ETH, XRP, XRP up, Bitcoin Down – What’s Next?: So XRP, ETH, and Dash had a comeback on Tuesday while Bitcoin saw a pullback after reaching the all-time high above $6,000. Ripple and Ethereum were both supported by the lower band of the daily Ichimoku cloud as traded versus the USD.
XRP also edged higher versus BTC, forming a bullish engulfing, after two weeks of continued falls. The XRP/BTC pair remains below the daily Ichimoku cloud however and is supported by 0.000023. The drop in Bitcoin could merely be considered as profit taking or a pullback in a longer-term uptrend, as the cryptocurrency hasn’t ceased to surprise us with reaching new highs faster than expected.
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Also, while many on Wall Street argue that Blockchain industry is more important than Bitcoin, Brian Kelly from Forbes begs to differ. He believes Bitcoin could to do to banks what email did to the post office and Amazon did to retail. Meanwhile, bitcoin gold officially split from the bitcoin network Tuesday morning. The new cryptocurrency is a clone of the original bitcoin blockchain, but it will play by different rules than the original. So we still have more to watch out for in the world of cryptocurrencies.
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On the Economic Calendar …
We have a busy economic calendar ahead and some interesting trading opportunities across the major currency pairs. To top this off, a senior Republican senator called President Donald Trump “utterly untruthful” on Tuesday hours before the president was to meet with lawmakers on Capitol Hill to talk about tax reform, which could put pressure on the USD crosses.
During the Asian session today we have Australia’s Consumer Prices Index (3Q), and during the London session, UK’s GDP will be out at 8:30 AM GMT expected to remain unchanged. US Durable Goods Orders (SEP P) is up next at 12:30 PM. The headline figure for the value of orders placed for relatively long-lasting goods is expected to drop to 1% from last month’s 2%. The all important Bank of Canada Rate Decision and Monetary Policy Report will be released at 2 PM which could shake the Loonie crosses. BOC’s Poloz and Wilkins will then hold a Press Conference at 3:15 to go over the details.