2021-06-03 • Updated
Summer brings positive inflows into the crypto market! After a significant fall below 30,000 from its all-time highs, Bitcoin has been moving up this week. On Thursday, it was trading above 38,000, moving closer to the psychological level of 40,000. Other major cryptocurrencies strengthened as well. For example, Ethereum rose towards 2900. Can we already talk about the crypto market recovery or it is too early to jump to conclusions?
As speculative mania around the meme stocks continues in social media, the crypto market may drag the attention of retail traders, too. This week, AMC Entertainment jumped to 62.55, while Bed Bath & Beyond was up 16.93. Given that traders of meme stock like crypto and have easy access to it, they may try to change the direction of the BTC.
Another important thing in the crypto world happening this week is the Bitcoin Conference in Miami. The event will gather more than 20,000 attendees, including famous crypto celebrities and crypto millionaires. The convention will last for three days starting on June 4. Any interesting opinions may add volatility to the crypto market.
On the flipside, there are negative factors that add pressure to crypto performance. First of all, various regulators again turn their heads to the privacy concerns of the crypto market. One of the strictest among them is, of course, the Chinese government. It has serious intentions to tighten crypto regulations. JP Morgan is bearish on crypto as well, as it sees the correction to continue to $26,000. According to the bank, a weaker institutional demand after May’s crash is the main reason to believe that the downtrend is set to continue.
You can trade BTC, ETH, LTC, and more with FBS Trader!
While we don’t see a strong bullish trend in both charts of BTC/USD and ETH/USD just yet, there are several reasons to consider these assets for trading. By the way, you can trade BTC and ETH against your favorite major currencies in FBS Trader!
On the daily chart of BTC/USD, there is a consolidation between 40,000 and 33,600 levels. The breakout to the upside will lead to further highs at 42,000. If the support of 33,600 is broken, the pair will slide to the next support at 30,800.
As for ETH/USD, it has almost reached the 2900 level. If the asset breaks higher, the Gartley pattern will be formed. In that case, the next target will lie at 3160.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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