Forex Signals Brief April 29: All Waiting for the FED Rate Decision

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

Last week everyone was in anticipation of the US PCE price index report, which is the FED’s favourite, however the week started with some negative economic numbers. The European and US manufacturing and services came mostly softer, with manufacturing falling deeper in recession in the Eurozone, which shows that the global economy is still weak, despite some positive numbers recently.

Will the FED just deliver 2 rate cuts this year?

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Ripple Versus SEC Case In Focus, But What’s Next For XRP?

Posted on April 26, 2024 by Dalmas Ngetich

XRP prices stabilized on April 25, boxing prices back into Monday’s range. Although prices edged lower, buyers, from price action, are still in charge. From buying pressure during the NY session to the rejection of prices above $0.522, prices could expand in the coming days. Still, for a clear breakout, confirming earlier gains, traders are watching for a clean break above April 22 highs at $0.57 before loading the dips. In that event, XRP may have the legs to rally above March highs in the coming months.

For now, XRP is moving sideways, stable on the last day but up 6% in the previous trading week. At the same time, participation is decent, at $1.3 billion. Although lower than last month’s average, it is higher than last week’s, a positive development. Going forward, expanding prices will likely draw in more traders, propping up the coin.

The following Ripple and XRP news are headline-making:

In the ongoing case, the court, on April 25, said it would be addressing Ripple’s objection to the United States SEC’s newly submitted expert materials. The scheduling order will likely set deadlines for both parties to argue their positions ahead of the ruling.
The presiding Magistrate in the ongoing case, Sarah Netburn, has also been nominated as the District Judge at the Southern District of New York. Crypto supporters say this nomination is huge since she understands crypto nuances.

XRP Price Analysis

[[XRP/USD]] was moving lower in the first half of the week before bears found rejection yesterday.

While positive, the bar is narrow and still inside the April 24 bear zone.

Technically, this is bullish for XRP since prices are trending higher, following the surge on April 20 and the confirmation on Monday.

Aggressive traders might see this as an opportunity to double down.

However, risk-averse traders might see better entries above the middle BB and $0.55.

If that happens today, XRP could soar to $0.60.

On the flip side, any dump below $0.50 is bearish.

SEC Raining Down On Ethereum: Is This The Blow That Will Push ETH Below $3,000?

Posted on April 26, 2024 by Dalmas Ngetich

Ethereum prices are choppy and have been moving horizontally in the past few trading days. Even though there are signs that prices could recover, blasting above local liquidation levels, bulls are still struggling. As it is, the coin is within a bear breakout formation, and $3,000 is a crucial psychological round number to watch closely. On the upper end, the coin is facing strong rejections at $3,300 and $3,700.

At press time, Ethereum is stable. There are elements of strength. However, this will only show once there is a strong breakout above the immediate support levels. If trading volumes expand, the better for bulls. Currently, participation remains decent but lower than the March 2024 average.

The following Ethereum news will impact price action in the days to come:

Yesterday, ConsenSys fired back at the United States SEC, suing the agency via a Texas court. The company is particularly aggrieved by the SEC’s decision to categorize, though not officially, ETH as a security. They insist that ETH bears no attributes of a security, adding that the agency, in the past, classified the coin in the same category as Bitcoin.
In other news, the United States SEC has accused MetaMask, a non-custodial wallet by ConsenSys, of acting as an unregistered Broker-Dealer. Even so, MetaMask, it should be noted, doesn’t control user funds but acts as an interface for accessing the Ethereum blockchain.

Ethereum Price Analysis

[[ETH/USD]] is, from a top-down preview, bullish.

However, sellers have been in control in the past few trading days. Still, prices remain within a tight range above $3,000 but below the all-important short-term trigger at $3,300 and $3,700 on the upper end.

Without a decisive close above these levels, sellers remain in control, and prices could align with the April 13 bear bar.

Bulls should hold tight, expecting a sharp push above $3,300 before looking for entries, targeting $3,700.

If not, any dump below $2,800 invalidates this outlook.

