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Bitcoin
• Bitcoin is currently suffering following a bad weekend performance.
• Bitcoin falls to slightly under $48,000 for the day.
With risk and stocks under pressure in the previous week, crypto traders aren’t having much fun either, as the mood is gloomy. Notably, cryptocurrencies were routed during the weekend, with Bitcoin falling from over $52,000 to a low of $42,333 before recovering somewhat.
• Price is still trading below $50,000, a significant psychological milestone, but purchasers have successfully defended the 200-day moving average (blue line). This will be a crucial technical point of contention in a trade this week, with the price now around $46,380.
• Below that, the $40,000 level will be the next critical support level to keep an eye on.
• For the time being, sellers are poised, and sentiment will lean toward that side of the coin as long as prices remain below $50,000.
Buyers must attempt to break above that level in order to reclaim some control in the short term. Otherwise, there may be pressure for a push to break back below both significant daily moving averages for the first time since July, paving the door for a possible bearish leg below the September lows under $40,000.
USA
As of Sunday, 16 states had identified cases of omicron, prompting the United States to expedite the development of a revised vaccine. According to reports, the Biden administration is preparing to expedite approval of modified COVID-19 vaccinations in order to battle the spread of the omicron form across the country.
The FDA stated that it will “act promptly” alongside the CDC to assist in the fight against the current outbreak of the pandemic.
The first is that omicron is highly transmissible and can infect those who have been properly immunized. The second point is that omicron may be less severe (causing minimal symptoms) in persons who have been immunized.
• USD/JPY remains choppy as markets try to figure out omicron.
• Following a significant decrease at the end of November, USD/JPY appears uneasy The pair dropped dramatically on November 26th as news of the omicron version became more widely circulated, and it has been under steady negative pressure since.
However, sellers are finding it difficult to breach the 9 November low – at least on a daily basis – of 112.72 for the time being.
For the time being, sellers maintain near-term control as price movement remains below the major hourly moving averages. While the 100-hour moving average is nearby at 113.12, I’d place the pair’s critical resistance levels at 113.60 and the 200-hour moving average at 113.82.
The onus is on buyers to try to break above that level in order to reassert some control. Otherwise, as stated above, the present range that the pair can experiment with is rather clearly defined. And, of course, vulnerable to the ups and downs in risk/yield ratios and viral headlines.
China
China may reduce RRR before the end of the year, according to China Securities Daily. The China Securities Daily is currently receiving considerable attention.
According to trading business, the PBOC might reduce the reserve requirement ratio as soon as this month. China’s 10-year yield is down 5 basis points to 2.85 percent.
This comes after Premier Li Keqiang made remarks on Friday. He stated that China will reduce the RRR at the proper moment to increase support for the real economy, particularly for small and medium-sized businesses.
Worry about China’s covid-zero approach if the omicron form is indeed more transmissible than the delta type. It’s already a difficult virus to combat, and this might put a strain on China’s ability to do so.