USDJPY -The US dollar initially dipped during the trading session on Tuesday but found buyers again below the ¥149 level as the US dollar is like a wrecking ball. forex forextrade forextrading
Bitcoin is far too out on the respective for traders to feel comfortable buying right now, as it looks like everything is falling apart financially.
In other words, you need the Federal Reserve to come bail you out if you are bullish on Bitcoin, and therefore you probably don’t have much to do for a while. If you are a CFD trader, then you are going to be looking for opportunities to short this market as there a whole dearth of reasons to think that the market will continue to see plenty of headwinds. The 50-Day EMA above is the first one, but is nowhere near the last.
What most Bitcoin traders don’t realize is that they are pricing Bitcoin in US dollars, so what the US dollar is doing is of course very important. This is a market that I think at best go sideways for a while, and does not offer much in the way of hope of a significant rally. Crypto is most certainly in a very negative cycle, and will be until the central banks around the world decide to stop tightening.
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