Forex Signals Brief July 29: Three CB Meetings, 1 Rate Cut Expected

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

Last week the attention was on the US PCE price index report, as well as on the Q2 GDP figures, but in the end, they didn’t offer much in terms of price action, while all the volatility came from the earnings reports of two major multinationals. The Q2 GDP came in at 2.8%, but a 0.74% increase in inventories, so the real GDP was closer to 2.0%, similar to Q1 which came in at 1.4%, but with a 0.6% decline in inventories, which when added, it would account to around 2% as well. The PCE index was also little changed, apart from the headline numbers which ticked to 2.6% in June from 2.5% previously.

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XRP Holds Above $0.55: Ripple Bulls Upbeat, Donald Trump Will Fire SEC Chair Gary Gensler

Posted on July 29, 2024 by Dalmas Ngetich

XRP might be in an uptrend, but in the past few trading sessions, the coin has been moving horizontally. Buyers are in control as prices teeter around the $0.60 level, waiting for more gains. Before then, the current sideways movement must be proven to be accumulation. Afterward, XRP would have the momentum to breach $0.62, paving the way for more price gains toward $0.66 or even $0.74. Even so, any uptick would most likely be fundamentally driven.

At press time, XRP is flat and down to seventh in the market cap leaderboard. Following gains from July 12 to 17, thrusting the coin above $0.55, the trend shifted in favor of bulls. So far, the coin is down 1% in the past day but up 3% in the previous week. Amid this, the average trading volume is lower, shrinking to just $1.1 billion in the past day.

The following Ripple and XRP news are worth watching:

Donald Trump, the former United States and current presidential candidate, plans to fire Gary Gensler, the chair of the SEC, should he take over from Joe Biden. In a speech over the weekend, Trump also said he plans to make the country a leader in crypto.
Traders expect XRP to spring higher, breaking above key resistance levels in the coming months. For now, the absence of demand is keeping the coin moving horizontally. Nonetheless, buyers are in control unless prices drop.

XRP Price Analysis

[[XRP/USD]] is moving sideways, looking at the formation in the daily chart.

Buyers are upbeat.

Considering the bullish outlook, aggressive traders might consider buying on dips.

This preview holds as long as prices are above $0.55.

Any dip below this zone might cancel the bullish outlook.

Meanwhile, conservative Ripple traders can wait for a decisive close above $0.62.

If the bar has rising volume, XRP might rally to $0.66 in a buy trend continuation formation.

Ethereum Floats above $3,300: Will Spot ETF Demand Drive ETH to $4,000?

Posted on July 29, 2024 by Dalmas Ngetich

Ethereum is in an uptrend, at least from a top-down preview. Admittedly, there were losses last week. However, price action over the weekend cements bullish conviction. It could be the base for higher highs in the days ahead. As it is, ETH has support at last week’s low of around $3,100. However, since last week’s bears took over, the local resistance is between $3,300 and $3,500. If buyers are to take charge, a decisive close above this line will be crucial.

At spot rates, Ethereum buyers are confident. On the last day, the coin is stable, adding 5% but down 4% in the previous week of trading. The weakness of last week could offer opportunities for fundamental traders to double down, loading the dips. Notice that the average trading volume is at $11 billion, which is lower than average.

Traders are keeping tabs on the following Ethereum news events:

Even with the launch of spot Ethereum ETFs last week, the impact on price has been weak. Of note, inflows have not supported the coin, and prices are lower, failing to break immediate resistance levels.
Amid the launch of the derivative product, the activation of Dencun earlier this year has pushed the ETH supply higher. For this reason, some analysts are convinced the coin is losing its ultra-sound money narrative, giving BTC an edge.

Ethereum Price Analysis

[[ETH/USD]] is steady at spot rates.

From the daily chart, Ethereum has support at $3,100 and resistance at around $3,300 and $3,500.

However, the coin remains within a bearish formation, with the July 25 bar defining the trend.

As long as prices remain within the July 8 to 15 range, aggressive buyers can continue doubling down, targeting $3,500.

On the other hand, a bullish close above $3,500 could see ETH fly to $4,100 in a buy trend continuation pattern.

This expansion will be in alignment with gains from July 8 to 15.

Bitcoin Set To Take Off Above $70,000: Trump’s Endorsement Massive

Posted on July 29, 2024 by Dalmas Ngetich

Bitcoin is within a steady uptrend. Though prices rose to as high as $69,400 this weekend, there need to be more gains in the days to come, confirming the bullish structure from July 15 through to 21. Since last week’s prices were choppy, buyers came out on top, reversing losses. Bulls still have what it takes to push higher. From the daily chart, a convincing close above $70,000 would be critical. However, if buyers break $72,000, prices could fly even higher.

So far, Bitcoin is stable in the past day and week, adding 3%. The expansion of prices over the weekend means the average trading volume is also decent. So far, engagement stands at over $22 billion. A close above $72,000 would ignite demand, lifting BTC to fresh Q3 2024 highs.

