Forex Signals Brief May 1: Will the FED Reject A September Cut?

Posted on May 1, 2024May 1, 2024 by Skerdian Meta

In the US session yesterday, markets turned their attention to the US dollar ahead of today’s FOMC meeting, largely due to a robust employment cost index. There’s concern that the Fed might hint at potential rate hikes. While changes in the European session were minimal, the dollar surged following the data release and maintained its strength.

Will the FED hold rate higher for longer or hint at 1rst cut?

Continue reading “Forex Signals Brief May 1: Will the FED Reject A September Cut?” →

Ethereum Crashing, Breaches $3,000 Amid Regulatory Uncertainty

Posted on May 1, 2024 by Dalmas Ngetich

Ethereum flipped to red quickly on April 30, confirming fears traders have had all along: ETH is weak, and the Bull Run could be over. So far, Ethereum has not only breached $3,000 but is likely to slip even lower, conquering April 2024 lows at around $2,800. Since yesterday’s bar was conspicuous and wide-ranging, sellers were firmly in control of proceedings. Price action has thus far spilled over to today.

Ethereum is down roughly 10% in the past day at press time, reflecting the general dump visible in the daily chart. With sellers in charge and traders shifting their bets, predicting even more losses, the coin is flash-crashing today. Currently, the average trading volume is up to over $20 billion, rising by 56%. This expansion points to changing trader sentiment. For now, traders are likely positioning for more drawdowns in the second half of the week.

The following Ethereum news events are worth watching:

Stripe is, after a six-year break, accepting crypto payments, but not Bitcoin. According to reports, the payment processor will accept stablecoins issued on Ethereum, among other blockchains. According to one of their officials, the decision to resume support for stablecoins is because of improving network stability.
Court filings now show that Gary Gensler, the chair of the United States SEC, believed that ETH, the native currency of Ethereum, was a security, unlike Bitcoin, for at least a year. ConsenSys is now suing the agency, wanting them to consider ETH a commodity.

Ethereum Price Analysis

[[ETH/USD]] is falling, looking at price action in the daily chart.

Even though there were hints of strength earlier on, the dump on April 30 changed this outlook.

Ethereum is trading below $3,000, a psychological number, and may break $2,800 if sellers continue to push on today.

Bears can search for entries since the coin is within a bear breakout formation following April 13 losses.

This preview is valid as long as prices are capped below $3,300.

The immediate bear target is $2,600.

Bitcoin Melting Down: After Slipping 18% in April, Bears Targeting $50,000

Posted on May 1, 2024 by Dalmas Ngetich

Bitcoin collapsed yesterday, marking a weak end to what was overly a bearish month for the world’s most valuable cryptocurrency. To quantify, the coin lost roughly 18% in April alone, contracting sharply from March 2024 highs. As sellers press on, the probability of BTC slipping towards the $50,000 zone cannot be discounted.

At press time, Bitcoin prices are dumping. They are down 8% on the last day and 14% in the previous trading week. The dump is heaping more pressure on holders, forcing weak hands to concede defeat. So far, the average trading volume has increased to $42 billion, rising roughly 70%. Since this dump is backed by increasing trading volumes, it means sellers are in the equation, exiting their longs. As a result, trading volume is rising in tandem.

The following Bitcoin news events are worth watching:

Even after Hong Kong spot ETF issuers hyped up their offerings, they failed to gain traction as anticipated. At the close of the day yesterday, both spot Ethereum and Bitcoin ETFs had generated slightly over $12 million. This is magnitudes lower than those recorded when spot BTC ETFs began trading in the United States in January 2024.
Onchain data shows that despite the sell-off, BTC is still within a mid-bull cycle, favoring sellers. The MVRV ratio is at around 2.17, which is in the normal range. Usually, when the ratio spikes above 3.7, the coin tends to sell off strongly.

Bitcoin Price Analysis

[[BTC/USD]] is dropping fast, looking at the daily chart.

Sellers are in control following the dip below $60,000 at the back of rising trading volume.

After yesterday’s losses, Bitcoin is now aligned with the April 13 dump. Accordingly, traders might look for selling opportunities on every pullback.

The immediate target would be $50,000.

This preview will change if Bitcoin bounces higher, unwinding April 30 losses and surging above $68,000.

XRP Drops 8%: Will The Bitcoin Dump Force Prices To $0.40?

Posted on April 30, 2024 by Dalmas Ngetich

XRP is extending losses, as visible in the daily chart. This is despite April 29 turning green as bulls attempted to plug the bleed. Even with their effort, sellers are still dominant, pressing lower as they have in the past ten days or so. Prices remain within the $0.50 zone, reversing from over $0.55 recorded on April 22. Bulls must soak up selling pressure as we advance, keeping prices above $0.50, a psychological price level.

Thus far, XRP is in red, slipping 1% in the past day and 8% in the previous trading week. As it is, prices remain in consolidation. However, bears are back in control. Since there was no confirmation of the April 22 bull bar, prices are still within the shadows of April 12 and 13 bear candlesticks. So far, trading volume in the last day is above $1 billion, up 14%.

