Bitcoin threatens to make a new record high as it threatens to break above last week’s high above $93,000, which suggests that it could reach $100,000 soon.
- The cryptocurrency Bitcoin has consolidated since making a record high above $93,000 a few days ago, but the price action right now indicates a further bullish breakout is looking likely to happen. The obvious target is the big round number at $100,000. Trend and momentum traders will be interested in staying long of Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on the CME which is sized at only 10% of a coin), or as options.
- In the Forex market, the US Dollar is consolidating but remains strong after last week’s technically significant bullish breakout. The US Dollar Index has reached a new 1-year high price. Like Bitcoin, the Dollar has also been driven higher by the Trump victory. The USD/CAD currency pair is trading at a 4-year high above $1.4000. Despite the US Dollar’s strength, we are seeing most other currencies make minor gains against it so far this week.
- The Bank of Japan’s Governor Ueda made public remarks a few hours ago to the effect that the Bank of Japan will be data-driven in its approach to the timing of its next rate hike.
- Stock markets are mixed. Major US Indices such as the NASDAQ 100 and the S&P 500 are seeing minor recoveries during today’s Asian session, and Asian indices have also made some gains on signs of Chinese policy support for stock markets.
- It is likely to be a relatively quiet day in the Forex market as it is a Monday and there are no high-impact data or policy releases expected which might move the market.
For additional & up-to-date info on brokers please see our Forex brokers list.
Top Forex Brokers