(MENAFN- Daily Forex) Forex Brokers We Recommend in Your Region 1 ![brkr-logo]()
Read full review Get Started
Bearish view
Sell the BTC/USD pair and set a take-profit at 27,000. Add a stop-loss at 28,000. Timeline: 1-2 days.
Bullish view
Set a buy-stop at 27,650 and a take-profit at 28,500. Add a stop-loss at 26,800.
The BTC/USD pair continued falling as demand for cryptocurrencies waned. Bitcoin retreated to a low of $27,290 on Wednesday, lower than this month's high of $28,585. It has moved to the lowest point since October 6th and stocks diverge
Bitcoin and American equities have diverged in the past few days as the market focuses on the ongoing war in Israel. The war started on Saturday when armed Hamas attackers raided Israel, leading to thousands of death.
The financial market has reacted mildly to this crisis. American equities retreated briefly on Monday and then bounced back. This rally continued on Tuesday as the Dow Jones and the S&P 500 indices rose by 145 and 30 points, respectively.
American bond yields also retreated as some analysts predicted that the sell-off has bottomed. The US dollar index (DXY) retreated by more than 0.25% to $105.57, lower than last month's high of $107.50.
Cryptocurrencies, on the other hand, have pulled back this week. Bitcoin price dropped to $27,290 while the total market cap of all cryptocurrencies has plunged to slightly above $1.03 trillion.
The next important catalyst that could have an impact on Bitcoin will be the upcoming US inflation data and Fed minutes. The Federal Reserve will publish the latest minutes later today. These minutes will show what the Fed members deliberated during the meeting. They will also provide hints about what to expect in the coming meetings.
The BTC/USD pair will also react to the upcoming US inflation data. Economists expect the data to show that inflation eased slightly in September even as gasoline prices rose. The average gas price rose to $3.85 during the month/USD technical analysis
The GBP/USD pair has been under pressure in the past few weeks. It has dropped from this month's high of 28,585 to the current 27,400. The pair has moved below the 50-period moving average while the Relative Strength Index (RSI) is approaching the oversold level.
It is also approaching the key support at 27,140 and has retreated below 27,460 (September 19th high). Therefore, the pair will likely continue falling as sellers target the next key support at 26,500. The stop-loss of this view will be at 28,000.
Ready to trade our free Forex signals ? Here are the best MT4 crypto brokers to choose from.
MENAFN11102023000131011023ID1107227010
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.