Daily Market Analysis By FXOpen

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ETHUSD and LTCUSD Technical Analysis – 13th JAN, 2022


ETHUSD: Double Bottom Pattern Above $2,900

Ethereum continued its decline from its weekly high of $3,888 reached on January 4th, after which we saw heavy selling pressure due to which the prices of ETHUSD slid below the $3,000 handle.

ETHUSD touched a low of $2,937 on January 10th, after which we could see buying and a continuous uptick in the price of Ethereum.

We can clearly see a double bottom pattern above the $2,900 handle which is a bullish reversal pattern and signifies the end of a downtrend and a shift towards an uptrend.

ETH is now trading just above its pivot level of $3,340 and moving in a mild bullish channel. The price of ETHUSD is now testing its classic resistance level of $3,361 and Fibonacci resistance level of $3,354, after which the path towards $3,500 will get cleared.

StochRSI is indicating an OVERSOLD level which means markets are due for an upwards correction soon.

All the moving averages are giving a STRONG BUY signal at the current market price of $3,351.

Some of the technical indicators are giving a BUY signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ethereum bullish trend reversal is seen above the $2,900 mark
• Short-term range appears to be mildly bullish for ETHUSD
• Commodity channel index is indicating a NEUTRAL market
• Average true range is indicating LESSER market volatility

Ether: Bullish Trend Reversal Seen Above $2,900


ETHUSD continues to move into a consolidation channel above the $3,300 handle in the European trading session today.

The bullish trend line formation is clearly visible, indicating that the price of Ethereum will touch the level of $3,500.

We are also due for a major upwards correction in ETHUSD which could be in the form of a rally taking its price close to the $4,000 handle.

We can see a mildly bullish channel in progression today which is pushing the price of ETHUSD towards the $3,400 level.

ETH has gained 3.90% with a price change of 125.95$ in the past 24hrs and has a trading volume of 16.624 billion USD.

We can see an increase of 10.23% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

Ethereum continues to outperform bitcoin in 2022 with a gain of 3.85% in the last 24hrs, as compared to bitcoin which gained 2.86% during the same period.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook is NEUTRAL, and the long-term outlook for Ether is BULLISH with a RALLY formation towards the $4,000 handle.

ETHUSD continues to remain above the important psychological support level of $3,000, and is now on its path to cross $3,500.

This week, we can expect to see $3,500 to $3,600; and the next week Ether is expected to trade at a level above $3,600.

ETH 2.0

Ethereum is close to replacing Proof-of-Work with Proof-of-Stake with the launch of ETH 2.0. As of today, over 9 million ETH is now deposited in the Ethereum 2.0 deposit contract. This new network will be more energy efficient and reduce the total energy requirements by 99.9%.

To become a validator in the ETH 2.0, the investor will need to pledge 32ETH to the blockchain.

Technical Indicators:

Ultimate oscillator: at 51.13 indicating a BUY

Relative strength index (14-day): at 60.89 indicating a BUY

Moving averages convergence divergence (12,26): at 21.90 indicating a BUY

Bull/Bear power (13-day): at 2.99 indicating a BUY

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Gold Price and Crude Oil Price Aim More Upsides


Gold price is gaining pace above the $1,805 resistance zone. Crude oil price is correcting gains, but dips might be limited below the $80.00 support.

Important Takeaways for Gold and Oil

• Gold price is gaining pace and trading above the $1,820 zone against the US Dollar.
• There is a key bullish trend line with support near $1,820 on the hourly chart of gold.
• Crude oil price started a downside correction from the $82.50 resistance zone.
• There is a major bullish trend line forming with support near $81.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price started a fresh increase from the $1,784 support zone against the US Dollar. The price gained pace above the $1,800 resistance to move into a positive zone.

The price settled well above the $1,810 level and the 50 hourly simple moving average. The price traded as high as $1,828 before there was a downside correction. The price declined below $1,820, but the bulls were active above $1,810.

Gold Price Hourly Chart


A low is formed near $1,812 on FXOpen and the price is now rising. There is also a key bullish trend line with support near $1,820 on the hourly chart of gold. There was a clear move above the 50% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.

It is now trading near the $1,825 level. It is near the 76.4% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.

On the upside, the price is facing resistance near the $1,828 level. The main resistance is near the $1,830 level. A close above the $1,830 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

On the downside, an initial support is near the $1,820 level. The first major support is near the $1,810 level. A downside break below the $1,810 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,780 support.

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BTCUSD and XRPUSD Technical Analysis – 18th JAN 2022


BTCUSD: Double Top Pattern Below $44,000

Bitcoin was unable to carry the bullish momentum seen last week and touched a high of $44,432 on 13th January, after which the decline started which continues to push its prices lower in the European trading session today.

