Forex Signals Brief June 26: Australian CPI Up for the 3rd Month

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

The FX market experienced slow price action yesterday, as the dollar rebounded from its Monday losses. EUR/USD slipped below 1.07 in the European session, while USD/JPY stayed around 160.00 earlier this week before pulling back due to concerns over possible intervention. Continue reading “Forex Signals Brief June 26: Australian CPI Up for the 3rd Month” →

Forex Signals Brief June 25: CAD Traders Waiting the Canadian CPI

Posted on June 25, 2024June 25, 2024 by Skerdian Meta

Yesterday’s focus was on the weakness observed in cryptocurrencies and the US dollar, which some attributed to speculation about potential yen intervention. Despite an early uptick, the dollar struggled against major currencies like the euro, pound, and Canadian dollar throughout the day. This occurred even as Treasury yields declined.

Continue reading “Forex Signals Brief June 25: CAD Traders Waiting the Canadian CPI” →

Bitcoin Crashing: Sheds 8%, Was Yesterday’s Losses The Last Push Low?

Posted on June 25, 2024 by Dalmas Ngetich

Bitcoin is in red when writing and cratering when looking at the performance in the daily chart. Overall, the path of least resistance is well-defined and southwards. As long as bear bars are banding along the lower BB, sellers will remain in control. A break below the psychological reaction line at $60,000 on the back of expanding trading volume could see BTC sell off some more, opening up the possibility of a retest to $50,000 or worse.

At press time, Bitcoin is struggling. The coin is down 3% on the last day and 8% in the previous trading week. Of note, the average trading volume exceeds $42 billion, a spike from yesterday’s mean. This surge in participation means sellers are doubling down, and holders or long traders are exiting their positions, fueling the dump.

Traders are closely monitoring the following Bitcoin news today:

After roughly ten years, Mt. Gox victims will receive their compensation in July, not October as earlier scheduled. The decision to accelerate this distribution comes when BTC is under immense selling pressure. The Mt. Gox trustee will distribute over $9 billion worth of BTC to victims.
Despite the liquidation seen in BTC, it is emerging that whales are actually buying the dip, increasing their position based on Bitfinex data. It remains to be seen whether their bet will pay off in the short to medium term.

Bitcoin Price Analysis

Technically, [[BTC/USD]] is under pressure at spot rates.

Still, while bears are in control, pushing prices lower and offering bears an opportunity to add their shorts, the reaction today will shape the short-term trend.

The June 24 bar could be climactic if sellers fail to confirm yesterday’s losses by the end of the day.

However, if prices drop, BTC may likely crash, even breaking $60,000 as bears target $56,500.

Ethereum Free Falling, Bears Broke $3,300—More Losses Incoming?

Posted on June 25, 2024 by Dalmas Ngetich

Ethereum is deep in red at press time, down roughly 20% from March 2024 highs. Although the path of least resistance is northwards, aligning with the May 20 bull bar, there are hints of weakness. This is especially so following the recent crash below the support at $3,300. At this pace, traders may consider shorts, trading the bear breakout formation of June 24 as they eye the May 20 low.

Traders are keen on riding the current trend, selling on every attempt higher. The skew shows on Ethereum’s current performance. After days of lower lows, ETH is down roughly 3% in the previous week. Considering the breakout on June 24, participation rose, surging to over $21 billion when writing. Any follow-through of yesterday could see Ethereum crumble even further, dropping to crucial support levels set out in May 2024.

As bears press on, traders are watching the following Ethereum news today:

Ethereum might be down today, but one venture capital expects even more sell-off even once spot ETFs launch in early July. The VC cited the low institutional interest in the product and the low network cash flows as reasons for skepticism.
Amid the crash in ETH prices, network activity is also taking a hit. According to on-chain data, the average gas fee on Ethereum is down to its lowest in seven months. The contraction is partly due to the activation of Dencun in March.

Ethereum Price Analysis

[[ETH/USD]] is in red, down roughly 20% from March 2024 highs.

Even though sellers are dominant, they are yet to completely reverse May 20 gains.

Still, aggressive sellers can continue adding their positions, targeting $2,800 following the break below $3,300 on June 24.

The only time this will change is if Ethereum bulls absorb the selling pressure, lifting prices back above $3,300 and ideally to June 24 highs.

In that event, there will be a double-bar bullish formation, potentially marking a local bottom and resumption of the May 20 uptrend.

XRP Bleeding, Trading Below $0.50: Will This California Win Boost Demand?

Posted on June 25, 2024 by Dalmas Ngetich

XRP is bleeding, but unlike Bitcoin and Ethereum, losses were largely contained. Even so, the path of least resistance remains, and this won’t change until there is a total reversal of April 13 losses. This effectively means despite hopes, XRP is within a bearish breakout formation, and bulls are struggling for momentum looking at performance in the daily chart. In the short term, traders should look to align with the dominant trend by selling on every attempt higher.

This preview shows in the performance over the last day and week. To put in the number, XRP is down 1% in 24 hours, pushing weekly losses to over 5%. Markedly, the average trading volume is also picking up momentum, expanding to over $1.1 billion at press time. Until there is a decisive break in either direction, conservative traders should keep away from the current consolidation.

