A1 Trading Company

June 21, 2021

Weekly Crypto Forecast 6/21/2021

Frank Cabibi

6/21/2021

Recent News

China cracks down:

China's attempt to ban mining comes to fruition as their grip gets tighter around this policy. These digital miners now have no choice but to stop everything they're doing in China or move elsewhere which is temporarily hurting the coin's hash rate. Banks are now being told to cut all crypto transactions in the country where most of the mining is happening. The price of bitcoin fell over 8% so far this week on the bad news.
This could be good news, however. It might actually be better for crypto to move from China and migrate to various parts of the world such as America. This could lead to America serving as the central hub where most digital assets move through, giving the US a leg up on other countries. There have been talks of major mining entities moving from China to Texas.

Bitcoin's Death Cross:

Within the past couple days, the 50 and 200 day moving averages crossed, in the bearish sense. The 50 crossed under the 200 DMA marking what investors call a death cross or a significant bearish technical signal for upcoming price action. Since the cross, bitcoin's price has fallen over 10% to as low as $31,600s in a possible consolidation zone.

Retail is Now Net Long...:

The majority of retail investors are now net long on bitcoin for the first time since October of last year. Mind you, that period of time between then and the coin's all time high moved price up as much as 530%. And now that we're starting to see this crypto in a steady downtrend since April 18, over half of retail investors are buying. This could be a good sign for crypto bulls, but usually when the majority of people are buying, big money has already locked in several short positions to push price lower. Although this could be a good sign, it's important that we watch for a potential downtrend so we know how to protect our money.

BTCUSD

BTCUSD 1D

The 50 crossing below the 200 DMA looks gloomy right now, but a bigger level is at play. Price is now in a consolidation zone between $28,920 and $34,762 which could serve as tremendous support. This key level will likely help determine the coin's overall direction for the mid to long term as in a break under would probably mean a big fall to the $20,000s and a break could mean a move back up to the $46,000s.

DOGEUSD

DOGEUSD 1D

I often like to cover doge with bitcoin because they are closely tied in price action. Similar to bitcoin, doge has dipped its toes in stagnant water. Between 15 and 20 cents roughly is our zone of consolidation, and will be our biggest player to take part in the coin's direction. Around the 15 cent mark lies doge's 200 day moving average. If price can come down to this level, it might actually be a good place to look for entries, if you are a believer in this meme coin.

BNBUSD

BNBUSD 1D

Price looks like it's fond of the 200 DMA for Binance coin on the 1D chart. It also appears that price will test that moving average one more time. If price can bounce up from that, it will create a higher low, suggesting a bullish move will happen. But, if the coin breaks under, it can find support at its previous recent bottom around $210.60s. BNBUSD is currently down 10.93% on the day at the time of writing this.

A1 Edgefinder

All-In-One Fundamental Dashboard!
Simplify your fundamental analysis with our all-in-one fundamental dashboard! 
Discount code: READER

Learn more

Dollar Remains Strong

Indices recover from Friday's lows as the dollar index hovers at break even. The mounting tensions in Israel-Iran escalated market worries, but financial earnings have kicked off to a good start. EdgeFinder Analysis Retail Sales came in higher than expected which is a good sign for the economy. It's also strong for the USD as […]

Read More
Hotter CPI Shakes Markets

Yesterday's CPI numbers in the US caused considerable doubt in the expectations of a June rate cut. This morning's PPI came in lower than expected. But, it might not be enough to convince investors of a summer rate cut. EdgeFinder Analysis EURUSD is a -8 now on the EdgeFinder indicating dollar strength after the higher […]

Read More
Key Inflation Data Weighs on Investor Sentiment

Wednesday's inflation report in the US will be very pivotal in how USD-related assets will react for the next month. Higher CPI has investors worried of the Fed who still looks to cut rates at some point this year, but the inflationary trend could determine when these rate cuts come. EdgeFinder Analysis We have been […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
Signals
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonemenumenu-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram