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Market news: Following talks with Russian President Vladimir Putin, the US delegations motorcade left the Kremlin.January 23rd - Analysts suggest the Bank of Japan (BOJ) is likely to maintain its interest rate today and release cautiously optimistic signals, believing the economy will continue its moderate recovery. This provides a basis for further increases in borrowing costs, which remain low. BOJ Governor Kazuo Ueda is unlikely to offer many clues about the timing of the next rate hike, as Prime Minister Sanae Takaichis decision to hold a snap election next month has triggered a new round of market volatility, complicating the decision. The BOJ is currently in a delicate position, needing to curb yen short selling through hawkish rhetoric while simultaneously preventing further increases in bond yields due to expectations of a significant increase in spending by the Takaichi administration.January 23rd, Futures News: I. Domestic Weather (1) Temperatures gradually rise across most of the country. From January 23rd to 24th, temperatures gradually rise across most of the country. From January 23rd to 25th, atmospheric diffusion conditions are poor in central and southern North China, central and western Huanghuai, Fenwei Plain, Sichuan Basin and other places, with light to moderate haze. On January 25th, affected by cold air, the haze in central and southern North China weakens or dissipates. In addition, from January 24th to 25th, affected by cold air and strong winds, there is dust weather in some parts of Northwest China. (2) Heavy to blizzard conditions in southwestern Tibet. From January 23rd to 24th, moderate to heavy snow is expected in parts of western Xinjiang and southwestern Tibet, with blizzards or heavy blizzards in some areas. During this period, light to moderate snow will occur on the Qinghai-Tibet Plateau from west to east, and the temperature will drop by 6-8℃ after the snowfall, with some areas exceeding 10℃. II. Global Weather (1) Strong rain, snow, strong winds and temperature drop in Central Asia and West Asia. Over the next three days, affected by the low-pressure system, some areas in southern Central Asia, central and eastern Afghanistan, the Pamir Plateau, eastern Far East, central and northern Japan, and northern Pakistan will experience heavy to blizzard-like snow or sleet, with some areas experiencing heavy to extremely heavy snow. Most of these areas will see a temperature drop of 8 to 12°C, with some areas experiencing a drop of 14 to 16°C, accompanied by strong winds of level 4 to 6 and above. (2) Heavy rainfall in central and southeastern Brazil. Over the next three days, affected by the low-pressure system, some areas in Brazil, Ecuador, western Colombia, Peru, and northern Bolivia will experience moderate to heavy rain, with some areas experiencing torrential rain. (3) Heavy snowfall in the United States and Canada. Over the next three days, affected by the upper-level trough system splitting at the bottom of the cold vortex, some areas in central and southern United States and northeastern Canada will experience moderate to heavy snow or sleet, with some areas experiencing heavy to blizzard-like snow or extremely heavy snow. Some areas in southeastern United States and northwestern Mexico will experience moderate to heavy rain, with some areas experiencing torrential rain. Temperatures will drop by 8 to 12 degrees Celsius or more in central and eastern Canada and the northeastern United States, accompanied by winds of force 5 to 6.Kremlin: Russian President Vladimir Putins talks with U.S. Middle East envoy Josip Witkov have concluded.European Commission President Ursula von der Leyen: All parties clearly hope that the benefits of the Mercosur trade agreement will come into effect as soon as possible.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

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Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

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 was up 35 points this morning.