Daily Market Analysis By FXOpen

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BTCUSD Technical Analysis – 11th APR 2023

Bitcoin continues its bullish momentum from last week, and after touching a low of $27,717 on April 6, we can see a bull run, which managed to push the prices of BTCUSD above the $30,000 handle today in the early European trading session.

The resistance of the channel is broken in the daily timeframe, indicating the strength of the bulls.

We can clearly see a hammer pattern above the $27,717 handle.

Bitcoin continues to move in a range-bound motion between the $29,800 and $30,200 levels, which is indicative of a consolidation phase in the markets.

Both the STOCH and Williams Percent Range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.

The relative strength index is at 74.02, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100-hour simple moving average and above its 200-hour exponential moving average.

Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $31,000 and $32,500.

The average true range indicates low market volatility with strong bullish momentum.

• Bitcoin bullish continuation is seen above $27,717.
• The RSI remains above 50, indicating a bullish market.
• The price is now trading above its pivot level of $30,088.
• The short-term range is strongly bullish.
• Some major technical indicators signal that the price may move to $30,500 and $31,000 soon.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: Apr 11, 2023

XRPUSD Technical Analysis – 11th APR 2023

Last week, the market sentiment turned bullish after Ripple touched a low of $0.4915 on April 6 and started to correct. The market opened bullish this week.

On the hourly chart:

The relative strength index is at 60.40, which signifies a strong demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
Moving averages signal an upward price movement at the current market level of 0.5203.
Both the STOCH and CCI are in the neutral zones, which means the price is now resting in the consolidation zone.
Ripple is now trading just below its pivot level of 0.5209 and is now facing its classic resistance at 0.5221 and Fibonacci resistance at 0.5241, after which it will be able to move towards 0.6000.

Some of the major technical indicators are bullish.

• Ripple bullish reversal is seen above 0.4915.
• The price is below its pivot level.
• Average true range indicates HIGH volatility.

We have also detected a bullish price crossover with 20 and 50-period moving averages in the weekly timeframe.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

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LTCUSD Technical Analysis on April 13, 2023

Tweezer Bottom Pattern Is Above $89.15

Bears couldn't pull the market further down last week, and after touching a low of $89.15 on 9 April, LTC started to correct upwards against the US Dollar, touching a high of $96.85 on 11 April.

There is a tweezer bottom pattern above the $89.15 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The price of Litecoin is near the channel's support, indicating upcoming bullish movement. Also, Litecoin is trading above its 100-hour simple moving average and 200-hour exponential moving average, and it's above the pivot level of $93.76.

The relative strength index is at 67.54, reflecting a very strong demand for Litecoin and the continuation of the buying pressure in the markets.

Litecoin remains above all moving averages, so the market is still bullish at the current market level of $94.23.

Both Williams’s percent range and STOCHRSI are signalling overbought market conditions, which means that the price is expected to decline in the short-term range.

The short-term outlook for Litecoin has turned as strongly bullish.

• Technical indicators are bullish.
• Litecoin bullish reversal is seen above the $89.15 level.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

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Watch FXOpen's April 10-14 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• USD: Q1 results
• USDJPY: Are the bulls trying to revive the long-term trend?
• Tech stocks are back in vogue as a sudden rally grabs the attention
• British pound remarkably remains the best performing G10 currency in 2023

Watch our short and informative video, and stay updated with FXOpen.




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BTCUSD Technical Analysis on April 18, 2023

BTCUSD Formed a Bullish Spinning Top Pattern above $29,138

Bitcoin continues its bullish momentum from last week, and after touching a low of $29,138 on April 18, it moved towards a consolidation phase, after which we expect an upward movement to the $30,500-$32,000 range.

The market opened bullish this week. There is a bullish spinning top pattern above the $29,138 handle on the H1 timeframe.

Bitcoin continues to move up in a mild bullish momentum and is now aiming to cross the $30,000 psychological barrier.

