Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Talking Points:
- A systemic drop in volatility is combining with the seasonal Summer activity slump to anchor the market
- Market conditions will override breakout situations like that on EUR/USD or the impact of next week's NFPs
- Trade selection much be made with a mind to what moves and pairs can reasonably generate heat
The EUR/USD is working its way into a necessary breakout and GBP/USD has absorbed event risk that can further enforce a GBP/USD reversal on rate hopes. Yet, these moves are unlikely to play out through high-profile technical moves or even key event risk through the near future. Market Conditions - the third analysis type - is closing the market down with the hope of a reversal from extreme complacency and low volatility dampened by holiday trading conditions looming next week. Setting probabilities for good trades is even more important as 'happy accidents' are less likely to occur. We evaluate what setups look good given current market conditions and which are tempting traps in today's Trading Video.
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