The bitcoin market has been going through the Ukraine crisis, Greece debt, oil price meltdown. What's to be expected in the price flow? Read here.
This article is written by Aleksandar Ivanovic. To become a guest contributor please contact us here.
ABOUT THE AUTHOR: MSc Aleksandar Ivanovic is a Licensed Portfolio manager. He has been a financial markets and Forex trader for more than 10 years. He is chief strategist and a trader at his own company, Quinotaur Ltd, and also a founder of web presentation.
In recent days, Bitcoin is recognized not only as a currency for online Payments but also as a tradable global exchange currency. More and more online broker feeds have BTC currency pairs in their listing and are able to trade it like any other currency pair.
If you are a buyer of bitcoins or you get bitcoins by mining, you should be aware of its price changes and predictions, both short-term and also long-term. Regarding this, the financial and forex markets now have even more of an impact on Bitcoin than it used to, before it becomes a tradable instrument.
So what has been driving the markets recently? Ukraine crisis, Greece debt, oil price meltdown? Everything has an impact on currency pairs, and if there is an impact on currency pairs it has to be on Bitcoin, since it has value in the world's existing paper currencies like USD, EUR, GBP…
Ok, but what about USD strength? Oh yes, most people don’t see the connection here, but you will be amazed that the correlation of the DXY/USD index is almost perfectly negative (when DXY goes up BTC/USD goes down and vice versa). Take a look at the Chart 1.
Chart 1. BTC/USD in DXY Correlation
The adage, "A picture is worth a thousand words" can apply here. From last year July, we switched to negative correlation from none or a very small positive correlation.
And guess what, this should scare Bitcoin “lovers”. If the USD strength continues, which is a high probability with recent interest rate rise prospects and the health of US economy, then we will have another fall of BTC/USD to a historical low with poor prospects that the recent high of USD300 will be breached at any time soon.
And if we look at technical analyses, not good. If BTC/USD breaks the bearish continuation triangle which can be seen in the Chart2., then we could get a triangle measured move lower to USD50 in the coming weeks and months.
Chart 2. BTC/USD
BTC/USD Chart SOURCE: TradingView.com
So bitcoin holders and traders, not a good time to sell, and not a good time to buy. If you want to buy, wait for lower prices. It seems that USD strength has significant impact on bitcoin valuation, despite the paper currency weakness caused by more and more monetary easing from central banks from all over the world.
USD is still a good “bench” player, at least for now.
This article is written by Aleksandar Ivanovic. To become a guest contributor please contact us here.
ABOUT THE AUTHOR: MSc Aleksandar Ivanovic is a Licensed Portfolio manager. He has been a financial markets and Forex trader for more than 10 years. He is chief strategist and a trader at his own company, Quinotaur Ltd, and also a founder of web presentation.
In recent days, Bitcoin is recognized not only as a currency for online Payments but also as a tradable global exchange currency. More and more online broker feeds have BTC currency pairs in their listing and are able to trade it like any other currency pair.
If you are a buyer of bitcoins or you get bitcoins by mining, you should be aware of its price changes and predictions, both short-term and also long-term. Regarding this, the financial and forex markets now have even more of an impact on Bitcoin than it used to, before it becomes a tradable instrument.
So what has been driving the markets recently? Ukraine crisis, Greece debt, oil price meltdown? Everything has an impact on currency pairs, and if there is an impact on currency pairs it has to be on Bitcoin, since it has value in the world's existing paper currencies like USD, EUR, GBP…
Ok, but what about USD strength? Oh yes, most people don’t see the connection here, but you will be amazed that the correlation of the DXY/USD index is almost perfectly negative (when DXY goes up BTC/USD goes down and vice versa). Take a look at the Chart 1.
Chart 1. BTC/USD in DXY Correlation
The adage, "A picture is worth a thousand words" can apply here. From last year July, we switched to negative correlation from none or a very small positive correlation.
And guess what, this should scare Bitcoin “lovers”. If the USD strength continues, which is a high probability with recent interest rate rise prospects and the health of US economy, then we will have another fall of BTC/USD to a historical low with poor prospects that the recent high of USD300 will be breached at any time soon.
And if we look at technical analyses, not good. If BTC/USD breaks the bearish continuation triangle which can be seen in the Chart2., then we could get a triangle measured move lower to USD50 in the coming weeks and months.
Chart 2. BTC/USD
BTC/USD Chart SOURCE: TradingView.com
So bitcoin holders and traders, not a good time to sell, and not a good time to buy. If you want to buy, wait for lower prices. It seems that USD strength has significant impact on bitcoin valuation, despite the paper currency weakness caused by more and more monetary easing from central banks from all over the world.
USD is still a good “bench” player, at least for now.
Federal Prosecutors Charge Samurai Wallet Founders with Money Laundering
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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