The recent approval of Bitcoin ETFs has had a significant impact on the cryptocurrency market. With investments in these financial instruments amounting to about 9k bitcoins per day, and miners producing only 900 bitcoins per day, the total investment in Bitcoin ETFs is approaching USD 50 billion. This compared to just over USD 90 billion
Technical Analysis
The recent surge in Bitcoin price has been remarkable, with the cryptocurrency surpassing key resistance levels such as $55,000. The 4-hour chart highlights the breakout from a major declining channel, indicating a strong uptrend. Bitcoin’s price has comfortably settled above the $55,000 mark, along with the 100 simple moving average and the 200 simple moving
The Dollar Index has been gradually giving up positions over the past nine sessions, signaling a downtrend in the market. Despite the sustained pressure, the market has struggled to accelerate this decline or break through critical local levels. This lack of decisive movement has left individual currency pairs teetering on the edge, testing key levels
The New Zealand dollar has been experiencing a rough patch, particularly due to the recent decline in retail sales. In the fourth quarter of 2023, retail sales in New Zealand fell by a significant 1.9% quarter-on-quarter. This marks the eighth consecutive quarter of decline in retail spending, signaling a concerning trend for the country’s economy.
The GBPUSD pair has recently bounced off the 200-day SMA, showing some signs of recovery. However, despite this rebound, the pair is still stuck within a short-term trading range. This indicates that there is a lack of strong directional momentum in the near future. Both the RSI and MACD indicators are showing weak momentum for
The USD/JPY pair is currently eyeing a fresh increase above the 150.80 resistance level. After finding support near 149.50 against the Japanese Yen, USD/JPY started a new uptrend and breached the 150.00 resistance. The 4-hour chart shows that the pair is trading above both the 100 simple moving average (red) and the 200 simple moving
The world of trading can be a rollercoaster ride, with bulls and bears constantly battling it out in the market. Analyzing the market scenarios is crucial for making informed decisions that can lead to profitable outcomes. In this article, we will delve into different trading scenarios and how to navigate them effectively. According to the
EUR/USD has shown bullish momentum as it surpassed the crucial resistance level of 1.0800. This bullish trend has been supported by a key bullish trend line with a support level around 1.0790 on the hourly chart. The pair managed to climb above the resistance zone and settled above the 50-hour simple moving average, indicating a
The Australian dollar faced a significant decline last Tuesday, dropping by 1.18% due to higher-than-expected US inflation figures. This surge in US inflation boosted the US dollar, causing the Aussie to plummet. However, the currency has since bounced back and is currently trading at a two-week high against the US dollar. Investors are eagerly awaiting
Recent data has revealed that both the UK and Japan are facing a technical recession, marked by a consecutive decline in gross domestic product. While the UK’s economic downturn can be attributed to high inflation and strict policies imposed by the Bank of England, Japan’s recession may be linked to its ongoing population decline spanning
The recent analysis from Commerzbank indicates a positive outlook for the New Zealand Dollar (NZD) in the upcoming months, despite facing downward pressure. The currency has been affected by broader U.S. Dollar strength and domestic issues, which have kept it below last year’s highs. However, the strong labor markets in both New Zealand and Australia,
The rally from the low of 2.1.2024 appears to be in progress, showing a five-wave impulse Elliott Wave structure. This suggests that the market is currently in an upward trend. In this article, we will analyze the wave patterns and discuss the potential future movements of the market. Wave (i) and (ii) After the 2.1.2024