The following XRP and Ripple news could influence price action in the short term:

XRP holders are closely monitoring how the court will rule on the penalty that Ripple, the blockchain company, should pay. An injunction would greatly hamper plans for the company to expand in the United States.
Amid legal woes, there was a reprieve in California. There, Ripple won against allegations that they breached United States securities laws. Still, they need to go to trial, and if they win, it would be a major boost for XRP.

XRP Price Analysis

[[XRP/USD]] is deep in red, looking at the formation in the daily chart.

Technically, sellers are in the driving seat.

As Ripple navigates the regulatory world, every high may offer entries for sellers to short, targeting $0.46.

Any breakout below this support level opens up the coin to $0.40.

On the upper end, any upswing above $0.55 would be refreshing, preferably if it is with a sharp uptick in trading volume.

Should We Buy the Bitcoin Pullback at $60K or Wait for $57,000?

Posted on June 24, 2024June 24, 2024 by Skerdian Meta

Bitcoin has been retreating lower for more than two weeks and now BTC is near $60,000. But we are contemplating whether to buy here or wait for a lower price. The decline has escalated today, so entering the Bitcoin market on the long side right now is like catching a knife through butter, so we are just observing the price action at the moment if it will form a bottom here. If not we will see if the low from early May around $57,000 will hold and maybe go long there. If not, then the $50,000 zone is a great place to look for Bitcoin longs.

Bitcoin is currently trading at its lowest level since mid-May, primarily sustained by bids in the $60,500-60,700 range. The situation is highly technical, with the inability to breach the $72,000 mark and the establishment of a recent peak raising concerns among investors. Should Bitcoin fall below the critical support levels of $60,000 and potentially $57,000, it could trigger a bearish pattern that targets a price dip below $50,000.

Bitcoin Chart Daily – We Have the 200 SMA at $57,000 As Well

Mt. Gox, once the leading Bitcoin exchange responsible for processing more than 60% of [[BTC]] transactions, gained significant prominence in 2010. However, the exchange faced a catastrophic downfall by the middle of the previous decade, when it admitted to losing hundreds of thousands of Bitcoins due to a combination of hacking incidents and mismanagement. This revelation led to its sudden shutdown and subsequent bankruptcy. After a protracted decade of bankruptcy proceedings, the Rehabilitation Debtor has now announced that repayments to creditors will finally begin, utilizing Bitcoin (BTC) and Bitcoin Cash (BCH).

Scheduled to start on July 2, this development has caused a stir in the cryptocurrency market. Investors are particularly anxious about the potential for increased market volatility as the repayments commence. The anticipation of a large influx of Bitcoin and Bitcoin Cash being distributed has many speculating on how this will impact the already fluctuating market prices. The situation is further compounded by the broader context of the cryptocurrency market, which has been experiencing heightened sensitivity to large transactions and market shifts. The return of these significant amounts of [[Bitcoin]] and Bitcoin Cash into circulation is expected to create notable ripples

Bitcoin Miners in Trouble After the BTC Halving Event

Bitcoin miners are grappling with substantial challenges following the BTC halving that took place two months ago. The reduction in block rewards has led to record-low income per terahash (TH/s), causing increased miner bankruptcy. This, in turn, has exerted significant downward pressure on Bitcoin’s price. Recent data shows that miners have sold over $2.46 Billion in Bitcoin have been sold by holders, miners, and ETFs , further impacting the cryptocurrency’s price performance. The continuous selling by miners, combined with technical resistance and the overall market sentiment, suggests a challenging period ahead for Bitcoin’s price stability.

Bitcoin miner Hut 8 (HUT) shares outperformed most of its peers on Monday, driven by a growing trend of AI and (HPC) which stands for high-performance computing firms turning to the bitcoin mining industry for their computing power needs. The Florida-based company attracted significant attention with a substantial $150 million investment from Coatue Management, aimed at building advanced AI infrastructure.

Bitcoin Live Chart

[[BTC/USD-graph]]

Forex Signals Brief June 24: Core PCE to Highlight the Week

Posted on June 24, 2024June 23, 2024 by Skerdian Meta

Last week we had three more central bank meetings, starting on Tuesday with the Reserve Bank of Australia which left interest rates unchanged at 4.35% and with with a hawkish bias, which kept the AUD supported. The Swiss National Bank delivered another rate cut of 25 bps, which was the second rate cut in two meetings.

Continue reading “Forex Signals Brief June 24: Core PCE to Highlight the Week” →

Bitcoin Selling Off: Will This Prevent BTC From Retesting $60,000?

Posted on June 24, 2024 by Dalmas Ngetich

Bitcoin is trending lower at press time, and bearish. Although traders are hopeful, the inability of bulls to flow back and plug the bleed is a concern. Technically, the path of least resistance remains southwards until there is rejection. If this holds, BTC will likely continue trickling lower as bears target $60,000. Overall, buyers of Q1 2024 are still in the picture, but only if they manage to breach $66,000 and comfortably float above $72,000.

