FXOpen Trader

We will need to use such type of a trading strategy that is easy for us to understand and use in doing our trades.

I am doing my Forex trading with the FXOpen Global from the Year 2010

Cryptocurrencies Remain Well Bid as Coinbase Goes Public This Week Over the weekend, the price of Bitcoin extended its rally to above $60,000 again. While not making a new all-time high, Bitcoin remains well bid ahead of the main event of the week ahead – the listing of Coinbase, one of the largest crypto exchanges. The cryptocurrency market increased in size dramatically in recent years. The interest surrounding cryptocurrencies is on the rise, as suggested by the number of people trading on the various exchanges. Part of the process of becoming a listed company, Coinbase made public its Q1 2021 numbers. What is interesting is that the number of active traders increased dramatically in the first months of the year, explaining the rise in Bitcoin and other cryptocurrencies. While many traders focus on Bitcoin only, some other cryptocurrencies had an even better performance than Bitcoin. For example, Ethereum reached a new all-time high over the weekend, and the rally looks poised to continue. Bitcoin’s detractors argue that the digital currency wastes a vast amount of energy, and thus it is an environmental disaster. Because of that, many traders flee Bitcoin to other alternatives, such as Ether, that do not have such a problem. Yet, when it comes to institutional investors’ adoption, Bitcoin remains the preferred choice. Moving forward, the price of Bitcoin remains well bid, and so the rally is poised to continue. Two days from now, Coinbase, one of the largest crypto exchanges in the world, goes public. Companies usually choose to go public during a rising market. Often companies postpone the listing process when markets are falling. But now, the main indices are close to all-time highs, and so the timing of going public boats well for Coinbase and cryptocurrency traders. Judging by the interest surrounding cryptocurrencies, the chances are that Coinbase’s listing will be a bullish event for the main cryptocurrencies too. As such, Bitcoin and Ethereum remain well bid, with buyers likely to step in on every dip. FXOpen Blog

GBP/USD is Diving, USD/CAD Could Start Steady Increase GBP/USD failed to stay above 1.3800 and extended its decline. USD/CAD is showing positive signs, but it must clear 1.2570 for a decent increase in the near term. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh decline from well above the 1.3850 support zone. There is a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD. USD/CAD found support near the 1.2525 zone and it is now recovering higher. Earlier, there was a break below a key contracting triangle with support near 1.3565 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound failed to stay above the 1.3850 and 1.3800 support levels against the US Dollar. As a result, the GBP/USD pair started a fresh decline and it even broke the 1.3750 support zone. There was a close below the 1.3750 level and the 50 hourly simple moving average. The pair declined below the 1.3700 level and it traded as low as 1.3670. Recently, there was an upside correction above 1.3700, but the pair struggled to clear the 1.3750 zone. A high was formed near 1.3744 and the pair is now declining. It broke the 50% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high. There is also a key declining channel forming with resistance near 1.3715 on the hourly chart of GBP/USD. The pair is now trading near the 76.4% Fib retracement level of the upward move from the 1.3670 low to 1.3744 high. It seems like the pair might continue to move down below the 1.3670 support zone. The next major support is near the 1.3620 level, below which the pair might test 1.3580. On the upside, the 1.3720 zone is a major hurdle along with the 50 hourly simple moving average. A successful close above the 1.3720 and 1.3750 levels could open the doors for a decent increase in the coming sessions. Read Full on FXOpen Company Blog...

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