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Bullish DXY Awaits U.S. Interest Rate DataThe U.S. Dollar Index (DXY) remains in bullish territory, with buyers maintaining control as investors eagerly await the release of U.S. interest rate data. Context The focus is squarely on the Federal Reserve (FED), and markets are hanging on any hints regarding the future of interest rates. While no rate changes are expected, analysts are alert for any signals indicating a slowdown in rate hikes. Inflation Reports Last week's stronger-than-expected inflation reports have led market participants to revise their expectations for rate cuts this year. Traders now estimate that monetary easing will be around 75 basis points over the course of the year. Key Levels At the time of writing, the DXY is trading at 104.08 points, marking the ninth consecutive daily gain since its March 8 low at 102.32. Key technical levels include: 1. Next Resistance (104.77): This level corresponds to the triangle pattern's upper boundary on the daily chart. A breakout above this level could open the door to further gains. 2. 38.2% Fibonacci Resistance (105.07): If the DXY manages to surpass this mark, it could strengthen its bullish position. 3. 50% Fibonacci Support (102): This level acts as a floor for DXY's price and could be crucial in case of corrections. Note: The information provided in this article is for informational purposes only and does not constitute financial advice. Always consult a professional before making investment decisions.*
TVC:DXY
by CRYPTONIA5
History of Bitcoin: The Underdog That Rewired FinanceBitcoin, a phenomenon that emerged at the onset of the 2008 financial crisis, has changed the way we think about money. To celebrate the token’s $73,000 milestone, we trace its origin story and look ahead into the future. To infinity… and beyond? Table of Contents A Financial Product Too Big to Ignore Born in 2008 as the World’s First Cryptocurrency The Very Early Days of Trading on Exchanges The Volatile Phenomenon That Sparked a Change in Finance A Place to Find Value in the Face of a Global Pandemic Cryptocurrency Trading Lands on Wall Street What’s Coming Next for BTC Price as We Move Deeper into 2024? Bitcoin for Your Thoughts? 📍 A Financial Product Too Big to Ignore 📍 Bitcoin’s story is the story of an underdog that pushed through volatility and disbelief, but also dashed forward riding on hope and enthusiasm. Bitcoin ( BTC/USD ), the world’s largest cryptocurrency, has so far managed to survive and overcome each one of its many pitfalls and obstacles thanks to its novelty, mystery, and investment appeal. Not only that, but the orange coin has progressed so remarkably, it has risen to rival the valuation of the world’s biggest companies. As we’re about to close the first-quarter chapter of 2024, we take a closer look at what has fueled Bitcoin’s price to record levels about $73,000 a pop. To celebrate the token’s historical milestone of $73,000 , we go back to its creation, tracing major development milestones. From wiping out billions of dollars from its valuation to logging stratospheric gains, Bitcoin’s history is nothing short of a miracle. Today, Bitcoin boasts a valuation of more than $1.4 trillion. In other words, more than double as electric carmaker Tesla (ticker: TSLA ), founded by the uber-rich eccentric engineer Elon Musk. With great power, comes great interest from Wall Street. A bunch of spot Bitcoin ETFs are now strutting among asset managers, finding their way to ordinary (and some degen) investors and money-spinning professionals alike. 📍 Born in 2008 as the World’s First Cryptocurrency 📍 The history of Bitcoin is relatively short. But it can sting. Because we were all playing games or being 8 years old instead of buying Bitcoin at 4 cents. Back in 2008, the financial system crumbled under the pressure of a global crisis. A collapse in the housing market led to millions of homeowners not being able to cover their mortgage payments. About that time, an individual—or a group of people—called Satoshi Nakamoto, concluded the banking system was not reliable. A new asset class emerged—one that did not need the intervention of banks to function. Bitcoin, as it was called in the white paper released in November 2008 , was born. Essentially, Bitcoin represented a new type of money. An innovative software system that intended to rewire the worldwide financial system. Bitcoin sprouted to life as an open-source software running on a peer-to-peer network called blockchain. One way to think of Bitcoin is to see it as an electronic form of physical cash without gatekeepers such as banks. The participants in the decentralized network are responsible for the verification of transactions, and all transactions are visible for the public. 