Bitcoin price today: slips to $117k from record peak; US inflation awaited
Last week the strength of the dollar began to show signs of getting its skates on. This week, apart from the gap higher in the dollar, it has begun to feel ashamed of moving more than a few pips a day. Ok, I exaggerate just a tiny little bit but the way it has slowed down makes my shoulders drop. In some ways it can help the analysis because much of the support and resistance remains stable but the other side of the story is the introspective development in the lower degrees that tend to become much more erratic. This complicates the process. The persistence of shallow corrections also causes some surprises.
Still, despite that, yesterday did provide more information that maintains the current development. The bigger issue is how the three Europeans develop in terms of maintaining their basic correlation. Therefore, overall we can expect further gains in the dollar, the pace of which is hard to judge although the general intermediate and final targets are relatively clear.
In terms of the GBP/USD, the decline from the 1.7190 high has been pretty direct – but as mentioned above – in an erratic manner in the lower degrees with corrections uniformly shallow. At this point it has a couple of support areas that could maintain the potential for a deeper correction higher but this isn’t, by any means, a definite outcome. I would like to keep this chappie on its own leash and with its own plan of action. However, overall still bearish.
The AUD/USD has recently been the provider of surprises and it did so again yesterday. It has put me in a neutral zone for the moment with several thoughts zapping around my mind. Again, the preference has been bearish but the market just hasn’t been able to sustain this expectation. I think we need a stronger indication here.
Finally, the JPY pairs: the USD/JPY did make a minor new corrective low, above the key break level, has made some progress higher and this basic outlook should continue. The slippage we saw yesterday, along with the EUR/USD, has put the key support in the EUR/JPY under pressure. I have realised an alternative but still I’d prefer to see that break confirmed first. Even then I’m not sure we’ll see much movement today with both the USD/JPY and the EUR/USD not looking particularly frisky. It could be a frustrating day.
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