Congressman Goes In On Meme Coins! Why That Matters
Alabama Congressman, Barry Moore has reportedly bought cryptos coins such as Dogecoin, Ethereum and Cardano in an SEC filing from June 13. Since then, doge has fallen another 50% before hovering in the low 20 cent range. Cardano and Ethereum are down as well, so Moore has yet to make any money by the looks of it.
Although it seems like Moore bought very little crypto, it shows the big speculation around the market; that you don't need a whole lot of money to cash out bigger gains. This speculation is both good and bad because it could mean a 100% crash or a 10X on your money. It also shows us that crypto is getting more and more attention from not just the meme crowd but from people with significant influence. All in all, it just seems like another step closer to more adoption.
Barry Moore's investment was not enough to help out the dogecoin hodlers like myself, and price came all the way down to touch inside the consolidation zone it already broke out of once before. This area between 15 and 20 cents will serve as a support zone should price close inside of it. Additional support can be found on the 200 DMA inside the support zone.
Cardano bounced off its 200 DMA and hovers just below resistance around the $1.570000s. Today's dip doesn't look as bad as the other altcoins out there, but should price keep falling, it would find support around its moving average again.
Bitcoin could not sustain itself on the supportive trend line and fell to the low $32,000s before bouncing. Long wicks on the 4H suggest price is trying to push higher, however, a lower low makes the crypto look bearish. COT also shows us that net long positions are increasing from last Tuesday.
AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.