BTCUSD Forex Signal: More Weakness Expected Ahead of Rebound forexsignal
did well during the Christmas season. In the past few days, the coin’s price jumped to a multi-week high of above 51,000.
This rally happened as sentiment in the financial market improved as the Santa Claus rally got underway. In addition to Bitcoin, stocks also jumped, with the S&P 500 index rising to an all-time high on Monday. The BTC/USD pair then made a sharp reversal in the overnight session as investors took profit considering that the price was up by about 22% from its lowest level this month. The decline also happened after Bitcoin managed to form a small double-top pattern.has jumped by more than 100% this year and by more than 1,075% from the lowest level in 2020. The coin has gone mainstream as many retail and institutional investors have bought it.
This growth is mostly because of the actions of the Federal Reserve. In a bid to protect and supercharge the economy, the Fed decided to slash interest rates to zero. It also launched a major quantitative easing program that led added more than $4 trillion to its balance sheet. Now, there are concerns about the new tone of the Fed. The bank has committed to increase the size of its asset tapering to $30 billion and to end the purchases altogether in March next year. It will also implement at least three rate hikes, which could affect the BTC/USD pair.A closer look shows that this reversal happened after the pair made a small double-top pattern. It has now moved slightly below the chin of this pattern at around 49,500..
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BTC/USD Forex Signal: Bullish SequenceBTCUSD Forex Signal: Bullish Sequence forexsignals
Read more »
GBP/USD Forex Signal: Extremely Bullish For NowThe GBP/USD price has been in a tight range in the past few days as investors focus on the ongoing Omicron pandemic.
Read more »
Forex Today: US Stocks End Week at Record HighData suggesting the Omicron variant is 30% to 70% less likely to require hospital treatment than earlier coronavirus strains has improved risk sentiment and pushed global stockmarkets higher.
Read more »
10 Trading Mistakes to Avoid in Forex TradingHuman error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here:
Read more »
The Federal Reserve Bank: A Forex Trader’s GuideThe Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
Read more »
Forex Forecast: Pairs in FocusGet the Forex forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of December 27, 2021 here.
Read more »