tl;dr
The influence of US economic data on cryptocurrencies, particularly Bitcoin (BTC), is becoming increasingly apparent. Investors view BTC as a safe-haven asset during economic uncertainty, and three US macroeconomic data releases this week are likely to impact digital asset volatility. The upcoming r...
US economic data, including initial jobless claims, US manufacturing PMI, and US services PMI, may impact Bitcoin and other cryptocurrencies' volatility. Initial jobless claims data, due for release on Thursday, is expected to be high due to storm damages and labor stoppages, potentially impacting the Fed's rate plan and supporting Bitcoin in case of higher-than-expected claims. US manufacturing PMI, expected to rise slightly but still indicate a contraction, could affect cryptocurrencies as a hedge against inflation. US services PMI, forecasted to dip slightly, will provide insights into the health of the services sector and could influence Bitcoin's price movements. Neil Sethi advises investors to take advantage of the light economic data week as next week could bring more volatility. The influence of US economic data on cryptocurrencies, particularly Bitcoin (BTC), is becoming increasingly apparent. Investors view BTC as a safe-haven asset during economic uncertainty, and three US macroeconomic data releases this week are likely to impact digital asset volatility. The upcoming releases include initial jobless claims, US manufacturing PMI, and US services PMI. The jobless claims data is expected to show elevated figures due to storm damages and labor stoppages, potentially impacting the sentiment toward the Fed's rate plan. The manufacturing PMI is anticipated to rise slightly, while the services PMI is expected to dip. Positive outcomes from these data releases could fuel further upside in Bitcoin and other digital assets. However, it is noted that the US economic data calendar is relatively quiet this week, with more volatility expected next week due to key employment reports and other significant announcements. As of the current writing, Bitcoin is trading at $69,026, showing a modest 1.15% increase since Monday's session opened. The influence of US economic data on cryptocurrencies and Bitcoin (BTC) in particular continues to become apparent, as investors perceive the pioneer crypto as a flight to safety during times of economic uncertainty. Therefore, crypto traders and investors must brace for possible impact, with three US macroeconomic data releases this week likely to influence volatility for digital assets. Initial Jobless Claims Amidst concerns of climate-related catastrophes, unemployment figures have been explosive in October, recording levels last since August 2023. This data, recoding weekly unemployment figures for the week ending October 19, is due for release on Thursday. It will show the number of people who filed for unemployment last week. With a median forecast of 250,000 on MarketWatch, these unemployment figures are expected to be high amidst storm damages and labor stoppages. Specifically, economists' consensus estimate is that the initial jobless claims will come in elevated at around 245,000. This is because some residents were still without power last week in states affected by Hurricanes. A higher-than-expected unemployment figure could indicate a weakening job market in the aftermath of these natural disasters. It may also affect sentiment toward the Fed's rate plan. The agency has a dual mandate—to achieve price stability and maximum employment. Fed officials recently said they would prioritize the labor market due to inflation cooling. Therefore, higher jobless claims could renew hopes for a larger interest rate cut, possibly supporting Bitcoin. On the other hand, a lower-than-expected number of jobless claims could indicate a strengthening economy. This would boost investor confidence and potentially drive up demand for riskier assets like Bitcoin. US Manufacturing PMI This data, due for release on Thursday, October 24, will provide insights into the health of the manufacturing sector. As one of the interest rate-sensitive sectors, the manufacturing industry may be poised to benefit from the easing cycle. Economists forecast recovery in manufacturing, boosting earnings growth for the S&P 500 into 2025. However, with a previous reading of 47.3, the manufacturing PMI is expected to rise slightly to 47.5. Nevertheless, anything below 50 indicates a contraction in manufacturing and a negative outlook for manufacturers. The index has been negative for 22 of the last 23 months, indicating a longer negative streak than the great recession of 08-09. A PMI reading above 50 would suggest expansion in the manufacturing sector, which could be interpreted as positive for the overall economy. This could lead to increased interest in cryptocurrencies as a hedge against inflation. US Services PMI Like the Manufacturing PMI, the Services Purchasing Managers' Index (PMI) will also provide insights into the health of the services sector. The Services PMI is expected to dip slightly to 55 after a previous reading of 55.2. Given crypto's blossoming relationship with macroeconomic trends, investors will be closely monitoring these economic indicators for clues on future price movements. A positive outcome from the jobless claims and PMI data could bolster sentiment and fuel further upside in Bitcoin and other digital assets. Nevertheless, this week on the US economic data calendar is rather quiet, with all the above macro reports coming in on the same day. Against this
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Symbol: C3
Sector: Technology
Industry: Services-Prepackaged Software
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Dividend Yield: None
EPS: -2.28
P/E Ratio: 2.674
ROE: -0.855
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52-Week High: $0
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Dividend Yield: 3%
EPS: 149.03
PE Ratio: 1.68
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Technical Analysis Report: Market Trends and Insights
In the current market, we are observing a strong bullish trend with the S&P 500 index consistently trading above its 50-day and 200-day moving averages. The Relative Strength Index (RSI) has also been indicating overbought conditions, suggesting a potential short-term correction.
The Nasdaq Composite index has shown a breakout above its previous resistance level, indicating a bullish momentum. However, caution is advised as the RSI is approaching overbought territory, signaling a possible pullback in the near term.
Looking at individual stocks, XYZ company has formed a classic head and shoulders pattern, indicating a potential trend reversal. The stock is currently testing a crucial support level, and a breakdown could signal further downside movement.
On the other hand, ABC company has demonstrated a strong breakout above its resistance level with increasing trading volume, pointing towards a sustainable bullish trend. The RSI confirms this upward momentum, showing no overbought conditions yet.
It's essential to remain cautious as market conditions can change rapidly. While the current indicators suggest bullish sentiments, investors should closely monitor key support and resistance levels, as well as the behavior of technical indicators, to make well-informed decisions.