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Bitcoin (BTC/USD) Holds the High Ground as Binance Deals with Client Exodus Nov 28, 2023 7:46 PM +02:00 Zain Vawda, DailyFX Analyst BITCOIN, CRYPTO KEY POINTS: Bitcoin Trades Just Above the $38k Mark. Are We Finally Going to Print a Daily Close Above the Resistance Level with an Eye on the $40k Handle? Binance Users Pull $1 Billion Following the Exit of CEO Changpeng Zhao. BNB Token Struggles and Hovers Near Recent Lows. Can the Exchange Survive Moving Forward? Bitcoin continues to threaten the $38k mark but remains unable to find acceptance above the key level. The reason the world’s largest cryptocurrency has held onto its gains may have to do with an increase in capital inflow from institutional investors over the past week, per a report by CoinShares. There has also been a notable surge in demand for digital assets of late with the past week being the 9th consecutive week of positive inflows to the market. A lot of this could still be down to anticipation of the spot Bitcoin ETF and the halving event next year. Bitcoin in particular saw inflows of around $312 million over the past week with the yearly total now at around the $1.5 billion mark as investor confidence appears to be on the rise. There has also been a notable shift over the last 18 months with the number of Hodlers growing exponentially as well. Source: TradingView BINANCE FACES CLIENT EXODUS FOLLOWING ZHAO’S EXIT It’s been a topsy turvy couple of days for Binance as it continues to grapple with the fallout from exit of former CEO Changpeng Zhao. This has left the world of crypto exchanges reeling even if Cryptocurrencies themselves have enjoyed a renaissance in Q4. Binance faced questions last week about its ability to continue given the size of the fines imposed on the exchange which totaled $4.3 billion. As news filtered through the exchange saw outflows of around the $1 billion mark in the 24 hours post Zhao’s departure being announced. If this continues it could pose a serious risk to the exchange and may be worth monitoring in the days ahead. The BNB token as well faced challenges in the aftermath as it fell as much as 8% following Zhao’s announcement. The exchange has also lost a significant amount of market share from zero-fee crypto trading since the removal of this lucrative incentive. Binance does not face the same charges as FTX but are we about to witness another titan of the industry disappear into the doldrums? BNB Daily Chart, November 28, 2023 Source: TradingView -
Source: Bloomberg Diego Colman | Market Analyst, New York | IG | Publication date: Friday 01 December 2023 04:57 The US dollar, as measured by the DXY index, extended its recovery on Thursday, boosted by a bounce in US treasury yields following remarks from San Francisco Federal Reserve president, Mary Daly indicating that the FOMC is not yet considering slashing borrowing costs. Daly's forceful position, which clashes with the more cautious posture embraced by other colleagues, highlights a widening chasm between the doves and the hawks. Upcoming market events Source: DailyFX To address uncertainties regarding the broader central bank’s stance, traders should closely monitor Fed chair Jerome Powell’s speech at Spelman College on Friday. This event might serve as a platform for the FOMC chief to provide clarification on the monetary policy outlook. Hawkish comments endorsing higher interest rates for longer are likely to exert upward pressure on US yields, creating the right conditions for the dollar to prolong its nascent rebound. On the flip side, a lack of pushback on dovish market pricing ( many rate cuts for 2024 already discounted) could drag yields, weighing on the greenback.
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By tradinglounge · Posted
The Procter & Gamble Co., Elliott Wave Technical Analysis The Procter & Gamble Co., (PG:NYSE): 4h Chart 1 December 23 PG Stock Market Analysis: We are looking at the possibility of a bullish scenario, which is very similar to what is happening with the DJI. Looking for a potential correction in wave (2) to be in place to now resume higher. PG Elliott Wave Count: Wave {i} of 1. PG Technical Indicators: Above all averages. PG Trading Strategy: Looking for longs into wave {iii} with 153$ as tested support. TradingLounge Analyst: Alessio Barretta The Procter & Gamble Co., PG: 1-hour Chart 1 December 23 The Procter & Gamble Co., Elliott Wave Technical Analysis PG Stock Market Analysis: Looking for a potential diagonal in wave {i} and a three wave move in wave {ii}. We are now looking for a potential wave (iii) of {iii} to be in place which should start an acceleration higher. PG Elliott Wave count: Wave (iii) of {iii}. PG Technical Indicators: Above all averages. PG Trading Strategy: Looking for longs into wave {iii} with 153$ as tested support.
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