Forex Signals Brief for June 23: Can $30,000 Hold?
It was another wild day in crypto markets as Bitcoin once again did its best to hold onto the all-important $30,000 level.
US Wrap
It was another wild day in crypto markets as Bitcoin once again did its best to hold onto the all-important $30,000 level.
While price sold off hard in the early morning hours, it quickly rebounded and staged a strong recovery. We’ve been seeing weakness all week, on the back of the news that China is getting rid of much of their mining operations.
The question really is how long price can hold onto this $30,000 level as the bearish headlines grow by the day. The latest bad headline was from Nassim Taleb, in a recent six-page paper titled ‘Bitcoin, Currencies, and Bubble’s, he laid out four key arguments against the cryptocurrency.
Elsewhere, we did hear from Jerome Powell who stated their intention was to not raise rates too quickly.
The Data Agenda
Data is heavier today and we have manufacturing PMI out of the UK and Germany which should be a market mover for both respective currencies.
In the US, there is also new home sales data, while retail sales will be the one to watch for the USD/CAD.
Forex Signal Update
The FX Leaders Team had a mixed session with two wins from seven trades while we still have three signals currently open.
XRP – Active Signal
XRP is hovering around the 60 cent mark and is rebounding today after a few sessions of selling.
EUR/USD – Active Signal
The EUR/USD has been tumbling thanks to a strong USD and we are short here looking for that trend to continue.
Cryptocurrency Update
BTC saw some heavy selling and briefly broke through the $30,000 level as mentioned.
It’s important to note that there is very little by way of support in the $20,000’s, so should price break and hold, I would expect to see price fall very quickly, which is why that current support level is so very important.
A Bitcoin tumble will likely bring down the entire sector.
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