Forex Signals Brief for June 8: Pipeline Ransom Haunts Bitcoin
Markets were lower yesterday as most of the attention shifted back to Bitcoin and the crypto space.
US Wrap
Markets were lower yesterday as most of the attention shifted back to Bitcoin and the crypto space.
The main story was that the ransom paid to the cyberattackers who shut down the Colonial Pipeline was recovered. The news caused a sharp sell-off in BTC which dragged the rest of the sector down.
Details of what exactly occurred are still thin, however, there are a number of scenarios that could have occurred. Some are saying Bitcoin was cracked, which is unlikely. More likely the attackers could have simply been caught. Regardless, it doesn’t make Bitcoin look all that good.
At the same time, President Trump came out and said that he thought Bitcoin seemed like a ‘scam’ and needs regulation. Another headline that is weighing down the sector today.
Elsewhere, the USD was a little mixed as well and commodities managed to edge back up towards the end of the session.
The Data Agenda
Data remains light today with German ZEW Economic Sentiment the main release early on. We do have JOLT job openings in the US, but this is hardly a top-tier number.
Forex Signal Update
The FX Leaders Team grabbed one win in our [Gold]] trade in what was a mixed session.
We have six open signals at the moment, so look to the forex signals page for all the latest developments.
XRP – Active Signal
XRP is under pressure today, thanks to the Bitcoin news and we are seeing price back testing that mid-80 area again.
ETH – Active Signal
ETH continues to be performing strongly on a relative basis, however, it is still in the red today. The triangle pattern is ready to break out.
Cryptocurrency Update
Bitcoin is soft as mentioned and we can see that price is getting dragged lower.
Looking at the volume profile areas below we can see that the natural stopping point (low volume area) was $33,000. While $32,000 will be where price gets dragged to if that breaks.
Every day I consider the $30,000 level more important than ever. If that level breaks then things will sell off hard and fast.
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