Both the STOCH and STOCHRSI are in overbought zones, meaning that a decline in the price is expected in the immediate short term.

Bitcoin continues to range near a new 1-year high in the weekly timeframe.

The relative strength index is at 63.29, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.

Bitcoin is now moving above the 100-hour exponential and 200-hour exponential moving averages.

Most of the major technical indicators are bullish; the targets for the immediate short term are $30,500 and $32,000.

The average true range indicates low market volatility with mild bullish momentum.

• Bitcoin bullish continuation is seen above $29,138.
• The RSI remains above 50, indicating a bullish market.
• The price is now trading above its pivot level of $29,926.
• The short-term range is mildly bullish.
• Some major technical indicators signal that the price may move to $30,500 and $31,500 soon.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: Apr 18, 2023

XRPUSD Technical Analysis on April 18, 2023

XRPUSD Formed an Inverted Hammer Pattern Above $0.5041

Last week, the market sentiment turned bullish after Ripple touched a low of $0.5041 on April 13 and started to correct. The market opened bullish this week.

On the hourly chart:

• The relative strength index is at 61.54, which signifies a strong demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
• Moving averages signal an upward price movement at the current market level of $0.5200.
• Both the STOCHRSI and Williams’s percent range are in the overbought zones, which means the price is expected to decline.
• Ripple is now trading just above its pivot level of $0.5158. It has already crossed its classic resistance at $0.5188, and it is facing Fibonacci resistance at $0.5271, after which it will be able to move towards $0.5500.

Some of the major technical indicators are bullish.

• Ripple bullish reversal is seen above $0.5041.
• The price is above its pivot level.
• The average true range indicates low volatility.

We have also detected a bullish price crossover with 50- and 100-period moving averages in the daily time-frame.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

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ETHUSD Technical Analysis on April 20, 2023

Three Inside Down Pattern Is Below $2,140

Bulls couldn't keep control of the market, and after touching a high of $2,140 on 16 April, the ETH/USD pair declined, touching a low of $1,923 today in the early Asian trading session.

ETHUSD is under bearish pressure after falling below the $2,000 psychological support level as the global investor sentiment appears weak after the Shanghai upgrade.

The three inside down pattern is below the $2,140 handle on the H1 timeframe. It's a bearish pattern, which signifies the end of a bullish phase. Also, there is a bearish harami pattern in the H2 timeframe.

ETH is back under the pivot point, indicating the bearish pressure in the market.

The relative strength index is at 37.74, indicating very weak demand for Ether and a continuation of the selling pressure in the market.

The STOCHRSI is giving an overbought signal, meaning that the price is expected to decline in the short-term range.

We also detected the formation of the bearish harami pattern in both the 30-minute and 1-hour timeframe.

Most of the technical indicators are bearish. Most moving averages are bearish at the current market level of $1,944.

ETH is now trading below the 100-hour simple and 200-hour exponential moving averages.

• ETH bearish reversal is seen below the $2,140 mark.
• The short-term range is expected to be strongly bearish.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: Apr 20, 2023

LTCUSD Technical Analysis on April 20, 2023

Bearish Engulfing Pattern Is Below $103.38

Bulls couldn't keep control of the market last week, and after touching a high of $103.38 on 18 April, the price declined against the US Dollar, touching a low of $89.06 today in the early Asian trading session.

There is a bearish engulfing pattern below the $103.38 handle on the H1 timeframe. It signifies the end of a bullish phase and the start of a bearish phase in the market.

The MACD has crossed down its moving average in the daily timeframe. Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.04.

The relative strength index is at 30.14, indicating very weak demand for Litecoin and the continuation of the selling pressure in the markets.

Litecoin remains below all of the moving averages, which are giving a bearish signal at current market levels of $90.37.

The STOCHRSI is signaling overbought market conditions, which means that the price is expected to decline in the short term.

The short-term outlook for Litecoin has turned strongly bearish.

