May 5: #bitcoin 4hr: Bullish or bearish??

We see good volatility in BTC chart due to  US FED policy and Banking Crises.

On 4 hr chart BTC Forming Inverse Head & shoulder, Confirm Breakout above $29600 in 4 hr will push market towards $31k and $32k.

We also seeing a upward channel on right shoulder.  If BTC follow same channel than we can see  upside move. 

Support:  $27800 and $27000 are good support.

Must eye on US market and banking sector as they are major trigger point for BTC as currant situation.

CPI data will come next week on May 10.

#Binance #BTC #GOLD #crypto

According to a recent survey, central banks worldwide have started losing confidence in the US dollar. The survey conducted by institutional asset manager Invesco involved 57 central banks, who believe that America's geopolitical behavior and rising debt levels threaten the reliability of the dollar. The survey highlights concerns among central banks, particularly regarding America's relations with Russia and its stance on the Russia-Ukraine conflict. #GOLD #DOLLAR #USA

Threats to the Reliability of the Dollar:

The freezing of Russian assets by Western countries has raised questions about the reliability of the US dollar as the dominant reserve currency worldwide, and high levels of American debt have also raised long-term stability concerns. A significant portion of the participating central banks in the survey believes that American debt levels adversely affect the dollar.

The Rise of the Yuan and the Attractiveness of Gold:

While only a few central banks expect the Chinese yuan to become a global reserve currency, central bankers plan to increase their renminbi assets over time due to its "strong performance and non-correlated returns." According to Invesco's report, central bankers believe that gold has become more attractive as the allure of the dollar diminishes. #CentralBank $PAXG

Gold: The New Favorite Safe Haven:

The majority of participating central bankers (58%) consider gold to have become more attractive. Drawing on the example set by America's freezing of Russian reserves, central banks prefer to increase their physical gold holdings. Physical gold assets have experienced the highest growth compared to 2020, while the use of gold ETFs has declined.

A central bank in a Western country states, "Gold has played a critical role in the past few years: we increased our exposure 8-10 years ago and kept it in London, using swaps and yield enhancement, but now we have transferred our gold reserves back to our own country because its role in being a safe haven asset has increased."

In Summary:

Central banks worldwide express a decrease in their confidence in the US dollar. America's geopolitical behavior and high debt levels raise concerns that question the reliability of the dollar. Consequently, central banks are turning to gold as a more attractive asset and increasing their gold reserves. The rise of gold as a safe haven brings about changes in central banks' asset preferences. These developments can have significant effects on global financial markets and the balances of reserve currencies.

#news As Asian stock markets declined after Beijing failed to announce any new steps to support the slowing economy, investors will be watching how much pro-tightening statements US Central Bank Governor (Fed) Jerome Powell, who will speak in front of Congress today, will use.

The MSCI index, which tracks Asia-Pacific stock markets outside Japan (.MIAPJ0000PUS) declined 0.81%, while Japan's Nikkei index NI225 it registered an increase of 0.66%.

Powell, who will address Congress today and tomorrow, will most likely answer questions from politicians about whether interest rates will really rise again in July and whether they will reach the peak in the December range of 5.5%- 5.75% as predicted. #crypto2023

On the other hand, the minutes of the last meeting of the Bank of Japan (BOJ) showed that only one of the nine board members recommended a rethink of the policy of keeping bond yields low, after which he even said that it would be better to wait for a while.

The lack of haste in this regard restricts the rises in the yen and the dollar is at 141.6 yen

USDJPY

he is expected to hold. This level is quite close to the seven-month peak recorded yesterday with 142.26.

Sterling will face a big test due to consumer prices data, which will be released later in the day in the UK. In the event of an upward surprise in the data, the Bank of England (BoE) may come under pressure to raise interest rates by 50 basis points at tomorrow's monetary policy meeting.

Headline consumer price inflation in the UK is forecast to fall to 8.4%, but core inflation will remain stable at 6.8%.

Futures indicate that the BOE will increase by 50 basis points with a 25% probability. (0#BOEWATCH)

(The data below are as of TSI 0842. The ones with the '*' sign next to it are the closing data.) #Binance

currency exchange

The dollar maintained its gains in Asian trading after unexpectedly strong US housing construction data, while the yuan and the Australian dollar tried to recoup their losses.

Fed Chairman Jerome Powell's speech in front of Congress will be watched. The dollar index, which measures the dollar against six major currencies

DXY it rose 0.06% to 102.57.

#Yuan

USDCNY

while it declined by 0.03% yesterday, it fell in offshore transactions today.

USDCNH

The yuan hovered near a seven-month low at 7.1826.

Australian dollar

AUDUSD After the Reserve Bank of Australia (RBA) raised interest rates this month, it extended its losses when the minutes of its last meeting showed that the central bank was less pro-tightening than expected. It last traded at $0.6790 after a 0.9% decline yesterday.

Dollar against yen

USDJPY it was trading up 0.23% at 141.77.

Euro/dollar

EURUSD it fell 0.02% to 1.0914.

oil

Oil prices recovered in early trading today after declining on both trading days, while expectations that Fed Chairman Powell will speak in favor of tightening later in the day and a possible reduction in US crude oil inventories became more dominant than worries about demand in China.

Brent crude oil's near-term barrel price BRN1! it was trading 0.45% higher at $76.24. US light crude oil CL1! it was trading 0.56% higher at $71.59.

gold

Gold prices were hovering in a narrow December today after losing both trading days, while investors avoided taking positions ahead of Powell's speech to Congress. The price of gold in ounces on the spot market GOLD it was trading 0.02% higher at $1,936.60. US gold futures #GOLD it hovered at 1,948.40.