Behind The Financial Crypto Bitcoin Markets Summary
Initial weekly unemployment insurance claims and the Challenger job cut survey set the stage for tomorrow’s U.S. payroll report — the famous payroll, and according investing.
France reveals a major stimulus plan as PMIs show momentum weakening in Europe in August. And oil slips with growing signs that the market is returning to oversupply.
Here’s what you need to know about the financial markets for the next days.
News Continue To Influence
On the cryptocurrency side, the news of the arrest of one of the founders of the Koreana Bithumb exchange really “hit the jackpot.” The market reacted negatively, making a correction of approximately 5% and with a total capital outflow of approximately 12%.
On the side of our work team, at no time did we panic. The reason for this is that long before the monthly close we are already prepared for this correction. The previous news was simply the cap to the bottom of the missing well.
With this, we want to alert many investors of the multiple channels who say they buy everything but never say to put on the brakes or put a stop on their operations. This market is not about buying everything, it is about being smart.
Main Supports Broken
Many are tired of seeing so many Bitcoin analyzes rolling around. But we are honest, Bitcoin is the main measurement reference in the market due to the high capital capture it has. Farming scam may come that the Bitcoin in the second will collapse. And with various factors altered, that’s what happened.
If we do a cautious review of the bitcoin chart on H4 we see that the alarms were triggered mainly by the break of the EMA200 and EMA300. Also, the price drop was influenced by the massive sale of Bitcoins by miners who have been moving large amounts of Bitcoin on various exchanges.
Now, if we go to the daily period of Bitcoin, we see that it broke the EMA34 at 11374 as a trend factor, the EMA50 at 11088 as market support along with one of the bollinger bands at 10804, touching the resistance of the ichimoku cloud at 10475, but under the support of the EMA100 at 10400. This last support (EMA100) is the one that should be studied to consider opening a long if a high gob happens in the next few days.
At the end of our trajectory we have what could possibly be the end of Elliot wave 4. But we can also affirm that Bitcoin will continue to vary between the current price of 10652 and 12667, these prices being an accumulation zone. Wyckoff’s theory actually did not fail.
Continuing on the ladder of times. In the weekly chart we are being supported by tekan sen in the current price of 10,729 and we have stepped on the main bearish line for the market, with the estimate that the correction can reach the 9997 EMA. But we know that it was it happens, it will be influenced merely by investor sentiment. Elliot’s Ona 2 in advance.
Actually and from historical indications we know that the failure to break the 0.5 fibo zone can really trigger a healthy correction in the market. This is where the media always has everything to win.
In any case, if the market sentiment for the next few weeks is favorable for the bears, we must also keep an eye on the EMA500 supports along with the ichimoku cloud support and within the 9075 and 8805 region, as a projection. end of this last wave of Elliot.
At the top of the monthly chart, we could have a small correction to touch the 0.6 fibo at 9514 along with the EMA9 in case we have a market close in favor of the bears. This zone really looks like a momentum zone for the continuation of Elliiot wave 1 that will end with the breaking of the historical high of prices above 20k.
Anyway, while some cry, others laugh. We say this to congratulate the Bitstamp exchange, for wanting to expand its investment portfolio within its platform.
For hours before and within an official news, he openly declared the study of other crypto assets to be traded.
Dollar Extends Recovery
As reported investing, dollar continued its recovery against the euro after the latest round of purchasing manager indices suggested a sharp loss of economic momentum in August.
IHS Markit’s composite PMI for the eurozone fell to 51.9 from 54.9 in July, when a second wave of coronavirus infection thwarted attempts to keep the summer tourist season alive.
From our perspective, it will remain oscillating within the 0.23 and 0.38 fibo region, with a variation of approximately 2%.
Also, investing says that, The UK, which went into a blockade later than the rest of Europe, managed to make another gain in its composite PMI, but IHS warned of an increase in the number of companies preparing to fire employees under the government’s license scheme if nears the end. Eurozone retail sales also fell in July, Eurostat reported.
The euro fell 0.32% to $ 1.1815, after the Financial Times reported that several ECB officials were beginning to worry about its rise. An interview by ECB board member Isabel Schnabel with Reuters contradicted that view, however.
Oil Remains Above Supply
investing reported that Oil prices have prolonged their declines due to growing concerns that the market is entering into excess supply.
The market has been working for the past two months on the assumption that the restriction of production by OPEC and its friends gathered at OPEC +, combined with a recovery in global fuel demand, would quickly consume the stocks accumulated in the first half.
However, US government data released on Wednesday indicated a worrying drop in US gasoline demand, while other government figures also show that aviation fuel consumption has stabilized at less than half its levels from one year ago.
US oil futures fell 2.1% to $ 40.65 a barrel, while Brent futures fell 1.8% to $ 43.65 a barrel.
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