• All technical indicators a bearish
• Litecoin bearish reversal is seen below the $103.38 level.
• The RSI is bearish.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

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Watch FXOpen's April 17 - 21 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• Swiss tsunami rips through global markets: FTSE 100 wipeout noticeable
• Abnormal balance in energy markets
• FTSE 100 is back on track, but 8,000 points are still out of reach
• European stocks at historic highs
• NASDAQ hangs in the doldrums despite optimism around big tech earnings

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BTC/USD: Bullish Engulfing Pattern Above $26,981

Bitcoin continues its bullish momentum from last week, and after touching a low of $26,981 on April 24, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of $28500 and $302000.

We can clearly see a bullish engulfing pattern above the $26,981 handle on the H1 timeframe.

Bitcoin continues to move in a consolidation phase, after which we can see upside moves towards the $28,000 handle.

Both the STOCH and Williams’ percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.

We can also see the formation of bullish Harami pattern in the 1, 2 and 4 hourly timeframes.

The relative strength index is at 58.23, indicating a strong demand for Bitcoin and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 200-hour exponential moving average and above its 200-hour exponential moving average.

Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $28,500 and $30,000.

The average true range indicates high market volatility with mild bullish momentum.

• Bitcoin bullish continuation is seen above $26,981.
• The RSI remains above 50, indicating a bullish market.
• The price is now trading below its pivot level of $28,516.
• The short-term range is mildly bullish.
• Some major technical indicators signal that the price may move to $28,000 and $29,500 soon.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: Apr 25, 2023

XRP/USD: Three Inside UP Pattern is Above $0.4404

Last week, the market sentiment remained indecisive after Ripple touched a low of $0.4404 on April 21 and started to correct upwards. The market opened bullish this week.

On the hourly chart:

• The relative strength index is at 53.79, which signifies a neutral demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
• Moving averages signal an upward price movement at the current market level of 0.4556.
• Both the STOCHRSI and Williams’s percent range are in the neutral zones, which means the price is expected to consolidate further.
• Ripple is now trading just below its pivot level of 0.4560 and is facing its classic resistance at 0.4574 and facing Fibonacci resistance at 0.4587, after which it will be able to move towards 0.4800.
• The prices are ranging near the horizontal support.
• CCI indicator is giving a bullish divergence signal.

Some of the major technical indicators are bullish.

• Ripple bullish reversal is seen above 0.4404.
• The price is below its pivot level.
• Average true range indicates High volatility.

We have also detected that MACD crosses UP its moving average in the 15-minutes timeframe.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

ETHUSD Analysis: The Morning Star Pattern above $1,786

Bulls were able to take control of the market, and after touching a low of $1,786 on 26 April, the ETH/USD pair is showing bullish momentum, touching a high of $1,938 today in the early Asian trading session.

ETHUSD is under mild bullish pressure after its decline below the $1,800 handle due to improved investor sentiment and support seen at lower levels.

The morning star pattern is above the $1,786 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.

The price is above the Ichimoku cloud in the 15-minutes timeframe.

ETH is back above the pivot point, indicating the bullish pressure in the market.

The relative strength index is at 57.13, indicating a strong demand for Ether and a continuation of the buying pressure in the market.

The STOCHRSI is giving neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.

We also detected the formation of the bullish trend reversal pattern with the 50-period moving average in the 15-minutes timeframe.

Most of the technical indicators are bullish. Most moving averages are bullish at the current market level of $1,885.

ETH is now trading above the 200-hour simple and 200-hour exponential moving averages.

• ETH bullish reversal is seen above the $1,786 mark.
• The short-term range is expected to be mildly bullish.
• The average true range indicates high market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: Apr 28, 2023

LTCUSD Analysis: Inverted Hammer Pattern Is above $84.29

Bulls were able to take control of the market last week, and after touching a low of $84.29 on 26 April, the price started to correct upwards against the US Dollar.

