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Bitcoin in danger of breaking confluence of support, important slope under pressure This morning we are seeing a sizable drop in cryptocurrency-land, with double-digit percentage declines taking place across the board. Bitcoin is in real danger of breaking critical support by way of a slope extending higher from May and horizontal levels. The slope dating back to May is viewed as rather significant given its influence on several occasions since, most recently in November. While ...
Bitcoin & Litecoin look to hold support, build wedges Bitcoin has been relatively quiet the past three weeks, with it closing out Friday right about where it was trading three weeks ago. The overall price action, thus far, is constructive following the massive run-up in the final months of last year. With a little more time, a wedge – of either the symmetrical or descending variety – could come into play as long as support ...
In a world where crypto currency momentum seems to defy physics, Crude Oil’s bid does not appear to be purely speculative fervor. Instead, there has been a steady drop in U.S. crude stockpiles backed by refiner demand. The drop in stockpiles has lead to backwardation where front month futures contracts are receiving a premium over later dated future contracts. In a commodity market, backwardation is a way of using the financial market’s collective intelligence to signal market tightening, which ...
Traders around the world on Tuesday woke up to a surprise BoJ development that may seem small on absolute terms, but could lead to a broader shift in their Quantitative & Qualitative Easing Program (QQE.) The Japanese Yen, which has been the last currency whose central bank in the G4 is limiting discussions on when they will remove their easing program to support the economy notified markets that they were reducing their purchases of super-long ...
The euro concluded the first week of the year effectively where it started, with see-saw price action dominating trade. The indecision comes as no surprise given where it is currently trading. Last year’s high arriving around the 2012 low led to a fairly lengthy correction. EUR/USD will need to break above 12092 to further along its move higher. The channel dating back to mid-December keeps the near-term bullish trend structure intact. ...
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