XRP Ripple is making a correction within uptrend
Updated
XRP XRPUSD 
XRPUSDTXRP Ripple is making a correction within uptrend
Ripple CEO addresses XRP community members amidst SEC v. Ripple lawsuit
CRYPTO BULLISH
US to take a constructive approach in regulating digital assets
War boosts demand in Bitcoin
Big Russian money could flow into Bitcoin to avoid the US sanctions
Fed delivering only a few rate hikes next year would be great news for cryptos
Bitcoin is paving its way to traditional finance
Adidas news is ‘probably a big thing’
Inflation trades will keep doing better and better, crypto better days lie ahead
People rush to Bitcoin as a new-age inflation hedge
The SEC is poised to allow the first exchange-traded fund based on BTC futures
Negative real interest rates and post-pandemic era can boost blockchain
A Bitcoin ETF seems likely to happen, paving the way for the next boom
El Salvador leads world in adopting bitcoin as official currency, a big step
Senate reaches a deal over crypto amendment, supporting to not kill the industry
CRYPTO BEARISH
Reputational setback to further weigh on prices
Cryptocurrencies to take a severe hit amid general market panic and industry-wise discomfort
Russia/Ukraine conflict to accelerate the regulation of the crypto industry
Higher energy prices make crypto mining more expensive
Bitcoin to suffer amid geopolitical tensions
Bitcoin hit by global risk appetite and shutdown in Kazakhstan
Rising US yields are applying a visible downside pressure on the pricing of cryptocurrencies
Biden's infrastructure bill is bad for Bitcoin
Memecoins are now a problem
Cryptocurrencies will be regulated by governments
Spike in energy prices to become a burden for Bitcoin
China bans cryptocurrencies, again
Delta variant causing concerns, risk appetite disappears
SEC v Ripple Silence Left XRP on the Back Foot Again
There were no SEC v Ripple case updates to impact on Sunday. The lack of updates left investors in a cautious mood. After last week’s extended pullback, XRP may face further selling pressure as investors grow anxious about the outcome of the SEC v Ripple case.
Optimism has faded, leading to the XRP pullback from the March 29 high of $0.58479.
On Saturday, Ripple CEO Brad Garlinghouse may have spooked investors, saying.
“Great to meet so many folks from the XRP community at XRP Las Vegas 2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!). This community has stood by and supported Team Ripple as we have fought the good fight… I can’t adequately express my gratitude.”
It is unclear whether the Ripple CEO was aware of an imminent ruling. There was no crypto event to deliver the sixth bearish session of the week.
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Ripple CEO Brad Garlinghouse Sends Message to XRP Holders. Here’s What He WroteBrad Garlinghouse, the Chief Executive Officer at Ripple, has recently sent a message of gratitude to the XRP community members that have stayed resolutely behind Ripple in its ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC).
Since the case began, both Ripple and the SEC had faced numerous challenges. And the XRP community has been throwing their weights behind Ripple when necessary, Ripple’s leadership obviously appreciates.
This community’s effort was also recognized by Ripple CEO at the XRP Las Vegas 2023 meeting. After the meeting, Garlinghouse Garlinghouse took to Twitter on the 6th of May to express his gratitude for the immense support from the XRP community since the beginning of the long-standing lawsuit until now.
Great to meet so many folks from the XRP community at #XRPLasVegas2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!) This community has stood by and supported Team Ripple as we have fought the good fight…I can’t adequately express my gratitude
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What are the Major Differences between Ripple and XRP? Here’s the SummaryWhat is Ripple?
Ripple is a technology company that provides a decentralized payment system to enable fast, secure, and low-cost international money transfers. Chris Larsen and Jed McCaleb launched the firm in 2012 with the goal of transforming the Finance sector. Ripple’s headquarters are in San Francisco, California, and the company maintains offices all around the world.
The organization has a lengthy history of blockchain and cryptocurrency innovation. It was one of the first startups to create a blockchain-based payment system for banks. The company has also created its own digital currency, XRP, which is used to facilitate cross-border transactions.
Ripple’s services and solutions are intended to address some of the most serious challenges confronting the global payments sector. The company’s flagship product is RippleNet, a global network of banks and financial institutions that use Ripple’s technology to enable fast and secure cross-border payments. RippleNet enables financial institutions to instantaneously settle transactions at a cheaper cost and with better transparency than existing methods.
Aside from RippleNet, the company provides a variety of other products and services. xCurrent, which is used by banks to settle cross-border payments, xRapid, which utilizes XRP to offer liquidity for international payments, and xVia, which allows enterprises to transmit payments over the RippleNet network, are examples of these.
What is XRP?
XRP is a digital asset that was created by Ripple to facilitate cross-border payments. XRP is intended to be a quick and inexpensive means to send money over the world. The currency was founded in 2012 and has since grown to become one of the most valuable cryptocurrencies in terms of market value.
XRP’s mission is to offer liquidity for cross-border payments. When banks use Ripple’s technology to send money across borders, XRP acts as a bridge currency to make the transaction possible. Financial organizations can use XRP to settle transactions immediately and at a lesser cost than previous methods.
XRP differs from other cryptocurrencies in several ways. XRP, unlike Bitcoin and other cryptocurrencies, was not intended to be a store of value or a medium of trade. It is most commonly used as a bridge currency for cross-border payments. XRP is also unique in that it is a centralized cryptocurrency, which means that Ripple controls it. This has sparked debate in the cryptocurrency world, with some claiming that XRP is not a legitimate cryptocurrency.
Regardless of these distinctions, XRP has several advantages over other cryptocurrencies. One of the most significant advantages is speed. XRP transactions are practically instantaneously completed, whereas Bitcoin transactions might take several minutes or even hours to confirm. XRP also offers cheaper transaction costs than Bitcoin, making it a more appealing cryptocurrency.
Difference Between Ripple and XRP
One of the most significant distinctions between Ripple and XRP is in their technology and functionality. Ripple is a blockchain-based payment system that enables financial institutions to instantaneously settle transactions at a cheaper cost and with better transparency than existing methods. In contrast, XRP is a digital asset that serves as a bridge currency to allow cross-border payments. Financial organizations may use XRP to settle transactions immediately and at a lesser cost than previous methods.
Another difference between Ripple and XRP is in their ownership and control. Ripple is a centralized company, meaning that it is controlled by Ripple itself. Ripple’s xRapid solutions leverage XRP to give banks and other financial institutions access to on-demand liquidity. Ripple does not own or control the technology that powers the digital currency XRP.
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XRP Confirms a Bullish “Golden Cross” for the First Time in 15 Months,The price chart of the digital token XRP has recently confirmed a golden cross pattern, which forms when an asset’s relatively short-term moving average crosses above its long-term moving average.
A golden cross is generally seen as a potential indicator of a bullish trend and it is being confirmed for XRP for the first time in 15 months.
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XRP confirms a golden cross between the 50-day and 200-day moving averages. The coming days will show what impact this will have on the price action. . In the meantime, the consolidation continues, while the RSI and MACD remain bullish.”Note
Here's Why The XRP Price Might Hit $1, While Launchpad XYZ and yPredict Crypto Presales Blast to New HighsAs the legal battle between blockchain firm Ripple and the Securities and Exchange Commission (SEC) rages on, uncertainty looms within the crypto community over the outcome and its potential implications for the industry.
A key question on everyone's mind is when Judge Annalisa Torres will issue a summary judgment in the high-profile case.
Ripple recently addressed the potential timing for a summary judgment in its Q1 2023 quarterly report.
The company expects a resolution within the year but acknowledges that the court ultimately decides the timeline.
Initial predictions suggested that the case could be resolved by the end of Q1 2023.
However, prominent pro-XRP lawyer John Deaton now advises observers to watch for May 6th, as he believes a summary judgment will be delivered on that date.
Ripple CEO Brad Garlinghouse also anticipates a resolution in the first half of 2023.
In the quarterly report, Ripple noted that the court has struck two SEC expert opinions from the record, including one regarding the "reasonable expectations of XRP purchasers" and another on determining the cause of XRP price changes.
This development is significant, as it narrows down the issues to be considered in the summary judgment.
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Ripple Criticizes SEC's Regulatory ApproachRipple has taken aim at the US regulatory approach to the crypto industry, arguing that it focuses on enforcement rather than establishing clear rules.
The company cites examples of enforcement actions, such as the SEC issuing Wells Notices to Coinbase and Paxos, rather than creating regulations.
For context, the SEC sued Ripple and two of its executives, Chris Larsen and Brad Garlinghouse, in December 2020, alleging that they offered unregistered securities in the form of XRP.
The SEC has faced backlash over its lack of clarity regarding what constitutes a security, and the ongoing Ripple case is expected to provide more insight.
Despite repeated inquiries, SEC Chair Gary Gensler has not provided a definitive answer, including on the status of Ethereum (ETH).