There is an inverted hammer pattern above the $84.29 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The momentum indicator is back over zero in the H1 timeframe, indicating a bullish trend. There is also an upside gap located in the 15-minutes timeframe, which indicates the bullish nature of the market. We can see the formation of the Doji candle in the D1 timeframe, indicating the neutral tone of the market.

Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.57.

The relative strength index is at 53.164, indicating a neural demand for Litecoin and the shift towards the consolidation zone in the markets.

Litecoin remains above some of the moving averages, which is a bullish signal at the current market level of $88.33.

The CCI is signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.

The short-term outlook for Litecoin has turned mildly bullish.

• Some of the technical indicators are bullish.
• Litecoin bullish reversal is seen above the $84.39 level.
• The RSI is neutral.
• The average true range indicates high market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

Watch FXOpen's April 24 - 28 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• MSFT shares rise by more than 9%
• AUDUSD: breakout of important support
• NVIDIA analysis: Stock hits one-month low
• META shares soar 11% after strong report

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BTCUSD Analysis: Shooting Star Pattern below $29,961

Bitcoin failed to continue its bullish momentum from last week, and after touching a high of $29,961 on April 30, it declined below the $28,000 handle today in the European trading session.

We can clearly see a shooting star pattern below the $29,961 handle on the H1 timeframe.

Bitcoin continues to move in a correction phase after crossing the $29,000 level, which is indicative of weakness in the immediate short term.

Both the STOCH and STOCHRSI are in overbought zones, which means that in the immediate short term, a decline in the price is expected.

We can see a bearish opening of the markets this week. The prices of Bitcoin are ranging near a new 1-month low.

The relative strength index is at 38.41, indicating very weak demand for Bitcoin and the continuation of the selling pressure in the market.

Bitcoin is now moving below 100-hour and 200-hour exponential moving averages.

Most of the major technical indicators are bearish, which means that in the immediate short term, we can expect a fall to $27,500 and $27,000.

The average true range indicates less market volatility with mild bearish momentum.

• Bitcoin bearish reversal is seen below $29,961.
• The RSI remains below 50, indicating a bearish market.
• The price is now trading below its pivot level of $28,078.
• The short-term range is mildly bearish.
• Some major technical indicators signal that the price may move to $27,000 and $26,500 soon.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: May 3, 2023

XRPUSD Analysis: Bearish Harami Pattern Is below $0.4869

Last week, the market sentiment remained indecisive after Ripple touched a high of $0.4869 on April 28 and started to correct downwards. The market opened bearish this week.

On the hourly chart:

• The relative strength index is at 44.35, which signifies a weak demand for Ripple at the current prices and the continuation of the bearish phase in the market.
• Moving averages signal a downward price movement at the current market level of 0.4626.
• The STOCHRSI is in the oversold zone, which means the price is expected to correct upwards.
• Ripple is now trading just below its pivot level of 0.4634 and is facing its classic support at 0.4577 and Fibonacci support at 0.4597, after which it may move towards 0.4500.
• We have seen a bearish opening of the market.
• Ripple is trading in a contracting range below $0.4700.

Some of the major technical indicators are bearish.

• Ripple bearish reversal is seen below 0.4869.
• The price is below its pivot level.
• Average true range indicates low volatility.
• The price is below the Ichimoku cloud, indicating a bearish trend.

The MACD indicator formed a bearish divergence in the 15-minute timeframe.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

ETHUSD Analysis: Bullish Engulfing Pattern above $1,805

Bulls were able to take control of the market, and after touching a low of $1,805 on May 1, the ETH/USD pair moved upwards, touching a high of $1,916 today in the early Asian trading session. The bullish engulfing pattern is above the $1,805 handle on the H1 timeframe. It's a bullish pattern, which signifies the end of a bearish phase.

The market opened bullish this week. The ETH price remains well supported above the $1,800 level and is back above the pivot point.

The relative strength index is at 61.03, indicating a strong demand for Ether and a continuation of the buying pressure in the market.

