Daily Market Analysis By FXOpen

[FXOpen Trader]

Standard Chartered Predicts Bitcoin at $120k


The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.

Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.

Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.

Compare 2 periods when the price of bitcoin exceeded USD 30k.

In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.

And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.


VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[1714850872]

1714850872

[1714850872]

1714850872

[1714850872]

1714850872

[FXOpen Trader]

XRP Is Not a Security!


The ruling was announced by Judge Analisa Torres of the Southern District of New York. The litigation that lasted more than three years between the US SEC regulator and Ripple Labs ended in favor of the latter, to the great joy of the entire cryptocurrency community.

The head of Ripple Labs, Brad Garlinghouse, thanked everyone who helped the company win the lawsuit. And the Coinbase exchange announced that the XRP token will be allowed to trade again.

The price of the XRP token rose sharply in price against the backdrop of a positive court decision (we pointed out the likelihood of this event back in winter), while:

→ the capitalization of Ripple exceeded $40 billion;

→ “shortists” (those who bet on the price decrease) lost about $31 million, as evidenced by the total data on the liquidation of positions on the largest cryptocurrency exchanges;

→ the sharp rise in the price of the XRP token led to an increase in the price of BTC/USD, ETH/USD and other cryptocurrencies.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's July 10 - 14 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: USD/CHF, UK STOCK MARKET, S&P 500 PRICE DROP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• Market Analysis: What to expect from the upcoming reporting season
• Market Analysis: Trials for the UK stock market continue
• CNBC Pro Poll: Strategists see S&P 500 price drop before year-end
• USD/CHF Analysis: Swiss franc strengthens to 2020 pandemic levels

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.



FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

Bitcoin Hits July Low


The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:

    also loses in court against Binance, Coinbase;
    approves Black Rock's Bitcoin ETF application.

Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's July 17 - 21 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: EUR/USD, FTSE 100, CRUDE OIL PRICES, NETFLIX NEWS

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• EUR/USD price reaches 17-month maximum. Last week, the dollar index posted its worst week of 2023
• FTSE 100 bounces back on UK inflation news. The quotes demonstrate the expectations of market participants
• Crude Oil prices experience mild volatility as China's economic outlook boosts sentiment
• Is Netflix ending bull season? Some positive news, some negative news

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.



FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTC/USD Analysis: Breakdown of July Support


Yesterday, the price of BTC/USD fell below the level of 29,700, a support that has been in place for about a month.

What are the reasons for the decline? CNBC writes about:

    strengthening of the USD on the eve of the Fed's meeting on the interest rate, which puts pressure on the price of bitcoin, denominated in US dollars;
    an article in the WSJ raising concerns for the crypto industry in light of the pending SEC lawsuit against Binance.


VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's July 24 - 28 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: BRENT OIL PRICE, BRITISH POUND & US DOLLAR, META

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• The price of Brent oil has reached the level of resistance. Will this July become the best month since June 2022?
• The hyperbole around British pound indicates a huge decline, but a long-term view says otherwise
• The US dollar weakens after the Fed's decision to raise rates. Will the bears be able to break through the support block, or will the bulls intend to use it as a support for a new swing?
• META shares up 7% after report. The social media giant's Q2 results encouraged investors as ad revenue surged, the company is embracing AI, monetization of Instagram and Reels.

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

Watch FXOpen's 30 July - 04 August Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP/USD, US Credit Rating, Gold, AMD

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• The GBP/USD Exchange Rate Falls to a Month’s Minimum
• Fitch Downgrades US Credit Rating
• Gold Starts August with a Sell-Off despite Bullish Headline
• AMD Share Price on the Rise After Financial Statement Release

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTC/USD Price Analysis: ADX Indicator Falls to the Lowest Level of 2023


The latest news from the world of cryptocurrencies could be both bearish and bullish drivers:

→ PayPal launches a stablecoin that will be pegged to the dollar and backed by US Treasuries;

→ Cathie Wood believes that the SEC can approve several BTC ETFs at the same time;

→ the Central Bank of Brazil plans to launch its digital currency called DREX in 2024;

→ rumors about problems with the USDC stablecoin are spreading in the network;

→ the US Department of Justice is considering filing fraud charges against Binance.

