Forex Signals Brief June 28: All Attention Is on the PCE Prices!

Posted on June 28, 2024June 27, 2024 by Skerdian Meta

Yesterday during the US session, there was a simultaneous release of several US economic data points, creating a challenging environment to decipher. The dollar initially declined by 20 pips amidst mixed news, with attention drawn to higher continuing claims and lower core durable goods orders, but then turned higher after the higher GDP and the prices index.

Continue reading “Forex Signals Brief June 28: All Attention Is on the PCE Prices!” →

Bitcoin shows bottom signs amid Govts Selling

Posted on June 28, 2024 by Olumide Adesina

Bitcoin ran across resistance close to the $62,000 barrier and dropped 1.5% to trade at $60.4K on Friday’s morning session. The current bearish market volatility has subdued which may point to a possible bottom in the market.

According to data provided by the cryptocurrency analytics company Santiment, during the last two weeks, there has been a noticeable decline in positive comments about Bitcoin on social media sites including X, Reddit, Telegram, 4Chan, and BitcoinTalk.

A bottom indication suggests that the market trend is about to reverse. Often, investors see a bottom as a chance to purchase an asset when it is undervalued or trading at its lowest point. The lowest level of support for the asset is referred to bottom from a technical analysis perspective.

On March 14, Bitcoin reached a new all-time high of $73,780 on Coinbase. The leading cryptocurrency has now fluctuated between $60,000 and $70,000, briefly falling below $60,000 before finding strong support again. At present, the price of BTC is $61,500.

The US Government sent 3,940.28 BTC, or $241.22 million, to Coinbase Prime Deposit on Wednesday, according to data from Arkham Intelligence.

This Bitcoin was forfeited during a trial in January 2024 when it was initially taken from narcotics dealer Banmeet Singh. This sudden shift in money may have contributed to the 1.5% decline in the price of Bitcoin on Wednesday by creating a sense of FUD (Fear, Uncertainty, Doubt) among traders.

The German government moved 750 Bitcoin on Wednesday, worth $46.35 million, according to Lookonchain data. A lesser payment of 0.001 BTC to Flow Traders also raises the possibility of a test transaction or an intention to sell BTC through that organization.

Recent transactions on the blockchain showed German authorities have moved 2,100 BTC, or $135.22 million, to websites including Coinbase, Bitstamp, and Kraken. At present, the German government owns 45,609 Bitcoin, which is worth $2.81 billion.

The Bitcoin Miner to Exchange Flow (Total) indicator, according to CryptoQuant data, indicates the total amount of BTC sent from a mining pool to exchange wallets. A bearish trend is shown by increases in the measure, which show that many miners’ coins are exposed to selling, while a reduction in the metric indicates that just a small number of miners’ coins are exposed to selling, indicating reduced sell pressure.

Bitcoin Dimming: As Miners And Governments Exit, Will BTC Hold Above $60,000?

Posted on June 28, 2024 by Dalmas Ngetich

Bitcoin remains stable at press time, moving horizontally, looking at price action in the daily chart. Even though there are attempts to soak in the deluge of selling pressure, the path of least resistance is southwards, at least looking at events in the daily chart. The uptrend will resume and align with Q1 2024 gains once there must be a sharp uptick in participation. Most importantly, there should be a total reversal of June 24 losses. Before then, sellers have the upper hand in the short term.

Looking at price action, Bitcoin is stable on the last day, dropping 5% in the previous week. At the same time, there has been a change in trading volume as participation rises to over $21 billion. With sellers arrested due to the inability of losses of June 24 to be confirmed, it seems like the leg down early this week was climactic.

Traders are closely monitoring the following Bitcoin news:

After 14 years, one wallet has sent 50 BTC to Binance. These 50 BTC were earned from mining during the first epoch. The decision to liquidate now comes when prices are struggling for gains as sellers step up.
The United States government has sent more BTC to Coinbase, stoking fears that their action could heap more pressure on the fragile digital assets. Analysts are buoyant, expecting any dump to be absorbed quickly in the market without triggering a sell-off.

Bitcoin Price Analysis

[[BTC/USD]] is under strong liquidation prices at spot rates.

