With the markets ending the week strong last week, traders will be focused on the U.S. dollar open this morning as well as gold, bitcoin, oil and there will likely be a couple of trades in the in the morning and later in the afternoon as the European session begins.
Traders should consider getting trades set in the morning and holding until that session begins – there is good chance that the Asian session is undecided and drifts until bigger money makes decisions, although some movement in the Chinese Yuan is a wildcard today.
BTC had also finished the week strongly, almost trading to $11,500 over the weekend.
BTC last traded at $11,360
24 hr high: $ 11,447
24 hr low: $ 11,272
We expect that the end of the trade in BTC is in the blue-box at the least. Bulls do not seem to have overly committed and sentiment is not incredibly high, so the alternative – the selloff in red – seems quite unlikely.
We are cautiously optimistic that this bullishness continues and will watch this asset in the context of the U.S. dollar and gold.
Similarly, Eth has broken out of its own consolidation and the obvious target is at around $391.
24 hr high: $ 378
24 hr low: $ 369
Alt. Digital Assets
Alt. digital assets were stronger with the bitcoin move over the weekend, settling down in the lats 24 hours.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||8.79||-3.08195||40,702,815.00||$486,390,009.00|
Some of the Chinese figures coming out today could be interesting, with Foreign Direct Investment a big one for China, having pushed it commercially world-wide the last couple of years.
There are also hints of major change in Chinese economic policy – perhaps they have recognised that the digital Yuan creates an open-market and end of capital controls in China. It would represent a fundamental shift in everything about China.
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