Daily Market Analysis By FXOpen

[FXOpen Trader]

Watch FXOpen's June 26 - 30 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP/EUR, AAPL ALL-TIME HIGH, GOLD 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: Yield curve and stock market downside risks. Alarming signals?
• GBP/EUR Analysis: GBP makes a sudden dip against EUR. Is a recession finally looming, or is it just a blip?
• Market Analysis: AAPL share price hits all-time high. Will we see the company's capitalization reach USD 3 trillion?
• Market Analysis: What made gold drop to 3-month low?

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

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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.

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[FXOpen Trader]

The Price Has Updated the High of the Year, What's Wrong With That?


In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:

→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.

Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).


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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.

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Watch FXOpen's July 3 - 7 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: TSLA STOCK, USD/JPY, NASDAQ, FTSE 100 DROPS

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: Wall Street optimistic ahead of inflation news
• TSLA Stock: Price Chart Analysis. The bull market continues...
• Market Analysis. USD/JPY: Calm before the storm?
• NASDAQ Analysis: Index Is at 1-year High! Is It Sustainable?
• Market Analysis: FTSE 100 drops below June low. What gives hope to the bulls?

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

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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.

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[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.


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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 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.



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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.

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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.



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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.



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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.



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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.


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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.




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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.


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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.



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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.