Forex Signals Brief July 31: BOJ and FED Meetings in A Day

Posted on July 31, 2024July 30, 2024 by Skerdian Meta

Yesterday started quiet but as the day progressed, risk appetite intensified, leading to a 6% drop in Microsoft (MSFT) shares after earnings were reported at the close. While it’s still early in the earnings season, AMD’s positive results provided some offset to the decline. Meanwhile, the yen surged just hours before the Bank of Japan’s announcement, following reports that policymakers were considering a 15 basis point interest rate hike.

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Bitcoin Whales Accumulating Below $70,000: Which Way Next For Upbeat BTC?

Posted on July 31, 2024 by Dalmas Ngetich

Bitcoin extended losses yesterday, pushing the coin closer to the $66,000 and $63,000 support zone. From the daily chart, it appears that the tables are turning, and if prices don’t revert higher today, it could mean that the local resistance at $69,000 and $70,000 is crucial. In the days to come, there will be politics, and how politicians view the space will determine the pace at which the coin races higher or dumps.

As is it, Bitcoin is down 1% in the past day but mostly stable in the previous trading week. Amid fears of more losses, the average trading volume is at $28 billion. Overall, it is higher than average, signaling that more traders are in the equation, possibly exiting.

The following Bitcoin news events are worth watching in the coming sessions:

As prices contract, on-chain data shows that more whales are accumulating, moving coins from centralized exchanges. At the same time, there is institutional demand, looking at inflows via spot ETFs. On July 30 alone, there was net inflow of around $140 million.
Bitcoin is mostly weak, sliding after news of the United States government moving $2 billion worth of the coin. According to trackers, this stash was split into two tranches and moved to a custodian. It remains to be seen whether the government is unloading.

Bitcoin Price Analysis

At spot rates, Bitcoin is choppy, and sellers are flowing back.

Even so, [[BTC/USD]] buyers are upbeat, expecting prices to edge higher.

From the look of things, prices are moving horizontally, with caps at around $70,000 and $63,000.

Considering the state of affairs, traders can wait for a close in either position.

If buyers take over, extending gains from mid-July, the coin might fly to $72,000 and $74,000 in a buy trend continuation formation.

Conversely, sharp losses below $63,000 and $60,000 would open up Bitcoin to $56,000 and $53,500.

Ethereum Processes Over 2.45 Billion Transactions in 9 Years: Why Is ETH Stuck Below $3,500?

Posted on July 31, 2024 by Dalmas Ngetich

Ethereum is stable at spot rates, soaking in selling pressure, looking at the formation in the daily chart. Even though the broader crypto scene is falling and cracks are beginning to form in Bitcoin, the resilience of ETH is impressive. As things stand, the immediate support zone is between $3,000 and $3,300. However, if buyers take over, a close above $3,500 would be crucial, setting the trend for more expansion, ideally to $4,100 and all-time highs.

At press time, Ethereum is stable in the past trading day but in red in the previous trading week, dropping by 4%. Even so, the path of least resistance is northwards, and buyers are confident there will be more gains in the sessions ahead. Engagement will likely expand as prices surge, pushing the average trading volume to over $13 billion registered yesterday.

The following trending Ethereum news developments are worth watching:

As Ethereum marks nine years after launching, the network has processed over 2.45 billion transactions, posting over 20 million blocks. After the Merge, the number of validators stand at over 1 million, making the platform one of the most decentralized, even better than Cardano.
A week after the launch of spot ETFs, there are sustained outflows. With investors free to choose, most are redeeming their ETHE shares and opting for cheaper alternatives like BlackRock’s ETHA.

Ethereum Price Analysis

[[ETH/USD]] is impressively firm at spot rates.

Even though there are waves of selling pressure, the coin remains resilient above $3,300.

Aggressive sellers may look to sell as long as prices are inside the bear bars of July 24 and 25. In this way, they will align with the dominant bear trend from last week. Their targets would be $3,000 and $2,800.

However, there are better entries above $3,500 for the conservative, risk-on traders.

In that case, a firm, high volume close above this liquidation level would trigger demand, lifting the coin above $3,700 in a bull trend continuation formation.

XRP Shining As United States SEC Keeps Losing: Is $1 Inevitable?

Posted on July 31, 2024 by Dalmas Ngetich

XRP is defying gravity at press time, rising after the recent chop and sideways consolidation. Even though there were hints of weakness, the sharp rejection of lower prices and the expansion yesterday endorse bulls. The move higher is driven by favorable fundamentals, lifting the entire industry. Technically, buyers are in control, and every low might be an opportunity to double down, with targets at $0.66 and $0.74 in the short to medium term.