Ripple is currently seeking the unsealing of documents related to the Hinman speech, which could reveal how the SEC initially classified digital assets.
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Is XRP A Security Or Commodity?Is XRP a security or a commodity? Justin Bons, Founder & CIO of Cyber Capital, has shed light on this, accusing the Ripple Foundation of having complete control over the XRP network. He claims the network is centralized and permission, sparking heated debates within the crypto community.
Bons provides a detailed thread on Twitter, arguing that the consensus mechanism underlying XRP – Unique Node Lists (UNLs) – reveals centralization at its core. He claims that UNLs are controlled by centralized parties, including the foundation itself.
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Ripple CEO Reveals A Staggering Amount Spent On Legal Battle With SECNote
Ripple's XRP/USD
-2.63%
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ongoing legal battle with the United States Securities and Exchange Commission (SEC) has already cost the company a staggering $200 million, according to its CEO Brad Garlinghouse.
Speaking at the Dubai Fintech Summit on May 8, Garlinghouse shared his concerns about the lack of regulatory progress in the U.S. compared to advancements in the United Arab Emirates and the European Union's recent Markets in Crypto-Assets (MICA) bill, Cointelegraph reported.
Garlinghouse expressed disappointment in the U.S. for falling behind in regulatory clarity as Ripple seeks growth in markets like the United Arab Emirates.
He criticized the U.S. for prioritizing political interests over policymaking.
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Bill Morgan, a former SEC and securities attorney, believes Coinbase can never treat Ether (ETH) and/or Bitcoin (BTC) the same way it dealt with XRP when the U.S. SEC sued Ripple, claiming that the sixth-largest cryptocurrency by market capitalization is a security.Note
XRP prices decline, but platform integration makes investors bullishNote
The response from the XRP community exceeded expectations, with over 1,800 retweets at the time of this writing. Limewire followed up with a post announcing that XRP had officially been added as a token for their public token sales.Note
This move mirrored the successful integration of Cardano [ADA] following a similar call to their community, which generated an enthusiastic response.Note
XRP declines furtherDespite the exciting integration of XRP on Limewire, the cryptocurrency was facing a downward trend according to its daily timeframe chart. Over three consecutive days, XRP experienced a decline, resulting in a total loss of nearly 7%.
What’s concerning is that each day’s losses were more significant than the previous day. At the time of writing, XRP was trading at approximately $0.43, reflecting a loss of almost 4%.
The price trended below the short Moving Average (represented by the yellow line), which also acted as a resistance level around the $0.48 price range. Unfortunately, XRP had not recovered from the bearish trend it entered in April.
This was evident in the Relative Strength Index (RSI), which indicated that XRP was still below the neutral line and displayed a downward trend.
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Investors remain bullishDespite XRP’s downward trajectory, investor sentiment remained surprisingly bullish for the token. According to data from Coinglass, XRP had a positive funding rate as of this writing. This indicated that investors were optimistic and expected the token’s price to increase.
Furthermore, Santiment’s 30-day Market Value to Realized Value (MVRV) ratio for XRP stood at around -3.3% at press tine. This figure signified that the token was undervalued compared to its historical market value, suggesting a potential for future price appreciation.
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XRP SCAM & BITCOIN IS LEAVING THE USADAVINCI
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XRP is a cryptocurrency that was created by the company Ripple to facilitate faster and cheaper cross-border payments. Its value is derived from its utility as a means of transferring value across the Ripple network.One of the main advantages of XRP is its speed and low transaction fees. Transactions can be settled in a matter of seconds and cost only a fraction of a cent. This makes it an attractive option for institutions and individuals looking to transfer funds across borders.
Another factor that contributes to XRP's value is its adoption by a growing number of financial institutions. Ripple has partnered with many banks and payment providers to use XRP as a settlement asset, providing liquidity and reducing the need for pre-funding accounts in different currencies.
However, it is important to note that the value of XRP has been subject to volatility, as with any cryptocurrency. Additionally, the legal status of XRP is currently uncertain, as the US Securities and Exchange Commission has filed a lawsuit against Ripple alleging that XRP is an unregistered security. This has led to some uncertainty about the future of XRP and its regulatory status.
Overall, XRP's value is derived from its utility as a means of transferring value across the Ripple network, as well as its adoption by a growing number of financial institutions. However, as with any investment, it is important to carefully consider the risks and potential rewards before investing in XRP.
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Banks have different reasons for investing in cryptocurrencies, and their motivations can vary depending on the bank's specific goals and strategies. Some of the reasons why banks invest in cryptos include:Diversification: Cryptocurrencies can provide banks with an additional asset class to diversify their investment portfolios, potentially reducing risk and improving returns.
Innovation: Banks recognize the potential of blockchain technology and cryptocurrencies to improve the efficiency and security of financial transactions. By investing in cryptocurrencies, banks can stay at the forefront of financial innovation and potentially leverage these technologies in their own operations.
Hedging: Cryptocurrencies can serve as a hedge against inflation or other economic uncertainties, providing a way for banks to protect their investments and mitigate risk.
Customer demand: Banks are increasingly aware that their customers are interested in cryptocurrencies, and investing in cryptocurrencies can help banks meet this demand and offer new services to their customers.
Regulatory compliance: Some banks are required by law to invest in certain assets or maintain a certain level of capital reserves, and cryptocurrencies can potentially help banks meet these requirements.
Overall, the reasons why banks invest in cryptocurrencies are complex and multifaceted, and can vary depending on the bank's specific goals, regulatory environment, and market conditions.
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XRP Ripple Publishes New Report on The Future of Central Bank Digital Currency – What's Going On?The XRP price has dropped by 2.5% in the past 24 hours, falling to $0.425150 as the cryptocurrency market as a whole declines by 1%.
This dips means that XRP has fallen by 8.5% in the past week and by 16% in the last 30 days, although the altcoin remains up by 25% since the beginning of the year.
Despite XRP's losses today, Ripple has published a report on central bank digital currencies that underlines the key role the company, and XRP, is likely to play in the economy of the future.
And with the company expecting a positive outcome in its case with the SEC, the coming months could find XRP becoming one of the best-performing alts in the market.
In particular, its 30-day moving average (yellow) has sunk well below its 200-day average (blue), indicating a strong downtrend.
That said, it's likely that the 30-day has hit a bottom, meaning that XRP is due to recover soon.
This view is supported by XRP's relative strength index (purple), which has begun rising again after sinking close to 20 yesterday.
At the same time, the coin's resistance (red) and support (green) levels are now forming a pennant, implying that XRP's price has reached a point where it has to breakout.
Positivity around XRP is accentuated further by Ripple's aforementioned report, which among other things has found that the global value of CBDCs will rise from $100 million today to $213 billion by 2030.
The report also highlighted the stablecoin points Ripple is currently engaged in with the Republic of Palau, the Central Bank of Montenegro and the Royal Monetary Authority of Bhutan.
In other words, the report signals the key role Ripple could play in the world's monetary system, something also indicated by research published earlier this month by Juniper Research, which ranked Ripple as the world's number one CBDC vendor.
This all sets Ripple up very nicely for a scenario where it secures a favorable outcome from its case with the SEC, which is expected to end in the coming months.
All major pieces of evidence have indeed been submitted in the case, so a settlement or summary judgment is likely to arrive in a matter of weeks, while experts such as lawyer Jeremy Hogan have argued that the SEC has failed to prove that Ripple's early sale of XRP satisfied the Howey test.
Assuming that the case does end in a way that enables Ripple to continue its business as before, there's little doubt that XRP would rally very strongly.
In the weeks following the case's conclusion, XRP could be expected to shoot towards $1, before potentially passing its current ATH of $3.40 during the next bull market.
And if Ripple really does end up playing a key role in CBDCs, XRP could rise even higher over the longer term, potentially making it a serious rival of Bitcoin and Ethereum in terms of market cap.
Running on Ethereum, AiDoge enables its users to create fun memes based simply on short text-based descriptions, with its platform using advanced algorithms and a large dataset to generate a corresponding image or gif.
On top of this, the platform also enables its users to upvote and downvote generated memes, with the creators of the most highly ranked memes receiving rewards in the form of its native token, AI.
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USA: Debt ceiling – Loss of credit insurance costs explodeUSA: Demand for credit default insurance is increasing
The mess has skyrocketed demand for euro-denominated US credit default swaps that are traded the most. These contracts for a default next year were traded on Wednesday at 166 basis points. They reached a record high and exceeded the levels reached during previous unrest over the US debt ceiling in 2011 and 2013.
Trading has picked up momentum due to the peculiarity of the derivatives market, which enables owners to achieve substantial returns in the event of a default. Your payment corresponds to the difference between the market value and the nominal value of the underlying asset – an attractive investment if long-term government bonds are traded particularly cheaply. According to Bloomberg calculations, the potential payout could exceed 2,400.