With caps at $66,000 on the upper hand, sellers are in control.

Provided prices are inside the bear bar of June 24, every high might be an entry for sellers targeting $60,000 and $56,500.

This outlook is valid from an effort-versus-result perspective.

If sellers take charge, breaking below the support of this consolidation, Bitcoin prices will likely drop to as low as $50,000.

Ethereum Shakes Off Sellers: Is ETH Preparing To Rocket Above $4,100?

Posted on June 28, 2024 by Dalmas Ngetich

Ethereum is firm when writing, floating above $3,000 but capped below a crucial resistance level. Even though the uptrend remains due to gains in January through March, recent weakness means a correction is not out of the equation. This outlook is even after gains of June 27, primarily due to fundamental factors, mainly the expected launch of spot Ethereum ETFs as early as July 4.

Currently, Ethereum is stable, up roughly 3% on the last day but down 2% on the previous week. What’s interesting is the uptick in trading volume, rising to over $12 billion in the past 24 hours. As the community prepares for spot ETFs, more traders will likely flow in, pushing participation even higher.

Traders are keeping tabs on the Ethereum news today:

After roughly five weeks, the stringent United States SEC could approve spot Ethereum ETFs as soon as July 4. Once these products are live, one analyst expects prices to rapidly spike, surging by at least 40% in two months. The coin will rally to over $12,000 in two years if this momentum is sustained.
After raising $18 million, Puffer Finance –a liquidity staking solution on EigenLayer—is partnering with the Ethereum Foundation. The goal is to develop and launch an optimistic roll-up solution, further scaling the mainnet.

Ethereum Price Analysis

[[ETH/USD]] is in green, reversing losses of early this week.

Even though more gains are needed today to confirm gains of June 24 dump, traders could look for entries on every dip.

This shift in outlook is due to fundamental developments, especially the launch of spot ETFs in early July 2024.

Conservative traders can also wait for a clean break of $3,700 before loading up, targeting $3,900 and $4,100.

Conversely, if sentiment shifts and prices tank, this preview will be invalidated, opening up Ethereum to a retest of $2,800.

XRP Strengthens As Ripple Plans To Dump 1 Billion More Coins: Will This Crush Bulls?

Posted on June 28, 2024 by Dalmas Ngetich

XRP stabilized on June 27 after worrying losses early this week. Even with these gains, there is nothing major to expect from the coin. Ripple prices didn’t spike in either direction, meaning the coin remains within an extended consolidation from April. In the sessions ahead, traders should stay on the sidelines, waiting for a breakout from the boring range. Overall, buyers are in charge from a top-down preview, especially if the support zone at $0.45 to $0.46 holds.

At press time, XRP is still not out of the woods. Even though the coin is up 2% in the previous day, it is in red in the prior week. Perched at seventh, XRP is down 3% in the last seven days. At the same time, the average trading volume is below average, printing roughly $850 million—below the $1 billion weekly average.

Traders are watching out for the following XRP and Ripple news:

In July, Ripple will unlock 1 billion XRP. Since 2027, the blockchain company has been releasing coins every month as part of its decentralization strategy. The release in the next few days is when the coin is under intense selling pressure and at risk of dropping below $0.45.
Once live, a Ripple executive said the RLUSD stablecoin will complement XRP in enabling smooth, cheap, and efficient cross-border flows. Like the seventh most valuable coin, the stablecoin will launch on the XRP Ledger.

XRP Price Analysis

[[XRP/USD]] is stable, as mentioned.

Even so, zooming at price action, it is evident that bulls are struggling.

The local support is at $0.46; if prices plunge below this line, XRP could slide to as low as $0.40.

The immediate liquidation level is $0.52.

A break above this line, at the back of rising volume, could see XRP soar to $0.55. This move would be the much-welcomed bullish breakout formation, countering losses of mid-April.

Bitcoin Bleeding As the United States Government Liquidates, Path to $50,000?

Posted on June 27, 2024 by Dalmas Ngetich

Bitcoin continues to trickle lower at spot rates, unwinding gains of June 25. Looking at the performance in the daily chart, it is clear that sellers are in control, and there could be more losses in the equation. As of writing, the coin is down roughly 20% from its all-time high, and sellers of June 24 are squarely in control. Unless there is an unexpected uptick peeling back losses of early this week, the trend remains southward in the short term.

