Analytics

News, Trends, & Analytics 13.05.2020

What happened to Bitcoin?

Today, the focus is on the plans of Saudi Arabia to limit oil production, China has abolished duties on a number of American goods, as well as Bitcoin halving.

 

News

Bitcoin survived the third halving in its history. Affects Bitcoin


The World Health Organization has noted the effectiveness of some COVID-19 control agents. Affects USD


Saudi Arabia promises to reduce oil production by 1 million barrels per day in June. Affects Brent


China abolishes duties on 79 items delivered from the United States. Affects S&P 500


Russia removes part of their quarantine measures, despite the steady trend in the incidence of COVID-19. Affects RUB

 

Calendar

06:00 GMT

A preliminary report on the U.K.’s GDP growth in the first quarter of 2020 will be released. Expert rating: -2.5%. If the real data is higher, the GBP will be likely to grow.


12:30 GMT

The US Producer Price Index will be published. The forecast is -0.5%. Deviation higher may lead to an increase for USD.


14:30 GMT

There will be a report on changes in crude oil reserves in the United States. Forecast: an increase of 4.295 million barrels. A lower number of barrels will positively affect the price dynamics of Brent crude.

 

Technical Analysis

Bitcoin

Miners faced a new but expected test — the reward for mining blocks in the Bitcoin network halved. The reward fell from 12.5 to 6.25 bitcoins. And now the market is waiting for a decrease in miner activity, which is reflected in cryptocurrency quotes – a drop from 10,000 to 9,000.

If it breaks down to the level of $8,000, a scenario may begin to come true to decrease to the lower boundary of the expanding channel — a range in the region of 3,000.

NTA 13.05 - EN_0

USD/CHF

Against the background of stabilization of the situation around the COVID-19 pandemic, there is a decrease in demand for USD. In this case, the asset can reach the level of 0.96000.

NTA 13.05 - EN_0

Basic altcoin index

The index is favorably affected by the drop in bitcoin quotes, therefore, the upward trend may continue to the resistance level of 5.27. The formation of a rising low also speaks of a bullish trend of the asset.

NTA 13.05 - EN_0

 

USD/CHF on this day in history

  • Since 2000, May 13th has been a trading day 14 times.
  • On 71% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.99%.
  • The downward trend was limited to 1.59%.
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