Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
David Tawil, the president of a crypto hedge fund ProChain Capital: “We continue to expect another leg downward. It’s nice to see a positive move as opposed to a negative move, certainly. But at the same time, for investor purposes, it’s not a particularly comforting move. Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”
The overheated market has started to calm down since the beginning of the week. On the daily chart, Bitcoin could not stick above the resistance at $5,300 and started to fall to the support at $4,830. However, on Friday, the digital currency has got a positive momentum and moved up a little bit higher. Bulls need to break the resistance at $5,300 to explore fresh highs. The next resistance will lie at $5,636. If bears are strong, Bitcoin will fall to the support at $4,830. If this level is broken, the next support will lie at $4,255. If we look at indicators, parabolic SAR shows the upward movement for the oldest crypto and ADX demonstrates the overheated market conditions.
- Chinese Reform and Development Commission suggested banning mining. The future of this industry in China will be determined on May 7.
- The US Congress will review the project of the law, which suggests removing cryptocurrencies from the equities law.
- Facebook wants to attract $1 billion of investments in its stablecoin. Did Zuckerberg run out of money?
- Telegram started to test its new TON blockchain platform.
- Digital Asset Holdings will create programmed instruments for trading derivatives.
- Lichtenstein’s Bank Frick and Bitcoin Suisse launched new exchange product BTC-ETH-tracker for professional and institutional investors.
- Leading Japanese bank MUFG will release stablecoin backed by Japanese yen until the end of the year.
Current prices (last update 17:13 MT time)
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.