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Don’t waste your time – keep track of how NFP affects the US dollar!
Once above $60,000, Bitcoin is now below $40,000. That's not only a big loss but also a key technical level: 200-MA is providing support here. Further below, it'll be already $30,000 and pretty much nothing holding the primary cryptocurrency from going down. Is it possible? Yes.
First, while corporations are increasingly interested in decentralized finances and digital tokens, state financial institutions are increasingly unamused with the out-of-control perspective it suggests to the global economy. Hence, governments are strategically interested to crack down on the digital economy and put as much control on it as possible. Therefore, it is essentially a clash of interest: states want more control, businesses and individuals want more freedom. Now, as the Chinese officials reiterated that no digital asset can or should be used as a means of payment like fiat money, crypto investors got a part of their hope of digital freedom slashed. Bitcoin reacts accordingly.
Second, the crypto market is highly volatile - to an extent that it makes all-time highs just blindly believing announcements of "big people" such as Elon Musks. As such, it's a trade-rumor scheme in its most perfect form: Elon Musk tweets - the market flies. Now, we're observing the flip side of the coin. Elon Musk said - Bitcoin goes down. To be precise, Elon Musk doesn't bear responsibility for the over-reacting of the market: the "Imperator of Mars" is free to speak as he pleases. It's the market participant who like stretching what they get from Musk's words and making another reason for Bitcoin to fly - or fall.
At the end of the day, remember 2017: with all the interest from the institutional investors, we may be heading into a big multiyear correction where the current $40,000 will turn out to be another once-achieved and quickly-abandoned high.
Wait and observe. As in most cases, it's the best reaction to what you cannot really explain nor control. When the plunge stops, give it another day or two - or even a week or so - to make sure there is no further downside looming and pick it up on the upside reversal if you want to catch the next upswing.
With Bitcoin, it may be $60,000 - or $20,000 - just in a few weeks... or days. Both options are possible.
What will happen? NonFarm Payrolls data will be announced at 15:30 MT (GMT+2) on Friday, December 3…
ISM Manufacturing PMI will be announced at 17:00 MT (GMT+2) on Wednesday, December 1.
Bank of England will release data on quantitative easing, monetary policy, and bank rates on November 4, 14:00 GMT+2.
What will happen? ECB will report its Monetary Policy statement at 14:45 MT (GMT+3) on Thursday, October 28…
Australia will publish its Inflation Rate on January 25, at 02:30 MT time.
The United States will publish Core PCE Price Index on Thursday at 15:30 GMT+2.
Canada will post Retail Sales and Core Retail Sales on December 21, at 15:30 GMT+2.
The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.
The US central bank, Federal Reserve, will announce its decision on further monetary policy on December 15 at 21:00 MT.