Today, BTCUSD touched an intraday low of $41,458 and continues to remain under heavy selling pressure by the global investors.

We can clearly see a double top pattern below the $44,000 handle which signifies the end of an uptrend and a shift towards a downtrend.

Stoch and StochRSI is indicating an OVERBOUGHT level which means that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 42, indicating a WEAKER demand for bitcoin and selling pressure in the markets.

Bitcoin is now moving below its 100 hourly simple moving average and below its 200 hourly exponential moving average.

The average true range is indicating high market volatility with a bearish zone formation.

• Bitcoin trend reversal is seen below $44,000
• Williams percent range is indicating an OVERBOUGHT level
• The price is now trading just above its pivot levels of $41,829
• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Below $44,000 Confirmed


Bitcoin is forming a bearish reversal pattern as the prices continue to decline in the European trading session today.

The immediate short-term outlook for bitcoin is bearish, medium-term outlook is neutral, and the long-term outlook remains bullish.

All the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short-term we should expect targets of $41,000 and $40,000.

The price of BTCUSD is now facing its classic support level of $41,205 and Fibonacci support level of $41,683, after which the path towards $40,000 will get cleared.

In the last 24hrs, BTCUSD has gone DOWN by 2.28% with a price change of 977$, and has a 24hr trading volume of USD 23.214 billion. We can see an increase of 16.29% in the trading volume as compared to yesterday. This increase can be attributed to the increased selling pressure seen in the cryptocurrency exchanges globally.

The Week Ahead

The price of Bitcoin continues to slide without any visible upside correction. This is also due to the bearish trend which started below the $44,000 handle.

At these levels many of the new and long-term investors are also expected to enter into the markets for long-term gains.

If the prices continue to remain above the important support level of $40,000, we could see an upside correction towards the $44,000 handle in the next week.

The ON-chain metrics are also suggesting that the price of bitcoin is expected to touch the $40,000 handle after which could see a bullish pattern with a rally towards $45,000.

Technical Indicators:

Commodity channel index (14-day): at -63.44 indicating a SELL

Average directional change (14-day): at 33.49 indicating a SELL

Rate of price change: at -0.268 indicating a SELL

Moving averages convergence divergence (12,26): at -183.30 indicating a SELL

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EUR/USD and EUR/JPY Show Bearish Signs


EUR/USD started a fresh decline below the 1.1420 support. EUR/JPY is declining and could accelerate lower below 129.70.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it faced sellers near the 1.1480 level.
• There was a break below a key bullish trend line with support near 1.1405 on the hourly chart.
• EUR/JPY gained bearish momentum below the 130.50 and 130.20 support levels.
• There is a major bearish trend line forming with resistance near 130.90 on the hourly chart.

EUR/USD Technical Analysis

The Euro gained pace above the 1.1400 and 1.1450 resistance levels against the US Dollar. However, the EUR/USD pair struggled to gain pace above 1.1480 and started a fresh decline.

The pair traded below the 1.1420 support and settled below the 50 hourly simple moving average. There was a clear break below the 50% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high (formed on FXOpen).

EUR/USD Hourly Chart


Besides, there was a break below a key bullish trend line with support near 1.1405 on the hourly chart. The pair is now trading below the 1.1350 level and the 50 hourly simple moving average.

It is now trading near the 76.4% Fib retracement level of the upward move from the 1.1284 swing low to 1.1482 high. Any more losses might send the pair towards the 1.1280 support zone. On the upside, the pair is facing resistance near the 1.1350 level.

The next major resistance is near the 1.1380 level. The main resistance is forming near the 1.1400 level. A clear break above the 1.1400 resistance could push EUR/USD towards 1.1450. If the bulls remain in action, the pair could rise above the 1.1480 resistance zone in the near term.

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ETHUSD and LTCUSD Technical Analysis – 20th JAN, 2022


ETHUSD: Double Bottom Pattern Above $3,000

Ethereum was unable to sustain its bullish momentum this week, and after touching a high of $3,409 on 12th January, started declining against the US dollar.

ETHUSD touched an intraday low of $3,080 in the Asian trading session today, after which we can see some consolidation in its prices above the $3,000 handle.

We can clearly see a double-bottom pattern above the $3,000 handle which is a bullish reversal pattern and signifies the end of a downtrend and a shift towards an uptrend.

ETH is now trading just below its pivot levels of $3,131 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $3,138 and Fibonacci resistance level of $3,146, after which the path towards $3,300 will get cleared.

The relative strength index is at 49, indicating a NEUTRAL market and a move towards the consolidation phase after the decline.

We have detected an MA 20 crossover pattern above the $3,124 level which signifies a bullish trend reversal in the short-term.

Some of the technical indicators are giving a BUY signal.

ETH is now trading below the 100 hourly and 200 hourly simple moving averages.