📍 The Very Early Days of Trading on Exchanges 📍 Once it was born, Bitcoin stayed confined to a small network of only a few computers (and the early adopter group of ultra-niche geeks). Then, mining Bitcoin was able to get you hundreds or even thousands of coins in a few days’ time due to the low level of computing power required. Safe to say, the first people to play around with Bitcoin had no idea the tiny orange-themed gig will turn into a fire-breathing $1.3 trillion dragon. Instead, the squad of core developers would try and make the network operate as smoothly as possible. Once this was achieved, Bitcoin hit its first exchange in 2010. The first Bitcoin to be transacted on an exchange was worth zero dollars. Then at the peak of 2010, one Bitcoin reached a record high of 39 cents. Since then, the price of Bitcoin has experienced a wild ride as millions of people have onboarded the crypto bandwagon. Hundreds of exchanges have opened and traders today reach daily volumes of tens of billions of dollars exchanged in Bitcoin. Bitcoin's mind-blowing price increase from its first steps through March 12, 2024 - Source: TradingView 📍 The Volatile Phenomenon That Sparked a Change in Finance 📍 It did not take much for Bitcoin to be noticed as a wonder of technology and a catalyst for change. Once it landed for trading on its first cryptocurrency exchanges, Bitcoin quickly gained popularity purely from an investment perspective. The first traders would buy and sell the token in a matter of hours only to realize a small profit and savor the rush of adrenaline. This same speculative behavior could still be found today even after the stratospheric gains that have made Bitcoin a heavyweight in terms of valuation. The price gyrations have crushed many traders and investors who were found unprepared to stomach the aggressive swings. Along the way, Bitcoin has endured over 17 selloffs of more than 30%. It has been through six declines of more than 60%, and four of more than 80%. Still, after all these spectacular drops, Bitcoin has clawed back its losses and returned stronger than ever. So strong, it crushed all doom-and gloom forecasters and permabears when it blasted through the $73,000 threshold in March of 2024. Not long before that, Bitcoin had a chance to prove its worth as a safe haven in troubled times. 📍 A Place to Find Value in the Face of a Global Pandemic 📍 It’s important to mention that the current record high in the price of Bitcoin arrived after BTC’s previous peak of $69,000 in November 2021. Back then, the coronavirus crisis, which hit in March 2020, turned out to be a key period of growth for crypto. The original digital currency served as a safe haven and a store of value—digital gold, if you like, or better—amid lingering uncertainty in the broad financial markets. In numbers, during the pandemic’s low point in March 2020, one Bitcoin was worth about $3,900. Presently, a single Bitcoin is up more than 1,700% from its coronavirus-fueled meltdown. The pandemic helped shift investor focus on the crypto market as participants sought to find pent-up value. The search has led to millions of Bitcoin proponents flocking to the digital asset. In practice, the interest to invest in Bitcoin has been so big, the top cop on Wall Street—the Securities and Exchange Commission—finally gave its nod. 📍 Cryptocurrency Trading Lands on Wall Street 📍 The big dogs on Wall Street welcomed the first Bitcoin-centric products to trade alongside stocks , bonds , and forex . More specifically, there are now eleven exchange-traded funds (ETFs) offering spot Bitcoin, or the real deal, unlike Bitcoin futures, which don’t hold genuine BTC. The step is a monumental milestone in Bitcoin’s path toward mainstream adoption and acceptance in the financial markets. The eleven Bitcoin ETFs , approved by the Securities and Exchange Commission, were greeted by investors with billions of dollars injected. Giant asset managers such as BlackRock and Fidelity are seeing overflowing demand for Bitcoin from both institutions and retail investors. The positive thing about these spot BTC ETFs is that they’re backed by the physical asset. Whenever inflows start to outpace liquidity, the asset manager needs to purchase new Bitcoin and add it to its reserves. The more the net inflow, the more it needs to buy BTC. And that drives prices higher. From inception in January to March 2024, BlackRock’s BTC ETF hit $10 billion—faster than any US ETF ever. 📍 What’s Coming Next for BTC Price as We Move Deeper into 2024? 📍 Looking ahead into 2024, there is no doubt that we are going to see new bouts of volatility. More than that, many are optimistic we will continue to see a string of fresh records in the price of Bitcoin. With this in mind, the risks will be there too. Both new and old, market participants need to know that price swings may be stomach-churning as the market adjusts to shifting moods in the rarefied air of $70,000. Buying at the top is scary. 📍 Bitcoin for Your Thoughts? 📍 How did you first get exposure to Bitcoin? When did you buy your first piece of the crypto and are you brave enough to buy again at the top? Let us know in the comments! Liked this article 🚀? Give us a follow to get notified for any future releases! With 💖, TradingView Team
Editors' picks
INDEX:BTCUSDEducation
by TradingView
7
Bitcoin(BTC/USD) Daily Chart Analysis For Week of March 1, 2024Technical Analysis and Outlook: Bitcoin's price action saw a remarkable surge in the current week, which should not come as a surprise to this audience. After breaking through the completed Outer Coin Rally at 53000, Bitcoin's legit targets were 55000 and 59829, as this would. Bitcoin is setting itself up for the next launch, the Inner Coin Rally at 69000 and the Outer Coin Rally at 81400, which is expected to break records and disappoint those who have dismissed cryptocurrencies. However, a pullback to the Mean Sup at the 60400 price is a transient dip before the next rally. Nevertheless, the overall outlook for Bitcoin remains promising as it continues to attract more investors and gain wider acceptance. Therefore, it is crucial to keep a close eye on Bitcoin's price movements and market trends.
