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MENAFN- Daily Forex) Bullish view
- Buy the BTC/USD pair and set a take-profit at 90,000.
- Add a stop-loss at 76,500.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 76,500.
- Add a stop-loss at 90,000.
Bitcoin prices stabilized during the American and Asian sessions as concerns about the US economy rose. The BTC/USD pair rose to 83,300, up from this week's low of $76,500. It remains about 25% below the all-time high of $109,200.
Bitcoin price rose as Donald Trump announced more measures that will destabilize the US trade relations with its neighbors. He said that he would implement a 50% tariff on Canada's steel and alumunium, a response to Ontario's decision to hike electricity prices to the United States.
A likely reason why BTC rose is that Howard Lutnick, the Commerce Secretary, said that he would talk with Ontario to renegotiate USMCA.
Trump has also threatened to increase tariffs on Canadian cars, a move that will shutter the auto industry. He believes that those vehicle models made in Canada - by US firms - can be made in the US.
These trade issues have a negative impact on the crypto and stock industry as they will lead to higher inflation and stagflation. They have already led to a big drop in the fear and greed index, a sign that investors are a bit fearful.
These tariffs have led to a weaker demand for riskier assets like Bitcoin and stocks. Data shows that spot Bitcoin ETFs have had outflows in the last seven consecutive weeks, bringing the cumulative inflow to $35.77 billion.
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The BTC/USD pair has been in a steep downward trend after peaking at a record high of 109,200. It dropped and bottomed at 76,500 this week as trade tensions between the US and its neighbors rose.
The pair remains between the 50% and 38.2% Fibonacci Retracement level. Most importantly, it has formed a bullish engulfing pattern, which happens when a bullish candle completely covers a bearish one. It is one of the most bullish candlestick patterns in the market.
The pair has also formed a small double-bottom pattern, while oscillators are pointing upwards. Therefore, the BTC/USD pair will likely bounce back as bulls target the next key resistance at 90,000. A drop below the support at 76,500 will invalidate the bullish view.
EURUSD Chart by TradingView
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