The price of Bitcoin has risen steadily in recent days and looks set to challenge a 20-month high price near $53,000.
➡️ Bitcoin is rising sharply and looks set to challenge the 20-month high recently set at $52,884. Trend traders and investors will be interested in Bitcoin on the Long side.
➡️ Global stock markets are mixed at the start of the week. Trend traders will still appear to be involved on the Long side of the major US stock indexes, despite last week's losses, and day traders may consider long trading these indexes if they show bullish momentum after the market opens. The S&P 500 Index has regained the 5000 level.
➡️ In the Forex market, the New Zealand dollar has been the strongest major currency since Tokyo opened today. The Swiss franc was the weakest. The highest volatility has recently been observed in the currency pair USD/JPY and in crosses with the Yen, although this is starting to decline. The US dollar is showing some short-term weakness.
➡️ I cocoa futures sold off heavily on Friday, leading to profit-taking and a suggestion that the current phase of the long-term uptrend may be over. Trend traders will watch carefully and consider going long, especially if the price fully recovers and reaches a new long-term high.
➡️ Today there are public holidays in both the United States and Canada.
Credit by DailyForex.com