The uncontrolled plunging of Wall Street since the past two days seems to have halted. Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and others bounced back with the Dow Jones. The earnings report of some companies such as Kimberly Clark and Chipotle helped in restoring investor confidence.
The best part of the day so far has been the rebound of Crude oil to $13 a barrel. Crude oil had slumped to negative prices, since the start of this week. The US President Donald Trump ordered the US Navy to destroy Iranian boats at sea that harass any American ships. It was a classic Trump warning. Crude oil investors were eagerly waiting for any indication of a rebound, and nothing could have made their day better.
Many states in the US are going to lift the lockdown restrictions from April 30. Health officials are worried that it might be too soon to take any such measures. However, sections of citizens believe that lifting the lockdown and allowing people to go to work is the only way to revive the economy.
Here’s where the stock indices stand now:
- Dow Jones Industrial Average (DJI) is up by 1.69% since its open today.
- The broader S&P 500 Index (SPX) gained 1.87% and is at 2,788.87 points currently.
- NASDAQ Composite is at 8448.92 and has gained 2.26% so far.
BTCUSD gained back the $7,000 mark
Here is the hourly-chart for BTCUSD.
Bitcoin has moved up firmly with the rise in the Dow. The day’s range for Bitcoin is $6,832.47 — $7,141.68. Bitcoin’s volatility comes once again to the forefront as a glimmer of hope in Wall Street, and BTC reversed its short term bearish momentum.
Here are the technical indicators of BTCUSD:
- The Relative Strength Index (RSI) is heading to the overbought territory. It was in a neutral area from the past few days.
- The MACD crossover has also turned bullish in the short term.
