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Today’s Waves – 28th July

Bitcoin Bonanza, sends crypto to a 1 year high

It may not be digital gold as many once claimed, however the last 24 hours have seen Bitcoin climb over $11,000 for the first time last August.

The rally came the same day Gold reached an all-time high of $1,981.

With BTCUSD now trading over $11,130 many believe further rallies could be on the way, potentially taking prices to the next resistance level of $14,300.

Is this on the cards? Or do you believe prices in the Crypto will once again fall?

U.S. Consumer confidence takes a hit

Consumer confidence in the U.S. dropped in July after a brief rally in June.

After the stronger than expected June number which saw confidence rated at 98.3, many had expected to see a small pull back.

However the numbers fell below the expected reading of 94.2, coming in at 92.6.

This came as McDonald’s reported that revenue had fallen by 30% in Q2.

Overall the Dow Jones  and NASDAQ traded around 0.6% lower in early trading. 

FTSE 100 gains as UK  retail sales rise

Data released today showed that UK retail sales hit their highest level in a year as shoppers flooded back to UK high streets as lockdown measures were eased.

The report showed that monthly retail sales rose to +4 from -37 in June, which is  its highest since April 2019.

The FTSE 100 rallied on the news.

Quote of the day: A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes is the other way around.

Martin Schwartz

Biggest Bull

BTCUSD: Bitcoin rose to its highest level in a  year, as bulls moved to the cryptocurrency on the same day as Gold’s record high. Could further rallies be upcoming?

Source: Tradeview MT4

Biggest Bear

UK100 (futures)

Source: Tradeview MT4

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