However, the BTC/USD rate has stabilized around USD 29,000 per coin since July 25th. The bitcoin market is showing unusually low volatility (except for the surge associated with news from the Fed). At the same time, the ADX indicator, which helps determine the presence of a trend, fell to its lowest level since 2023. Obviously, this indicates that the market is flat. But note the trend that followed in early 2023 as the ADX fell close to its current low.


VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

LTC/USD Analysis: Litecoin Price Declines after Halving


On Wednesday, August 2, the planned halving took place in the Litecoin network. Now the reward of miners for each mined block has decreased by 2 times from 12.5 LTC to 6.25 LTC. Theoretically, this should make the cryptocurrency more scarce.

On the eve of the halving, experts were bullish. Thus, financier David Cox voiced a forecast about a possible increase in LTC to USD 189.2. Analyst Michaël van de Poppe provided a bolder upside scenario to USD 200. Also positive statements were made by the creator of the Litecoin project Charlie Lee. However, in fact, we see that the LTC/USD rate fell after the halving.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

XRP/USD Price Rolls Back to Important Support


July was marked by the end of the trial between the SEC regulator and Ripple Labs in favor of the latter, which led to a sharp increase in the XRP token to a price above USD 0.9, but then a rollback followed after the first emotional reaction.

By the way, the trial is not completed yet. As it became known, the SEC intends to appeal the court's decision.

Bearish arguments:

→ The price of the XRP token may fall after the SEC formally files an appeal.
→ The price of the XRP token has rolled back by more than 2/3 from the July rapid growth — this is too deep a size for a normal correction.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day


This morning the BTC/USD price is near 26,500, the lowest price since mid-June.

What is the reason for this? Among the drivers of the decline may be information that Elon Musk's SpaceX company intends to sell (or has already sold) USD 373 million worth of bitcoins. However, the collapse could have been influenced more by technical than by fundamental factors.

On August 8, we wrote that the ADX indicator fell to a minimum since the beginning of the year — that is, the market was in a protracted flat. It was a vulnerable position for the birth of a new impulse.

Note that the USD 30K psychological level acted as resistance in August — the price was not able to stay higher for long. It was logical to assume that the bears would try to take the initiative. And it happened this week — notice the widening bearish candles on August 15-16 as we approach the 28,800 support.

The decline triggered a cascade of stop-losses (more than USD 1 billion worth of positions on cryptocurrency exchanges were liquidated), which intensified the selling wave.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020


The last time this classic indicator dropped below the 20.0 level was in March 2020, when the world panicked due to the spread of the coronavirus.

The extremely low RSI values indicate an extremely oversold market — it was formed as a result of the collapse of the BTC/USD rate on August 17, the reasons for which are not clear. Among the versions are:
→ SpaceX's decision to sell bitcoins from its balance sheet;
→ high yields of US government bonds (10-year bonds are at a 14-year high);
→ the collapse of the Chinese developer Evergrande.

Be that as it may, the decline of RSI below the level of 20.0 should not be interpreted as a signal to open a long position, although there is evidence for this.