Emerging markets would be most affected
According to Simon Waever, an analyst at Morgan Stanley, the outstanding net nominal volume of US CDs with $ 5.5 billion is now comparable to many larger emerging markets. Ironically, emerging markets will be most affected by any impact on the overall market.
The anomaly is limited to one-year CDS. Five-year contracts, which are usually more liquid and better reflect the assessment of a country's longer-term credit risk, have also increased in the United States, but are still traded about 100 basis points below the one-year terms. This reverse curve indicates that the risks in the immediate future are considered to be higher than in the longer term.
The CDS price reflects the cost of insurance for a very large loan in a very small insurance market, said Charles Diebel, head of Fixed Income at Mediolanum International Funds
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What is the debt ceiling?The federal government operates in a deficit, spending more than it brings in with taxes, so it’s forced to borrow money to pay for everything from the salaries of armed forces and federal employees to Social Security
Congress has the power of the purse strings, letting it set a limit on what the government can borrow to pay for expenses (the debt ceiling). The current limit is $31.4 trillion.
What happens if the debt ceiling is not raised or suspended?
When does the U.S. hit spending limit?
How many times has the debt ceiling been raised?
How much has the U.S. debt increased in the past 20 years?
What caused the debt?
Answers here
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Why Say Recession at All Given How Much Inflation Has Come Down Already?Because when you dial into the Fed statements over the past several months, they believe anything short of recession will not truly stamp out the flames of inflation. If they just slow down the economy to touch their 2% inflation target, they fear that the remaining embers could reignite higher inflation in the months following.
So, under the heading “Don’t Fight the Fed” probably best that we take them at their word that a recession is coming. And when it is finally on the scene, that is when bears will take charge and stocks will retrace to the previous low of 3,491...and probably lower.
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Stronger EUR/USD is bullish for all dollar-denominated precious metals including gold.Note
2H BULLISH beginsNote
0,40790 strong buyersperfect bounce
new buy oppurtunity
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What's next? Legal experts and lawyers speculate that this decision could signify that the SEC's case against Ripple is nearing a conclusion. However, they caution against definitively characterizing this as a positive outcome for the crypto company. Their analysis reflects a growing sense of optimism among XRP supporters, fueled by the perceived pro-Ripple tone of the ruling and the potential impact of the unsealed documents from Hinman. As the crypto community and market observers eagerly await the summary judgment ruling, the outcome of the case continues to be closely monitored.Note
The first reason is a new development in the SEC's case against Ripple, which also resolves the status of XRP. A few days earlier, the court denied the regulator's motion to seal Hinman's documents. The decision was accepted by the crypto space as rather pro-Ripple, and XRP got a legitimate boost to its price. To learn more about why the Hinman documents are so important and what it means for XRP, check out this piece from U.Today.Note
XRP, the digital asset associated with the crypto payment company Ripple, has experienced a remarkable surge in value over the past week, emerging as the most profitable cryptocurrency among the top digital assets by market capitalization. With a 10% increase during the week, XRP was able to smooth out the negative price action of the last two weeks and get back to the $0.5 per token zone.Note
Monday happens nothingtuesday
pmi important also for eurousd if euro gets stronger nasdaq and s+p500 and gold get stronger too
pmi for dollar at 9:45 watch closely and wait how the algos trade. Dont go immediately in,just be patient
also manufacturing data will be published. Important
Until the dat come out, the price moves higher or lower above/below the opening price ,but suddenly comes back to the opening level. No good idea to trade.
Wednesday 2p.m.: FOMC meeting, but this meeting is FOMC minute. High impact, but not so much as the real FOMC meeting,
10 a.m. Yellen will speak,
Thurseday: GDP,pending homesales,unemployment
Friday: Big Day,PCE coming out, also Durable goods
also consumer sentiments and inflation expectations.
Friday will be a very busy day. Watch for those data points.
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This week:s+p500
4193 to 4180 should be filled. I am looking bearish this week until sp500 goes to around 4160.
There I will be prepared for a buy, if volume sinks, and we have a bullish signal. The volume has to be increase, while the price gos up again.
If not so, it could mean, that important news, what the public does not know will arrive soon.In this case I willstay out.
If we have buy presure, the target will be 4180, we hold above it, we go then to 4223, and then 4277, cuz there no resistance
Nasdaq US100
Big LVN zone 13563-13606 and a single close at 13689 and 13750
I am expecting that coming down and correction.No! I want to have this correction, before US100 begins a big buy pressure at this level and rise higher.
My bullish target will be then 13952,13999,14218 and 14298
There we have nearly no resistances
In case US100 falls below 13606,
it nears of 13518 but latestly 13350. There are my next Bulls waiting to welcome the bears and support the strong Buy pressure.
Bitcoin.Possibly will come down to 2395 area before the Buying pressure begins.
It has to go above 27700. If we start sideways and the volume reducing, I will take the first Profits, and wait for a second ,but powerfull bullish run.
Then we had the pullback to 38,2 Fib which is a bullflag level,
We pushed then the high ,and higher highs which was wonderful
Gold: we had very strong impulse from 1618 to 1973
Then we had the pullback to 38,2 Fib which is a bullflag level,
We pushed then the high ,and higher highs which was wonderful
The profit taking on the Highs put back Gold in a correction mode,
I am expecting Gold will come down to 1900-1936 (62%Fib.) and then we attack 2150, and then 2212.5
Important is: Gold must Close this week above 1900-1920.
If it doesn´t and falls below this level, then we will see 1840 agin. It will be a ull trend, ,but it will need longer to climb higher.
If we close above 1920 this Friday, then possibly in the next 14 Days Gold will RISE HIGHER...
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Friday26.May is the Big Day of this week US Stocks Lack Direction as Investors Eye Debt Ceiling and Inflation report
the yield on the US 10-year Treasury note rebounded from early losses to trade slightly higher at 3.7%, the highest since mid-March, as traders assess the monetary policy outlook and the debt ceiling impasse in the US. On Monday, Fed’s Kashkari said a June rate pause or hike is a close call and St. Louis Fed President Bullard said the Fed may still need to raise rates by another half-point this year. Last Friday, Fed Chair Powell mentioned that because of stress in the banking sector, it might be unnecessary to further raise rates to curb inflation. The likelihood of a pause in the rate hike cycle has been fluctuating, but currently, traders are assigning a 78% probability that the Fed will maintain the rates steady in June. Simultaneously, President Biden is scheduled to meet with House Speaker Kevin McCarthy on Monday to continue negotiations regarding the debt ceiling. This follows an unsuccessful meeting between key negotiators on Friday.
US stocks traded around the flatline on Monday, as investors remain concerned about the sustainability of US government debt. President Biden and House Speaker Kevin McCarthy are set to continue negotiations on the debt ceiling today following a failed meeting on Friday. Treasury Secretary Yellen said on Sunday that the likelihood of the Treasury paying all US bills by June 15th is quite low. Meanwhile, traders continue to follow comments from several Fed officials: Fed’s Kashkari said a June rate pause or hike is a close call and St. Louis Fed President Bullard said the Fed may still need to raise rates by another half-point this year. On the corporate front, shares of Micron Technology fell nearly 4% after China banned some Chinese tech manufacturers from using the company's chips. Stocks of Apple were also down about 1% after Loop Capital downgraded its stock to hold from buy. Meta stocks were also under pressure after the firm has been fined by European regulators.
US futures were around the flatline on Monday, as investors remain concerned about the sustainability of US government debt. President Biden and House Speaker Kevin McCarthy are set to continue negotiations on the debt ceiling today following a failed meeting on Friday. Meanwhile, Treasury Secretary Janet Yellen said on Sunday that the likelihood of the Treasury paying all US bills by June 15th is quite low. On the corporate front, shares of Micron Technology fell more than 4% in premarket trading after China banned some Chinese tech manufacturers from using the company's chips. Stocks of Apple were also down about 1% after Loop Capital downgraded the company’s stock to hold from buy. Meta stocks lost nearly 1% after the firm has been fined a record €1.2 billion by European privacy regulators.
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Some school kids asked me about Bitcoin and Cryptos. How would you explaine to a kid wht crypto is ,and debt cieling? Interesting is that they have heard about it....Imagine Bitcoin and cryptos as a special kind of digital treasure or virtual money.
more and more people are becoming interested in this digital treasure because they think it's valuable.
the Bitcoin price going up over time, like a roller coaster ride going higher and higher.
as more people want to own Bitcoin, its price increases because there is a limited amount available, just like rare toys or collectibles becoming more expensive when everyone wants them.
Understanding Volume and its Importance:
Volume means how much of something is being bought or sold
when there is a lot of buying and selling of Bitcoin (high volume), it shows that many people are interested in it, and this can affect its price.
Mention that high volume means there are lots of people who believe Bitcoin is valuable and want to own it, so its price can go up.
