US Wrap

Markets were once again mostly unchanged, while there was plenty of action in the crypto space.

After a number of headlines the previous day, we saw a strong sell-off from BTC which once again dragged the sector lower. We had heard that the Colonial Pipeline ransom money, which was in Bitcoin, had been recovered. It also came on the same day, President Trump called Bitcoin a scam and suggested the sector need heavy regulation. There was no particular reason for the dump, with sentiment the likely driver.

Bitcoin fell as low as $31,000 on BitStamp, before bouncing back later in the session.

The USD was slightly higher on the day and that weighed down the commodities and majors.

The Data Agenda

Data has been light this week and most of the attention is on the US inflation print due out tomorrow.

That said, we do have the BOC today, however, the belief is there will be no interest rate hikes until 2022. Again, we will be looking for signs of what might be to come.

Forex Signal Update

The FX Leaders Team had a quiet session, closing one winner from three trades.

We have eight open signals at the moment, so look to the forex signals page for all the latest developments.

XRP – Active Signal

XRP tagged that 80 cent mark on the back of heavy selling across the board, but has again found buyers late.

ETH – Active Signal

ETH continues to battle the $2500 level and is currently above that point after bouncing back.

Cryptocurrency Update

Bitcoin capitulated a little yesterday, before finding some buying and that’s clear by some strong green candles.

As I pointed out yesterday, the lower volume profile areas, particularly, $33,000, was an area that we expected to price to move through quickly.

Again I will continue to reiterate that should the $30,000 level drop, we could see a very big fall. Particularly as there will be many trapped longs around this around.