• Ethereum consolidation is seen above the $3,000 mark
• Short-term range appears to be NEUTRAL
• Ultimate oscillator is indicating a NEUTRAL market
• Average true range is indicating LESSER market volatility

Ether Consolidation Channel Seen Above $3,000


ETHUSD continues to move into a consolidation channel above the $3l000 handle in the European trading session today.

Most of investors are not entering the markets and are waiting for a bullish momentum.

The commodity channel index is indicating a NEUTRAL market, and the overall sentiment is also neutral at these levels.

We are also due for a major upwards correction in the ETHUSD which could manifest in the form of a rally taking its prices close to the $4,000 handle.

We can see a mildly bullish channel in progression today which is expected to push the prices of ETHUSD towards the $3,300 level.

ETH has gained 1.47% with a price change of 45.44$ in the past 24hrs, and has a trading volume of 11.474 billion USD.

We can see a decrease of 16.90% in the total trading volume in the last 24 hrs., which appears to be normal.

The Week Ahead

Ethereum is now approaching its important support level of $3,000 which will decide whether we will see a bullish reversal in the markets.

If the price of ETHUSD continues to remain above the $3,000 handle, as we can see today, it will signify a bullish reversal with an upside target of $3,300 to $3,500 in the next week.

The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is MILDLY BULLISH, and the long-term outlook for Ether is BULLISH with a RALLY formation towards $4,000.

MACD has indicated a bullish crossover which is also giving a BUY signal at the current market levels.

This week, we can expect to see $3,300 to $3,400, and in the next week Ether is expected to trade at levels above $3,500.

Technical Indicators:

Williams percent range: at -37.39 indicating a BUY

Stoch (9,6): at 71.39 indicating a BUY

Moving averages convergence divergence (12,26): at 1.75 indicating a BUY

StochRSI (14): at 58.95 indicating a BUY

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BTCUSD and XRPUSD Technical Analysis – 25th JAN 2022


BTCUSD – Double Bottom Pattern Above $32000

Bitcoin had a major bearish correction after touching a high of 43296 on 20th January, the prices continued to decline touching a low of 33053 yesterday.

This sharp drop in the levels of Bitcoin was due to heavy selling in the markets coupled with the fears of a Russian attack on Ukraine.

Today BTCUSD has entered into a mild bullish momentum and continues to remain above the $36000 handle in the European Trading session.

We can clearly see a Double Bottom Pattern above the $32000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

STOCH and Williams Percent Range are indicating OVERBOUGHT levels which means that in the immediate short term a decline in the prices is expected.

Relative Strength Index is at 55 indicating a STRONG demand for the Bitcoin at the current market levels.

Bitcoin is now moving Above its 100 hourly Simple Moving average and below its 200 hourly Exponential Moving averages.

Average True Range is indicating Less Market Volatility with a Bullish zone formation.

• Bitcoin Trend Reversal is seen Above $32000.
• STOCHRSI is Indicating OVERSOLD Levels.
• The price is now trading just Above its Pivot Levels of $36246.
• Most of the Moving Averages are giving a BUY market signal.

Bitcoin Bullish Reversal Above $32000 Confirmed


Bitcoin is forming a Bullish Reversal pattern as the prices continue to Uptick in the European Trading session today.

The immediate short-term outlook for Bitcoin is Bullish, Medium-term outlook is Neutral, and the long-term outlook remains Strong Bullish.

All of the Major Technical Indicators are giving a BUY Signal, which means that in the immediate short term we are expecting targets of 38000 and 40000.

The price of BTCUSD is now facing its Classic resistance levels of 36426 and Fibonacci resistance levels of 36735 after which the path towards 38000 will get cleared.

In the last 24hrs BTCUSD is UP by 4.67% by 1619$ and has a 24hr trading volume of USD 41.650 Billion. We can see an Increase of 61.22% in the Trading volume as compared to yesterday.

This increase in the Trading volume of BTC is due to the increased Buying pressure after the recent decline, which saw many new investors coming into the markets.

The Week Ahead

The prices of Bitcoin entered into the consolidation phase after touching the $33000 handle and is now moving into a Mild Bullish momentum towards the $37000 levels.

We can expect more Upsides in the range of $38000 to $40000 in this week. The most important factor that is facing the Global investors is the news of a Russian attack on the Ukraine and its effects on the Crypto markets.

Since the liquidity fear is the most in the Cryptocurrencies, we saw a major drop in the levels of Bitcoin, which now appears to have stabilized.

The Crypto Winter

The prices of Bitcoin have declined from its November 2021 highs of $69000 by more than 50% which has resulted in the mass erosion of the investors wealth globally.

At present the Total market capitalization of Bitcoin stands at 685 Billion USD.