Bullish arguments:

→ a long lower shadow on yesterday's candle on the daily bitcoin price chart confirms the aggressiveness of the bulls defending the 25.6k level;
→ this level approximately coincides with the Fibo level at 0.38 for a rollback from the growth of A→B;
→ the bitcoin market may follow the stock market — after all, the S&P 500 is at the lower boundary of the rising channel, which operates in 2023.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's 21 - 25 August Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: EUR/USD, GBP/USD, NVDA SHARE PRICE RISES, WTI OIL GO MINIMUM

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• EUR/USD: Price is forming a rebound from the support of 1.085
• NVDA share price rises after positive report
• The price of WTI oil falls to August minimum
• GBP/USD bounces back after falling 1% in one day

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

Bitcoin Trading Volumes Fell to a Minimum of 4 Years


CNBC, citing CryptoQuant agency, reports that:

→ the total volume of bitcoins held on all cryptocurrency exchanges is at its lowest level since 2019;
→ as of August 26, the volume of bitcoin trading on all exchanges was about 130k BTC;
→ a maximum of 3.5 million BTC were traded in 1 day.

Perhaps the decrease in trading volumes is due to a drop in interest due to the uncertainty with the regulation of cryptocurrencies, or the fading of the bullish trend that began from the early days of 2023.

According to JP Morgan analysts, a decrease in open interest may indicate that the price of bitcoin is near a significant low, but the BTC/USD chart suggests that the bearish trend may continue. This is indicated by the descending channel, the outlines of which are becoming clearer.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat


On Tuesday, the price of bitcoin rose sharply from around USD 26,000 to USD 28,000 per coin. This was due to a ruling by the US District of Columbia Court of Appeals that said the Securities and Exchange Commission (SEC) was wrong to reject Grayscale's application to convert its Bitcoin Trust (GBTC) into a BTC Spot Exchange-traded Fund (ETF). A spot ETF would allow investors to access the leading cryptocurrency without actually holding BTC.

The SEC has repeatedly rejected Bitcoin spot ETF applications in the past, citing market manipulation concerns. But the court said the SEC failed to adequately explain its refusal to grant Grayscale's ETF bid, to the delight of the cryptocurrency community.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's 28 August - 1 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: FTSE 100, RATE HIKES, BTC, HPQ

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• FTSE 100 Goes on Massive Rebound! Marks & Spencer's Resurgence Sparks Optimism
• When Will the Rate Hikes Stop? The Fed Ploughs on at Jackson Hole Despite Economic Progress
• Bitcoin Trading Volumes Fell to a Minimum of 4 Years
• Shares of HPQ Fall Sharply after Report

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

Bitcoin Sets September High


The price of the main cryptocurrency rose above the level of 26k US dollars. This was fueled by the news that Ark Invest and 21Shares filed applications with the US Securities and Exchange Commission (SEC) for a spot ETF on Ethereum.

Some say recent verdicts in favor of cryptocurrency firms Grayscale and Ripple Labs in lawsuits against the SEC increase the chances that ETF applications for Ethereum will be approved. We also note that applications for bitcoin ETFs from BlackRock and other funds are being reviewed by the SEC, but the deadlines for these applications, originally set for early September, have been postponed to a later date.

Meanwhile, Barrons writes that the NASDAQ exchange is preparing infrastructure for cryptocurrency trading, which is causing bullish sentiment among cryptocurrency enthusiasts. But the BTC/USD chart gives reason to doubt.



VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

[FXOpen Trader]

Watch FXOpen's 4 - 8 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: APPLE IN TROUBLE, DOLLAR STRENGTHENED, USD/CAD, NIKKEI 225

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• The dollar strengthened to a maximum in six months
• Nikkei 225 reaches psychological level at 33,000
• USD/CAD analysis: how the decision of the Bank of Canada affected the national currency
• Apple in trouble: shares fall more than 3.5%

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo

[FXOpen Trader]

Watch FXOpen's 11 - 15 September Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP/USD, DOLLAR TRYING TO UPWARD, GOLD PRICE EYES RECOVERY.

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• GBP/USD analysis: Price sets a minimum of 3 months after GDP news
• Dollar trying to resume upward movement after rise in core CPI
• Gold price eyes recovery while crude oil price surges
• Market reaction to the ECB's decision to raise rates to 4.5%

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.




FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #fxopenint #weeklyvideo