Wall Street seemed to be in a different zone altogether in the past few weeks. The Coronavirus pandemic forced several businesses to shut down. Despite all the happenings, the US benchmark indices kept rising steadily.
The S&P 500 turned positive for the year on Tuesday. The Tech stocks in NASDAQ are putting substantial gains for investors. However, BTCUSD is in a consolidation zone since its drop on June 3.
Dow Futures slip as S&P gives a drastic reduction in growth estimate
The US Federal Reserve officials are attending an extensive meeting today. The Fed will give its view on the COVID-19 impact today. So far, it seems people have a mixed opinion on the Fed meeting.
The Dow Jones Industrial Average Index is continuously trying to turn green. The Bears are pulling it down again. Reports suggest that Federal Reserve will continue to have a dovish view on the whole situation.
Let us look at the stocks in focus
Most of the bluechip companies are in the red today. As of now, the Dow Jones has dropped by around 300 points.
- Boeing, which was the star stock in DJX and NASDAQ, lost more than 5.6% today.
- Exxon Mobil is down by 4.5% and is trading at $51.28.
- Apple is going strong and posted gains of 2% so far.
BTCUSD has lost its steam, but investors are still buying
Source: TradingView.com
The four-hour timeframe for BTCUSD shows the recent drop. Bitcoin fell down the 20-period EMA and then below the lower band of the Bollinger Bands. It found support in the 200-period Simple Moving Average.
One crucial observation for Bitcoin is the large green candle that came after the decline. It is suggestive of the fact that investors are still on the look for attractive buying opportunities in BTCUSD. The volume shot up immediately after the drop.
It is a good sign for BTCUSD as it signals the absence of a Bear dominated market. All eyes will be on the outcome of the Federal Reserve meeting today. Any indication of more money printing exercise- and people will be back at buying more Bitcoins.
