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FXOpen Trader

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  1. Bitcoin May Reach ATH On July 27, Reuters released a rebuttal from an Amazon spokesman regarding the company’s plans to implement Bitcoin. “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” the source said. On the backdrop of this new turn, the Bitcoin rate fell, but what is important, it didn’t fall lower than the July 26 level, when London’s City AM newspaper cited an unnamed insider saying Amazon had intentions to accept Bitcoin payments until the end of the year. The fact that the official clarification did not bring the price back to the starting point suggests a bullish market sentiment. Mike McGlone, Bloomberg’s Intelligence senior commodity strategist, is of the opinion that BTC quotes are more likely to return to the $60,000 mark than fall to $20,000. The price of Bitcoin fluctuates around the psychological level of $40k. The level of $36k — the base of the July 26 large-volume candlestick — is important. As long as the bulls keep the price above this level, the situation looks encouraging. FXOpen Blog
  2. EUR/USD and EUR/JPY: Euro Eyes More Upsides EUR/USD formed a support base above 1.1780 and corrected higher. EUR/JPY is also rising and it could gain pace above the 130.00 resistance. Important Takeaways for EUR/USD and EUR/JPY The Euro extended its decline towards the 1.1750 level before recovering higher. There was a break above a key contracting triangle with resistance near 1.1805 on the hourly chart. EUR/JPY climbed higher nicely and it even settled above the 129.50 zone. There is a major contracting triangle forming with support near 129.70 on the hourly chart. EUR/USD Technical Analysis The Euro extended its decline below 1.1800 against the US Dollar. However, the EUR/USD pair remained well bid above the 1.1750 support zone. The pair formed a base near 1.1760 and it recently started a decent upward move. It surpassed the 1.1800 resistance zone and the 50 hourly simple moving average. There was also a break above a key contracting triangle with resistance near 1.1805 on the hourly chart. The pair traded as high as 1.1841 on FXOpen and it is now correcting gains. There was a break below the 23.6% Fib retracement level of the recent wave from the 1.1770 swing low to 1.1841 high. The pair is now finding bids near the 1.1810 support zone. The next key support is near the 1.1805 level. It is near the 50% Fib retracement level of the recent wave from the 1.1770 swing low to 1.1841 high. Any more losses might call for a move towards the 1.1780 support. Any more losses might lead EUR/USD towards the 1.1750 support zone. On the upside, an initial resistance is near the 1.1830 level. The first major resistance is near the 1.1850 level. Any more gains could set the pace for a move towards the 1.1900 level. The next major resistance is near the 1.1920 level. Read Full on FXOpen Company Blog...
  3. BTC and XRP – Upward move likely ended BTC/USD The price of Bitcoin has been on the rise since the 20th of July when it fell down to $29.316 at its lowest point. From there we have seen an increase of 38.7% as it came up to $40,679 at its highest point yesterday. Today the price fell down to $36,500 area and is now moving to the upside again, but the downfall of 10% might be indicative of the completion of the prior upward movement. You can see that the price almost reached its most significant resistance zone at around $41,000 but failed to make interaction. The upward move from the 20th of July was impulsive in sections but the wave structure doesn’t imply a five-wave pattern. Instead, we could be looking at an ABC correction to the upside before the next downward move. The upward movement looks completed either way so now at least a retracement would be expected if not a start of a new downtrend. Read Full on FXOpen Company Blog...
  4. Crypto investors are looking for reasons to be optimistic The market has entered a consolidation zone after the anomalous activity of May 19, with fluctuations framed by a narrowing triangle formation. Currently, no significant news reports are affecting the market, and the volumes are fading. This situation is reminiscent of the calm before the storm. What will the storm be like and when will it happen? Optimists are looking for arguments that would signify a resuming growth. Analysts point to the outflow of bitcoins from cryptocurrency exchanges (see fig. 2), as evidenced by data (see fig. 1) collected by the Glassnode agency. Blue arrows on the chart indicate that previous outflows occurred against the backdrop of rising quotes. Therefore, the current outflow, according to analysts, could be a bullish harbinger. But digging deeper, we will find out that this was not always the case. A similar outflow occurred during the lull in the first half of November 2018. And in the second half, a bearish storm occurred, and BTCUSD collapsed from 6400 to 3200. Volume analysis does give cause for concern. On July 11, there was a growth attempt (see fig. 3), but the volumes were low, which indicates a possible shortage of buyers. The next day, July 12, confirms the weakness of demand, as the price decreased on growing volumes, which can be interpreted as active selling pressure. It seems that negative sentiment prevails in the market, as participants are actively selling the coin instead of buying. If so, then the price of 33,500 is too high for BTC. In such conditions, the fate of a psychological support level of 30k causes more and more concerns. FXOpen Blog
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