Bitcoin finds support at the $26,000 level
Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
FXCM’s USDOLLAR index dropped yesterday from its bullish channel, between the upper blue and red bands, into its neutral area, between the blue bands. This was a movement of relative weakness. Technically, a decline in the USDOLLAR on the daily chart effectively normalised an overbought RSI.
GBPUSD has been range-bound but may be readying itself to test the upper boundary.
The weekly NAS100 has charted a series of higher troughs followed by higher peaks. This puts the index into an uptrend.
Copper has lost 62% of the gains it made off 2022’s second half rally. Its RSI, a measure of its momentum, is on the bearish side of 50, suggesting the industrial metal’s momentum is to the downside.
FXCM’s CHN50 and HKG33 CFDs have charted a lower peak followed by a lower trough. This puts the indexes into downtrend.
The US2000 tracks the performance of 2,000 small-cap US stocks. It is generally a more volatile index, as smaller companies have more limited access to financial resources than big companies. Many view the US2000 as a barometer of the US economy, due to its sensitivity to macroeconomics. Thus, its underperformance is worrisome.
Last week saw inflation coming in ahead of expectations. This has led to markets repricing the path of Fed hikes. US GDP came in better that expected but German GDP reflects technical recession. After a 90-minute call on Saturday, there is a debt ceiling deal which needs to be ratified by both Houses. Non-Farm Payrolls will be released this Friday, providing the next clue for rates. Listen in for these…
The core PCE was higher than the consensus of 4.6% y/y, printing at 4.7% y/y. The previous reading was 4.6% y/y. On a monthly basis, it came in at 0.4% (4.9% - annualised), higher than the 0.3% expected.
The rand is trading near R19.70 against the USDOLLAR following a 50bps hike by the South African Reserve Banks. The SARB said that the hike was necessary to combat rising inflation but conceded that further rand weakness can be expected. At one stage yesterday it traded as low as R19.81 to the greenback.
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