Moreover, US housing sector data also needs consideration. Economists consider housing sector data as a leading indicator for the US economy.

Upward trends in housing sector-related data could signal a pickup in consumer confidence. Consumer confidence could fuel consumer spending and demand-driven inflation. Demand-driven inflationary pressures could leave the Fed in a holding pattern. A higher-for-longer rate path may reduce disposable income and curb consumer spending.

Economists forecast new home sales to increase by 3.0% in February after rising by 1.5% in January.

Beyond the numbers, investors must track Fed chatter. FOMC members Lisa Cook and Raphael Bostic are on the calendar to speak. Deviations from the FOMC Economic Projections could move the dial.

Short-term Forecast

Near-term trends for the USD/JPY will hinge on inflation numbers and central bank chatter.

This week, inflation numbers from Japan and the US will impact the BoJ and Fed rate paths. However, hotter-than-expected inflation numbers from the US could tilt monetary policy divergence toward the US dollar. Interest rate differentials and the outlook for carry trades support the USD/JPY at current levels.

USD/JPY Price Action

Daily Chart

The USD/JPY remained well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A USD/JPY break above the 151.685 resistance level would support a move to the 152 handle.

Intervention chatter, US economic data, and Fed comments need consideration.

Conversely, a USD/JPY fall through the 150 handle could give the bears a run at the 50-day EMA and the 148.529 support level.

The 14-day RSI at 64.45 suggests a USD/JPY move to the 152 handle before entering overbought territory.

Following the successful launch of Ethereum Dencun Upgrade, a move that elicited excitement among community members as 15,000 ETH were moved, developers are already on to the next thing amid talks on whether to include MaxEB in Electra.

The development team is currently evaluating additional features for inclusion in the upgrade and is expected to make a final determination within the next one to four weeks.

Christine Kim, a researcher in the crypto space, in a series of posts on her X page emphasized the significance of parallel initiatives being pursued alongside the Electra upgrade. Two critical initiatives were highlighted.

PeerDAS and light client development

The first is PeerDAS, which is an initiative that aims to enhance Ethereum’s data availability capacity, commonly referred to as “blob,” in a secure manner. This is necessary as increasing data availability is crucial for scalability and network performance.

Second, light client development will focus on developing lightweight client solutions that allow more users to access Ethereum independently, with minimal hardware requirements and reduced reliance on third-party services.

This overall goal of the developers’ initiative is aimed at improving accessibility and decentralization within the Ethereum network for users. Although MaxEB remains the primary focus for developers due to its immediate impact on the network, both PeerDAS and light client development are considered high-priority items.

However, given the complexity of the Electra upgrade, it may divert some bandwidth away from these parallel efforts. Hence, Kim encourages the Ethereum community to hold developers accountable for advancing these parallel initiatives alongside the Electra upgrade.

Coordinating efforts for long-term growth

Despite their importance, she admits that they may not receive the same level of attention as MaxEB initially but stresses their significance for the long-term growth and development of the Ethereum network.

The co-founder of Ethereum, Vitalik Buterin, will be present as a keynote speaker at the ETHTaipei 2024 annual Ethereum developer conference and hackathon, currently ongoing and expected to end March 24. At the conference, Buterin will participate in a panel alongside leaders of Layer-2 networks to assess the advancements in scaling Ethereum.

As developers strategize for the future, analysts are concerned over ETH’s recent dip and likelihood of dropping below the $1,850 mark. This sentiment is sparking additional downward momentum and painting a potentially gloomy outlook for the near future of the asset.

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The official Shiba Inu marketing lead Lucie has taken to X to publish an intriguing tweet about Shibarium, BONE and the new “SOL killer” token DAMN.

DAMN and BONE on Shibarium

DAMN is a recently launched taken by the Woofswap DEX built on top of the Layer-2 solution Shibarium, and it contains an inbuilt system for burning Bone Shibaswap (BONE) — the gas token of Shibarium. Burning BONE will significantly reduce its supply in the long run, making BONE a deflationary token.

Lucie tweeted to hint that something is cooking right now, “Shibarium x BONE x DAMN,” intriguing the Shiba Inu community.

To contribute to burns, the Shiba Inu team has recently conducted a massive burn of SHIB, BONE and LEASH tokens.

In the meantime, Shibarium continues to expand its adoption. The official X handle of Shiba Inu has thanked the cryptocurrency exchange BlueBit for adopting their Layer-2 blockchain.

SHIB burn rate rises high

According to Shibburn, within the last 24 hours, the SHIB burn rate has demonstrated an impressive surge by almost 110% with a total of 34,681,610 Shiba Inu coins transferred to dead-end wallets and locked there permanently.

A total of 33,673,855 SHIB was transferred in the single biggest transaction, and the smallest transfer contained merely 2 SHIB meme coins.