Both the STOCH and CCI are neutral, meaning that the price is expected to enter into a consolidation zone in the short-term range.

A bullish reversal pattern with the 50-period moving average in the 2-hour timeframe was formed.

Most of the technical indicators are bullish. Most moving averages are bullish at the current Ethereum price of $1,899.

ETH is now trading above the 100-hour simple and 200-hour exponential moving averages.

• ETH price is showing a bullish reversal above the $1,805 mark.
• The short-term range is expected to be mildly bullish.
• The average true range indicates low market volatility.
• The ETH price ranges near the support of the channel.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

LTCUSD Analysis: The Morning Star Pattern Is above $85.16

Bulls were able to take control of the market last week, and after touching a low of $85.16 on May 1, the price started to correct upwards against the US dollar, touching a high of $89.82 today in the early Asian trading session.

There is a morning star pattern above the $85.16 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The momentum indicator is back over zero in the H4 timeframe, indicating a bullish trend.

A bullish harami pattern is forming in the 30-minute timeframe.

Also, Litecoin is trading below its 100-hour simple moving average and 200-hour exponential moving average and above its pivot level of $88.5.

The relative strength index is at 51.92, indicating a neural demand for Litecoin and the shift towards consolidation.

Litecoin price remains above some of the moving averages, which are giving a bullish signal at current market levels of $88.20.

Both the ADX and CCI are signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.

The short-term outlook for Litecoin has turned mildly bullish.

• Some of the technical indicators are bullish.
• Litecoin bullish reversal is seen above the $85.16 level.
• The RSI is neutral.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

Watch FXOpen's May 1 - 5 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• Unexpected interest rate hike in Australia strengthens AUD
• Market reaction to the Fed's decision
• Crude oil is at lowest point in over a month as US economy teeters and supply changes
• The Netflix chill – shares hit one-month low over past few days

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[FXOpen Trader]

BTCUSD Analysis: Three Black Crows Pattern below $29,829

Bitcoin was unable to continue its bullish momentum from last week, and after touching a high of $29,829 on May 06, we can see a continuous decline in the bitcoin price, with immediate targets located in the range of $26500 and $27000.

We can clearly see a bearish three black crows pattern below the $29,829 handle on the H1 timeframe.

The price of Bitcoin continues to move in a bearish momentum, which is expected to continue towards the $27,000 handle.

Both the STOCH and Williams’s percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.

The Bitcoin chart is ranging near a new record low for 1 month.

The relative strength index is at 39.90, indicating a very weak demand for Bitcoin and the continuation of the selling pressure in the markets.

Bitcoin is now moving below its 100-hour exponential moving average and below its 200-hour exponential moving average.

Most of the major technical indicators are giving a bearish signal, which means that in the immediate short term, we are expecting targets of $26,500 and $27,000.

The average true range indicates less market volatility with mild bearish momentum.

• Bitcoin bearish reversal is seen below $29,829.
• The RSI remains below 50, indicating a bearish market.
• The price is now trading below its pivot level of $27,622.
• The short-term range is mildly bearish.
• The momentum indicator is back under zero.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: May 9, 2023

XRPUSD Analysis: Bearish Doji Star Pattern below $0.4706

Ripple was unable to continue its bullish momentum from last week, and after touching a high of $0.4706 on May 05, we can see a continuous decline in the Ripple price, with immediate targets located in the range of $0.4000 and $0.3800.

On the hourly chart:

• The relative strength index is at 39.25, which signifies a very weak demand for Ripple at the current market prices and the continuation of the bearish phase in the market.
• Moving averages signal a downward price movement at the current market level of 0.4236.
• The Ultimate oscillator is in the neutral zone, which means the price is expected to consolidate further.
• Ripple is now trading just above its pivot level of 0.4229 and is facing its classic support at 0.4153 and facing Fibonacci support at 0.4211, after which it will be able to move towards 0.4000.
• The markets opened bearish this week.
• Ripple to USD exchange rate is ranging near a new record low for one month.

