Forex. Cryptocurrency Forecast for today
Speculative sales are putting pressure on the digital currency. In case of further sales, we can expect the next support at $55,600.
The capitalization of the cryptocurrency market on Sunday amounted to 2.60 trillion US dollars against 2.64 on Friday.
Investors are hindered from deploying bitcoin by a number of factors that indicate the currency's transition to a downtrend, namely the strengthening of the traditional safe haven - the US dollar, the prospects for tightening monetary policy in the US, which should support this trend, as well as concerns about the regulation of cryptocurrencies, whether in the US or China.
For Ethereum, a confirmed break below the key level of $4000 and below the short-term support of $3960 will draw attention to the next support at $3900. A possible reversal to $4,300 seems necessary for Ethereum to return to an uptrend on the daily chart.
The new driver of trading activity will be US GDP data for the third quarter on Wednesday. The growth of the US economy will provoke a new wave of strengthening of the US currency from the levels of the beginning of the week. Of course, this will greatly affect the trading of digital currencies.