Bitcoin finds a floor around $6,500

Stuart Cowell HFM

BTCUSD, H1

The fall last night in Bitcoin (BTCUSD) came after a keenly awaited announcement from the US Securities and Exchange Commission (SEC) over VanEck was postponed from August 10 to September 30. VanEck SolidX Bitcoin Trust, to give it its full title, is proposed as the first Bitcoin specific exchange-traded-fund (ETF). A regulated Bitcoin-specific ETF is seen as a key milestone in the development and establishment of the leading cryptocurrency. Last year’s launch of regulated Futures markets on CME and CBOE helped BTCUSD move to all-time highs over $19,000. Many Bitcoin holders are hoping that VanEck will be part of a new dawn for the whole cryptocurrency market.

The pressure remains to the downside in the higher time frames for BTCUSD, with a break of the 20 day moving average on Tuesday as rumours around the SEC decision circulated and a gap through the key Fibonacci level today following the announcement. Below today’s $6,500 zone, next Support appears at $6,160 and the July low, the psychological $6,000 and then the 2018 low at $5,800 To the upside the 200 period moving average sits at $7,640, the July cluster high at $8,250, the May peak at $9,700 and finally the psychological $10,000.

Author

Stuart Cowell

HFM

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.