Forex Signals Brief for Jul 20: Bitcoin Tumbles Under $30,000
US Wrap
Markets have fallen for yet another day, however, the emerging story is that Bitcoin is once again under the key $30,000 level.
Yesterday, equities continued their sell-down and we’ve been red for over a week now. Similarly, oil softened as did bond yields as it appears we are starting to see a bit of a move towards safe-havens once again.
Bitcoin continues to be one of the big stories at the moment as price has been looking incredibly weak on a technical level and the big question now is whether price can hold up.
The Data Agenda
Data is light today, with only really building permits in the US worth paying attention to. As mentioned, the price action at the moment is of far more interest with a sea of red.
Forex Signal Update
The FX Leaders Team hit 3 winners from 5 trades to open the week on a positive note.
XRP – Active Signal
XRP is pressing towards the $0.50 level as the entire sector is getting sold down. We are close to our SL here.
EUR/USD – Active Signal
The EUR/USD has been weak thanks to a strong USD and we are currently short.
Cryptocurrency Update
BTC has not been able to bounce above the $32,000 level and it appears that finally, the buyers have now given up.
Looking at the chart pattern we can see a very clear descending triangle pattern that has been forming for a while now. This is obviously bearish.
That said, price has bounced back from prior tests of that support level at $30,000. The entire sector is red now thanks to the technical break in Bitcoin. This could be a very big day ahead for the crypto space.
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