Due to recent events, Bitcoin remains dicey and fragile. BTC is down 2% in the past 24 hours and 7% in the previous week. If there are more losses today, traders should closely monitor whether there was a decisive close of this week’s low. Then, it is likely that BTC will capitulate, pushing participation higher than the current $22 billion registered on the last trading day.

Traders are watching the following Bitcoin news today:

Yesterday, the United States government followed in the footsteps of Germany and sent 3,940 BTC to Coinbase for liquidation. Following this, prices contracted, aligning the current price action with early losses this week. The United States government is one of the largest holders of BTC repossessed from criminals and hackers.
Following the release of Julian Assange on Monday, Jack Dorsey, the founder of Twitter, reportedly donated $500k in BTC to the WikiLeaks founder. Assange received even more donations worth nearly $1 million from the crypto community.

Bitcoin Price Analysis

[[BTC/USD]] is in red at press time, looking at the formation in the daily chart.

Following yesterday’s dip, aggressive traders can begin unloading the token on every attempt higher.

As it is, the immediate ceiling is at June 24 high at $63,000 and $66,000.

Provided Bitcoin remains below $63,000, every high might offer entries for sellers targeting $56,500—or May 2024 lows.

Further losses open up BTC to $50,000 and $45,000 in a bear breakout formation.

Ethereum Weak Despite Spot ETF Approval: Will ETH Crash Below $3,000?

Posted on June 27, 2024 by Dalmas Ngetich

Ethereum is stable but weak when writing, looking at events in the daily chart. Though there is optimism, sellers are still in a commanding position. As it is, the long lower wicks of June 24 and 26 suggest that there is support at around the $3,200 to $3,300 zone. Still, sellers remain in charge until there is confirmation of June 25 gains and a push higher above $3,500. For now, aggressive traders can look to ride the trend, doubling down on selling positions.

The weakness in the daily chart is evident. In the past day, ETH is down 1% and 6% in the previous week of trading. Although losses weren’t as sharp as early this week, traders are bearish. The average trading volume is down, sliding to $11 billion in the past day. Prices are down but within a broader range, with caps at $3,900 and $2,800 on the lower end. A breakout in either direction could see a spike in trading volume.

Traders are closely monitoring the following Ethereum news events:

Eyes are on the United States SEC and Gary Gensler. The agency has approved the trading of spot Ethereum ETFs, and these products will be available from July 4.
Amid this, ETH continues to stretch gains versus BTC. Some analysts say the second most valuable coin is a better offer considering the lack of miner liquidation or the effect of hacks.

Ethereum Price Analysis

[[ETH/USD]] is in red at spot rates despite positive news.

As traders gear up for the anticipated launch of spot ETF, the coin is struggling for momentum.

The immediate trend is bearish, and every high below $3,700 and $3,500 could offer entries for sellers to target $3,000 and $2,800.

This preview holds since prices are inside the June 24 bear bar, giving sellers the upper hand from an effort–versus–result perspective.

Unless otherwise, any sharp turn above $3,700 will nullify this outlook.

XRP Deep In Red: Will Ripple Breakout from This Multi-Month Bull Flag?

Posted on June 27, 2024 by Dalmas Ngetich

XRP is in red, which has been the state of affairs for a while now. Unless there is a rapid shift in price action, preferably pushing prices above the current boring consolidation, bears will remain in control. As things stand, XRP has strong support at the $0.45 to $0.46 zone. Though narrow, bears have been unable to break below this line. Therefore, the zone presents a ray of hope for optimists. Even so, considering it has been retested multiple times, the capitulation could see the coin sink below $0.40 if broken.

Looking at the drab price action and the multi-week consolidation, XRP is still down 2% on the previous day and 6% on the past trading week. At the same time, engagement is below average, falling below $1 billion. As momentum wanes, bears will be the likely winners in the coming days.