Traders are closely monitoring the following XRP and Ripple news events:

Ripple has partnered with Hash Key and SBI Group to expand their XRPL-powered solutions. In an announcement, their immediate goal will be to roll out their solutions to enhance supply chain finance in Japan.
All eyes are on Anarlisa Torres. After the landmark ruling in July 2023, the crypto community is monitoring events closely, checking whether the judge will accept the $10 million fine Ripple proposes to pay.

XRP Price Analysis

[[XRP/USD]], like most crypto assets, is slipping.

So far, the coin is back to the all-important level, $0.50.

For the uptrend to continue, prices must break above $0.55 and April 22 highs.

Since sellers are unyielding, XRP could drop below this line, effectively reversing all gains from April 20 to 22.

If that’s the case, the coin will likely retest April 2024 lows of $0.41.

Ethereum Dropping Like A Rock, Next Stop $2,600?

Posted on April 30, 2024 by Dalmas Ngetich

Ethereum is rapidly declining, as seen in the daily chart. The strengthening of the USD is a significant factor that ETH holders should be mindful of, as it is likely to affect them. The current sell-off is dampening hopes of the second most valuable coin reclaiming $3,300. This crucial liquidation level, as indicated by the candlestick arrangement, is a line that bulls must decisively break for any chance of rallying to $3,700 and $4,090.

As Ethereum approaches $3,000, the coin is down roughly 3% in the last day and week. Overall, sellers are in a commanding position. The sell-off has also led to an increase in trading volume. In the past day alone, the average trading volume stood at $13.7 billion, up 3%. This number may continue rising as sellers double down, unloading the asset and further fueling the slide.

The following Ethereum news events could prop up prices in the days ahead:

Technical analysts note that [[ETH/USD]] is moving inside a descending channel. Considering the positive correlation between Bitcoin and Ethereum, if the former dumps below $60,000, it is likely that ETH will follow suit. As predicted, the coin might fall to as low as $2,600.
As spot Ethereum ETFs launch in Hong Kong, experts are now examining whether they will have the same impact as spot Bitcoin ETFs. Following the release of spot Bitcoin ETFs in the United States, prices temporarily fell before rallying to all-time highs before halving.

Ethereum Price Analysis

As aforementioned, the path of least resistance is southwards.

Therefore, from this arrangement, sellers can search for entries on every retracement towards $3,300. Their immediate targets, aligning with the bear breakout formation of April 13, would be April lows of around $2,800.

If sellers press on, the next feasible target would be $2,600 and the psychological $2,000 level.

On the other hand, if bulls manage to shake off the current selling pressure, prices must comprehensively break above $3,300. This surge must be accompanied by rising trading volumes, ideally exceeding those of April 13.

Bitcoin Under Intense Selling Pressure: Will BTC Break Below This $3,000 Range?

Posted on April 30, 2024 by Dalmas Ngetich

Bitcoin has been moving horizontally, inside a defined range, for the past four trading days. Even though the bulls are optimistic, bears seem to have the upper hand, looking at the formation in the daily chart. Unless there are sharp gains above $68,000, pumped by rising volumes, bears might push lower, even breaking below $61,000 support in the coming sessions. Thus far, traders are cautiously optimistic, expecting fundamental events to drive price action.

Presently, prices are stable, moving inside a $3,000 zone. From coin trackers, BTC is down 5% in the previous trading week. At the same time, the average trading volume is at $25 billion but up 20% in the last day. Since prices are consolidating, participation will likely be relatively low unless there is a conclusive breakout in either direction.

The following Bitcoin news events will shape price action:

Even as crypto critics claim Halving would make mining more centralized and a hub for farms, the network continues to function as intended. Yesterday, a solo miner mined a block, receiving all the fees and rewards.
The Australian Securities Exchange (ASX) is moving towards approving a spot Bitcoin ETF by the end of the year. This trend follows the approval of a similar product by the United States SEC in January 2024.

Bitcoin Price Analysis

[[BTC/USD]] is under immense selling pressure, looking at events in the daily chart.

As prices consolidate within a narrow range, sellers seem to take charge.

With the dump in the early London session, price action favors sellers.

However, risk-averse traders should stay put unless there is a break below this range at $60,000.

Losses below $60,000 might trigger more losses aligning with the bar of April 13. In this case, the immediate target will be $53,000.

Any upswing above $65,000 may be the basis of more gains towards $70,000.

XRP Dumps For 7 Straight Days, Falling Bitcoin Prices Deflating Recovery Hopes

Posted on April 29, 2024 by Dalmas Ngetich

XRP bulls remain bullish, but price action in the daily chart shows a week of steady lower lows. Sellers are dominating proceedings, and it could get worse for bulls if they fail to flow back. The series of lower lows is accompanied by lighter trading volumes, which is a net positive for bulls.

So far, XRP is trading lower, dropping 3% and 5% in the past day and week. Losses in the last few trading sessions are slowing down momentum and threatening to reverse recent gains. With dropping prices, trading activity is taking a hit. As an illustration, trading volume has been below $1 billion in the past 24 hours, signaling a cautious market.