As it is, XRP is in green, outperforming Bitcoin and other top altcoins. Yesterday’s gains mean the coin is ending firmly after the initial shake-off in early July. From the daily chart, the coin is up 58% in three weeks, pushing gains in the past day and week to roughly 8%. Surging prices have drawn traders, propelling the average trading volume to over $2.9 billion in the past day.

The following XRP and Ripple news are worth monitoring:

Yesterday, the United States SEC dropped its allegations about ten tokens, including SOL and ADA, in its charges against Binance. Earlier, the regulator sued Binance, claiming that it was facilitating the trading of unregistered securities.
Analysts are convinced the United States SEC is losing their fifth against crypto. It is timely and comes when the court is about to conclude the ongoing case pitting the regulator versus Ripple.

XRP Price Analysis

[[XRP/USD]] is marching higher, adding 58% from July lows.

As buyers press on, every low could offer entries for aggressive traders.

From the daily chart, the local support is at $0.55.

Meanwhile, with prices above $0.62, buyers are squarely in charge in a bullish breakout formation. For this reason, traders can set sights on $0.66 and $0.74 in the short term. If XRP buyers double down, it is easy to see the coin retesting $1.

Forex Signals Brief July 30: European GDP and JOLT Jobs Today

Posted on July 30, 2024July 29, 2024 by Skerdian Meta

Yesterday’s start to the week was relatively slow, with the news being quite light. The FX market saw some activity when US trading opened, with the dollar strengthening amid declining risk assets. Shortly after the market opened, the S&P 500 experienced a 1% gain but then pulled back, while Bitcoin’s price dropped from $70K to $67K.

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Bitcoin Bulls Upbeat, Up 30% in 2 Weeks: Will BTC Break $70,000?

Posted on July 30, 2024 by Dalmas Ngetich

Bitcoin is generally firm despite yesterday’s losses, looking at the formation in the daily chart. Even though buyers are in control, there must be a sharp close above $70,000. Ideally, if there is a spring above $72,000, at the back of expanding volume, the odds of BTC expanding to new territory above March 2024 highs will be elevated. There are fundamental factors behind this leg up, primarily political. The community is closely monitoring the upcoming United States presidential elections in November 2024.

At spot rates, Bitcoin is shaky after the unexpected dump on July 29. Despite losses, the coin is up nearly 30% from July lows. Of importance is that the general rejection of bears from early this month means the uptrend set in motion in early 2024 remains. In the past day, BTC is down 4% while the average trading volume is rising, increasing to $39 billion in the same time frame.

The following Bitcoin news developments are worth tracking:

As Bitcoin prices trend higher, approaching $70,000, on-chain data shows fewer people are willing to sell at spot rates than when prices touched this level earlier in Q1 and 2. The confidence is bullish and might help spur buyers to double down.
The Bitcoin hash rate is recovering after plunging post-halving. If previous price action and hash rate correlation are anything to go by, then prices are likely to continue printing higher highs in the coming sessions.

Bitcoin Price Analysis

[[BTC/USD]] is steady, soaking in losses from yesterday.

Now, Bitcoin buyers need to add to their gains, extend those of July 29, and wipe out recent weakness.

Aggressive traders can continue buying on every attempt lower but above the $66,000 level. The first target, looking at the Bitcoin price structure, is $72,000.

Meanwhile, if buyers press on, a definitive close above $72,000 could spark another wave of demand, lifting BTC to $74,000 or higher.

If sellers come out on top today, any drop below $63,000 cancels out this bullish outlook.

Ethereum Shining But Not Out of the Bear Shadow: ETH Targets $3,500

Posted on July 30, 2024 by Dalmas Ngetich

Ethereum is turning the corner, shaking off the weakness of last week, looking at the performance in the daily chart. Even though prices fell post-spot Ethereum ETF approval, there is confidence that the uptrend is just starting. Buyers are bogged down by the massive outflows from Grayscale’s ETHE. However, inflows from BlackRock and Fidelity could help steer the coin higher, propping up prices and reinvigorating buyers. So far, traders are monitoring how prices will react at $3,500 and $3,700 in the short term.

Amid the recovery, Ethereum is stable on the past day but down 3% in the previous week. This drop is primarily because of last week’s dump following the listing and trading of spot ETFs on July 23. So far, the average trading volume remains muted at just $17 billion. However, considering the nature of engagement and its direct correlation with price action, trading volume will swell in the coming days.

Traders are closely monitoring the following Ethereum news events:

Yesterday, the Ethereum Foundation moved all their TKO holdings to Bitcoin Suisse. On-chain data showed that the foundation moved nearly 3.5 million TKO worth over $9.5 million to the custodian roughly a month after the Taiko mainnet launched.
Vitalik Buterin, the co-founder of Ethereum, claims the network is decentralized, and there are ongoing developments to make the platform even more robust.

