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Bitcoin has been making a bullish consolidation just below the big round number at $100,000 and looks very likely to hit that number soon.
The cryptocurrency Bitcoin has continued to trade bullishly, making a fresh record high above $99,000 at the end of last week, and the price action right now indicates the price is likely to soon reach the big round number at $100,000. Trend and momentum traders will be interested in staying long of Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on the CME which is sized at only 10% of a coin), or as options. However, many analysts will be wary of Bitcoin making a strong bearish retracement after hitting $100,000 which might even be the end of this bull run, so we can expect likely profit taking at that price.
In the Forex market, the US Dollar has made a minor decline since this week’s Tokyo open. The greenback is in a long-term bullish trend and got a major boost from the Trump/Republican victory in the US general election earlier this month. It might be best exploited by going short of EUR/USD, but this currency pair has rebounded since spiking down to a new 2-year low on Friday below $1.0350. However, this is in a long-term bearish trend. Since the Tokyo open, the strongest major currency has been the Euro, while the US Dollar has been the weakest.
US and some other stock markets are higher as analysts digest the news that President-elect Trump wants to appoint Scott Bessent to the post of Treasury Secretary. This putative appointment is being well-received by markets, with Bessent well respected on Wall Street.
There are no high-impact data releases scheduled for today. Because of this, and because it is a Monday, it is likely to be a relatively quiet day in the market.
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