TOPICS MENTIONED IN THIS MARKET BRIEFING:
- LEuropean Stock Exchangeswelcome diplomatic efforts
- Wall Street weakened by the crisis in Ukraine
- Chart of the day –Bitcoin : a figure of reversal
European stock markets welcome diplomatic efforts
European Stock Exchanges are moving forward on Tuesday at the start of the session after the announcement of the return of certain Russian troops deployed in the border regions of Ukraine to their bases.
The information could be seen as a first sign of de-escalation as Moscow and Western countries increase diplomatic exchanges to find a way out of the crisis around Ukraine.
Diplomatic efforts are continuing in parallel: German Chancellor Olaf Scholz is going to Moscow on Tuesday to meet with Russian President Vladimir Putin.
Gross domestic product (GDP) in the euro zone increased by 0.3% in the fourth quarter of 2021 compared to the previous three months, according to the second estimate published on Tuesday by Eurostat, the European statistics agency. Over the whole of 2021, growth reached 5.2% in the euro zone.
Wall Street weakened by the crisis in Ukraine
Wall Street ended in dispersed order on Monday, the geopolitical tensions between Russia and the Western powers on the Ukrainian file having nevertheless weighed on the performance of the indices.
Fears of an acceleration of monetary tightening in the United States also weighed on the session. Speaking on CNBC, St. Louis Federal Reserve Chairman James Bullard said the Fed’s “credibility is at stake” in its aim to lower inflation and reiterated his call for in favor of accelerating the pace of rate hikes.
Othersfinancial market news
Crude prices fall slightly on profit-taking after hitting the highest in more than seven years the day before, the prospect of possible European and American sanctions against Russia in the event of an invasion of Ukraine raising fears of disruptions on Russian oil exports.
Today’s economic calendar:
Find the full economic calendar to know all the economic events to comer.
CHART OF THE DAY –Bitcoin: a reversal pattern
Bitcoin has been in the beginning of a bullish recovery since late January, however prices still stumble below the resistance zone around $45,000. As long as the market does not sink the 41,000 dollars the buyers keep the hand in the short term.
Technically, it is clear that the BTC has formed a reversal chartist pattern: an inverted shoulder-head-shoulder (ETEI). As a result, crossing $45,000 would validate this figure and Bitcoin could continue its bullish recovery. The theoretical target is around $53,250.
Bitcoin is therefore at a crossroads. If the bullish flow does not run out of steam in the coming days, the market remains well oriented to regain the next resistances.
Whether you are a beginner or an experienced trader, DailyFX has many resources available to help you:
CONTINUE READING