RSI indicator went below the 30.00 level, the price has crossed the lower line of Bollinger Bands, and it’s getting closer to the 108.40-support level, which it has failed to cross several times in March. On the way up, the pair will meet the following resistance levels: 109.00 and 109.20. However, if bears keep momentum and the price breaks further below 108.40, it may fall to 108.25 and then even to 108.00.
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