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Following the September 2021 cryptocurrency ban by the Chinese government, it was gathered that some economists urged the government to reconsider crypto trading and mining favorably. One such person is Huang Yiping, an economics professor and former adviser to the Chinese Central Bank. We are now beginning to see a more lenient approach toward crypto investors in Asia, leading to what many are tagging as the next bull run. The question remains, is the Chinese crypto narrative bullish for mainstream cryptos?
Bitcoin is under pressure from the 50 and 200 period moving averages on the weekly timeframe. There is also considerable impact from the pivot line at $25k. These factors point credibly to a bearish intent. However, we will also consider the outlook on the Daily timeframe.
Based on what we've seen from the weekly timeframe and the current reaction, we see clearly from the resistance line in the daily timeframe. The primary target would be the $22k area.
Analysts’ Expectations:
Direction: Bearish
Target: $22 000
Invalidation: $25 000
Here is the weekly timeframe chart for ETHUSD. So far, $1724 has acted as a natural resistance zone, pushing the price down quickly. There is also the 50-period moving average glaring down viciously at a price. To conclude this sentiment as a mature one, let's see how things are looking on the daily timeframe.
The Daily price action here confirms our sentiment from the weekly timeframe. The $1724 resistance is a key zone even though we have the 50-day moving average closing in on the price.
Analysts’ Expectations:
Direction: Bearish
Target: $1550
Invalidation: $1725
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.
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...
Hold on to your seats, folks! Bitcoin (BTC) is back with a vengeance, soaring past the $30 000 mark on April 11th, reaching its highest point since June 2022. And it's not just BTC - Ethereum (ETH) is also making gains, trading at $1917 and bagging 3.1% gains...
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eurusd-is-falling-what-to-expect-from-the-future-price-movement
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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