Some of the major technical indicators are bearish.

• Ripple bearish reversal is seen below 0.4706.
• The price is just above its pivot level.
• Average true range indicates less volatility.
• RSI is back under 50.
• Ichimoku price is under the cloud, indicative of the bearish pressure.

We have also detected the formation of bearish engulfing lines in the 4-hourly timeframe.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

Ripple: News, Token Price Analysis

At the Fintech Summit in Dubai, Ripple CEO Brad Garlinghouse revealed the amount that Ripple has spent to defend itself in a legal dispute with the US Securities and Exchange Commission (SEC). He said:

“With the SEC, [...] by the time all’s said and done, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn’t make a lot of sense.”

According to Brad, attempts to regulate cryptocurrencies in the US have come to a standstill, and therefore Ripple is considering expanding in Dubai, where laws are loyal to cryptocurrencies.

On March 9, we assumed that the price of Ripple could show strong dynamics amid expectations of a resolution of the conflict with the SEC — and yes, on March 29, the price of the XRP token in USD set a maximum since the beginning of the year. However, the conflict remained unresolved, and the bitcoin market is showing signs of weakness around the psychological USD 30k mark.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

ETHUSD Analysis: Bearish Engulfing Pattern Is below $1,972

Bulls couldn’t take control of the market, and after touching a high of $1,972 on 06 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,792 on 10 May.

ETH/USD is under mild bearish pressure after its decline below the $1,850 handle, with immediate targets of $1,800 and $1,750 visible in the H1 timeframe.

The bearish engulfing pattern is below the $1,972 handle, signifying the end of a bullish phase.

The relative strength index is at 36.51, indicating very weak demand for Ether and a continuation of the selling pressure in the market.

Both the STOCHRSI and Williams %R are signalling the ETH is oversold, meaning that the Ethereum price is expected to correct upwards in the short-term range.

ETH price is now trading below 100-hour simple and 200-hour exponential moving averages.

• ETH price bearish reversal is seen below the $1,972 mark.
• The short-term range is expected to be mildly bearish.
• The average true range indicates low market volatility.
• The CCI indicator formed a bearish divergence with the price chart.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Post automatically merged: May 11, 2023

LTCUSD Analysis: Hanging Man Pattern Is below $87.83

Bulls could not take control of the market last week, and after touching a high of $87.83 on 06 May, the price started to correct lower against the US dollar, touching a low of $77.17 on 10 May.

There is a hanging man pattern below the $87.83 handle on the H1 timeframe. It signifies the end of a bullish phase and the start of a bearish phase in the market.

The Litecoin price is back under the pivot point in the daily timeframe.

Also, Litecoin price is trading below its 100-hour simple moving average and 200-hour exponential moving average and just above its pivot level of $80.05.

The relative strength index is at 48.97, indicating a neural demand for Litecoin and the shift towards the consolidation zone in the markets.

Litecoin remains below most of the moving averages, which is a bearish signal at the current market level of $80.33.

The short-term outlook for Litecoin has turned mildly bearish.

• Some of the technical indicators are bearish.
• Litecoin price bearish reversal is seen below the $87.83 level.
• The RSI is neutral.
• The average true range indicates low market volatility.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

 

[FXOpen Trader]

Watch FXOpen's May 08 - 12 Weekly Market Wrap Video

In this video, FXOpen UK COO Gary Thomson sums up the week’s happenings and discusses the most significant news reports.

• Unexpected interest rate hike in Australia strengthens AUD
• In Forex, GBP/USD reaches a new high since the beginning of the year
• FTSE 100 drops 108 points in 5 days despite strong pound
• British pound flying high against US dollar as King Charles crowned
• Will Amazon hit last month’s highs again in May?
• S&P 500 reacts positively to declining inflation

Watch our short and informative video, and stay updated with FXOpen.



