![]() ![]() FXP is not responsible for any trading decisions taken by persons not intended to view this material. Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. ![]() It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. This information is made available for informational purposes only. Information presented by FXP should be construed as market commentary, merely observing economical, political and market conditions. residents or individuals domiciled in the U.S. ![]() ![]() Any and all information provided by FXP is not intended for use by U.S. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.įX Publications Inc., abbreviated herein as FXP, (d.b.a DailyFX) is no longer a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. A failure to hold above the long-term moving average could expose the downside toward major support at the March low of 1368. Ethereum is now testing a vital floor on the 200-day moving average (now at 1630). ETH/USD Daily ChartĬhart Created by Manish Jaradi Using TradingView ETHEREUM: Upward pressure has fadedĮTH/USD’s failure to reach the May 6 high of 2019 and the subsequent fall below the crucial cushion at the February highs of 1710-1740 (including the 89-day moving average) has confirmed that the bullish pressure has faded. The rebound at the end of May lacked momentum - see “ Bitcoin & Ethereum Week Ahead: Upside Capped for Now?”, published May 30. In recent weeks, BTC/USD has struggled to hold above quite strong converged support around 25300-26000 (including the 89-day moving average and February 2023 high). BTC/USD Monthly ChartĬhart Created by Manish Jaradi Using TradingView This follows a failure to regain the 30000 mark in May, accentuating downside risks – highlighted early-May “ Bitcoin & Ethereum Price Action: Is the Rally Over?” published May 8, and “ Bitcoin & Ethereum Week Ahead: Cracks in the Rally?”, published May 15. There is major support at the March low of 19540 – this support needs to give way for the medium-term downtrend to resume. BTC/USD Daily ChartĬhart Created by Manish Jaradi Using TradingView BITCOIN: Cracks below supportīTC/USD’s fall below the mid-May low of 25785 has opened the door initially toward the 200-day moving average (now at about 23700). Moreover, the Fed’s June dot plot, an outlook for rate policy, indicated additional interest rate hikes are in the pipeline. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365).Bitcoin and Ethereum have broken below key support after the US Federal Reserve left interest unchanged on Wednesday but signaled higher interest rates by the end of this year.Īt the press conference following the two-day FOMC meeting, Fed Chair Jerome Powell said he doesn’t see a rate cut until inflation comes down meaningfully and significantly, which could take a couple of years. Registered Address: 251 Little Falls Drive, Wilmington, DE 19808. ![]()
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