2023-06-29 • Updated
Exciting news from Mastercard: they are launching a Multi-Token Network (MTN) to explore the potential of tokenized bank deposits, stablecoins, and central bank digital currencies (CBDCs). The MTN will begin with testing tokenized bank deposits and will be available in beta mode this summer in the UK. They have invited banks and financial institutions to participate in the initiative. Mastercard aims to bring programmability and flexibility to regulated money by making bank deposits digital assets on the blockchain. This aligns with their blockchain analytics application, Mastercard Crypto Credentials, which ensures compliance with regulations like anti-money laundering. The MTN will enable cross-border transfers of value between banks, allowing for fast and flexible movement. Selected teams will be able to develop use cases powered by tokenized deposits and digital assets in an MTN Innovation Sprint happening in London this summer.
Bitcoin has had an interesting couple of weeks, with a remarkable, bullish recovery. However, BTCUSD is struggling to keep up the bull run due to selling pressure from the supply zone, as highlighted in the chart. The rally-base-drop supply zone is expected to yield some bearish pressure, potentially derailing the bullish intent. Here’s my take; wait to see a clear rejection from this supply zone from the Daily timeframe before proceeding to take a position on the commodity.
Analyst’s Expectations:
Direction: Bearish
Target: 27000.00
Invalidation: 32728.84
XRPUSD is sitting pretty in a well-cushioned area of demand - the likelihood of breaking this demand zone is minimal. First, we see the trendline support, then the bullish array of the moving averages, followed by the drop-base-rally demand zone, and finally, the 200-day moving average as support. All these confluences serve strictly to bolster the bullish sentiment on XRPUSD.
Analyst’s Expectations:
Direction: Bullish
Target: 0.56699
Invalidation: 0.44237
ETHUSD is yet another cryptocurrency pair that is also prepping for a bull run. So far, we’ve seen Ethereum react succinctly to the confluence of the 200-day MA, the demand zone, and the trendline support, leading to a price action that slightly broke above the previous high of the market structure. On this basis, I expect to see a seamless continuation of the same bullish price action from the 100-day moving average as an area of support.
Analyst’s Expectations:
Direction: Bullish
Target: 2066.42
Invalidation: 1690.03
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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