FXOpen YouTube


Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

 

[FXOpen Trader]

BTCUSD Analysis: Hammer Pattern above $25,838

Bitcoin price continues its bullish momentum from last week, and after touching a low of $25,838 on May 12, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of $28,500-$29,000.

We can clearly see a hammer pattern above the $25,838 handle on the H1 timeframe.

Bitcoin today continues to move in a consolidation phase, after which we can see upside moves towards the $27,000 handle.

Both the STOCH and Williams’s percent range are in overbought zones, which means that in the immediate short term a decline in the price is expected.

We can also see the formation of a bullish harami pattern in the 15-minute and weekly timeframes.

The relative strength index is at 48.98, indicating a neutral demand for Bitcoin and the continuation of the consolidation in the markets.

Bitcoin price is now moving above its 100-hour simple moving average and its 100-hour exponential moving average.

Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of $27,500 and $28,500.

The average true range indicates low market volatility with mild bullish momentum.

• Bitcoin price bullish continuation is seen above $25,838.
• The RSI remains below 50, indicating a neutral market.
• The Bitcoin price is now trading below its pivot level of $27,242.
• The short-term range is mildly bullish.
• Bitcoin price is ranging near the support of the channel and triangle.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

Strengthening US Dollar Creates Pressure on Bitcoin and Other Assets

On Wednesday morning, the dollar index exceeded the high of April. The two following factors contributed to the strengthening of the USD:

→ Growing drama with public debt. Yesterday it became known that President Joe Biden and a senior Republican in Congress, Kevin McCarthy, are close to an agreement to raise the US national debt ceiling, but the decision has not yet been made. Goldman Sachs expects the US Treasury to run out June 8-13. And JPMorgan, Bank of America and Citigroup Inc executives say the damage to US business and the economy will begin long before a technical default. Investors see cash as a safe haven in case of default.

→ Strong retail sales data released yesterday. Core Retail Sales was +0.4%, while the values for the previous two months were negative.

The strengthening US dollar led to a fall in the exchange rate against the USD, to a decrease in the price of gold, as well as bitcoin.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

 

[FXOpen Trader]

ETHUSD Analysis: Bullish Engulfing Pattern above $1,785

Bulls were able to take control of the market, and after touching a low of $1,785 on 17 May, the ETHUSD pair started moving upwards, with strong demand seen above $1,800.

On the H1 timeframe:

• ETHUSD is supported by bulls after its decline below the $1,800 handle with immediate targets of $1,850 and $1,900.
• The bullish engulfing pattern is above the $1,785 handle. It's a bullish pattern, which signifies the end of a bearish phase.
• The relative strength index is at 59.28, indicating a strong demand for Ether and a continuation of a buying sentiment in the market.
• Both the STOCH and ADX are giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
• ETH price is now trading above the 100-hour simple and 200-hour exponential moving averages.
• ETH price bullish reversal is seen above the $1,785 mark.
• The average true range indicates low market volatility.
• The ultimate oscillator indicator provides a neutral signal.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.

Post automatically merged: May 18, 2023

LTCUSD Analysis: Inverted Hammer Pattern above $79.64

Bulls were able to take control of the market last week, and after touching a low of $79.64 on 13 May, the price started to correct higher against the US Dollar, crossing the $94.00 handle today in the European trading session.

The short-term outlook for Litecoin has turned mildly bullish.

On the H1 timeframe:

• There is an inverted hammer pattern above the $79.64 handle. It signifies the end of a bearish phase and the start of a bullish phase in the market.
• Litecoin price is trading above its 100-hour simple moving average and 200-hour exponential moving average and just above its pivot level of $92.97.
• The relative strength index is at 69.02, indicating a strong demand for Litecoin and a shift towards the bullish phase in the markets.
• Litecoin remains above most of the moving averages, which is a bullish signal at current market levels of $93.20.
• Some of the technical indicators are bullish.
• The average true range indicates low market volatility.

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Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.