Forex Signals Brief for Nov 27: Bitcoin Takes a Tumble
Rowan Crosby • 2 min read
US Market Wrap
Markets were quiet with the Thanksgiving Day break in full swing, so attention quickly turned over to Bitcoin.
It did feel like 2017 again as the price of the leading crypto tumbled by more than 10%, as priced tumbled to nearly $16,000, before rebounding.
Activity has a history of increasing around these holidays and Bitcoin is always one that gets plenty of discussions. I don’t think this is the end of the bull run just yet, but at the same time, there will be plenty of attention at that key support level below.
The Data Agenda
Data is understandably thin today thanks to the US being away on holiday. While there is still an official session today, hours are reduced and I wouldn’t expect much activity from those markets that are open.
That said, we can still look to the EUR/USD for a few second-tier data releases however, I don’t think things will be overly active, outside the cryptocurrencies.
Forex Signal Update
The FX Leaders Team didn’t close any signals yesterday as markets were relatively quiet. That said we still have five signals open, so there is plenty still going on.
LTC – Active Signal
LTC fell away for a second session in a wild day of trade for the entire sector. We expect the smaller coins to be volatile and adjust your portfolio sizing accordingly.
DAX – Pending Signal
The DAX is still looking good here. We can see volatility has contracted, and that usually means a break is coming.
BTC charged higher this week and hit the $19,500 level and made a bit of a double top on the charts.
That was followed by a massive sell-off straight through those key support levels that I mentioned yesterday.
I am still bullish here as this time is different from the last one, but volatility is likely to be extreme.