Bitcoin extends gains

Fawad Razaqzada TradingCandles.com

Bitcoin has managed to bounce back in the past few days after declining sharply. In some exchanges, it rose to the $10K hurdle before easing back a little on profit-taking. Recent price action has been somewhat bullish. As the one hour chart of CMA Bitcoin futures show, it has been putting in a series of higher highs and higher lows on the lower time frames. On the daily, it has shown willingness to hold above the 200-day average. We have seen some volume coming into Bitcoin as it traded around the 200-day average. The 1-hour volume weighted average price (VWAP) is now trending higher. Bitcoin has broken above a key short-term resistance zone in the $9000-$9250 range. This area has since turned into a bit of support. For as long as price holds above this area then the short-term bias would remain bullish. However, if it goes back below this $9000-$9250 range then one would have to strongly consider the bearish scenario given the recent declines on the higher time frames. The next area of resistance is between $9800 and $10100. This area was previously support. Further resistance comes in at $10850, followed by $11750.

Author

Fawad Razaqzada

TradingCandles.com

Experience Fawad is an experienced analyst and economist having been involved in the financial markets since 2010 working for leading global FX, CFD and Spread Betting brokerages, most recently at FOREX.com and City Index.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.