USA Debt Ceiling and Bitcoin's Rise:
Debt ceiling is like a limit or cap on how much money the government can borrow.
when there are concerns about the debt ceiling, it can create uncertainty about the economy and the value of regular money.
some people might think Bitcoin is a better choice because it's not controlled by any government and is seen as a more stable and valuable option.
that cryptocurrencies like Bitcoin and Ethereum are related to these sectors because they can be used in various ways within them.
For example, in technology, people can use Bitcoin to buy computer parts or software.
a person using Bitcoin to buy a computer or video game.
In biotechnology, mention that Ethereum's technology can be used to create secure systems for storing medical records or sharing research data.
Sectors Benefiting from Bitcoin and Ethereum:
sectors where people want to make fast, secure, and global transactions can benefit from Bitcoin and Ethereum.
For online shopping, people can use Bitcoin or Ethereum to buy things quickly and securely without needing a credit card.
For gaming, some games allow players to earn or trade virtual items using cryptocurrencies like Bitcoin or Ethereum.
Picture of a game character buying or selling virtual items with Bitcoin or Ethereum.
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The dollar index steadied around 103.3 on Tuesday, supported by growing expectations that the Federal Reserve will keep interest rates higher for longer, while traders cautiously awaited updates from the debt ceiling negotiations. In the latest central bank commentary, Fed’s Bullard suggested the possibility of raising rates by another half-point this year, while Fed's Kashkari described the decision to pause or hike rates in June as a close call. Markets have scaled back bets on interest rate cuts this year, with rates seen holding at around 4.7% by December. Meanwhile, President Joe Biden and House Speaker Kevin McCarthy signaled cautious optimism that a deal to raise the debt ceiling would be reached, with Treasury Secretary Janet Yellen reaffirming that the US could be at risk of default by June 1.Note
Selling Pressure,Weakenning of UsDollar, thats good for Euro. Strong Euro is GOOD,no VERY GOOD for SP500;NASDAQ;DOW JONES; GOLD;BITCOIN;CRYPTOS: Everything against Dollar.Look also my NVIDIA Forecast Chart performed: Nailed it! Weak US DOllar also good for Tech Stocks, Bio Pharma and Tech have Highly positive correltions with Bitcoin and Ethereum, and vice versa. NVIDIA : Top Performer
Friday is the Big Day of the Week: aND IT WILL BE VERY BUISY. RGHT AFTER THE bELL PMI and Inflation DATA!
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Market UpDATES:NASDQ100 US100 and Indices Sky Rocketing after FED pivot reates cooling
Nasdaq breaking 14055 easily as forecasted in my analysis : Next Target 14350
NVIDAI Sky ROCKETING(Watch als my other Forecasts USD/US100/USDJPY/GOLD/EURO- Related Markets)
Godl Found More Buyers on support.More Bullish Delat coming in nEXT TO 2000USD)
Medium-term price action on the daily chart exhibits scope to extend losses. The longer-term ascending channel is interesting (drawn from $1,641 and $1,959). Note that price action FAILED to touch gloves with the upper boundary in recent trading, pencilling in highs just ahead of the all-time high of $2,075.
Investment Sentiment rising higher from Lows:More Bulls
The Key Fed Inflation Rate Is Cooling At Pivotal Time For The S&P 500
EURO/USD Taking Profits +More Bulls Accumulation and Buying Pressure /Support 1,4075
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Bitcoin price climbs above $26,800 as traders eye resistance at $27,600The durable goods number, personal spending, and the PCE inflation measures were all broadly above expectations
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tech keeping crypto bullishNote
Markets steady ahead of final push on the debt dealAfter long weekends in many parts of the world, FX markets are returning to some progress on the US debt ceiling. President Joe Biden and House Speaker Kevin McCarthy have reached a two-year deal. That deal will be assessed by the House Rules Committee today and, if approved, will likely go to a vote in the House tomorrow. Both Democrat and Republican leaders feel they have the votes to get the deal through Congress – although at times like these, there may be a few holdout politicians who like their day in the sun.
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Biden and House Speaker McCarthy reached an agreement on Saturday and the House vote is expected to take place on Wednesday. However, several Republicans have stated that they will not vote in favor of it. Most Ai stocks were still up after Nvidia rose as much as 4% earlier in the session, briefly hitting a $1 trillion market cap. Tesla also held gains after Elon Musk told Chinese foreign minister Qin Gang that he was willing to expand business in the country. On the other hand, energy stocks were among the worst performers dragged down by a 4% decline in oil prices.Note
Biden and House Speaker McCarthy reached an agreement on Saturday and the House vote is expected to take place on Wednesday. However, several Republicans have stated that they will not vote in favor of it. Most Ai stocks were still up after Nvidia rose as much as 4% earlier in the session, briefly hitting a $1 trillion market cap. Tesla also held gains after Elon Musk told Chinese foreign minister Qin Gang that he was willing to expand business in the country. On the other hand, energy stocks were among the worst performers dragged down by a 4% decline in oil prices.Note
The Dow Jones cut early losses to trade around 50 points higher while the S&P 500 and the Nasdaq extended gains to add about 0.5% each, as traders focus on the monetary policy outlook. Fresh data for unit labour costs, the ISM PMI and comments from some Fed officials reinforced bets the Fed will pause the tightening cycle this month. As a result, Treasury yields fell and tech shares got a boost. On the other hand, stocks of Salesforce fell nearly 5% after the company reported higher capital expenses than expected. Meanwhile, traders welcomed the passage of the Fiscal Responsibility Act of 2023 by a vote of 314-117 on the House of Representatives. The bill is now headed to the Senate and is expected to be approved before the June 5th default deadline.The dollar index fell below 103.9 on Thursday, the lowest in nearly a week, as fresh data and comments from some Fed officials raised bets the central bank will pause the tightening cycle when it meets in about two weeks. Unit labour costs rose less than expected in Q1 and the slump in productivity was revised lower, while the ISM PMI showed the manufacturing sector contracted for a 7th month. On the other hand, initial jobless claims and the ADP report beat forecasts. Also, Fed Governor Philip Jefferson and Philadelphia Fed President Patrick Harker suggested the central bank would skip a rate hike in the next meeting. Meanwhile, the House of Representatives approved the Fiscal Responsibility Act of 2023 by a vote of 314-117 on Wednesday evening. The bill is now headed to the Senate and is expected to be approved before the June 5th default deadline.
Note
The XRP-SEC lawsuit continues, with XRP scoring a win.Ripple has been gaining traction, with the price making convincing moves off its low
XRP reached a bottom just below 30 cents back in June 2022 and since almost doubled in price at its peak, though we are now back at around 47 cents.
This retracement, which I have been expecting, has given us a perfect opportunity to go long. We retraced at the 50% extension of wave iii, exactly where you'd expect wave iv to land.
We have then witnessed an impulsive move off the lows, and we should now be in a wave v to end the larger degree wave 3. The target for this wave would be somewhere around 70-86 cents. This is the 1.618 ext of wave 1 measured from the bottom of wave 2.
Note
Amid increasing volatility, Ethereum price has filled up the pennant making a breakout imminent.While the outlook is bullish, less-than-sufficient buying momentum may delay the $2,000 dream for ETH bulls.
Large transaction volume has dropped 25% between June 1-3.
Buyers must increase participation to confirm the breakout above $1,949.
Note
The Fed meets next week and expectations of another rate increase are rising, particularly given the growing hopes the U.S. economy is headed for a 'soft landing' after Congress's approval last week of a debt ceiling deal that averts U.S. default.The Fed enters its traditional blackout period this week, but there is more data to digest, including the ISM services PMI later Monday, which is expected to point to a still solid rate of expansion.
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DXY Falls after Weekly ClaimsThe dollar index dropped to as low as 103.58 on Thursday after higher-than-anticipated weekly claims reduced expectations of an imminent interest rate hike by the Federal Reserve. Market participants anticipate that the Federal Reserve will temporarily halt its cycle of interest rate increases before resuming them in July, but unexpected rate hikes by the Reserve Bank of Australia and the Bank of Canada have increased the likelihood of a Federal Reserve rate hike already next week. Nevertheless, the Federal Reserve's decision could be influenced by the release of May's consumer inflation data, scheduled for a day before the central bank's meeting, which is projected to indicate a 0.3% increase in prices.
Initial Jobless Claims Jump to 2021-Highs
The number of Americans filing for unemployment benefits jumped to 261K in the week ended June 3rd 2023, the highest figure since October 2021, and above market forecasts of 235K. Figures for the previous week were revised slightly higher to 233K from an initial 232K. It marks a third consecutive week of increases in the number of initial jobless claims, in a sign the labour market strenght may be fading. The 4-week moving average which removes week-to-week volatility was 237.25K, an increase of 7.5K from the previous week. Based on unadjusted data, the largest increases in initial claims were in Ohio (6.345K), California (5.173K), and Minnesota (2.746K), while the largest decreases were in Connecticut (-2.35K) and NY (-1.243K). Meanwhile, continuing claims fell to 1757K from 1794K, below forecasts of 1800K.
