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  1. #231
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    Bitcoin responds positively as Brazil welcomes crypto payments


    Within Latin America, Brazil has for many years been a burgeoning economic force.

    It is a large nation with a diversified economy, ranging from manufacturing and engineering to banking and tertiary services and is part of the all-important BRICS (Brazil, India, China, South Africa) economic bloc.

    Like all other nations in South America, Brazil is a developing economy, but it has been rapidly developing and is far ahead of all of the other national economies in the continent.

    Today, Brazil's government has taken a very prominent step forward in announcing that the country's lawmakers have approved a bill which regulates Bitcoin and other cryptocurrencies as a payment instrument.

    Investors appear to have responded well to the news, as Bitcoin began to pump almost immediately, followed by a short squeeze and then it pumped again.

    Bitcoin is currently trading at $16,876.80, which is a 2.68% increase over yesterday's value. That may not sound very much on the face of it, but Bitcoin values have been very stagnant recently, so a 2.68% increase when viewed on the chart is quite significant.

    Private individuals and businesses have a lot to gain from the new ruling which allows cryptocurrency to be used as a method of payment, because South American economies for many decades now have been synonymous with rampant inflation, draconian capital control laws causing people to lose their money when it depreciates, and in many countries in South America, a deep-seated distrust in the local banking infrastruture or government policy.

    Around 10 years ago, neighboring Argentina ordered the liquidation of US Dollar bank accounts held in North America by Argentinian citizens, and that the US Dollars should be repatriated to Argentina and converted to Pesos. At the same time, capital controls were invoked so that nobody could transfer their Pesos out of the country without government permission.

    This meant that anyone who adhered to that rule would be at grave risk of substantial loss due to a terrible conversion rate and then having to store Pesos which are notorious for depreciating at the rate of an iron girder falling off a cliff.

    At that time, Bitcoin was in its absolute infancy, and still very much an unknown quantity. It had a tiny following of enthusiasts and 1 Bitcoin was worth something like $50, however a core group of Argentinian enthusiasts began to rally the cause of Bitcoin, largely because they saw it as an independent method of conducting their everyday life without the restrictions and inflationary chaos associated with Peso.

    Now, many years later, Bitcoin and many other cryptocurrencies are very established globally, and South America's largest economy is opening its doors to them.

    If this paves the way for greater acceptance across the South American continent, it could well be a boon for citizens as well as for the cryptocurrency market itself.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

  2. #232
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    ETHUSD and LTCUSD Technical Analysis – 01st DEC, 2022


    ETHUSD: Piercing Pattern Above $1151

    Ethereum was unable to sustain its bearish momentum and after touching a low of 1151 on 23rd Nov, the price started to correct upwards against the US dollar crossing the $1300 handle today in the Asian trading session.

    After touching $1300 handle we can see some downward correction in the levels of Ethereum which is expected to enter into a consolidation phase now.

    We can see the formation of bullish engulfing lines in the 2-hour time frame.

    We can clearly see a piercing pattern above the $1151 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

    ETH is now trading just below its pivot level of 1284 and is moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1290 and Fibonacci resistance level of 1296 after which the path towards 1300 will get cleared.

    The relative strength index is at 67 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

    We can see both the bullish harami and bullish harami cross pattern in the 15-minute time frame.

    Both the STOCH and STOCHRSI are indicating overbought levels, which means that the prices are expected to decline in the short-term range.

    Most of the technical indicators are giving a STRONG BUY market signal.

    Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1300 to $1350 in the short-term range.

    ETH is now trading above its 100 hourly simple and exponential moving averages.


    • Ether: bullish reversal seen above the $1151 mark
    • The short-term range appears to be mildly bullish
    • ETH continues to remain above the $1200 level
    • The average true range is indicating HIGH market volatility



    Ether: Bullish Reversal Seen Above $1151


    ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1200 handle in the European trading session today.

    ETH is now preparing to enter into a consolidation phase above the $1250 handle, after which fresh upside waves are expected.

    ETHUSD touched an intraday high of 1304 in the Asian trading session and an intraday low of 1277 in the European trading session today.

    We can see a bullish trend reversal signal with adaptive moving averages AMA20 and AMA50 in the 15-minute time frame.

    The resistance of the channel is broken in the daily time frame indicating a bullish trend.

    The daily RSI is printing at 52 indicating a neutral demand for Ether in the long-term range.

    The key support levels to watch are $1202 which is a 14-3 day raw stochastic at 70% and $1211 at which price crosses 18 day moving average.

    ETH has increased by 1.19% with a price change of 15.13$ in the past 24hrs and has a trading volume of 7.849 billion USD.

    We can see a decrease of 2.57% in the total trading volume in the last 24 hrs which appears to be normal.

    The Week Ahead

    ETH price continues to remain under bullish pressure and after the current consolidation wave is over, we can expect fresh upsides in the ranges of $1300 and $1400 this week.

    We can see the formation of a major bullish trendline in place from $1151 towards $1295 levels.

    The immediate short-term outlook for Ether has turned bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral in present market conditions.

    The price of ETHUSD will need to remain above the important support level of $1208 at which the price crosses the 9-day moving average stalls.

    The weekly outlook is projected at $1400 with a consolidation zone of $1350.

    Technical Indicators:

    The relative strength index (14): is at 67.69 indicating a BUY

    The rate of price change: is at 9.65 indicating a BUY

    The bull/bear power (13): is at 46.55 indicating a BUY

    The high/lows (14): is at 33.40 indicating a BUY

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

  3. #233
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    Gold Price and Crude Oil Price Aim More Upsides, Bulls In Control


    Gold price climbed higher and traded above the $1,780 resistance. Crude oil price is also rising and might climb further higher above $82.50.

    Important Takeaways for Gold and Oil


    • Gold price found support near the $1,720 level and started a fresh increase against the US Dollar.
    • There is a key bullish trend line forming with support near $1,792 on the hourly chart of gold.
    • Crude oil price gained bullish momentum above the $80.00 resistance zone.
    • There is a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD.



    Gold Price Technical Analysis

    Gold price formed a base above the $1,720 level against the US Dollar. The price started a fresh increase and was able to clear the $1,750 and $1,765 resistance levels.

    There was a clear move above the $1,780 resistance and the 50 hourly simple moving average. The price even broke the $1,800 level and traded as high as $1,804 on FXOpen. Recently, there was a downside correction below the $1,800 level.

    Gold Price Hourly Chart


    An immediate support on the downside is near the $1,792 level. There is also a key bullish trend line forming with support near $1,792 on the hourly chart of gold.

    The trend line is close to the 23.6% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high. The next major support is near the $1,775 level or the 50 hourly simple moving average.

    The 50% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high is also near $1,775, below which there is a risk of a larger decline.

    In the stated case, the price could decline sharply towards the $1,750 support zone. On the upside, the first major resistance is near the $1,800 level.

    The main resistance is now forming near the $1,805 level, above which it could even test $1,820. A clear upside break above the $1,820 resistance could send the price towards $1,840.

    VIEW FULL ANALYSIS VISIT - FXOpen Blog...

    Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

  4. #234
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    Watch FXOpen's November 28 - December 2 Weekly Market Wrap Video

    In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.


    • How energy markets are reacting to the COVID surge in China
    • GBP rises to 1.21 against USD in bizarre twist
    • Brazil to legalize cryptocurrencies
    • The US dollar suffers biggest fall in 12 years.



    Watch our short and informative video, and stay updated with FXOpen.



    FXOpen YouTube


    Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

  5. ARIONFORXtarder
 

 
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