The following Bitcoin news events are worth monitoring:

Johnny Ng, a Hong Kong Legislative Council member, plans to collaborate with various stakeholders in the country. According to reports, the objective will be to assess the feasibility and benefits of incorporating BTC into the region’s financial reserves.
Over the weekend, Donald Trump said he plans to make the United States a leader in crypto and Bitcoin. Trump reiterated his position on the technology weeks after accepting crypto donations.

Bitcoin Price Analysis

[[BTC/USD]] is within an uptrend.

The retest of $69,000 over the weekend was crucial.

Notice that bulls managed to soak in the selling pressure, rejecting attempts for lower lows.

Since prices align with the primary trend, aggressive traders can look to load on every dip.

From candlestick arrangement, every low above $63,000 might offer entries for Bitcoin traders targeting $72,000.

On the other hand, a close above $70,000, and preferably, $72,000, with rising volume, could see Bitcoin retest all-time highs.

Ferrari will accept Crypto Payments from Rich European Clients

Posted on July 29, 2024July 29, 2024 by Olumide Adesina

Ferrari, an Italian luxury sports car manufacturer, has announced that starting at the end of July, it will extend its cryptocurrency payment system to its network of European dealers.

Ferrari plans to expand its cryptocurrency transaction choices to more nations within its global dealership network that have legalized virtual currencies by the end of 2024.

The Maranello-based company also revealed in its official press release this week that, to guarantee transaction security, it will use the experience of other organizations involved in the cryptocurrency payment industry.

Dealers won’t need to handle digital assets directly to accept payments because these systems instantly convert digital assets into conventional currencies.
Additionally, the solutions will simplify verifying the funding source and protect transactions from the volatility of currency rate-related pricing. Ferrari has not yet revealed which cryptocurrency assets will be available for the European rollout.

At this point, most of Ferrari’s European dealers have either implemented the new payment system in addition to the conventional ones or in production.

Following the successful launch of its cryptocurrency payment system in the US in October 2023, the company has expanded into the European sector. The company first partnered with BitPay, a supplier of digital asset payments, to enable cryptocurrency payments in the US.

Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari stated that the goal was to draw in young investors who have made fortunes with cryptocurrency. He continued by saying that this will allow the upscale carmaker to interact with people who might not be their current clients but might buy a Ferrari.

Trump plans to sack SEC chair

Posted on July 28, 2024July 28, 2024 by Olumide Adesina

At the Bitcoin 2024 conference in Nashville, on July 27, Trump addressed a crowd of Bitcoin fans who had been waiting more than an hour for him to speak, following his assertion that the Secret Service required more time at the location.

President Trump suggested dismissing Securities and Exchange Commission Chair Gary Gensler “on day one” and creating a “Bitcoin and crypto presidential advisory council.”

Trump declared, “The persecution stops and the weaponization against your industry ends the moment I’m sworn in.” “I’ll name a new chairman of the SEC who thinks America should build the future, not stand in the way of it.”

The announcement by Trump seemed to be well received by many attendees of the crypto event. Leaders in the industry have frequently accused Gensler of being in charge of the SEC’s ongoing enforcement operations against numerous cryptocurrency companies, such as Binance, Coinbase, and Ripple.

Even though the SEC chair’s term expires in June 2026, Gensler might leave the commission in the aftermath of Trump or Vice President Harris’s cabinet. Trump backer Tyler Winklevoss, co-founder of Gemini and attendee of the Bitcoin conference urged the Biden administration to name a new chair of the SEC before Election Day.

According to Tyler Winklevoss, co-founder of Gemini, the US government needs to “take action” and let the cryptocurrency business know who will be in charge of the securities watchdog before the US election.

In a lengthy X post on July 26, Winklevoss declared, “We should demand to know, among other things, who the next chair of the SEC is before we head to the ballot box.” He also disclosed that he and his brother Cameron, a co-founder of Gemini, had recently been kicked out of a White House event for supporting Donald Trump.
According to Winklevoss, this “perfectly captures” the administration of President Joe Biden’s position on the cryptocurrency sector.

Trump wants you to keep Bitcoin

Posted on July 28, 2024 by Olumide Adesina

Former US President Donald Trump declared he would ensure the federal government never sold up its bitcoin assets if he got elected. He did not, however, go so far as to suggest creating an official federal reserve for virtual money.

At this year’s Bitcoin Conference in Nashville, the largest Bitcoin conference of the year, Trump at a keynote address stated.”For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” he said.

The former president’s remarks came at a time when the race for the presidency in 2024 was becoming more and more focused on who would win the votes and support of early adopters of fintech in America.

“Today, I’m outlining my strategy to guarantee that the United States emerges as the global leader in cryptocurrency and bitcoin, and we’ll succeed in doing so,” said the president.

In contrast to other ideas made at the conference, Trump’s promise to merely preserve the U.S. government’s present bitcoin holdings was a less radical appeal to the cryptocurrency crowd.