At press time, Bitcoin is down roughly 15% from all-time highs. Prices are also moving within a tight range in the past 48 hours. As it is, BTC is down 3% on the last day but down 6% in the previous week of trading. Due to the inactivity, participation over the weekend is below average at just over $17 billion. Depending on the direction taken this week, the reaction at immediate resistance or support levels will be crucial in determining the short-term trend.

Traders are closely monitoring the following Bitcoin news today:

Analysts are pinning the series of lower lows on Germany’s recent action. Some view the offloading as a net positive since they consider BTC to be a scarce commodity.
Even amid the current sell-off, some analysts still think a range of macro factors, such as a potential banking crisis and increasing adoption, make BTC a long-term buy. Nonetheless, how prices evolve in the coming days largely depends on monetary policy statements and other macro factors.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure when writing.

As mentioned, the world’s most valuable coin is down 15% from all-time highs.

The 6% drop from last week means prices are still banding along the lower BB.

As it is, traders should look to offload on any attempt higher below $66,000.

The immediate support level and ideal bear target is $60,000. Further losses below this level could open Bitcoin to May 2024 lows.

Ethereum Dropping: Is It Time to Load on Dips above $3,300 on Spot ETF, Biden Tailwinds?

Posted on June 24, 2024 by Dalmas Ngetich

Ethereum is mirroring the general performance across the crypto scene. Although analysts are pinning their hopes on a spot ETF that might begin trading in early July, bears are forcing prices lower. Technically, bears are in a commanding position. This preview will hold as long as ETH is still trading below $3,700. Bulls appear to be struggling amid a wave of lower lows despite prices being defined by the May 20 bullish engulfing bar.

As of writing, the path of least resistance remains southwards—at least in the short term. Reflecting this outlook is Ethereum’s performance. On the last day, the coin is down 4%, extending those losses to over 5% in the previous trading week. At the same time, the average trading level is around $13 billion. Though this is expected, considering the low liquidity over the weekend, the sharp contraction is a concern. Conservative traders should closely monitor how prices react at $3,700—if buyers succeed—or $3,300 in the short term.

Traders are keeping tabs on the following Ethereum news today:

Although prices are under pressure, open interest on Ethereum Futures on the CME continues to rise. What this means is that institutions appear to be positioning themselves, ready to push prices higher. Still, the direction of the breakout, despite the optimism, needs to be confirmed on price charts.
Analysts expect the upcoming presidential discussion in the United States to profoundly impact not only Bitcoin but also top altcoins, mostly Ethereum. It comes amid rumors of Biden plans to “flip the narrative on crypto.”

Ethereum Price Analysis

[[ETH/USD]] is slipping, just like Bitcoin

Nonetheless, fundamentals heavily favor Ethereum in the short term, especially with news of spot ETF trading as soon as early July.

In light of this, aggressive traders might choose to align their plans with the May 20 bar, loading the dips above $3,300.

This outlook will be invalid should there be more stacked losses below this reaction level.

On the flip side, conservative traders can wait for a solid break above $3,700, or even $3,900, before committing, targeting $4,100 and $4,500.

XRP Bulls Struggling, $0.55 Unbroken As Ripple Releases 250 Million Coins

Posted on June 24, 2024 by Dalmas Ngetich

XRP is still under pressure but surprisingly moving horizontally, looking at the candlestick arrangements in the daily chart. Overall, buyers are confident, citing fundamental factors. However, technical formation is bearish for the seventh most valuable coin. Even though there could be an urge among traders to load on dips before the court rules on the ongoing case, there could be more opportunities in the coming days or weeks. Specifically, the reaction at $0.55 or $0.46 will be crucial in trend definition.

XRP is evidently weak and in red after the spike in Q1 2024. At press time, it is down 35% from March highs and within a bear breakout formation. Over the last day and week, the coin is down roughly 3%. Additionally, trading volume remains suppressed, posting less than $500 million.

The following XRP and Ripple news are worth watching:

Eyes are on the ongoing Ripple versus United States SEC court case. The resulting regulatory uncertainty appears to be slowing down momentum, keeping the coin below $0.50. There are reports that the regulator is planning to appeal the ruling.
Ripple is allegedly flooding the market with XRP. On June 20, the blockchain company offloaded 250 million XRP worth over $122 million at spot rates. It comes less than three weeks after they unlocked 1 billion XRP from their initial distribution.

XRP Price Analysis

[[XRP/USD]] is down 35% from 2024 highs, shedding another 2% in the past 24 hours.

Although confidence is high, sellers have the upper hand.

Aligning with the April 13 bear bars, aggressive traders may choose to sell on every high below the upper rim of this consolidation at $0.55. The immediate target in that case would be $0.46. If sellers have their way, XRP might drop to $0.40 in a bear trend continuation pattern.

Conversely, conservative but bullish traders might need to wait for longer. The zone at $0.55 is proving to be a resilient liquidation level. If decisively broken, with high volumes, XRP might float to $0.66 as bulls begin to take charge.