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AUDUSD, Bitcoin Targets Reached – Litecoin Erases Gains


Oct.09.2017

AUDUSD Bitcoin Litecoin Update - Profit Targets Reached: AUD/USD and Bitcoin both reached our profit targets we shared with our premium investing group members. Here is what's next in the cryptocurrency and the forex markets.

AUDUSD Bitcoin Litecoin Update

AUD/USD: We reached our AUD/USD profit target after the pair confirmed below the daily Ichimoku cloud, dropping to the 61% Fibonacci level of 0.7750. We sent out our SELL signal once the pair confirmed the break below the Double Top chart pattern, as well as the Ichimoku cloud. Now that it has hit a key support level, we could see a pullback towards the pivot and 50% Fibonacci level of 0.7814 before a further potential drop.

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AUDUSD Reaches Profit Target - AUDUSD Bitcoin Litecoin Update AUDUSD Reaches Profit Target - AUDUSD Bitcoin Litecoin Update

The next support level is set at 0.7686. On the monthly chart, the pair remains under the shadow of the monthly Ichimoku cloud as it moves within an upward channel.

Litecoin, Bitcoin: Litecoin was one of the unluckier cryptocurrncies on Monday as it saw sharp declines towards a key support level at 47, as traded versus the USD.  

LTCUSD Above Key Support - AUDUSD Bitcoin Litecoin Update LTCUSD Above Key Support - AUDUSD Bitcoin Litecoin Update

Meanwhile, Litecoin’s cousin, Bitcoin, enjoyed yet another day of bullish sentiment, reaching our profit target of $4,631, aiming for the next resistance level of $4,915. With this, Bitcoin solidified its position as the cryptocurrency market’s most valuable, secure, and widely utilized blockchain network.

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Bitcoin appraoching all-time high Above Ichimoku - AUDUSD Bitcoin Litecoin Update Bitcoin approaching all-time high Above Ichimoku - AUDUSD Bitcoin Litecoin Update

However, there are still countries who are quite unsure about the future of cryptocurrencies. Malaysia, for example, where Bitcoin is currently unregulated, will make a decision on whether to ban the cryptocurrency by the end of this year, according to the governor of the country's central bank.

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Other pessimists include Harvard economist Kenneth Rogoff who said on Monday that Bitcoin price bubble ‘will collapse’ while the tech that underpins it lives on. From a technical point of view, however, we could see further gains in Bitcoin towards the all time high zone of $5,000, and above towards the end of the year. Litecoin, on the other hand, remains a good purchase for those interested as it’s approaching lower levels.

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Coming up on the Economic Calendar ...

On the economic calendar on Tuesday, we have economic data from China during the Asian session including the New Yuan Loans (SEP). Bank of Japan (BOJ) Kuroda speaks at Branch Managers' meeting at 12:30 AM GMT. Japan's Eco Watchers Survey Outlook will be out at 5 AM.

Switzerland’s Unemployment Rate (SEP) will be up next at 5:45 AM, followed by German Trade Balance (AUG) at 6 AM. Moreover, during the London session, the UK Manufacturing Production and Trade Balance (AUG) will be out at 8:30 AM.

We are expecting a mostly quiet New York session. During the next day’s Asian session, Australia’s Consumer Sentiment Index will be out at 11:30 PM GMT.

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