Throughout his speech, the former president highlighted differences between the strict regulatory approach that has defined the Biden administration and the Republican Party’s growing embrace of cryptocurrency.

Trump declared, “The persecution of cryptocurrencies and bitcoin by the Biden-Harris administration is wrong and very bad for our country.” “All of you will be gone if they win this election, let me tell you that. They’ll be ferocious. They’ll act brutally. They will act in ways that defy belief.

To an audience of applauding Bitcoin fans, Trump continued with a litany of crypto-friendly pledges, including destroying what he dubbed Vice President Kamala Harris and President Joe Biden’s “anti-crypto crusade.”

“I will fire Gary Gensler on day one,” Trump declared, referring to the Securities and Exchange Commission chairman, who was chosen by Biden and has adopted a tough stance on regulating cryptocurrencies.

Forex Signals Brief July 26: US PCE Inflation Closes the Week

Posted on July 26, 2024July 26, 2024 by Skerdian Meta

Yesterday it started with the German IFO Business Climate index, which showed another slowdown, against expectations for an improvement this month. However, the Euro held its ground well against most major currencies yesterday, despite private loans also missing expectations.

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Bitcoin Bulls Defiant: Are Smart Traders Loading And Targeting $74,000?

Posted on July 26, 2024 by Dalmas Ngetich

Bitcoin closed lower yesterday, but unlike the day before, the bar had a long lower wick pointing to strength. In the days ahead, traders might consider bull entries and double down on dips, considering that the dominant trend is upward.

Notably, prices are still inside last week’s range. For this reason, every dip above the 20-day moving average is attractive for aggressive buyers targeting this week’s highs. However, if sellers push on, any drop below $60,000, reversing July 15 gains, cancels this bullish outlook.

As mentioned earlier, buyers have the upper hand. The coin is within a bullish breakout formation after gains of July 15. As it is, Bitcoin is up 23% from July lows, pushing gains in the last day and week to roughly 5%.

Traders are closely monitoring the following trending Bitcoin news:

Despite recent losses, permanent holders have been accumulating. By the third week of July, they have added roughly 260,000 BTC. Notably, and for the avoidance of doubt, these addresses are not spot Bitcoin ETF issuers or miners.
The contraction of Bitcoin prices roughly coincides with swelling USDT activity. In the past, every time billions flow into stablecoins, mostly USDT, BTC, and crypto prices tend to swell.

Bitcoin Price Analysis

[[BTC/USD]] is firm, rejecting losses of early this week.

As it is, the uptrend remains since the coin is moving inside last week’s range.

Since Bitcoin is still above $60,000 and $62,000, retesting the 38.2% Fibonacci retracement level of the July 2024 trade range, bulls have the upper hand.

In line with this, aggressive buyers may look to buy on dips, expecting a retest of $69,000 in the days to come.

However, conservative traders, on the other hand, can wait for a clean close above $70,000 and the July 21 high before committing. In that event, the first target would be $74,000.

Ethereum Drops 20% In 2 Months: Whales Buy Over 700,000 ETH, What Do They Know?

Posted on July 26, 2024 by Dalmas Ngetich

Ethereum is under immense selling pressure, looking at the performance in the daily chart. Two days after the spot Ethereum ETFs went live, bulls are slowing down as the market struggles to soak the oversupply from ETHE outflows. Technically, buyers are upbeat, expecting Ethereum to follow Bitcoin and fly in the coming weeks. The problem is that the reception has been decent but way below what spot Bitcoin ETFs received in the first few trading days.

So far, ETH is dumping. It is down 10% from last week’s highs, and sellers are pressing the gas pedal despite optimism. Presently, Ethereum is up 3% on the last day but down 5% on the previous week. At the same time, the average trading volume, a metric for gauging participation, is down to $21 billion. By all measures, it is high but below average. For buyers to take over there must be rejection of lower lows at the back of rising trading volume.

As cracks begin to form, traders are watching the following Ethereum news events today:

Amid the discouraging ETH sell-off, it is emerging that whales have been taking advantage of this price decline to buy even more. On July 24, on-chain data reveals that these large entities bought roughly $1 billion worth of ETH, adding to the 400,000 ETH they acquired on July 23.
At the same time, so far this year, the number of active Ethereum and layer-2 addresses increased by over 120%. According to Glassnode, platforms like Arbitrum and Base were among the most active, commanding over 1.8 million addresses.

Ethereum Price Analysis

After surging to nearly $4,000 in late May, Ethereum is fast-dropping, looking at the performance in the daily chart.

At spot rates, ETH is down 20% in roughly two months.

Active traders can look to sell, aligning with the dominant trend.

The immediate target will be $3,000 and $2,800. Any attempt higher but within the July 25 bear bar may offer entries.

However, should there be a total reversal, prices will likely bounce back strongly.

Conservative, risk-on traders can wait for a clean close above $3,500 before committing. In that event, Ethereum could find the momentum to float, rising to as high as $4,000 and $4,100 in a buy trend continuation pattern.