Forex Signals Brief for Feb 22: Bitcoin in Focus
US Wrap
US markets were red to close out the trading week and the focus will be on whether the momentum is finally turning.
We haven’t seen any sharp sell-offs for a little while now, but the gains are now drying up.
That certainly can’t be said of BTC, which continues to drive higher in price action that is eerily similar to the last boom. Bitcoin has now reached a $1 Trillion market cap and accounts for the vast majority of the overall size of the crypto market.
Meanwhile, there are signs the big freeze and crazy weather in Texas is easing off and that has helped WTI pull back a touch. This is a story to follow, given that we are hearing a number of stories of strange weather events across the globe.
The Data Agenda
The data is quite thin this week, with not that much too spark a traders interest.
We will be hearing from Fed Boss Jerome Powell, but I don’t hold any hope of much changing soon, or any insights from him.
It will be worth watching the US GDP update later in the week and of course, the US jobless claims, which to me are probably still the most relevant data point we have.
Forex Signal Update
The FX Leaders Team hit 10 winners from 13 trades last week for a 77% strike rate in what was a very strong performance from the guys.
Keep watching the forex signals page as there could be plenty of action as markets are getting active already and it’s only Monday.
Silver – Pending Signal
SILVER is still a trade I am watching closely. There appears to still be a big disconnect between the spot price and the price of buying physical silver. To me, this means it is likely to continue to be upward pressure on prices.
ETH – Pending Signal
ETH has been pulling back over the last few days after testing $2,000. There is still support at $1,800 and we are looking at short term long signals above that level.
Cryptocurrency Update
BTC is now testing the $58,000 level as the upward momentum shows no sign of slowing just yet.
I’m still very nervous about prices at these levels and for the moment will be sitting on the sidelines.
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