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Market Picture The cryptocurrency market corrected 1.2% in 24 hours, but the 5% gain for the week still indicates a strong bull market despite more frequent mini-corrections. Bitcoin is failing to consolidate above $100K, which is likely suppressing buying in the overall cryptocurrency market. Bitcoin is trading just below $99K with minimal overnight movement. Its […]

The post Bitcoin’s Reluctance Puts Pressure on Altcoins appeared first on Action Forex.

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02/07/2024

Eurozone: Inflation Deceleration Stalled

According to the Eurostat Flash estimate, the euro area CPI stood at 2.5% y/y, hovering between 2.4% and 2.6% for the past five months. There has been no apparent slowing since November when the rate first touched 2.4%. Core CPI maintained a 2.9% y/y in May and June after touching 2.7% in April. The index […]
17/12/2024

Dollar Index Outlook: Prolonged High Fed Rates Expected to Boost Dollar

The dollar index firmed in early Tuesday trading and pressuring the peaks of recovery leg from 105.37 (Dec 6 low). Although last Fri/Mon action was shaped in Doji candles and signaled indecision, this was likely a consolidation before recovery resumes. Fresh bulls probe through cracked Fibo barrier at 106.71 (50% retracement of 108.04/105.37 pullback) with […]
14/11/2024

WTI Crude Wave Analysis

WTI crude oil reversed from the multi-year support level 66.70 Likely to rise to resistance level 70.00 WTI crude oil recently reversed up from the powerful multi-year support level 66.70 (which has been repeatedly reversing WTI from the end of 2021, as seen from the weekly WTI chart below). The support level 66.70 was strengthened […]