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On April 20th, it was reported that the "Hainan Province 15th Five-Year Plan for Service Industry Development (Draft for Public Comment)" was recently released for public comment. The plan mentions coordinating various transportation modes, including aviation, shipping, and urban transportation, optimizing the connection and coordination efficiency between different transportation systems, and building a safe, convenient, efficient, green, and economical modern comprehensive transportation system. It also aims to improve comprehensive transportation service capabilities, support the efficient and convenient export of "new three products" (new energy vehicles, lithium batteries, and photovoltaic products), and strengthen Hainans role as a strategic pivot in the "dual circulation" development strategy. By 2030, it aims to increase waterborne freight turnover by 40% and air passenger turnover by 30%.Huawei Terminal: The Huawei Pura series and all-scenario new product launch event will officially kick off at 14:30 today.April 20th, Futures News: Economies.com analysts latest view: Spot gold prices have retreated, mainly due to the Relative Strength Index (RSI) releasing a negative signal after reaching overbought levels. This pullback aims to alleviate the overbought condition and moderate momentum before attempting a renewed upward move. The decline brought prices back to the EMA50 support level, while also finding support at the short-term upward correction trendline. The strengthening of this support area makes it a key technical support zone, potentially helping spot gold prices regain positive momentum and move higher in the coming period.April 20th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices surged during intraday trading, primarily supported by a positive signal from the Relative Strength Index (RSI) after reaching oversold levels. This movement reflects an attempt by prices to alleviate oversold conditions and regain some upward momentum. This rally pushed prices to test the short-term downtrend line and also touched the resistance level of the EMA50 moving average. This area is technically significant as it represents a key resistance zone that could determine the subsequent price direction: a successful breakout would confirm a continuation of the rebound; a failed breakout could lead to renewed downward pressure.April 20th, Futures News: Economies.com analysts latest view: Brent crude futures maintained a strong upward trend during the session, attempting to recover previous losses. Meanwhile, prices are struggling to alleviate the clearly oversold condition on the Relative Strength Index (RSI), especially given the positive signals. Nevertheless, Brent crude futures continue to face dynamic negative pressure, primarily reflected in its price trading below the 50-day EMA, which further reinforces the dominance and stability of the corrective downtrend, especially as prices fluctuate near the support trendline of this trend path.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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