(MENAFN- Daily Forex) advertisement Try This Trading Proposal With Top Rated BTC/USD Broker Start Your Bullish Views
Buy the btc/usd pair and set your take profit at 29,175.
Add a stop loss at 26,000.
Timeline: 1-2 days.
bearish view
Set the sell stop at 27,117 and the take profit at 26,000.
Add a stop loss at 29,000.
Bitcoin continues to strengthen as the recent selloff has lost momentum. The BTC/USD pair has been trading at 27,500 for the past few days. The price was about 10% below the high for the month. Other cryptocurrencies such as Ethereum and Ripple continue to come under pressure. First Republic, UPS and Verizon posted weak results, indicating a slowing economy. Major bank First Republic said it lost more than $104 billion in deposits in the first quarter as the banking crisis continued. In a report, the company said it would sell up to $100 billion in securities to improve its balance sheet. Therefore, there is a risk that the bank will fail in the near future. First Republic’s stock fell more than 25%. The Dow Jones, Nasdaq 100 and S&P 500 Indexes fell more than 0.50%. Bitcoin emerged as a safe haven during the banking crisis. Meanwhile, the US Dollar Index surged more than 50 basis points amid continued risk-off sentiment. This comes after relatively strong housing numbers in the US. Building permits fell 7.7% in March, beating expectations of -8.8%. Meanwhile, new home sales in March increased 9.8% after he fell 3.9% in the previous month. The Home Price Index (HPI) rose 4.0%, also above the estimated 3.9%. So the Fed is likely to keep its hawkish tone. The US will release its latest durable goods orders on Wednesday. BTC/USD Technical Analysis Bitcoin jumped to a high of $31,000 earlier this month. It is now falling sharply as investors have started to take profits. On the 4-hour chart, the pair has broken below the 23.6% Fibonacci retracement level. It’s also just below the 25- and 50-day moving averages. There are signs that his recent BTC/USD drop has eased as it struggles to break below the key support level of 27,117. Therefore, the pair may bounce back as buyers target the key resistance point of 29,175.
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