Ethereum Price Analysis

[[ETH/USD]] might be bullish at spot rates.

However, even as ETH prints higher highs, it has yet to completely wipe out July 24 and 25 losses. Therefore, from an effort-versus-result perspective, bears have the upper hand.

For this reason, aggressive traders can consider shorts, targeting $3,000 and $2,800, especially if ETH struggles to gain momentum today.

On the other hand, a safe entry might be presented once the price closes above $3,500. This development would mean the total reversal of last week’s losses.

If this breakout is with rising volume, ETH might soar to $3,700 in a buy trend continuation formation.

XRP in A Bull Flag: Ripple Bulls Conquering, Eyes on $0.66

Posted on July 30, 2024 by Dalmas Ngetich

XRP might be choppy, but there has been a significant shift, unlike the state of affairs a month ago. The coin is up 60% from July lows and impressively within a bullish breakout formation. Even though the coin is moving horizontally when writing, aggressive traders might find opportunities to explore. From the daily chart, support is at $0.55, but how fast Ripple will rise depends on the general performance of the crypto market and other market-related developments.

At press time, XRP is stable, down 2% on the last day. However, the sideways movement means the coin is mostly stable in the previous week. Presently, the coin is in a bullish formation, a vote of confidence for buyers. If there is a decisive close above $0.62 and last week’s high, it might see trading volume expand, rising from the current $950 million.

The following XRP and Ripple news are worth watching:

Analysts are now upbeat, claiming Ripple and XRP would massively benefit should Donald Trump take over from Joe Biden in November. Over the weekend, Trump said he would fire Gary Gensler and get someone else ready to build a crypto future where the United States leads.
XRP is stable above $0.60. However, some analysts are worried about the impact of the 1 billion tokens set for unlocking on August 1. Every month since 2017, Ripple has been unlocking tokens from its escrow as part of its decentralization strategy.

XRP Price Analysis

[[XRP/USD]] is trending higher and is firm at spot rates.

As buyers take over, it is critical for the momentum to be sustained.

The immediate support is at $0.55, while the resistance is $0.62.

Since XRP is now within a bull flag, a close above the descending resistance trend line will be crucial.

In that event, the coin will easily rise to $0.66.

If not, losses below $0.55 will dampen sentiment, slowing down the uptrend.

Bitcoin at $60K in play once again despite bullish run

Posted on July 30, 2024 by Olumide Adesina

Bitcoin fell sharply below the $70K resistance line and kept falling into the London trading session. The price of BTC/USD was circling the daily open at about $66,6K, according to statistics from Binance.

The day before had been incredibly erratic, with the popular crypto asset falling by over 6%, a couple of hours after first hitting $70,000 but failing to maintain that level of activity — an all too common sequence of events.
Bitcoin’s price rose 4% over the next three days on July 25, when it retested the daily support at $64,737. The weekly resistance level of $69.6K, is currently being rejected.

The ascending trendline and the daily support at $66,406 could hold, allowing Bitcoin to increase 10% and reach its high of $71,997 from June 7.

The Awesome Oscillator and Relative Strength Index (RSI) indicators are trading above their neutral levels of zero and fifty on the daily chart. This tremendous momentum indicates that the market is quite bullish.

However, creating a lower bottom on the daily timeframe, closing below $62,736, a break below the rising trendline would turn the market structure from bullish to negative. In such a situation, the price of Bitcoin would drop by 10% and retest its low of $56,405, which was reached on July 12.

If drops below these levels, sentiment would create a short squeeze enabling the BTC/USD pair to rally at the higher end of its longer-term trading range.
Consequently, a closure above the June open is favorable, and if the candle closes above $71,320, there is a strong positive bias. This would be 2024’s highest monthly close.

Moreover, this scenario holds as long as prices stay above the $65,000 – $66,000 range, the bulls have a claim. Save for the July opening around $62,500 further south to prevent bearish confirmations. Bitcoin shows strength on the weekly time frame as it absorbs liquidity below the mid-range and then re-enters it by closing above this region and the previous candle.

Will Bitcoin Print A New Record High Soon?

Posted on July 29, 2024July 28, 2024 by Skerdian Meta

Bitcoin turned really bullish early this year and it is still looking stronger than most other major cryptocurrencies, heading toward $70,000, which is just below the record high. The all-time high comes at around $73,700s, which was put in place in March, however we might get a new high soon, as Republican candidate Donald Trump keeps endorsing the crypto market, and in particular Bitcoin.

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