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Bitcoin Gives Back Its 2021 Gains – What Next? Bitcoin started the year around $30,000, and now the level acts as support. The euphoria surrounding the cryptocurrency market ended with a 50% decline in the price of Bitcoin and, in some cases, with more. In the first quarter of the year, Tesla announced that it invested $1.5 billion into Bitcoin. Moreover, it said that it would accept payments for its vehicles in Bitcoin. The announcement led to massive buying into the crypto space as numerous altcoins entered the bullish territory. As such, Bitcoin rose from $30,000 to over $60,000. Investors viewed Tesla’s announcement as a sign of further adoption of the cryptocurrencies, thus the bullish run. However, a couple of months later, Tesla announced it had sold some of its Bitcoin holdings and booked a profit just before the end of the first quarter. In fact, the company made a profit on the quarter only from selling carbon credits and some of its Bitcoin holding. Shortly after the second quarter started, Tesla, through the voice of its CEO, Elon Musk, expressed its concerns about the energy use of mining Bitcoin. As such, it stopped accepting Bitcoin as payment for Tesla cars, but it is unclear if the company sold any of its remaining Bitcoin. Tesla Q2 Earnings – Key for Future Price Action in Bitcoin It is unclear if Tesla sold any of its remaining Bitcoin or not, but investors will find out pretty soon. The Q2 2021 earnings season starts now, and investors will look for clues about the company’s crypt holding. If Tesla sold more of its Bitcoin at the higher levels, the bias is that the market will test below $30,000. From a technical perspective, the market seems to have formed a head and shoulders pattern. Even the fact that the global Bitcoin mining energy use is comparatively negligible does not matter anymore, as the market is unable to bounce. Moreover, further investments from companies such as MicroStrategy, which announced over $1.5 billion invested in Bitcoin in the second quarter alone, were not enough to lift the price of Bitcoin. To sum up, if there is one critical event for Bitcoin in the weeks ahead, it is the Tesla Q2 2021 earnings. Any changes in the company’s crypto portfolio may move the market. FXOpen Blog

GBP/USD Recovers Ground, USD/CAD is Facing Uphill Task GBP/USD started a decent recovery wave from the 1.3750 support zone. USD/CAD must clear the 1.2500 resistance zone to continue higher in the near term. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh increase from the 1.3750 support zone. There was a break above a key bearish trend line with resistance near 1.3775 on the hourly chart of GBP/USD. USD/CAD gained bullish momentum above the 1.2450 and 1.2500 resistance levels. There is a major bearish trend line forming with resistance near 1.2480 on the hourly chart. GBP/USD Technical Analysis The British Pound formed a strong support base above the 1.3750 level against the US Dollar. As a result, the GBP/USD pair started a decent increase and it broke many hurdles near 1.3800. There was a break above a key bearish trend line with resistance near 1.3775 on the hourly chart of GBP/USD. The pair gained pace above the 1.3820 level and the 50 hourly simple moving average. The pair even spiked above the 1.3900 resistance zone. A high is formed near 1.3909 on FXOpen and the pair is now consolidating gains. An initial support on the downside is near the 1.3875 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3755 swing low to 1.3909 high. The main support is now forming near the 1.3830 level. It is close to the 50% Fib retracement level of the upward move from the 1.3755 swing low to 1.3909 high. On the upside, the pair must settle above the 1.3900 level. The next major resistance is near the 1.3940 level. Any more gains could lead the pair towards the 1.4000 barrier in the near term. An intermediate resistance could be 1.3980. Read Full on FXOpen Company Blog...

