#Bitcoin Forex Signal: Bitcoin Continues to See Buying Pressures(13 JUNE 2024)

-

Potential signal:

  • I am bullish on bitcoin over the longer term, so if we get some type of pullback toward the $67,000 level, I will step in and start buying bitcoin, with a stop loss at the $65,000 level, and a target of $72,000 above.
  • In other words, it is a “buy on the dips” market.

The bitcoin market rallied quite nicely during the trading session on Wednesday, as we have bounced from the crucial $67,000 level. The $67,000 level is a large, round, psychologically significant figure that a lot of people will be paying attention to, and it’s probably worth noting that the 50-Day Exponential Moving Average will continue to be of interest as well. With that being the case, I think it’s a situation where we continue to do much of the same behavior that we have seen over the last several weeks.

FOMC and CPI

The Consumer Price Index came in 0.1% less than anticipated in the United States, and as a result traders are already starting to jump the gun and suggest that the Federal Reserve is likely to start cutting sooner rather than later. I don’t know if that’s the case, but it’s obvious that the market is running with that narrative.

The Bitcoin/USD pair looks as if it is trying to go looking to the $73,000 level, which of course is a large, round, psychologically significant figure, but more importantly, it is an area that has been resistant previously. However, we need to look at the idea that the FOMC meeting is later in the day, so it makes a certain amount of sense that we will continue to see a lot of volatility. With this being the case, the market is likely to continue to remain a “buy on the dips” market, but if we get the FOMC press conference sounding a bit more dovish than anticipated, bitcoin could really take off to the upside.

If we were to break down below the $66,000 level, then it’s possible that the market could go looking down to the $62,500 level, and then after that we would have a potential fight at the $60,000 level underneath which is a large, round, psychologically significant figure. Ultimately, this is a market that I think continues to see a lot of volatility, but there are plenty of buyers out there willing to get involved.

To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor

BEST FOREX SIGNAL TELEGRAM GROUP
XAUUSD FOREX INDICES ACCOUNT MANAGEMENT

#SaudiArabia #UAE #Qatar #HongKong #Portugal #PortugueseGP #France #forex #commodities #forexSaudiarabia #forexYemen #forexasia #forexJordan #Singapore #UAE #UK #forexsignals

Comments

Post a Comment

Popular posts from this blog

Gold (XAUUSD) Price Prediction for May 2020 | FOREX RECOMMENDATION

-
Image
The below gold price forecast article is a part of the May 1, 2020 Gold & Silver Trading Alert that we sent to our paid subscribers. Enjoy: Practically everything that we wrote on Monday, and yesterday. remains up-to-date today. In fact, yesterday’s decline, the volume that accompanied, and the gold-USD link all further confirm the forecast that current situation in gold, silver, and mining stocks is similar to what happened in the first half of March. Let’s take a look at the details. Starting with a quote from our previous analysis to provide context: In short, the USD Index is after a huge rally and a correction. In late March, the USD Index corrected the previous rally in terms of price moves, but not in terms of time. The latter is what it seems to have been doing for the past month. The USD Index did move higher in April, but the moves were relatively boring – somewhat similar to how it rallied in January and February. And what did gold do at that time? It moved h
Read more

S&P 500 Forecast 2020: When will equities peak?

-
Image
S&P 500 Forecast 2020: When will equities peak?  The most profitable bull market in history arouses a lot of interest among bears. The fourth year of the presidential term has, on average, the worst performance in the S&P 500. The trade war, the Brexit or Trump appear to be the most critical threats for a market insensitive to dangers. American stock market indices have started the new year at  record highs . On Thursday 2, the futures market shows a 0.91% increase and the S&P 500 index close to hitting the 3250 price level. The current  upward trend began in March 2009 , when the S&P 500 hit the 660-point zone of the global stock market benchmark. Since then, the strong coordinated actions of all the major central banks of the world, injecting trillions of dollars into the economic system, have driven the American indices to new annual highs. It is more than evident that   the current situation is unsustainable . The current stratospheric price levels i
Read more

Top 5 Things to Know in the Market on Thursday, April 9th 2020

-
Image
Another 5.25 million Americans are expected to have filed for jobless benefits last week. The numbers are out at 8:30 AM ET (1230 GMT). OPEC and Russia will meet to thrash out a possible cut of some 10 million barrels a day in output - but any agreement will likely be conditional on some form of contribution from the U.S. Stocks are set to open mostly lower after a late surge on hopes of a peak in virus cases in New York, while the U.K. is set to start borrowing directly from the Bank of England - and neither the pound nor the bond market seems to mind. Here's what you need to know in financial markets on Thursday, April 9th. 1. Get your hard hat on - it's time for U.S. jobless claims again It’s jobless claims day again. The Labor Department releases its weekly figures for initial claims at 8:30 AM ET (1230 GMT), and analysts predict only a modest drop to 5.25 million from last week’s record of 6.65 million. If that’s borne out (and watch for revisions to the previou
Read more