USDX
104.220

0.28%

XAUUSD
1815.80

0.22%

WTI
109.262

0.90%

EURUSD
1.04335

0.19%

GBPUSD
1.22520

0.08%

USDJPY
129.082

0.10%

USNDAQ100
12385.17

0.15%

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Turkey Witnesses Bitcoin Frenzy Amid Economic Turmoil

Cryptocurrency ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve the value of their savings. Concerns rise about a fast-growing industry and legislation is overdue.

Skepticism About Sudanese Military's Calls for Dialogue

Analysts believe the recent call by Sudan's military leaders for a dialogue to overcome the ongoing political crisis will not lead to any results.

After Reopening, Thailand's Battered Tourism Struggles to Rebuild

Authorities hope 5 to 15 million visitors will visit the country this year, down from 40 million before the pandemic.

China's Economy Cools Down Significantly. Will the CNY Continue to Depreciate?

Under the impact of the pandemic, China's economy cooled down significantly in April, with downward pressure on the economy coming to the fore and the CNY exchange rate continuing to depreciate, but the economy is also expected to improve with the better conditions of the pandemic and policy stimul

PENDING

WTI: Several Indicators Are Driving Oil Prices Higher

PENDING

XAUUSD: Prices Could Enter Medium-Term Recovery Phase After Sharp Sell-Off

PENDING

GBPUSD: GBP Has Been Fluctuating Downward, Recommended to Buy Low and Sell High

TRADING

EURUSD: Here Comes EUR Weakness as It Falls Back after a Rise

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      ETHUSDT: Continued Capital Outflow Leads to a Disastrous Situation for Ethereum

      Summary:

      The continued capital outflow from the crypto market exerts a certain pressure on cryptocurrencies such as Ether.

      Sell ETH-USDT CLOSED
      EXP

      2087.92

      ENTRY PRICE

      1900.00

      TGT PRICE

      2230.00

      SL PRICE

      2036.31 +21.76 +1.08%

      1197

      Points

      Profit

      1900.00

      TGT PRICE

      TARGET UNREACHED

      2075.95

      CLOSING PRICE

      2087.92

      ENTRY PRICE

      2230.00

      SL PRICE

      Fundamentals

      With the recent spike in commodity prices and deteriorating economic outlook, the US stock market is miserable, and investors are also accelerating their action to exit the cryptocurrency market. Cryptocurrencies of all types are extremely weak, with the one emerging cryptocurrency, Terra (LUNA), crashing by almost 99.99% overnight in the past 24 hours. At the same time, ETHUSDT once fell below the 3000 and 2000 mark consecutively.
      ETHUSDT: Continued Capital Outflow Leads to a Disastrous Situation for Ethereum_1
      According to CoinShares, there were $12.5 million in outflows from Ethereum last week, with the cumulative outflows from Ethereum reaching $207 million since the beginning of the year. The significant outflow of funds is also a microcosm of the cryptocurrency market's continuous fall since this year.
      In addition, the Federal Reserve (Fed) is starting a new cycle of rate hikes and tapering. The significant recovery in market liquidity continues to exert a certain pressure on cryptocurrencies.

      Technical Analysis

      ETHUSDT: Continued Capital Outflow Leads to a Disastrous Situation for Ethereum_2
      In the weekly chart, ETHUSDT continues its descending trend with an accelerating tendency. Currently, the price rallied after falling to the critical support area near 1820. In the short term, the price is less likely to continue to break down. Referring to the previous rounds of the bear-to-bull market, repeated consolidation at low levels will also take some time. Therefore, the market could be in a period of range trade.
      ETHUSDT: Continued Capital Outflow Leads to a Disastrous Situation for Ethereum_3
      In the 1H chart, ETHUSDT bottomed out and then rallied. The rally was constrained near 2100. At the same time, the indicator RSI shows signs of turning down. Therefore, the possibility of another downward correction cannot be ruled out.
      Overall, it is recommended to short at highs and long at lows. You can try to short near the current price of 2080. The target is the support level near 1900, with a stop-loss set above 2200.
      Trading Recommendations
      Trading direction: Short
      Entry price: 2080
      Target price: 1900
      Stop Loss: 2230
      Support: 1900/1800
      Resistance: 2200/2300
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

      Quick Access to AI News

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      FastBull project team is dedicated to create exclusive videos

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      More comprehensive macro data and economic indicators

      Members have access to entire historical data, guests can only view the last 4 years

      Member-only Database

      Comprehensive forex, commodity, and equity market data

      Thomas

      analyst

      I am good at analyzing and interpreting the political and economic situation in Southeast Asia to find investment opportunities.

      Rank

      1

      Articles

      163

      Win Rate

      75.00%

      P/L Ratio

      1.43

      Most Traded Assets

      ETH-USDT、BTC-USDT

      Related Analysis

      BTCUSDT: The 30,000 Barrier Lost, Downward Space Further Opened

      CLOSED -9951 Points

      BTCUSDT: Bias to the Downside in the Short Term, To Approach the 30,000 Mark

      CLOSED +29878 Points

      ETHUSDT: Bias to the Downside in the Short Term Due to Continued Capital Outflows

      CLOSED +11746 Points
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