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US Wholesale Inventories Fall for 2nd MonthWholesale inventories in the US decreased 0.1% month-over-month in April 2023, less than earlier estimates of a 0.2% fall and following a downwardly revised 0.2% drop in March. Inventories fell for nondurables (-1.2% vs -0.5% in March), mostly drugs (-0.8%), apparel (-2.3%), and farm products (-7.1%). On the other hand stocks for durable goods rose 0.6% (vs a flat reading in March). Compared to a year earlier, wholesale inventories jumped 6.3%.
Note
t will be a busy week in the US, with the Fed interest rate decision, inflation rate, retail sales, and Michigan consumer sentiment taking the central stage. Investors will closely follow the European Central Bank and Bank of Japan monetary policy meetings. Additionally, China will be releasing industrial production, retail sales, and fixed asset investment data, while India will announce its inflation rate and industrial production figures. Other important releases include Germany's ZEW Business Confidence, UK's trade balance and GDP for April, and Australia's consumer and business confidence as well as jobless rate.Note
ADA, MATIC, SOL face the music as Robinhood delists tokensHours after Robinhood delisted ADA, MATIC, and SOL, the price action of the tokens was not what participants would have hoped for.
Ethereum continues to dominate the crypto sector, with increased TVL and notable growth on DEXs. NFT sector however, does not witness the same level of progress.
Should Shiba Inu traders be worried as Shibarium launch date remains uncertain
Solana prices dive 42% within a week, will there be a quick recovery
Solana nears an important resistance
Bitcoin’s Implied Volatility declined rapidly indicating the anticipation of low fluctuations of price from the options market.
Note
Asian Stock Market: Bulls and bears jostle at monthly top ahead of central bank decisionsAsia-Pacific shares grind near one-month highs amid cautious mood.
Softer Japan inflation, hopes of no PBOC rate hike underpin mildly positive risk appetite.
Holidays in Australia, light calendar elsewhere join pre-Fed anxiety to limit market moves.
Gold price is looking to extend Friday’s pullback from five-day highs of $1,973 on Monday. Despite the retreat, Gold price maintains its last week’s range, as investors turn cautious ahead of a big week, with eyes on the United States (US) Consumer Price Index (CPI) and US Federal Reserve policy announcements
USD/JPY strengthens beyond mid-139.00s on modest USD uptick, lacks bullish conviction
USD/CHF Price Analysis: Bounces off 200-SMA but recovery remains elusive below 0.9100
GBPUSD SHORT on hawkish FED
SHORT
DAX40 Will Rise much more Higher
LONG
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US Fed, BOJ, ECB Are Set to Announce Policies This WeekNote
US Stocks Rise Ahead Inflation, Fed The Dow Jones rose 20 points on Monday, the S&P 500 was up 0.3% and the Nasdaq 0.4% as investors are hopeful that inflationary pressures would show further signs of easing, supporting the case for a pause in the Fed’s interest rate hikes this week. The US inflation rate is forecasted to fall 4.1% in May, the lowest since March 2021, from 4.9% in April while the core gauge may decelerate to 5.2% from 5.5%. Most market participants expect the US central bank to leave interest rates unchanged at the current levels but there is a 30% chance of a rate hike depending on the CPI reading and after surprise moves in Australia and Canada last week. Among single stocks, Nasdaq tumbled 10% after the exchange operator said it agreed to acquire Adenza. Oracle was up nearly 4% ahead of earnings results after the market close
Crude Short oil make another bearish attempt
SHORT
BITCOIN WILL RISE HIGHER
LONG
Bank of Japan's Dovish Line Pushes Yen Down
LONG
GOLD STRONG BUY , short term correction coming soon
LONG
USD/CAD continues to move higher amid a broad sell-off in commod
LONG
USDCHF BEARISH Meets monthly Low and Support
SHORT
US100 Long U.S. Debt Deal Optimism Boosts Sentiment
LONG
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CURRENCYCOM:US100 longnasdaq100 us100 we go to 15200 where the profit taking and reveras begins US100 Long Rises Higher to 15200zone,the possible correction
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CURRENCYCOM:US100 longnasdaq100 us100 we go to 15200 where the profit taking and reveras begins US100 Long Rises Higher to 15200zone,the possible correction
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US Dollar Index: DXY fades recovery below 104.00 on downbeat Fed bets, US inflation eyedUS Dollar Index struggles to extend the previous day’s corrective bounce off three-week low, snaps two-day winning streak.
Markets remain nearly sure of witnessing no rate hike from Fed in June but concerns about July stay dicey.
Bond market moves, challenges to sentiment prod DXY bears ahead of the key US CPI.
Core CPI will be closely observed as high inflation can allow FOMC to remain hawkish despite no rate hike decision.
US Dollar Index (DXY) remains pressured around 103.60 as it fades the previous two-day winning streak on Tuesday as the key US inflation data looms. That said, the greenback’s gauge versus the six major currencies rose in the last two consecutive days amid the market’s positioning for the Federal Reserve’s (Fed) pause to the rate hike trajectory. However, the recently mixed concerns about the US central bank’s future moves join the challenges to the sentiment to prod the DXY buyers ahead of an important data point for the markets.
It’s worth noting that a study from the San Francisco Fed about the correlation between wage growth and inflation could be cited as the reason for the US central bank to remain less hawkish, which in turn weighs on the DXY, apart from the pre-data anxiety. The survey concluded that wage growth has a very small impact on inflation, which in turn raises doubts about the central bankers’ emphasis on wage cost numbers as a source of information to gauge inflation pressure.
Talking about the latest challenges to sentiment, a trade dispute is developing after the US expands its ban on imports from Xinjiang. China vows to protect China firms against any US sanctions, per Reuters. Recently, Bloomberg released prepared remarks of US Treasury Secretary Janet Yellen’s scheduled Testimony in front of the House Financial Services Committee as she said that the International Monetary Fund (IMF) and the World Bank (WB) serve as important counterweights to nontransparent, unsustainable lending from others, like China.
Additionally, the increase in the bets favoring the Federal Reserve’s (Fed) 0.25% rate hike in July also prod optimism and put a floor under the US Dollar Index. It should be noted that the CME’s FedWatch Tool suggests nearly limited scope for the US central bank to act on Wednesday’s Federal Open Market Committee (FOMC).
Looking ahead, the US Consumer Price Index (CPI) figures for May will be in the spotlight as the Fed decision looms on Wednesday. That said, the market forecasts of witnessing no change in the Core CPI MoM figure of 0.4% gain major attention as softer figures could push back the July rate hike concerns and may not allow the Fed to sound hawkish, which in turn can drown the US Dollar.
Note
US Dollar Index: DXY licks US inflation-inflicted wounds at three-week low above 103.00 on Fed dayUS Dollar Index grinds near the lowest levels in three weeks after snapping two-day winning streak.
US inflation data bolsters market’s bets on Fed’s status quo and weigh on the DXY despite upbeat yields.
Cautious mood ahead of the FOMC announcements put a floor under the US Dollar price.
Expectations of witnessing a hawkish halt from US central bank highlight qualitative updates from the Fed.
US Dollar Index (DXY) steadies above 103.00, after bouncing off a three-week low, as markets brace for the Federal Reserve (Fed) announcements on Wednesday. The greenback’s gauge versus six major currencies slumped the most in a week, to the lowest levels since May 22, after the US inflation data fuelled speculations of the US central bank’s halt to the rate hike trajectory present in the last 10 monetary policy meetings.
As per the latest US inflation data for May, the headline Consumer Price Index (CPI) drops more-than-expected and prior releases to 0.1% MoM and 4.0% YoY. However, the Core CPI, known as the CPI ex Food & Energy, matches 0.4% monthly and 5.3% yearly forecasts. It’s worth noting that the US headline CPI dropped to the lowest since March 2021 and hence justifies the market’s expectations of the US Federal Reserve (Fed) hawkish halt, which in turn should have weighed on the US Dollar.
Following the data, the CME’s FedWatch Tool suggests more than a 90% chance of the US Federal Reserve’s (Fed) no rate hike during today’s monetary policy meeting, versus around 75% chance before that.
It’s worth noting, however, that the ex-Fed Officials have been pushing for a hawkish halt to the rate hikes and prods the DXY bears. On Tuesday, Former Dallas Federal Reserve Bank (Fed) President Robert Kaplan said that he would support a "hawkish pause" at this week's meeting while also adding that he would “leave the question of a July hike open.” Previously, Ex-Boston Fed President Eric Rosengren tweeted, “Expect a hawkish skip this week.”
As a result, Wall Street benchmarks rose for the second consecutive day but the US Treasury bond yields remain firmer. That said, the US 10-year Treasury bond yields rose to a 13-day high of 3.83% whereas the two-year counterpart poked the highest levels in three months with 4.70% mark before easing to 4.67% in the last hours.
Looking ahead, the pre-Fed sentiment may prod the DXY, as well as allow the greenback’s gauge to pare recent losses. However, the traders will pay attention to the US central bank’s economic forecasts, dot-plot and Chairman Jerome Powell’s press conference for clear directions afterward, as the rate hike pause is almost given.
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European equity markets were set for a positive open on Friday, tracking global peers higher amid bets that US interest rates could be nearing their peak as the American economy loses momentum and after the Federal Reserve paused its tightening campaign in June. Meanwhile, the European Central Bank opted to raise interest rates by another 25 basis points, with ECB President Christine Lagarde saying ‘we are not thinking about pausing.” Investors now look ahead to final euro zone inflation figures and wage growth data for further clues on the economy and future monetary policy. DAX futures jumped 0.9%, Stoxx 600 futures gained 0.5% and FTSE 100 futures edged up 0.2% in premarket trade.Note
The Dow finished more than 100 points below the flatline on Friday, the S&P 500 and the Nasdaq lost nearly 0.4% and 0.7%, respectively, as investors continued to assess the outlook of monetary policy for the Fed amid a massive options expiration at the second 2023’s quadruple witching date. Among stocks, Microsoft fell 1.7% and Micron Technology dropped 1.7%. Conversely, Virgin Galactic surged 16.3% on plans for commercial space tourism. Tesla added 1.8% after hitting a 37-week high during the session and Adobe gained 0.8% with positive earnings and guidance. On the week, the Dow Jones added 0.9%, marking a three-week winning streak despite the Fed's warning of future rate hikes. The S&P 500 gained 2.2%, its fifth consecutive weekly gain, the longest since November 2021, rising 2.2%. The Nasdaq was up 2.7% for an eighth straight positive week. Markets will be closed on Monday for the Juneteenth holiday.Note
BTC Bears Target Sub-$26,000 on SEC v Binance and Ripple BattlesBTC was flat this morning, with regulatory uncertainty stemming from the SEC lawsuits against Ripple, Binance, and Coinbase testing buyer appetite.
The market structure and momentum of Bitcoin was bearish, but its bounce back above 26k gave bears some food for thought.
Bitcoin’s correlation with the S&P 500 turned negative over May. This meant that the index has an overall bullish outlook, but Bitcoin has trended in the opposite direction in recent weeks. The increasing hostility from regulatory bodies in the United States has played a part in BTC’s misfortunes on the price chart.
There was an argument to be made that Bitcoin showed some signs of recovery. Yet, an analysis of the price action showed that the bias remained in favor of the sellers. On the other hand, if Bitcoin climbs to 28k, it could signal an uptrend.
Can the bulls drive Bitcoin past 27.4k next?
The market structure of Bitcoin on the daily timeframe was bearish. The structure shifted on 21 April when BTC dipped below a recent higher low. Since then, the price has trended lower on the chart.
Moreover, the trading volume has been extremely low from April onward, compared to the volume seen in February and March. This was reflected on the OBV as well, which only went slightly lower in May in contrast to the rapid gains it posted in mid-March.
The Fibonacci levels based on the recent leg down show that Bitcoin was likely headed toward 24.8k. The 61.8% extension level at 23.3k was also a target it presented. The price action showed that the 24.2k-24.4k region could serve as strong support. Beneath that, the 22.4k and 21.5k levels were important.
To signal a bullish shift in the structure, Bitcoin prices must rise back above the recent lower high at 27.4k. Yet, an uptrend would not be established there, as BTC would need to form a higher low and continue higher. Cautious investors can wait for this turn of events before looking to buy.
On Saturday, BTC extended the winning streak to three sessions, gaining 0.67% to end the day at $26,535.
SEC v Binance news delivered a breakout morning session before profit-taking left BTC with modest gains.
The technical indicators turned bullish, signaling a return to $27,000.
On Saturday, bitcoin (BTC) gained 0.67%. Following a 2.92% rally on Friday, BTC ended the day at $26,535. Significantly, BTC enjoyed its first three-day winning streak since May.
A mixed start to the day saw BTC fall to an early afternoon low of $26,202. Steering clear of the First Major Support Level (S1) at $25,523, BTC rose to a late morning high of $26,857. However, falling short of the First Major Resistance Level (R1) at $26,882, BTC eased back to sub-$26,500 and a range-bound afternoon session.
SEC v Binance News Delivered Brief Relief
On Saturday, news of Binance striking a deal to address the SEC’s motion to freeze Binance US assets supported a breakout morning.
Binance, Binance US, and the SEC agreed on a deal restricting access to customer funds to Binance US employees. The agreement prevents Binance Holdings staff from having access to private keys for US wallets.
The SEC filed a motion to freeze the assets of Binance US shortly after filing charges against Binance, Binance US, and Binance CEO CZ.
On Saturday, the US Court signed off on the deal, which allows Binance to repatriate all US customer funds and private keys onshore to nullify the motion to freeze.
While the news was positive, Binance US and Binance face charges that could drag on and further impact the US digital asset space.
Uncertainty toward the SEC v Ripple case remains another headwind, with optimism of a Ripple win fading after the release of the Hinman speech-related docs.
The Day Ahead
It is a quiet Sunday session, with no US economic indicators to provide direction. The lack of external market forces will leave BTC in the hands of the crypto market news wires.
SEC activity remains the focal point, with SEC v Ripple, Binance, and Coinbase (COIN)-related news likely to move the dial.
We also expect market sensitivity to lawmaker chatter. US lawmakers have remained silent on the William Hinman speech-related documents and the SEC charges against Binance and Coinbase.
Bitcoin (BTC) Price Action
This morning, BTC was down 0.05% to $26,523. A mixed start to the day saw BTC rise to an early high of $26,551 before falling to a low of $26,410.
BTC Technical Indicators
Looking at the EMAs and the 4-hourly candlestick chart (below), the EMAs sent bullish signals. BTC sat above the 100-day EMA ($26,269). The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, sending bullish signals.
A move through the 200-day EMA ($26,654) would support a breakout from R1 ($26,861) to target R2 ($27,186). However, a fall through the 100-day EMA ($26,269) and S1 ($26,206) would bring the 50-day EMA ($26,059) into view. A fall through the 50-day EMA would send a bearish signal.
Resistance & Support Levels
R1 – $ 26,861 S1 – $ 26,206
R2 – $ 27,186 S2 – $ 25,876
R3 – $ 27,841 S3 – $ 25,221
BTC needs to move through the $26,531 pivot to target the First Major Resistance Level (R1) at $26,861 and $27,500. A move through the Saturday high of $26,857 would signal an extended bullish session. The crypto news wires should be crypto-friendly to support an extended rally.
In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $27,186 and resistance at $27,500. The Third Major Resistance Level (R3) sits at $27,841.
Failure to move through the pivot would leave the First Major Support Level (S1) at $26,206 in play. However, barring a risk-off-fueled sell-off, BTC should avoid sub-$26,000 and the Second Major Support Level (S2) at $25,876. The Third Major Support Level (S3) sits at $25,221.
Note
Gold long going to above 2050LONG
Gold Price Analysis: Testing Support Levels Amidst Consolidation and Breakout Attempts
Technical analysis reveals a retracement in gold, testing key support zones and indicating a healthy consolidation phase before an expected continuation of the uptrend.
Gold, FX Empire
Gold Forecast Video for 19.06.23 by Bruce Powers
Gold rises to a three-day high of 1,986 on Friday before pulling back. It attempted to breakout above the top boundary trendline of a small symmetrical triangle consolidation pattern but is now on track to close below it and within the consolidation range.
Attempting to Break Up yet Remains in Consolidation Range
So far, Thursday’s test of the 100-Day EMA with a day’s low of 1,925 has held up but further signs of strength are needed. Gold briefly dropped below the 100-Day line earlier in the session on Thursday but managed to close strong, back above it and near the high of the day. The 100-Day EMA is now at 1,940.
Further Signs of Strength are Needed
Further signs of strength are needed to indicate whether yesterday’s low completes the retracement or further tests will occur. This week’s candlestick pattern is set to close as a bullish doji hammer. Next week an upside breakout signal will occur on a move above the high at 1,971, and the breakout is confirmed on a daily close above that high. Following a move above that high the next weekly resistance levels are 1,973, 1,983, and 1,985. A subsequent daily close above each price level will confirm strength, otherwise some resistance might be seen again around those levels.
If Lows Tested Again
If lower prices occur before a continuation higher the two potential support zones are around the 61.8% Fibonacci retracement at 1,912, followed by the 200-Day EMA at 1,894. The 200-Day EMA was tested as support with a double bottom in the first quarter of this year price reversed higher from there.
Uptrend Intact
The current retracement in gold is a test of support around previous high swing high of 1,960 from early-February. So far, the retracement is normal and healthy for the uptrend. Consolidation has been occurring at the 50% retracement area as well as the 100-Day EMA. Notice that there is a greater distance between the 100-Day EMA and 200-Day than what was seen in February. It reflects an improving trend. Once this retracement is complete, all signs are that gold should continue higher.