High risk warning:

Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.

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FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.

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High risk warning:

Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.

Advisory warning:

FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.

Disclaimer:

FOREXLIVE™ may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Veteran trader Peter Brandt recently highlighted an intriguing pattern that is now building on the Bitcoin chart, prompting interest and discussion among traders and investors.

Brandt tweeted a screenshot of the four-hour Bitcoin price chart, indicating an ascending trendline and what appears to be a head-and-shoulders pattern gradually emerging.

Brandt’s post caught the attention of an X user, who inquired whether it was a “head and shoulders” formation, to which Brandt replied, “Starting to shape up that way.”

The head and shoulders pattern is a well-known technical indicator that predicts a trend reversal. It is distinguished by three peaks, the middle peak (the head) being the highest and the two outside peaks (the shoulders) being lower and about equal in height. When this pattern follows an upward trend, it is usually considered a bearish reversal indicator.

The validation of such a pattern might suggest that Bitcoin could be on the cusp of a price correction following its recent bullish run. This could potentially offer a strategic entry point for investors looking to buy at lower prices.

As the crypto community watches Bitcoin’s price with bated breath, the precise implications of the identified pattern remain subject to interpretation. Whether it will lead to a bearish reversal or defy expectations remains to be seen.

Options indicate Bitcoin traders might be preparing for price reversal

Bitcoin has fallen about 13% from its current all-time high of $73,750, marking one of the most significant declines this year.

At the time of writing, Bitcoin was down 1.71% in the last 24 hours to $64,318 and down 6.68% for the week. The Bitcoin pullback contrasts with this week’s stock market rise, in which traders are more optimistic that the Federal Reserve will lower interest rates this year.

Options indicate that traders are ready for an extended decline in Bitcoin as demand for U.S. exchange-traded funds with exposure to the cryptocurrency begins to fade.

Bitcoin put options expiring on March 29 have outperformed call options in volume, pushing the put-to-call ratio, a crucial indication of market sentiment, higher, signifying a bearish view in the short term, according to Bloomberg, citing Deribit data. The strike prices of puts range between $50,000 and $45,000, which is lower than Bitcoin’s current price of roughly $64,000.

Bitcoin’s recent price action on the 4-hour chart presents a fascinating narrative of a failed breakout, highlighting the constant battle between bulls and bears in the cryptocurrency market. Here’s an in-depth look at the technical analysis of Bitcoin’s performance and what traders might anticipate next.

Bitcoin’s Failed Breakout: A Test of Resolve for Bulls

Bitcoin, the leading cryptocurrency, recently gave traders a jolt of excitement as it attempted to break above a key resistance level. However, this breakout proved to be a bull trap, with the price retreating back below the red resistance line. The market’s reaction to this failed breakout is critical for investors and traders alike, as it could dictate the short-term directional bias.

The Technical Breakdown for Bitcoin now:

• After a period of consolidation, Bitcoin bulls charged towards the red resistance line, only to face a staunch defense from bears.
• The price formed what appeared to be a breakout, enticing bullish traders to anticipate a continuation of the upward trend.
• Unfortunately for buyers, the breakout didn’t sustain, turning into a classic bull trap as the price sharply reversed, leaving buyers stranded.

What’s Next for Bitcoin?

• Potential Support Retest: The recent bearish move, approximately 2% from the resistance line, signals that Bitcoin may be headed for a retest of the green support line situated near $63,500.
  • Key Level to Watch: The $63,500 level represents not just a psychological round figure but also a technical support level that has held firm on multiple occasions.

Market Sentiment: A Mixed Bag

• Bears in Temporary Control: The failed breakout indicates that bears have not relinquished control yet, and the immediate trend seems to favor them.
• Bulls Need More Confirmation: For bullish traders, it’s a time for patience and seeking confirmation signals before re-entering the market.
  • Confirmation Signals: Such signals could include a bounce off the green support line with increased volume or a bullish reversal pattern.

Strategic Outlook for Traders:

• For Conservative Traders: Wait for a clear signal that the support line holds with bullish confirmation before considering long positions.
• For Aggressive Traders: Some may view this as an opportunity to short, speculating that the price will continue to descend towards the support line.

Conclusion:

The dynamics of Bitcoin trading are ever-changing, and the failed breakout on the 4-hour chart is a stark reminder of the volatility and uncertainty inherent in cryptocurrency markets. Whether Bitcoin will bounce back or continue its descent is a question only time will answer. For now, traders should brace for a potential test of the green support line and prepare their strategies accordingly. Stay vigilant, keep an eye on the key levels, and trade with discipline.

Remember: Cryptocurrency investments are subject to high market risk. Please make your trades cautiously. Bitcoin is a volatile asset, and around-the-clock trading provides constant opportunities for both big gains and significant losses.