Shahinjavidi

Shahinjavidi

The troubles keep piling for cryptocurrencies. While Binance overcame withdrawal issues, Coinbase remains under pressure from regulators. In addition, the risk-off mood that engulfed markets on Thursday – after weak data – added to pressure on Bitcoin, a risky asset. BTC/USD dropped under $26,521, a support line from late March, and the next levels to watch are...

Shahinjavidi

Is the current consolidation in Bitcoin's ascent only a pause on the way to higher levels? That is what Cathie Wood thinks. The influential investor has always been bullish. On the other hand, renowned hedge fund manager ay Dalio is skeptical. On the one hand, regulation is weighing on digital assets, but hopes for the end of Fed hiking is a positive development....

Shahinjavidi

BTC/USD has been one of the biggest winners in the current banking crisis. For those believing in the role of cryptocurrencies as currencies – currently, adoption is meager – issues at traditional banks make digital assets more attractive. A better explanation is that money is that fresh support from central banks means more money in the system. Moreover, several...

Shahinjavidi

BTC/USD emerged from the abyss of 19,552 and shot up some $7,000 all the way to $26,516. The move came in response to the news that funds related to crypto companies at SVB would be made available – and the general relief rally which favors risky assets such as Bitcoin. Yet after the surge, we had a hangover, with a fall to just under $25,000. While the 4h-RSI is...

Shahinjavidi

Cryptocurrencies rose when money was sloshing around cheaply, and suffered when the Federal Reserve began raising rates. More recently, it tumbled on fears of cash starving at banks, and is benefiting from the shoring up of SVB depositors. The better market mood is helping BTC/USD recover, and it stopped only at the 4h-200 SMA, and after entering overbought...

Shahinjavidi

BTC/USD had never recovered from the issues at Silvergate, a lender to the crypto-sphere. That is one reason for the fall. The second reason is the run on Silicon Valley Bank (SVB) which reverberated through broader markets and triggered a flight to safety – bonds instead of Bitcoin. The third reason is the Federal Reserve's move to examine cryptocurrencies, part...

Shahinjavidi

BTC/USD has been falling despite the relative calm in stock markets. Fed Chair Powell's point that no decision on a big hike had been made did not impact the cryptocurrency. What does hurt Bitcoin is the crypto-industry, most recently the troubles at Silvergate. The crypto lender is under investigation, as part of the ongoing fallout from FTX's collapse. After...

Shahinjavidi

Cryptocurrencies have been generally led by news related to the industry rather than what happens in broader markets. The latest scandal around Silvergate has been the latest to hit digital assets, and it is part of the fallout related to FTX. Nevertheless, Fed Chair Powell's hawkish speech on Tuesday adds fuel to the fire, and has contributed to BTC/USD slipping...

Shahinjavidi

Is BTC/USD waiting for Fed Chair Jerome Powell? While broader market events impact cryptocurrencies, the correlation is not as strong as it used to be. Nevertheless, the current calm is unlikely to last. Bitcoin is trading between 22,131 and 22,612 and may extend its downtrend. It is pressured by the Silvergate scandal, the latest in a long list of issues in the...

Shahinjavidi

xforexnews.com The status quo for DXY is best described as quoted from this morning's Reuters article: “A slew of data out of the world's largest economy in recent weeks pointing to a still-tight labour market, sticky inflation, robust retail sales, and higher producer prices, have raised expectations that the U.S. central bank has more to do in taming inflation,...

Shahinjavidi

Rising Yields, Stronger Dollar Continue to Frustrate Gold Bulls One reason for the frustration is that gold investors look at the metal as a “safe-haven” asset when they should be looking at it as an investment. Gold futures are down on Tuesday as Treasury yields dipped and the U.S. Dollar mounted a small recovery of its three-day setback. U.S. stock futures are...

Shahinjavidi

Oil Price Fundamental Daily Forecast – Outside Factors Encouraging Long Liquidation, Profit-Taking Crude oil futures are going through a normal correction with traders looking for a pullback into a value area after reaching overvalued levels. TVC:USOIL

Shahinjavidi

The sell-off in the stock market and weaker Treasury yields could offer some relief for the beat-up asset which has fallen nearly $100 since September 3. However, we expect the selling to resume once the smoke clears.

Shahinjavidi

The U.S. stimulus talks take center stage Tuesday, which reportedly marks the last deadline for stimulus to get approved before the election, according to Commerzbank. "There was talk among Democrats of some rapprochement between the two sides. This evening will apparently determine whether the aid package can be approved before the presidential elections in two...