In the sessions ahead, the following news events continue to shape price action:

The case against the United States SEC has been going on for slightly over three years. However, some believe the agency’s lawyers can delay this settlement even longer by making appeals. Their potential appeal would further delay the expected settlement by preventing the sale of XRP for ODL purposes.
Falling BTC prices have massively impacted XRP prices, as shown in the daily chart. Though the eventual settlement of the ongoing court case will affect prices, XRP and BTC remain directly correlated. Further sell-offs of the world’s most valuable coin might accelerate the drop towards $0.40.

XRP Price Analysis

[[XRP/USD]] is relatively firm, at least looking at its performance from mid-April.

At press time, the path of least resistance is southwards.

Though prices increased from April 19 to 22, the rejection toward $0.50 validates the bear breakout formation of April 12 and 13.

Since prices have been decreasing in the past week, sellers are in charge below $0.55.

Any surge above $0.55 will cancel out the bear outlook, forming the basis for a possible rally to $0.60.

Bitcoin Price Heads to $60K, but Will Likely Bounce to Record Highs

Posted on April 29, 2024April 29, 2024 by Skerdian Meta

The Bitcoin price has been surging this year as the demand increased since the halving earlier in 2024, but we’re seeing a consolidation right now. However, the downside moves seem week while buyers keep coming at $60,000 where we have been opening buy BTC signals, which will likely hold again and send Bitcoin to new highs. Continue reading “Bitcoin Price Heads to $60K, but Will Likely Bounce to Record Highs” →

Ethereum Stalls At $3,100, All Hopes On Spot ETF Approval: Will The SEC Disappoint?

Posted on April 29, 2024 by Dalmas Ngetich

Ethereum prices are relatively firm, but bears are pressing on. Though prices were stable over the weekend, the failure of bulls to cement their presence and drive the coin above key resistance levels remains a concern. As it is, the path of least resistance is southwards, and sellers are dominant. Going forward, a key reaction point to watch as support is $2,800. Conversely, optimistic bulls should track how prices react at $3,300.

Before then, Ethereum is under immense selling pressure when writing. Dumping 4% in the past day alone, losses over the past week is mild, at roughly 1%. Dropping prices have also caused participation to contract to around $13 billion. It is up 11% from the weekend, where activity is usually muted. However, how prices perform in the days ahead will shape activity and participation. Regardless of the breakout, activity will likely expand, reflecting a shift in sentiment among traders.

Traders are watching the following Ethereum news events:

As prices oscillate within a tight range within a bear formation, on-chain activity is suppressed. When writing, trackers show that “gas” fees are at a 6-month low. Gas fees will likely slump as users exit, taking a wait-and-see approach and anticipating a recovery.
Franklin Templeton has listed its spot Ethereum ETF on the Depository Trust and Clearing Corporation (DTCC) website. Even so, it doesn’t guarantee that the United States SEC will approve the product in May. Many in the industry expect the strict regulator to postpone their ruling on all applications, including those of BlackRock and Fidelity.

Ethereum Price Analysis

[[ETH/USD]] is, like other assets, cooling off at press time.

Though the uptrend remains from a top-down preview, Ethereum is struggling against a wave of sellers.

The coin is within a bear formation, finding resistance at $3,300.

For the uptrend to continue, bulls must reverse April 13 losses and comprehensively break $3,300.

Conversely, sellers will take charge if there is a dump below $2,800.

Bitcoin Drops 16%: Weakness Because Of United States Economy?

Posted on April 29, 2024 by Dalmas Ngetich

Bitcoin prices continue to trickle lower at press time, posting losses over the weekend. With bears having the upper hand and the drawdown spilling over, the probability of the coin dipping below $60,000 is elevated at press time. Technically, the sell-off is a continuation of weakness from last week. As it is, Bitcoin risks dumping, confirming losses from two weeks ago, and essentially breaking out from the existing range.

Bitcoin is down 3% in the past 24 hours at press time, and 6% in the previous trading week. Even though buyers have a chance, there must be a sharp bounce from spot rates. Falling prices also means trader interest has waned, looking at the average trading volume in the past 24 hours. At around $21 billion, it might be up 20% but is generally lower than averages. The spike in trading volume at the back of expanding dropping prices could mean sellers are pressing and looking for exits.

The following Bitcoin news events might influence price action:

There are fears of stagflation in the United States, a development that could negatively impact the allocation of funds into traditionally “risky” assets like BTC. Last week, GDP slowed down at an unexpected pace amid rising inflation.
Wasabi Wallet developers zkSNACKS have blocked United States citizens from using their tool. Last week, leading developers of the privacy-focused wallet were arrested. They are likely to be prosecuted, facing charges similar to those of Tornado Cash developers.

Bitcoin Price Analysis

[[BTC/USD]] is under immense selling pressure, down roughly 16% from all-time highs.

The coin continues to slip, even after the highly anticipated Halving event.

From the Bitcoin daily chart, the zone between $60,000 and $61,000 represents a key support level.

On the upper end, the coin has liquidation at $68,000.

For a defined trend, either price must cross $68,000 or dump below $60,000.

Before then, risk-on traders should closely monitor price action.

Any dump below $60,000 will likely see BTC slip to $53,000 in a bear trend continuation formation.