We finally introduced the full service for cryptocurrencies today including market coverage with live updates and cryptocurrency signals. Regarding forex the market is poised against the USD, but we haven’t had any USD signals, instead we concentrated to EUR/GBP which closed in profit a while ago.   

We started with cryptocurrencies today with a Ripple signal. 

Getting Started with Cryptocurrencies

Today was the day we went live with cryptocurrency signals. They have been around for quite some time, especially Bitcoin, but the market has been relatively small until recently and not many people were involved in crypto trading.

But the market size increased (and it’s still increasing) and more and more people got involved in trading cryptocurrencies, so we decided to offer our services for this category of traders.

Many people are new to this sort of trading, thus lacking experience and market understanding. We are glad to provide our experience for free to our followers.

The first thing that I would like to point out though is spreads. Spreads are pretty wide for cryptocurrencies across the industry, but some brokers have more reasonable spreads, so it’s worth having a look around to compare spreads. We have a list of brokers who offer cryptocurrencies so have a look at them.  

Also, the volatility is extremely high (not in Ripple though), so we strongly advise that you watch your leverage when you trade volatile cryptos such as Bitcoin, Ethetreum and Dash. By the way, we opened a forex signal in Ripple (XRP) today for the reasons we mentioned in one of our updates, which closed in profit, so it’s a nice start.    

USD Pullback Is Opening a Trading Opportunity

The USD seems to be on the back foot today as it has been declining since the early hours of the morning. EUR/USD threatened the 1.20 level earlier on and breached it for a short period, but we’re back below now.  I’m beating myself up for not shorting this forex pair around there, which would have made us 30-40 pips.

The commodity Dollars (besides CAD) are also having a nice ride on the back of this USD weakness, with AUD/USD breaking the 0.80 level again, thus invalidating it as an immediate resistance.   

The Buck has also declined against the Yen, which has been probably the weakest major currency in the last couple of weeks, since it touched 107.30s. Since then, this forex pair has climbed nearly 350 pips, so the uptrend is steep.

Today though, this pair has slipped 65 pips lower which looks more like a retrace before the next move higher. Right now, the retrace seems to be over. The 50 SMA (yellow) was breached for a while but the price has moved back above it so it still counts as support and at the moment I´m looking to go long on this forex pair.

Trades in Sight

Bullish USD/JPY

1. The trend has been up since Monday last week
2. The retrace lower today seems to be over
3. Stochastic is oversold on the H1 chart
4. The 50 SMA on the H1 chart is providing support

Is this an opportunity to go long?

Going long USD/JPY has been the safest bet since Monday last week when this pair opened with a gap higher and above the 108 long term support level. So, the break of 108 was short lived and I don’t know if it can be considered a roper break.

Anyway, since the reverse and the climb back above the 108 level, we have seen only one way traffic in this pair, so every dip is an opportunity to go long. Today`s dip seems to be over since stochastic is oversold and the price has already turned up.  

In Conclusion

We finally introduced the cryptocurrency signals today, and we had a good start. It was a buy signal and I think that most of the signals will be long cryptos, since that’s the way the crypto market has been going since the start.