(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 31,000.
Add a stop loss at 28,000.
Timeline: 1 day.
bearish view
Set the sell stop at 29000 and the take profit at 27,000.
Add a stop loss at 30,000.
BTC/USD price showed a strong rebound during the US session as traders bought lower after several days of correction. Bitcoin surged to 30,120, its highest since June last year. It jumped more than 50% from its lowest point of the year.Bitcoin’s rally came despite rising US bond yields. The 10-year yield rose to 3.41% for him, and the 2-year yield to 4% for the first time in weeks. Bitcoin also rose as the US Dollar Index rose by more than 50 basis points. An index that tracks the US dollar’s performance against a basket of currencies rose for a third straight day as traders reacted to strong employment numbers. Until now, Bitcoin has tended to move in the opposite direction of the US dollar. BTC surged as the market waited for the next bank earnings season, which starts on Friday, when big banks like JP Morgan, Citigroup and Wells Fargo will announce their results. Regional banks such as PNC, M&T Bank and Park National Bank are due to report results next week. Analysts expect more volatility in the banking sector as these companies report earnings, largely due to their exposure to commercial real estate. Over the past few weeks, Bitcoin has performed well during the banking crisis. Bitcoin also surged after data showed an increase in the number of Bitcoin holders maintaining positions. This means that even though the coin remains in the consolidation phase, it has not sold. The next data to watch is the upcoming US inflation due Wednesday. These numbers give us more information about what to expect at next week’s Fed meeting. Technical analysis of BTC/USD The 4H chart shows that BTC/USD surged in the overnight session. It surpassed the key resistance point of 29,378, the year’s high. The pair is above the 25- and 50-day moving averages and the MACD is up. Therefore, the outlook for the pair is bullish, with the next key level at 31,000. Our bullish view will be invalidated if the support breaks below 29,378. ready to trade
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