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Hey, have you heard about the latest news on de-dollarization? It's the process of shifting away from the US Dollar (USD) as the world's reserve currency for trading oil and other commodities. The USD has been facing many problems lately, such as rising inflation, declining geopolitical relations, and the erosion of trust in banks and the Federal Reserve. As a result, many countries are moving towards using their currencies instead. For instance, China has already signed agreements with Australia, Russia, Japan, Brazil, and Iran to use their national currencies for trade. Moreover, the BRICS member countries are discussing the possibility of creating their currency backed not by gold but by land and rare earth metals. This could significantly weaken the USD's presence in global economic activity and boost cryptocurrencies like Bitcoin. Exciting times are ahead for global currencies, don't you think?
The weekly timeframe of BTCUSD is currently at a drop-base-drop supply zone. It is expected that we will get to see some minor initial reactions from the supply zone. The overall market direction, however, looks largely bullish based on the break above the previously marked highs. The trendline support and the 100-period moving average are in perfect alignment. Combining that with the drop-base-rally demand zone, we have credible confirmations of the bullish sentiment.
Analysts’ Expectations:
Direction: Bullish
Target: $37124
Invalidation: $19506
Based on the technical breakdown indicating a change in the market from a bearish to a bullish sentiment, it is safe to conclude that the Bulls might just be gearing up to resume the bullish movement once the retracement move is completed.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.
Bank of Indonesia Governor Perry Warjiyo announced that Jakarta is following the lead of the BRICS bloc to reduce dependence on the USD and diversify the use of currency in international trade. Indonesia is "more concrete" than the BRICS...
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Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
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