Gold held above $1,950 an ounce on Friday after gaining 0.7% in the previous session, benefiting mainly from the dollar’s weakness as the Federal Reserve paused its tightening campaign at a time other major central banks are still raising interest rates. Still, the metal remains close to three-month lows as the Fed hinted at two more quarter-point rate increases this year, while the European Central Bank delivered another 25 basis point rate hike on Thursday and signaled further tightening. The Bank of England is also set to raise rates again at its June policy meeting, a month marked by surprise rate increases from the Reserve Bank of Australia and the Bank of Canada. Meanwhile, the People’s Bank of China lowered key short-term interest rates this week for the first time in ten months, while the Bank of Japan maintained its ultra-easy monetary policy on Friday.
Daily bullish
4H Bullish
34min Bullish
Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Note
XRP bulls should be confident of a move north The XRP bulls have managed to defend a good chunk of their March gains, and hinted that further gains were possible.
XRP bulls have maintained steady buying pressure despite the wider market sentiment.
Further losses in the coming days were possible, but recovery looked likely after a retest of a critical support level.
Ripple’s CEO Brad Garlinghouse’s argument that XRP is not a security saw a large boost after the William Hinman document went public. On the lower timeframes, the trend had shifted bearish as the sentiment across the market darkened.
XRP saw a sharp move higher in March alongside the rest of the market. While the rest of the market has sunk into a downtrend since then, especially in late April, the XRP bulls have managed to defend a good chunk of their March gains
The loss of the $0.5 was a blow but bulls still have ammunition to fight back
Based on the March move to $0.585 a set of Fibonacci retracement levels was plotted. It showed the 78.6% level at $0.398 would be the last bastion of defense on the higher timeframes. The steady uptrend on the OBV in recent months was encouraging and showed demand for XRP.
The daily RSI dropped below neutral 50 to signal a shift in momentum. Yet, the market structure remained bullish, and the shift in structure to bullish was highlighted in green at the $0.488 level in late May. A drop below $0.443 would change this. Meanwhile, the 4-hour chart revealed that a lower timeframe downtrend was already in progress.
Hence, bulls can wait for a bullish shift on the lower timeframes before looking to buy XRP. It was still possible that the $0.443 support level could be visited, and the reaction from the buyers can be assessed before looking for opportunities.
Note
XRP promises further gains, but only if…XRP recorded 9.1% gains over the past 48 hours.
467.40k worth of short positions liquidated.
Ripple’s [XRP] bullish march made significant progress as the altcoin recorded 9.1% gains over the past 48 hours. A recent price report highlighted the possibility of further gains for XRP after bulls successfully defended a good portion of the March gains.
Despite the overall market conditions, XRP has been on an uptrend since 16 May after it found support at the $0.4172 level. While the uptrend has experienced significant pullbacks at the $0.5708 and $0.5401 levels, recent price action has shown that bulls were on the march again.
XRP posted four successive bullish candles on the 12-hour timeframe to rally toward the $0.4940 resistance level. This bullish activity might have been influenced by XRP’s non-classification as a security in the ongoing SEC lawsuit.
The on-chart indicators suggested that bulls are likely to flip the $0.4940 level to support. The RSI stayed at the neutral 50 mark despite a brief dip. The OBV also maintained its uptrend to signal steady demand behind XRP. The CMF posted a reading of +0.17 as of press time. This showed steady capital inflows into XRP.
A session close above the $0.4940 level on the higher timeframes will signal a strong opportunity for buyers to reclaim the $0.5401 level. However, a key challenge will be the bearish order block just below the level.
On the flip side, bears will look to halt the bullish momentum at $0.4940 with a price rejection at the level. This could flip XRP bearish with sellers targeting the $0.4451 and $0.4172 support levels.
Note
XRP records 
1M inflows as investors show confidenceThe liquidity inflow has been apparent in XRP’s price action in the last four days. It exchanged hands at $0.49 at press time, which represents an 8.8% upside.
XRP was among the coins benefiting from increased demand as investor preference shifted towards altcoins.
XRP was still experiencing short-term sell pressure despite the favorable weekly outcome.
Digital asset management firm Coinshares released its latest weekly report on 19 June, which XRP investors and enthusiasts might find appealing. The report particularly highlighted how top cryptos by market cap fared in the last seven days.
The liquidity inflow has been apparent in XRP’s price action in the last four days. It exchanged hands at $0.49 at press time, representing an 8.8% upside. The bullish pivot also occurred right after the price retested an ascending support line.
Note
Fed Chair. Powell reiterated at the ECB Forum on Central Banking that interest rates will rise further and that he wouldn’t take moving in consecutive meetings off the table at all, but noted that a recession in the US is not the most likely case. Nvidia was down by over 2% and Advanced Micro Devices by 1% after the Wall Street Journal reported that the US government is considering new restrictions on exports of artificial intelligence chips to China. The Fed is also due to release the results of its annual stress tests to banks, and more details on Basel III Endgame and changes to bank supervision will be in the spotlight.The Dow Jones was down over 100 points and the S&P 500 dipped by 0.1% on Wednesday afternoon, on the prospect of further interest rate hikes following the Federal Reserve's chair Powell Speech at the ECB Forum. He said he does not see inflation reaching the Fed's 2% target any time soon. He reiterated that interest rates will rise further and did not rule out a boost in the cost of borrowing at the next policy meeting scheduled for the end of July. Meantime, the Nasdaq was up 0.2% powered by megacap momentum stocks. Among stocks, shares of Nvidia and Advanced Micro Devices were down by 2% and 1%, respectively, after the US government is considering new restrictions on exports of AI chips to China. Intel, Applied Materials and Qualcomm fell more than 2% each. On the other hand, Apple hit an all-time high of $189.8 during the session, while shares of Tesla and Alphabet advanced 1.4% and 2.5%. The Fed is due to release the results of its annual stress tests to banks.
Note
The US economy grew by an annualized 2% on quarter in Q1 2023, well above 1.3% in the second estimate, and forecasts of 1.4%. The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. Imports were revised down.Note
Wall Street Edges Higher on Shortened Monday SessionUS stocks closed with marginal gains on a shortened Monday session, setting the stage for caution in the second half of the year as markets continued to assess the economy’s resilience to further monetary tightening from the Federal Reserve. The Dow added 10 points, while the S&P 500 and the Nasdaq edged 0.1% and 0.2% higher, respectively. Shares from rate-sensitive sectors edged lower after ISM PMI data showed that US manufacturing contracted more than expected for an eighth consecutive month in June, reigniting concerns that restrictive borrowing costs will hamper economic activity to a large extent. Apple closed 1% down to set the pace for tech giants, pressured by news that the company cut production forecasts for the mixed-reality Vision Pro headset. On the other hand, Tesla rallied 6% as the company beat deliveries and production estimates for Q2. Stock exchanges in the US will be closed on Tuesday for the Independence Day holiday.
Note
Wall Street Edges Higher on Shortened Monday SessionNote
US 10-Year Treasury Yield Down for 2nd SessionThe yield on the US 10-year Treasury note fell below 4%, retreating for the second consecutive session after hitting its highest since November 2022 at almost 4.1% as investors turned cautious ahead of key economic data that could influence the Federal Reserve’s next interest rate policy moves. The CPI report on Wednesday is expected to show headline annual inflation fell to 3.1% in June from 4% in the previous month, while the core index probably decreased to 5% from 5.3%. Markets are now pricing in a 94.9% chance of rates being hiked again during the central bank’s upcoming meeting on July 25-26 but uncertainty remains for the other three Fed meetings scheduled for later in the year. In the latest Fed commentary, Fed President Mary Daly said that she expects two further rate hikes to be announced this year to lower inflation, in line with early comments from Fed Chairman Jerome Powell.
Americans Become More Pessimistic in July
The IBD/TIPP Economic Optimism Index in the US unexpectedly fell to 41.3 in July 2023, the lowest since November last year, compared to 41.7 in June and market forecasts of 45.3. It also marks a 23rd month the reading stands below 50, indicating Americans remain pessimistic. “The economy continues to be the number one issue for Americans as we prepare for earnings season and new inflation data. The Six-Month Economic Outlook was the lone bright spot for July, as optimism slightly increased for the long-term, but it’s still a long way from positive. Expect some more twists and turns before consumers trust that the economy has stabilized”, said Ed Carson, IBD's news editor. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, fell to 50 from 51.9 and the gauge for Confidence in Federal Economic Policies edged lower to 38.5 from 38.6. On the other hand, the Six-Month Economic Outlook rose to 35.5 from 34.5.
