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Altcoins

• Although altcoins have increased in value, BTC still offers few optimistic indications.
• Altcoin purchases have increased since the first cryptocurrency defended the $40K barrier.
• The cryptocurrency market has once again crossed $2 trillion, rising nearly 2.7 percent in the previous 24 hours. Meanwhile, Bitcoin has not kept pace with the growth in altcoin values, rising 1.45 percent versus a 4 percent spike in ETH, while other prominent currencies rose between 3 and 7 percent.
• After the first cryptocurrency defended the $40K mark, the purchasing of altcoins has increased. This acted as a vote of confidence in the sector’s short-term prospects, allowing fans to invest in possibly more inexpensive coins and initiatives.

• The crypto Fear and Greed Index rose one point overnight to 22, indicating that investors saw the recent drop as a buying opportunity. Bitcoin has rebounded from a psychologically significant support level for the second time since September, according to the chart. Furthermore, the RSI indicator on the daily charts broke out of the oversold zone, indicating a respite in the negative trend. However, it is too early to declare that we are witnessing the start of a new growth wave. There are a number of causes behind this.
• The RSI indicator achieved lower lows in this wave of drop than earlier in December and significantly lower levels in September and July, indicating more sustained and extended selling than in previous episodes.
• Bitcoin’s consolidation attempts this week are little more than a wobble towards the bottom. Solid upward momentum in July or September will signal a positive turnaround. The bears rapidly ate away at the mini-recovery in December.
• BTCUSD is stabilising at the falling channel’s bottom limit. To claim that we are seeing more than simply a rebound inside this trend, it must get over 45k, which is where the prior local lows and the downward resistance line are located. If bitcoin fails to create an upswing, it will severely harm mood among cryptocurrency traders, producing a poisonous climate in the industry and reintroducing selling into the equation, regardless of individual project possibilities.

Dollar

• The dollar remains under pressure as European morning activity begins.
• Following yesterday’s fall, the greenback is on the defensive.
• We’re seeing some modest range expansions today, but it all points to a slight softening of the dollar to begin the session. EUR/USD is presently trading at 1.14858, while USD/JPY is trading at 114.47. I’ll go over the individual charts in more detail later, but USD/CAD appears to be on a downward trend.
• The pair is testing the seas below its 200-day moving average (blue line) of 1.2498, which might see the downward trend increase in the coming sessions.
• There is also a semblance of a head-and-shoulders pattern that is breaking, which adds to the technical impetus for selling right now. The 1.2400 level is the next likely target, although the pattern above implies that sellers may be looking for a retest of the October lows under 1.2300.

 

China

China claims both parties are keeping regular contact on the US-China Phase One trade pact.

Chinese Commerce Ministry remarks.

If I had to guess, no communication is normal communication for both sides. For the time being, the fact that they aren’t sniping at each other is probably the best-case situation. But, in the long run, don’t anticipate tensions between the United States and China to lessen in the next decade or two. If anything else, things are going to heat up even more, so keep that in mind as a macro background.

Europe

Stocks are slightly down to begin the day.

Eurostoxx -0.2 percent, Germany DAX -0.4 percent, France CAC 40 -0.3 percent , UK FTSE -0.1 percent & Spain IBEX -0.1 percent.

This follows a stronger performance in the first three days of the week, with investors also dismissing the US inflation figure from yesterday. The stock’s rally appears to be taking a respite today, but the dollar is still under pressure across the board as a result of yesterday’s drop in US trade.