FXOpen PAMM June 2021 Review It is completely understandable if this scorching summer you have exactly zero desire to think about your investment portfolio… But something surely needs to be done with your investments if your goal is a stable income. It is still necessary to monitor one’s investments and react in time to the changes in one’s accounts. That is why, to have a nice summer rest instead of worrying about possible drawdowns, so many people are looking for PAMM masters who manage their accounts with a steady hand and yield expected trading returns. For our monthly PAMM report, we review the most profitable accounts of the past month so that our clients can consider enlisting their services for the portfolio. As of July 1, 2021, there are 159 active accounts on the FXOpen platform, and investors have injected a total of $2,884,426.00 into their e-wallets, according to Investflow monitoring statistics. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Remain At Risk of More Downsides AUD/USD started a fresh decline from well above the 0.7550 level. NZD/USD also declined heavily and it even tested the 0.6920 support zone. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a major decline after it failed to clear 0.7600 against the US Dollar. There is a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD. NZD/USD also started a major decline from well above the 0.7050 level. There is a major bearish trend line forming with resistance near 0.6975 on the hourly chart of NZD/USD. AUD/USD Technical Analysis After struggling to clear the 0.7600 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7550 and 0.7520 support levels to move into a bearish zone. The pair even broke the 0.7480 support and the 50 hourly simple moving average. It spiked below 0.7420 and traded as low as 0.7409 on FXOpen. It is now consolidating losses above the 0.7400 level. An immediate resistance is near the 0.7430 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low. There is also a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD. The next major resistance is near the 0.7465 level and the 50 hourly SMA. The 50% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low is also near the 0.7470 level. To move into a positive zone, the pair must settle above 0.7470 and the 50 hourly SMA. An initial support on the downside is near the 0.7410 level. The next major support is near the 0.7400 level. If there is a downside break below the 0.7400 support, the pair could extend its decline towards the 0.7350 level. Read Full on FXOpen Company Blog...

LTC and EOS – Further lows expected LTC/USD The price of Litecoin reached $148 on the 4th of July which was the same level as on the prior high. From there we have seen the start of a descending move and is currently being traded at $130 and is still in a downward trajectory. On the hourly chart, you can see that the price broke out from the ascending support level from the 22nd of June. This is the first signal that the prior recovery ended and now we have seen the start of a descending move of the same degree as the one that lasted from the 22nd of June till the 4th of July. July 4th high came up to the descending trendline which is the upper level of the descending triangle which formed from the 23rd of May. As the price found resistance again this validated that the previous recovery was corrective in nature in conjunction with the wave structure. This is why it is counted as the 4th corrective wave with now most likely the 5th one to the downside developing. If this is true then we are to see a lower low compared to the one on the 22nd of June when the price of Litecoin fell to $105 area. If the descending triangle is still in play another third interaction with its support level could be seen which brings the price target to $90. Read Full on FXOpen Company Blog...

Winners of Money Managers Forex Contest Announced Money Managers, a Forex contest with real PAMM accounts, ended on June 30th, 2021. We are now ready to announce the results: 1stplace and the $5,000 prize go to: rutnaomi. 2ndplace and the $3,000 prize go to: krutoy-bobr. Read Full on FXOpen Company News...

EUR/USD and EUR/JPY: Euro Remains At Risk of More Downsides EUR/USD started a fresh decline and it settled below 1.1900. EUR/JPY is showing bearish signs and upsides are likely to remain limited above 131.00. Important Takeaways for EUR/USD and EUR/JPY The Euro declined below the 1.1920 and 1.1900 support levels, and tested 1.1800. There was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. EUR/JPY started a major decline after it failed to stay above the 131.50 support. There is a key bearish trend line forming with resistance near 131.80 on the hourly chart. EUR/USD Technical Analysis The Euro started a fresh decline from the 1.2000 resistance zone against the US Dollar. The EUR/USD pair broke the 1.1920 and 1.1900 support levels to move into a bearish zone. The pair even settled well below 1.1900 and the 50 hourly simple moving average. Recently, there was a break below a short-term ascending channel with support near 1.1865 on the hourly chart. A low was formed near 1.1807 on FXOpen and the pair is now consolidating losses. An immediate resistance is near the 1.1828 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. The first major resistance is near the 1.1850 level. It is near the 50% Fib retracement level of the recent decline from the 1.1894 high to 1.1807 low. Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1950 level. On the downside, an immediate support is near the 1.1800 level. If there is a downside break, EUR/USD might continue to move down towards the 1.1760 support. Any more losses could open the doors for a test of the 1.1700 region. An intermediate support could be near the 1.1720 level. Read Full on FXOpen Company Blog...