Is Bitcoin Preparing For A Mega Run? These 2 Signals Point To Massive Pent-Up Demand

Posted on April 26, 2024 by Dalmas Ngetich

Bitcoin fell early yesterday before refreshingly bouncing to spot rates. Even though the bear range of April 24 wasn’t reversed, the injection of capital on April 25 is a huge sentiment boost for buyers. As it is, the path of least resistance remains southwards in the short term but is bullish from a top-down preview. For buyers to turn this around, there should be a follow-through of yesterday’s gains, propelling the coin above $68,000. This upsurge should ideally be with rising volume.

For now, Bitcoin is stable in the past day and week of trading. At the same time, the average trading volume in the last 24 hours is at $33 billion, up nearly 20%. Engagement will likely expand should prices conquer $68,000, setting the coin for $72,000 and all-time highs if bulls push higher.

In the coming days, the following Bitcoin news events will impact price action:

Going by recent events, it appears that whales are loading up on every dip. Yesterday, Lookonchain data showed that one whale bought 620 BTC, or nearly $40 million of the coin, pushing total holdings to 4,380 BTC. Parallel data reveals that whales are amassing BTC as prices range.
Recent economic data shows that Bitcoin could benefit from the falling GDP in the United States amid raging inflation. Yesterday, Q1 2024 GDP data revealed that growth slowed year-to-date to 1.6%, down from 3.4% in Q1 2023.

Bitcoin Price Analysis

[[BTC/USD]] is trading higher at spot rates.

From the daily chart, the April 25 bar closed with a long lower wick pointing to demand.

If whales continue accumulating, Bitcoin might break above $68,000.

Any upswing above this level, at the back of rising volume, might offer entries for optimistic traders. The first target would be all-time highs at $73,800.

Any dump below April lows invalidates this outlook.

Forex Signals Brief April 26: BOJ Over, US PCE Inflation Will Close the Week

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

Yesterday the economic calendar was empty during the Asian and European sessions, but it kicked off in the US session with the US Q1 GDP report, GDP price index and unemployment claims. The market reacted negatively to Q1 advance GDP growth falling short of expectations, coming in at 1.6% instead of the anticipated 2.4%.

Continue reading “Forex Signals Brief April 26: BOJ Over, US PCE Inflation Will Close the Week” →

Closed the Bitcoin Signal at the Top Before Reversal After BTC Halving

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

The Bitcoin price turned higher after the BTC halving event, as it bounced off the $60k support zone, but was giving signs of reversing lower on Tuesday, so we had to close our BTC signal. The bearish reversal did come yesterday so that was a good decision, and now we’re waiting for BTC to get down closer to $60,000 so we can open another buy Bitcoin signal.

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XRP Shaky Despite Archax Listing: $0.50 Emerges As Support

Posted on April 25, 2024 by Dalmas Ngetich

XRP fell yesterday but closed with a long lower wick, pointing to buying pressure in lower time frames. Thus far, sellers appear to be taking over in the altcoin scene. However, considering what lies ahead for XRP, prices are relatively firm and technically in a bullish alignment. Nonetheless, if sellers press on, reversing losses of early this week, bears might flow on, extending the selloff in the days ahead. Going forward, a close above the middle BB would be massive for buyers, possibly setting up the coin for more gains.

As it is, XRP is down in the past day but up in the previous trading week following gains of April 22. Meanwhile, trading volumes are decent. When writing, it is up 9% to $1.5 billion.

The following Ripple and XRP news might draw users, impacting prices in the short to medium term:

Archax, the digital asset trading platform regulated by the U.K.’s FCA, has added HBAR and XRP. The move follows the exchange’s tokenization of BlackRock’s MMF on Hedera, lifting HBAR prices by over 80%.
Recently, Ripple announced plans to expand and issue stablecoins. This week, one of their executives participated in a round-table discussion alongside a U.S. Department of Treasury official. Among the many topics discussed were the technical and regulatory requirements needed to upgrade the legacy capabilities of central bank money.

XRP Price Analysis

[[XRP/USD]] is down, looking at the performance in the daily chart.

Still, bulls have the upper hand, and prices are trending above April 13 highs.

Technically, every low above $0.50 and $0.52 may offer entries for aggressive bulls targeting $0.60.

However, if sellers are persistent, XRP may reverse gains from April 20 to 22, deflating hopes of a spike back to the March 2024 range.

