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  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/XS0176LyOg
  • The Japanese Yen remains in focus with strength potential on risk aversion themes to go along with weakness on themes around higher rates. Get your weekly $JPY technical forecast from @JStanleyFX here: https://t.co/l4UICqJzJy https://t.co/dQ2pS0E4fp
  • Google finance-related search interest in 'Evergrande' has almost overtaken 'Covid'. 'Taper' doesn't even register on the scale https://t.co/P6H9sHFVIB
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDJ2wm https://t.co/b9m5ADIqqb
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/14UKjR4w6M
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
Cryptocurrency Price Forecast for Bitcoin, Ethereum & Ripple

Cryptocurrency Price Forecast for Bitcoin, Ethereum & Ripple

Paul Robinson, Strategist

Highlights:

  • Bitcoin pulling back towards support zone, but still has room before reaching it
  • Ethereum relentless rise brings top-side trend-line into focus, pullback could finally be near
  • Ripple fails to hold consolidation, unclear at this point how deep the decline could be

To learn more about Cryptocurrencies, check out the Introduction to Bitcoin Trading Guide

Bitcoin pulling back towards support zone, but still has room for more weakness

Bitcoin (BTC/USD) continues to slump after a failed attempt to run back to the high set in December. Relatively speaking, given the extremely high level of volatility, it wouldn’t take much of a decline to reach down into support we discussed last week. Looking lower, there is horizontal support by way of the December 30 low, but of even bigger interest is the slope running higher since May and December 22 swing-low. This critical support zone arrives in the vicinity of 11750/160. This would be an attractive spot to see BTC/USD find a bid and start pushing back higher. A break below and a much deeper decline may ensue. We’ll update on this as price action unfolds…

See how retail traders are positioned in Bitcoin and what it might mean – IG Client Sentiment page.

BTC/USD: Daily

btcusd daily log price chart

Ethereum relentless rise brings top-side trend-line into focus, pullback could finally be near

Ethereum (ETH/USD) rally is at risk with a top-side trend-line sitting just over today’s high. Given the extraordinary momentum in crypto’s, it’s unclear how meaningful the top-side line will be. Risk of an ‘overthrow’ (where price extends beyond the slope) is elevated. But on the flip-side, the rise from just under $500 at the December low into the $1380s does suggest it is overdone in the short-run, so the top-side trend-line may be all it takes to at least cause ETH/USD to consolidate, if not experience a sharp pullback altogether. The first line of support arrives at the trend-line off the Dec 22 low, and below there we’ll be looking to the Dec high at 863. If Ethereum is to continue trekking higher, a correction in price or time will be a welcomed event for traders looking to enter.

ETH/USD: Daily

ethusd daily log price chart

Ripple fails to hold consolidation, unclear at this point how deep the decline could be

When we looked at Ripple (XRP/USD) on Monday, the question we asked was, ‘high-level’ consolidation or broader pullback? The price action until yesterday looked similar to two prior occasions in December which led to higher prices. In this case, it did not. The 2.1577 level we were looking at as support was soundly broken yesterday with an acceleration lower into day. Given the parabolic rise since last month, it is unclear how much of a pullback we could see before it stabilizes. For now, taking a cautious approach until we have more to work with.

XRP/USD: Daily

xrpusd daily log price chart

Interested in learning more? On page 4 of our Bitcoin Guide, we discuss the major fundamental headwinds for cryptocurrencies.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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