Forex Signals Brief for Apr 19: Crypto in Focus
US Wrap
US equity markets closed the week on a high note, but the weekend was dominated by crypto markets.
BTC broke through key support and the move triggered broad-based selling across the entire sector. The only shining light appeared to be Dogecoin, which somehow continues to look very bullish. For the time being, the bulls have wrestled back control and the market is green.
The main triggers for the fall appear to be a correction after what was a bullish week with the Coinbase listing, worries around regulation in the US and also a blackout in China hitting the hash rate.
Elsewhere, we are also seeing a bit of buying interest in the precious metals space as strong demand for physical bullion appears to be turning the corner in the spot market for GOLD and SILVER.
The Data Agenda
Earnings season gets underway in the US and we will likely hear a lot about a number of big-name tech companies that are due to report including Netflix.
On the central bank front, we get the latest update from the ECB, however, we are not seeing any willingness for rate rises anywhere at this stage. Lagarde’s commentary will be of interest, but rates will not be moving.
Forex Signal Update
The FX Leaders Team hit 8 winners from 14 trades last week for a 57% strike rate for a solid performance from the guys.
We have two open signals in crypto at the moment, so look to the forex signals page for all the latest developments.
Ethereum – Active Signal
ETH pushed as high as the $2500 level but never really looked like breaking through. Price has since found support at $2,000 and we remain long.
LTC – Active Signal
LTC fell away like the entire sector, but has rebounded nicely off the $240 level.
Cryptocurrency Update
BTC couldn’t really get above the $64,000 level and was making lower highs to end the week. That all culminated in a big sell down on Sunday with price reaching $54,000.
To get the week underway, there is plenty of green and for now, the bulls look like they are back.
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