Bitcoin, Forex Update: Major cryptocurrencies started the week in a consolidation, while Bitcoin traders appear to be shifting their sentiment to bullish. The USD started off the week mixed against major counterparts.
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The US dollar started off the week mixed as it edged lower versus the Japanese Yen (JPY) and higher versus the Swiss Franc (CHF) at Asian market open.
U.S. President Donald Trump is ramping up his search for a new chief for the Fed, meeting with former Federal Reserve Governor Kevin Warsh and three others and promising a decision next month. This could get USD traders on a watch out.
Forex Economic Calendar On the economic calendar the Swiss Retail Sales (AUG) will be released at 7:15 AM GMT followed by Canada’s Manufacturing PMI (SEP) at 1:30 PM. The USD will release their SM Manufacturing and employment (SEP) at 2 PM GMT.
Bitcoin, Forex Update: BTC/JPY Correcting September Losses?
While BTC/JPY was able to test above the key pivot level of 470,000 last Friday, it yet has to confirm above the upper band of the daily Ichimoku cloud for us to have the third bullish confirmation. The Kijun line has already crossed above the Tenkan line. The pair appears to have bottomed out after the major volatilities in the middle of September which resulted in a massive Bitcoin selloff versus the Japanese Yen.
Bitcoin, Forex Update -BTCJPY Correcting September Losses
The price has generally moved up since then, creating a brand new uptrend. If the trend continues, we could see the pair testing the all-time high level of 550,000 once again.
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Japan to Back Bitcoin Up After China Crackdown
While Bitcoin and its crypto cousins remain highly speculative assets, it is certainly impressive that they recovered from the China crackdown, as well as all the other negative coverage they received in September. It doesn’t hurt that as China cracks down, Japan is fast becoming the powerhouse of the bitcoin market. On Friday, Japan’s Financial Services Agency officially recognized 11 companies as registered cryptocurrency exchange operators. This is the latest decision in Japan to show support for the digital currency. In April, it passed a law recognizing bitcoin as legal tender.
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