Besides the uneventful state of price action, traders are also keeping tabs on the following XRP and Ripple news:

Brad Garlinghouse, the CEO of Ripple, is convinced that the crackdown on crypto companies and innovation in the United States will be the main reason Donald Trump will win.
Looking at the performance in the monthly chart, one analyst thinks XRP is preparing for a big move up. Presently, the coin is within a bull flag.

XRP Price Analysis

[[XRP/USD]] is moving sideways and bearish from a top-down preview.

The coin has support at $0.46 while resistance is at $0.45.

Since prices are consolidating, conservative traders can wait for a clean breakout.

On the other hand, every high below $0.52 could offer entries for sellers targeting $0.46 and $0.40 in the short term.

If there is a major Ripple news event that supports XRP, a breakout above$0.55 could signal a major shift in trend.

In that case, the coin could rally to $0.76 and even $1.

XRP Drops Pushing HODLer Losses Deeper Into Red, VARA Endorses Ripple

Posted on June 26, 2024 by Dalmas Ngetich

XRP is selling off looking at the performance in the daily chart. Even though the performance of this coin largely depends on fundamental factors, the current trajectory is mainly influenced by the performance across the board. The drop in Bitcoin and top altcoin prices suggests that there is weakness. As a result, XRP is still trending below $0.55, printing discouraging lower lows.

A look at the daily chart points to sellers taking control, pushing prices lower. As it is, XRP is stable on the last day but down 3% in the previous trading week. If sellers continue flowing in, there could be more losses in the offing. However, looking at the average trading volume, there is a notable contraction. Participation is below $1 billion, lower than it was on June 24.

The following XRP and Ripple news are trending:

As XRP prints lower lows, there have been over $30 million in realized losses in the past ten days. Even so, there could be more should prices tank below the lower limit of the support zone at around $0.46.
The Dubai financial authority, VARA, has already approved XRP, endorsing it as a utility enabling global money transfer. The approval is a massive win amid the ongoing Ripple versus the United States SEC tussle.

XRP Price Analysis

[[XRP/USD]] is bearish but within very tight trade ranges.

Since the coin is within a bearish breakout formation from mid-April, every high below $0.55 could offer entries for sellers targeting $0.46 and $0.40.

This would only change if prices recover sharply, breaking above the current extended consolidation.

A close below $0.46 could fast-track the drop to $0.40 and $0.35.

On the flip side, gains above $0.55 open XRP to $0.74.

Ethereum Capped Below $3,700 As ETH Turns Inflationary: Spot ETF A Silver Lining?

Posted on June 26, 2024 by Dalmas Ngetich

Ethereum, like BTC, recovered on June 25 but continues to trend in a tight range, looking at the performance in the daily chart. At spot rates, sellers remain in control. Even though there was a price expansion, bulls didn’t peel back the losses of June 24, meaning the probability of prices dropping remains high. As things stand, aggressive bears can look to short as long as prices are still below $3,700, a critical resistance level to watch out for in the short term.

This state of affairs and general inactivity in the last few hours shows in performance. To put in the numbers, Ethereum is stable in the past 24 hours but down roughly 4% in the previous week. At the same time, the average trading volume is around $12 billion, a drastic contraction on the last day of trading. Traders should be keeping a close eye on price action. Any expansion above June 24 hours would be a massive endorsement for optimistic bulls.

The following Ethereum news should be closely monitored:

Although Dencun was a welcomed upgrade, further making transacting on Ethereum layer-2s cheaper, it has adversely affected the rate of ETH burning. Trackers now show that in 73 consecutive days, the coin has been inflating.
The drop in ETH prices could be deflating, but events in the futures market are turning out positively. Analysts are banking on the change of sentiment once spot ETFs begin trading.

Ethereum Price Analysis

[[ETH/USD]] is weak when writing, looking at the performance in the daily chart.

As it is, sellers should consider loading on every attempt higher below $3,700, targeting $3,300 and $2,800.

This preview holds because the June 24 bar still influences the current state of price action from an effort versus result perspective.

As it is, the June 25 bar was even with lighter volumes, cementing this bearish outlook.

Any breach of $3,200 could fast-track the dump to $2,800 in the short term.

Buyers will only take control once there is a conclusive close above the June 24 high and $3,700. This reversal should be with high trading volume.