In that case, prices may slip to $0.41, continuing the bear breakout formation of April 12 and 13.

Ethereum Slumping But Founder Predicts ETH to Hit $166,000

Posted on April 25, 2024 by Dalmas Ngetich

Ethereum turned red yesterday and the trend will likely continue in the days ahead. Notably, ETH is turning around, switching to bearish from a key technical point. Looking at the ETHUSDT candlestick arrangement, the coin found rejection at the middle BB and around the $3,300 resistance level. This high coincides with the anchor bar of April 13, signaling bear trend continuation.

At press time, Ethereum is within a bear breakout formation. As it is, ETH is down 3% on the last day but stable, adding 6% in the previous trading week. For bulls to take over, there must be a rejection of attempts to push prices lower. This means the injection of strength and a spike in trading volume. For now, the average trading volume in the last 24 hours is $14 billion, up 30%. Since prices are dumping with rising volume, it may indicate the presence of sellers.

The leg up, propping prices, might be from positive news stemming from the following Ethereum news:

Over 10 million active wallets are now connecting to Ethereum or any of its layer-2 platforms every week. This upsurge follows the recent activation of Dencun, highlighting the importance of the smart contracting platform amid stiff competition from cheap, high-throughput alternatives.
Cathie Wood of Ark Invest is bullish on ETH’s prospects. In a recent conference, the founder said Ethereum would command a market cap of $20 trillion by 2032, placing the token at over $166,000.

Ethereum Price Analysis

Like Bitcoin and most altcoins, [[ETH/USD]] continues to slip lower.

Still, traders are hopeful of a turnaround.

For now, the path of least resistance is southwards, and the coin is trading within a bear breakout formation.

The April 13 bar leads and every high below $3,300 could offer entries for sellers targeting April 2024 lows of $3,000.

Any breakout, accompanied by swelling volumes, lifting ETH above $3,300 will invalidate this bearish outlook.

Forex Signals Brief April 25: Attention on US Q1 GDP and Price Index

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

Yesterday started with the Australian Q1 inflation report for March exceeded expectations, with the headline CPI rising by 1% quarter on quarter, higher than the anticipated 0.8%. Year on year, it reached 3.6%, slightly above projections but lower than the prior figure of 4.1%. Monthly CPI came in at 3.5%, surpassing the predicted 3.4%.

The US economy is expected to have expanded by 2.5% in Q1

Continue reading “Forex Signals Brief April 25: Attention on US Q1 GDP and Price Index” →

Bitcoin Drops, Finds Strong Rejection from $68,000: More Losses Incoming?

Posted on April 25, 2024 by Dalmas Ngetich

Bitcoin is trading lower at press time, looking at the performance in the daily chart. Even though there were hints of strength earlier this week, prices are fast crashing post-Halving. The concerning drop means the coin was strongly rejected by the April 13 highs and the middle BB. Subsequently, prices will likely fall, aligning with the decline of April 13—the anchor bar. As it is, sellers are in control, and the coin may retest at the $60,000 level if there is no intervention from bulls.

Thus far, Bitcoin is under pressure, slipping 4% in the past day but up 6% in the last week. The coin is only up due to gains from the weekend. Though buyers are upbeat, it needs to show from engagement. The average trading volume on the last day is up 28% to $31 billion. At this level, it is lower than the averages of mid-March 2024.

The following Bitcoin news events are worth watching:

Outflows from GBTC are decreasing while inflow, though decelerating, continues, as data of the past few trading days show. If GBTC continues offloading few coins, BTC might recover if inflows expand more than they have in the past few days.
Spot Bitcoin ETFs in Hong Kong will go live next week or on April 30. Experts note that fees are lower than expected, a massive boost for interested institutions and high net-worth investors. If these products pick up as those of the United States, BTC prices would likely spike.

Bitcoin Price Analysis

The path of least resistance in the short term is southwards.

Currently, [[BTC/USD]] remains under immense pressure, reversing April 22 gains.

With prices finding rejection from around April 13 highs and the middle BB, every high might offer entries for sellers targeting $60,000.

Meanwhile, any expansion above $68,000 will cancel this bearish outlook.