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Increased investor confidence fueled by a $1.04 billion inflow into Bitcoin Spot ETFs. Bitcoin miners, particularly in the US, are accumulating Bitcoin in anticipation of another potential rally, with Marathon Digital Holdings aiming to significantly increase its hashrate. Technically, Bitcoin’s breakout above a long-term descending trendline suggests further upside potential. Bitcoin prices enjoyed somewhat of […]

The post Bitcoin (BTC/USD) Soars Amidst Surging ETF Inflows appeared first on Action Forex.

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08/05/2024

GBPUSD Pulls Back After Testing 50-day SMA

GBPUSD reverses lower after 50-day SMA curbs advance Violates both the 200-day SMA and descending trendline Momentum indicators are neutral-to-negative GBPUSD had been in a recovery mode following its bounce off the five-month bottom of 1.2298, with the price temporarily violating the 200-day simple moving average (SMA). However, the pair retraced back below the downward sloping trendline, […]
29/12/2023

AUDUSD Wave Analysis

AUDUSD reversed from resistance level 0.6865 Likely to fall to support level 0.6800 AUDUSD currency pair recently reversed down from the major resistance level 0.6865 (which has been reversing the pair from June). The resistance level 0.6865 was further strengthened by the nearby upper daily Bollinger Band. Given the strength of the resistance level 0.6865 […]
07/05/2024

Yen Extends Losses, Fed Members Cautious

The Japanese yen is down for a second straight day on Tuesday. USD/JPY has risen 0.45%, up 154.59, up 0.45% at the time of writing. The yen is down 1% this week after soaring 3.4% against the dollar a week earlier. The markets are still buzzing after Japan’s Ministry of Finance apparently intervened twice last […]