- Bitcoin has surged higher once more today to post another all-time high
- What reasons could end the incredible Bitcoin rally?
- US initial jobless falls lower; USD hits 2-week high
- Gold drops to 4-month low ahead of NFP
- Technical overview of Gold
- Stocks rise and try to recoup
Another day, another record breaking rally in Bitcoin. The price has surged more than $3000 today beating yesterday’s record advance of just more than $2000. Price has moved above the $16000 handle heading into the European close and the market has now more than doubled since being struck a big blow with the SEGWIT2X upgrade was suspended around a month ago.
Notice that each subsequent surge takes less time before a severe pullback occurs fitting more and more into a bubble scenario. Today we present the three major reasons why Bitcoin could experience a hefty decline in the nearest future.
With tomorrow marking the last NFP report of the year traders are looking for any indication of strength or weakness in the US labour market and the release this afternoon of the weekly initial jobless claims has provided a mild positive on this front.
With the US stock market (US500) pulling back after posting an all-time high earlier this week and today Gold hitting a 4-month low, several markets that could be affected by the NFP report are trading at potentially key levels. How could they react to the data release on Friday at 1:30PM GMT?
In the previous week, we pointed out that ongoing downward pressure on gold, T-note market, as well as USDJPY currency pair (reversed axis on the chart), increases the probability of breaking key supports and continuation of declines. A technical overview for Gold can be found here.
Stock markets have enjoyed a mild up day with small gains seen in the US so far. The DE30 has also managed to eke out small gains and looking for a second consecutive green day.
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