Note
Wall Street Extends Gain Ahead of CPI DataUS stocks closed higher on Tuesday, extending gains for the second session, as investors looked forward to the key inflation report due tomorrow. The Dow Jones finished over 316 points higher, as Salesforce rose 3.9% after the company announced it will be increasing list prices an average of 9% in August. 3M and Boeing were also among the top performers and advanced by 4.8% and 2.6%, respectively. The S&P 500 gained nearly 0.7%, led by the energy sector as APA (+6.3%), Halliburton (+4.2%) and Schlumberger (+4.5%) outperformed. Meanwhile, the Nasdaq added 0.5%. Traders were also digesting comments from several Fed officials which continued to point to the need of further tightening this year. The odds for a 25bps increase in the fed funds rate this year currently stand at 95%, but investors remain divided about another rate hike. The economic calendar is soft today and the earnings season kicks off later in the week.
Note
US Stocks Pop on Cooling InflationAll major US stocks indexes were trading in the green on Wednesday afternoon as June CPI data came cooler-than-expected, raising hopes that Fed officials might rethink their stance on more rate hikes. The Dow Jones was up more than 100 points after reaching the highest level since November earlier in the session, as Salesforce, Goldman Sachs and Home Depot outperformed, adding nearly 2% each. The S&P 500 gained 0.8%, a level not seen since April of 2022, led by shares in the consumer discretionary, tech and basic materials sectors. The Nasdaq was up about 1.2%, also the highest since April last year. Bank stocks advanced firmly, with Citigroup and Goldman Sachs adding 2.9% and 2.5%, respectively. Also, regional banks such as Comerica(5.1%) and Zions Bancorporation (4.9%). In the news, Domino's Pizza surged over 11% after revealing its deal with Uber Eats.
All major US stocks indexes were trading in the green on Wednesday afternoon as June CPI data came cooler-than-expected, raising hopes that Fed officials might rethink their stance on more rate hikes. The Dow Jones was up more than 100 points after reaching the highest level since November earlier in the session, as Salesforce, Goldman Sachs and Home Depot outperformed, adding nearly 2% each. The S&P 500 gained 0.8%, a level not seen since April of 2022, led by shares in the consumer discretionary, tech and basic materials sectors. The Nasdaq was up about 1.2%, also the highest since April last year. Bank stocks advanced firmly, with Citigroup and Goldman Sachs adding 2.9% and 2.5%, respectively. Also, regional banks such as Comerica(5.1%) and Zions Bancorporation (4.9%). In the news, Domino's Pizza surged over 11% after revealing its deal with Uber Eats.Japanese Yen attempting fifth consecutive daily advance (first time since December)
USD/JPY plunge now approaching major support confluence- risk for price inflection
Resistance 140.10s, 140.93, 142.10/50 (key)- support 137.36/91, 136.15, 134.04
The Japanese Yen has continued to coil just below uptrend resistance with major event risk on tap into the close of the week. The focus is on a breakout of the monthly opening-range for guidance. These are the updated targets and invalidation levels that matter on the USD/JPY short-term technical charts.
Initial resistance now eyed at the 75% parallel (blue slope currently ~140.10s) backed by the objective May high at 140.93. Ultimately, a breach / close above the weekly open / 61.8% retracement of the 2022 decline at 142.10/50 would be needed to mark resumption of the broader USD/JPY uptrend.
Bottom line: The USD/JPY plunge us approaching the first major technical support hurdle just below the 138-handle. From at trading standpoint, look to reduce portions of short-exposure / lower protective stops on a stretch towards this key support zone – rallies should be limited to the weekly open IF price is heading lower on this stretch. I’ll publish an updated Japanese Yen Weekly Forecast once we get further clarity on the longer-term USD/JPY technical trade levels.
Note
Bond Yields Continue to FallGovernment bond yields around the world fell for a third day on Wednesday, with the US 10-year Treasury note yield retreating to 3.74%, a fresh low since late June. Investors are getting increasingly convinced that major central banks, and specially the Fed will soon end their tightening campaign. Bets for a 25bps hike in the fed funds rate next week currently stand at 97% but investors remain divided on the need of further increases, with chances for a September increase currently standing at 12% and for November at 23%. Meanwhile, the ECB is also set to raise rates by 25bps again next week while there is just a 70% chance of a further rate rise in September. In the UK, another increase in borrowing costs is seen as certain next month, but a smaller-than-expected inflation reading for June lowered bets on further BOE rate hikes. On the other hand, traders are increasingly speculating the Bank of Japan could adjust its ultra loose monetary policy next week.
European Markets Head for Higher Open
European equity markets were headed for a higher open on Wednesday as investors reacted to data showing the annual consumer inflation in the UK stood at 7.9% in June, the lowest reading since March 2022 and below forecasts of 8.2%. Investors also await final euro zone inflation figures later on Wednesday to guide the economic and monetary policy outlook in the region. Moreover, markets look ahead to the latest earnings report from Dutch chip industry giant ASML, as well as from major US firms such as Tesla, Netflix and Goldman Sachs. DAX and Stoxx 600 futures rose 0.2% in premarket trade, while FTSE 100 futures jumped 0.8%.
Note
This trade is stil open and activerelevant market wraps
European Markets Head for Muted Open
European equity markets were headed for a muted open on Thursday as investors braced for the start of the earnings season in the region. Major European firms slated to report earnings today include SAP, EasyJet, Volvo Car, Publicis, ABB and Nokia. Investors also turned cautious after shares of key technology names in the US dropped in post-market trade on disappointing quarterly results. DAX, Stoxx 600 and FTSE 100 futures all fluctuated around the flatline in premarket trade.
Gold Hits 2-Month High on Fed Pause Bets
Japan 10-Year Yield Steadies Around 0.46%
Japan’s 10-year government bond yield steadied around 0.46% as a dovish outlook on Bank of Japan monetary policy kept the benchmark yield below the upper limit of the target range. BOJ Governor Kazuo Ueda recently stated that there was still some distance to sustainably and stably achieve the central bank’s 2% inflation target, indicating the BOJ’s commitment to ultra-easy monetary policy. Last month, the central bank held its short-term interest rate target at -0.1% and that of 10-year bond yields at around 0% by a unanimous vote, in line with expectations. Falling bond yields in other major economies also reduced upward pressure on JGB yields, as easing inflationary pressures raised hopes that the end of the current monetary policy tightening cycle is close.
Japan Raises This Year’s Price View to 2.6% Ahead of BOJ Meet
The Japanese government raised its overall inflation forecast to 2.6% for the current fiscal year ahead of the central bank’s policy decision meeting next week, the Cabinet Office said Thursday. The upward revision from the previous forecast of 1.7% shows stronger-than-expected inflationary pressure. Japan saw that trend holding up even after accounting for government price-relief measures, which the Cabinet Office says shaves 0.5 percentage points off this year’s price reading. For fiscal 2024, the government expects overall inflation to slow to 1.9%.
Note
This trade is stil open and activerelevant market wraps
European Markets Head for Muted Open
European equity markets were headed for a muted open on Thursday as investors braced for the start of the earnings season in the region. Major European firms slated to report earnings today include SAP, EasyJet, Volvo Car, Publicis, ABB and Nokia. Investors also turned cautious after shares of key technology names in the US dropped in post-market trade on disappointing quarterly results. DAX, Stoxx 600 and FTSE 100 futures all fluctuated around the flatline in premarket trade.
Gold Hits 2-Month High on Fed Pause Bets
Japan 10-Year Yield Steadies Around 0.46%
Japan’s 10-year government bond yield steadied around 0.46% as a dovish outlook on Bank of Japan monetary policy kept the benchmark yield below the upper limit of the target range. BOJ Governor Kazuo Ueda recently stated that there was still some distance to sustainably and stably achieve the central bank’s 2% inflation target, indicating the BOJ’s commitment to ultra-easy monetary policy. Last month, the central bank held its short-term interest rate target at -0.1% and that of 10-year bond yields at around 0% by a unanimous vote, in line with expectations. Falling bond yields in other major economies also reduced upward pressure on JGB yields, as easing inflationary pressures raised hopes that the end of the current monetary policy tightening cycle is close.
Japan Raises This Year’s Price View to 2.6% Ahead of BOJ Meet
The Japanese government raised its overall inflation forecast to 2.6% for the current fiscal year ahead of the central bank’s policy decision meeting next week, the Cabinet Office said Thursday. The upward revision from the previous forecast of 1.7% shows stronger-than-expected inflationary pressure. Japan saw that trend holding up even after accounting for government price-relief measures, which the Cabinet Office says shaves 0.5 percentage points off this year’s price reading. For fiscal 2024, the government expects overall inflation to slow to 1.9%.
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trade is openNote
trade is openNote
trade is openNote
trade is open.Trade setup as on the chart above explained and mentioned is open(See the Time Frame): The Trade setup above is only based on daily,weekly,monthly and 4 Hours timeframe. For daytraders who are involved on lower time frame you need to calculate or possibly use your other strategies. The trade setup above is only created for trend followers, also daytraders can benefit of it, if they choose to.
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