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Weekly Preview: Bitcoin the Star – Can it Continue?

Posted Sunday, October 15, 2017 by
Rowan Crosby • 2 min read

Welcome to Another Big Week on Markets Guys,

Last week we saw the weekend on a mixed note. CPI pointed towards a slight decline which hit the USD hard and caused the majors to bounce. While at the same time the good old stock market kept on drifting higher.

On the commodity front, both Gold and Crude Oil have been rallying and we have been focused heavily on watching these two in our daily briefs. However, the big story of the week had to be Bitcoin, who took out its record highs at $5000 and then powered onward and upward.

As it stands Bitcoin is trading above $5600 in early trade on Monday. Bitcoin is offering a great opportunity for trades, however, I suggest waiting for a pullback from the highs. Keep a close eye on the forex signals page this week as there are a number of great opportunities popping up in cryptocurrencies, including a current signal out on Litecoin.

The Week Ahead

The main question to ask this week is just how the USD is going to react. After finally turning the corner and turning bullish, we ran into some headwinds over the last 7 days. Poor data on Friday, coupled with an unexpected update via the FOMC minutes, the momentum took a hit.

However, the 93.00 level in the US Dollar Index (DXY) looks to be one that is trying to hold up. I’ll be long from this point onwards until proven otherwise. As such I am bullish on the USD versus most of the other majors.

DXY