BITSTAMP:BTCUSD
by TradeSelecter
Bajaj Finance Flat CorrectionBajaj FInance is in a long term flat correction which started from late 2021 & it can continue for few more months. It loks like in Wave C where it can make a 5 wave fall. Minimum target should be 6443 of this pattern but seeing the impulsive wave it shouldn't stop here & we can see straight fall to 5800 levels then later on 5200-5300 levels. This pattern can go in till April May 2024 As per Ichimoku too it has broken weekly cloud & next monthly cloud support appears near 5900 levels Buying otm puts for march or April is not a bad option right now.. Risk reward is good with small risk & can hedge this trade too if you want
NSE:BAJFINANCEShort
by guptamani3105
Analysis of ALPHA/USDT Pair 4HThe ALPHA/USDT trading pair is currently within a crucial support zone, which could influence price movements in the upcoming trading sessions. This support zone can be identified by examining historical price levels where the ALPHA cryptocurrency has shown a strong upward reaction. Considering the close correlation between different cryptocurrencies and Bitcoin (BTC), it's important to note that BTC often plays a significant role in determining overall market trends. In the current context, if BTC maintains a positive trend, this could create a favorable environment for altcoins like ALPHA. Assuming that the positive trend in BTC continues, one might expect this momentum to be reflected in the ALPHA/USDT pair as well. Investors could show increased interest in riskier assets such as ALPHA , thereby promoting a price increase. However, it's crucial to remain cautious and closely monitor market developments as cryptocurrencies are known for their volatility. Traders should be attentive to potential resistance levels and market reversal signals. In conclusion, with ALPHA/USDT currently in a support zone and under the assumption that BTC maintains its positive trend, there could be opportunities for an upward movement in this trading pair. Nonetheless, proper risk management remains essential to navigate the volatile cryptocurrency market.
Long
by CRYPTO_SETUP
The ETF AftermathIt has been 1 year almost to the day since my last publication and what a 12 months it has been. I previously laid out the case for a pending future recession but not before we saw massive regular bullish divergence play out on the monthly time frame for Bitcoin. Since then we've seen a 187% move in BTC, a 25% move in the S&P 500 and every commentator, pundit and analyst confident that a recession has been avoided and a soft landing inevitable. I'm here now telling you that I believe it to be no coincidence that the previous fundamental legacy events of which bitcoin has experienced in its past, once in Dec 2017 and the other in April 2021 has resulted in massive price corrections of 83 and 53% respectively within days of the CME and IPO announcements. Albeit the likelihood of such massive corrections are lesser given where we are in the macro cycle I do believe a sizable correction will occur days following this announcement. What is of significant interest on the chart is the previous macro fibonacci extensions of the precious 2 cycles. That being a confluent correction at the 0.5 fib level and seeing a 40% and 72% correction there after. A 0.5 extension in this current cycle would suggest a monthly wick above $48500 followed by again a sizable correction. To pontificate as to the extent of this correction I pose the following possibilities. -A 30% drawdown to the 200 SMA, a support level which has served Bitcoin well historically -A 40% drawdown to the 6 and a half year support line of macro lows. -Or an unthinkable 70% correction somewhere around the previous bear market low, 2017 bull market high and the resistance held in July 2019 and Aug 2020. For this to take place we need to consider some very worst case scenarios and evaluate the current macro/geopolitical landscape. -Escalation of war in Russian Ukraine. -Escalation of war in Israel Palestine. -Military development of China's desire to remove Taiwan's international independence. -The largest inversion of the 10 year 2 year yield curve in 40 years. -The largest contraction of US M2 money supply since the great depression. -A continuation of what is already a 50% crash in China's real estate market. -A UK real estate crisis once affordability ceases as mortgages need rolling over after a 10,000% increase in interest rates. -A US real estate crisis as 11 monthly falsified unemployment data is realised -The energy and manufacturing crisis in europe compounded by the highest debt to GDP ratio in its history -A Hollywood presidential election between a criminal and a dementia patient. My point is the macro landscape is looking unpredictable and the TA has much confluence. This feels very much like it did in the beginning of 2020 just before the un-inversion of the yield curve and the then pending recession. It's almost like something globally needs to be orchestrated in order to create an excuse to lower rates and roll the debt over for another 4 years!! Who knows it might even be a cyber attack and CBDC implementation ;-) Either way Bitcoin will still be doing its thing. Keep yourself and those satoshi's safe.
INDEX:BTCUSDShort
by MrGoose83
BTC TOPING OR CONTINUATION?Those who could not accept the change to $16k to $19k as a change in trend will not be able to now if $40k drops. Short in case of rejection after retest. Signs of weakness are visible and greed is at high levels. On the other hand, the market will probably try to capture the liquidity marked on the chart. Exiting the zone and accepting at $44.8k for a couple of days, we get information that the trend continues and that we are getting higher prices. Below is a Wyckoff pattern that shows the distribution at these levels.
by learnfromfailure
DXY H8 - Short SignalDXY H8 DXY is currently maintaining its position at the key resistance level of 104, demonstrating resilience at this significant whole number price point. Despite hitting this zone yesterday, we observe a relatively subdued level of market activity. It appears that the markets are in a wait-and-see mode, anticipating a potential surge in trading volume driven by the release of crucial economic indicators, namely NFP, AE, and UE figures scheduled for tomorrow afternoon. Investors seem poised for a potential shift in market dynamics following the upcoming data release. That being said, we are anticipating more downside.
TVC:DXYShort
by Trade_Simple_FX
EURUSD D1 - Correction before LONGSIn the realm of EURUSD, a flurry of Euro-related CPI inflation data is poised to make its entrance in just a matter of minutes. Our focus is keenly set on witnessing a more pronounced rejection of the psychological price point at 1.10, paving the way for a potential support discovery around the 1.08500 mark or even the significant 1.0800 whole number. As our sights remain steadfast on the unfolding market dynamics, the ultimate goal is to orchestrate a breakthrough past the resilient 1.10 resistance. This strategic move is poised to set the stage for an ambitious ascent towards the coveted yearly high, with our eyes firmly fixed on reaching the pinnacle at 1.25.
Long
by Trade_Simple_FX
DXY D1 - Bullish BounceDXY D1 - Relief Rally The dollar index has undergone a significant retreat, showcasing a robust decline from the recent swing low to the swing high. It elegantly touched the 618 region, displaying a compelling wick, and gracefully closed just above our crucial 103.000 support level. Anticipating a potential rebound from this fortifying support zone, we may witness a temporary respite before a possible breach of the 103.000 support on the imminent second attempt. Meanwhile, the US30, US100, and XAUUSD are scaling impressive heights, mirroring the upward momentum seen in GBPUSD and EURUSD. Stay tuned for a detailed analysis unfolding shortly.
TVC:DXYLong
by Trade_Simple_FX
AUDUSD D1 - Long SignalAUDUSD has successfully executed an upward breakout, skillfully navigating a retest after surmounting the significant 0.65 threshold—a resistant range that has steadfastly held its ground for a considerable duration. Anticipating a pullback, seizing a buying opportunity within that zone seems prudent. A substantial upside potential beckons from 0.65, stretching toward our ambitious targets of 0.67200—a robust 220-point range. Notably, minimal resistance is expected beyond 0.65700 along this upward trajectory.
Long
by Trade_Simple_FX
ALTO's Comprehensive Trajectories: AI-powered InsightsS taying informed is a key to making well-considered decisions. Today, I revisit ALTO, shedding light on its current state, potential scenarios, and the nuanced interplay of technical analytics. A few weeks ago, I outlined why ALTO is considered a risky asset, and in a subsequent update, I signaled a near-term rally in the stock market, impacting ALTO's trajectory. Both perspectives remain relevant today. A s we assess the broader market, stocks may either sustain the rally briefly or consolidate around current levels. The clarity lies in the immediate market reaction next Monday, November 20. A continuation signals further upside, while a bearish pullback indicates consolidation. Even in the case of a dump, the potential for subsequent continuation exists, but it prompts consideration of safer target prices. ALTO 's appeal lies in its allure to traders seeking risk and potential profit. In the event of a continued rally, investors may find the courage to engage with this high-risk, high-reward asset. Conversely, if general stocks consolidate, sentiment could shift, prompting a move from ALTO to less risky stocks, casting a bearish shadow on ALTO. T urning to technical analytics, our Deep Neural Network-based AI, employing Support Vector Machines, predicted a support level of around 1.85. This prediction held true as ALTO bounced from this level on November 20. This level might serve as the target for a potential short position, succeeding the current long position. T he long position's target stands around 2.73, identified as a resistance level by our AI. In a sustained rally, this resistance could be breached, setting the stage for the next target price along the falling resistance on the purple line. As depicted in the chart, the timing of the rally significantly influences target price estimation. Rapid rallies elevate the probability of higher target prices, while extended consolidation brings them closer, possibly intersecting with the two resistances in August. N avigating this landscape, it's crucial to recognize ALTO's risk profile. The 2.73 resistance is formidable, and a bearish event could trigger a retreat to the support level. Below the support, free fall becomes a possibility, underscoring the importance of placing a stop loss, at least below this level. W hile near-term crash signs are not evident, it's essential to acknowledge ALTO's long-term bearish potential. Please note that this analysis serves educational purposes and is not financial advice. Best regards, Ely
NASDAQ:ALTOLong
by Elysian_Mind