Many of the analysts have coined this Major decline as the Crypto Winter, which appears to be a difficult and challenging time for the Crypto Investors.


Technical Indicators:

Relative Strength Index (14days): It is at 55.72 indicating a BUY.

Average Directional Change (14days): It is at 22.27 indicating a BUY.

Rate of Price Change: It is at 0.432 indicating a BUY.

Moving Averages Convergence Divergence (12,26): It is at 161.80 indicating a BUY.

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ETHUSD and LTCUSD Technical Analysis – 27th JAN, 2022


ETHUSD – Bearish Engulfing Pattern Below $2700

Ethereum started a major bearish correction from its highs of 3268 reached on 20th January. We can see that after a mild bullish correction wave, the bearish trend is back which continues to push down the prices of Ethereum below the $2500 handle in the European Trading session today.

ETHUSD touched an intraday low of 2355 in the Asian trading session today after which we can see some consolidation in its prices above the $2300 handle.

We can clearly see a Bearish Engulfing Pattern below the $2700 handle which is a bearish pattern and signifies a potential shift in the market direction towards a Downtrend.

ETH is now trading just above its Pivot levels of 2403 and is moving in a Consolidation Channel. The price of ETHUSD is now testing its Classic support levels of 2358 and Fibonacci support levels of 2392 after which the path towards 2200 will get cleared.

Relative Strength Index is at 41 indicating a WEAK demand for the Ethereum and the continuation of the Selling pressure in the markets.

Most of the of the Technical indicators are giving a STRONG SELL Signal.

ETH is now trading Below its both the 100 Hourly and 200 Hourly Simple Moving Averages.

• Ether Bearish momentum is seen below the $2700 mark.
• Short-term range appears to be BEARISH.
• Ultimate Oscillator is indicating a NEUTRAL market.
• Average True Range is indicating LESS Market Volatility.

Ether Bearish Momentum seen Below $2700


ETHUSD continues to move into a Mild Bearish channel below the $2700 handle in the European Trading session today.

Average Directional Change is indicating a NEUTRAL market, and the overall sentiment is shifted towards the Bearish market.

The heavy selling pressure in Ethereum and its subsequent liquidation by the long-term investors is due to the fear of a Russian Attack on Ukraine and its broader implications on the Crypto markets.

We are now looking at the key support levels of $2300 which if broken would push down the prices of Ethereum towards the $2200 handle.

ETH has lost -2.71% with a price change of -66.95$ in the past 24hrs and has a trading volume of 22.749 Billion USD.

We can see an Increase of 42.78% in the total trading volume in last 24 hrs. which is due to the heavy selling seen after the bullish momentum failed.

The Week Ahead

Ethereum is now approaching its important support levels of $2300 which will decide whether we will see a Bullish reversal in the markets.

If the prices of ETHUSD continue to remain above the $2300 handle as we can see today, it will signify a Bullish reversal with an Upside target of $2500 to $2800 in the next week.

The immediate short-term outlook for the Ether has turned as BEARISH, the Medium term outlook is NEUTRAL, and the Long term outlook for Ether is BULLISH towards the $3000 handle.

We have detected an MA 5 crossover pattern above 2398 levels which signifies a Bullish Trend reversal in the short term.

In this week Ether is expected to move in a range between the $2300 and $2600 and in the next week Ether is expected to trade at levels above $2600.

Technical Indicators:

Rate of Price Change: It is at -7.782 indicating a SELL.

STOCH (9,6): It is at 23.42 indicating a SELL.

Moving Averages Convergence Divergence (12,26): It is at -24.08 indicating a SELL.

STOCHRSI (14): It is at 25.04 indicating a SELL.

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Gold Price Nosedives While Crude Oil Price Extends Rally


Gold price started a fresh decline from the $1,850 resistance zone. Crude oil price is rising and might continue to gain momentum above $87.00.

Important Takeaways for Gold and Oil

• Gold price started a major decline from the $1,850 against the US Dollar.
• There was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.
• Crude oil price started a steady increase after it cleared the $85.00 resistance.
• There is a major bullish trend line forming with support near $86.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price attempted a key upside break above $1,850 against the US Dollar. However, the price failed to gain strength above $1,850 and started a major decline.

There was a clear move below the $1,820 level and the 50 hourly simple moving average. Besides, there was a break below a key contracting triangle with support near $1,840 on the hourly chart of gold.

Gold Price Hourly Chart


The price even declined below the $1,800 level and settled below the 50 hourly simple moving average. A low is formed near $1,791 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,800 level.

The first major resistance is near the $1,805 level. It is near the 23.6% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low.

The main resistance is now forming near the $1,820 level. The 50% Fib retracement level of the downward move from the $1,853 swing high to $1,791 low is also near the $1,820 level. A close above the $1,820 level could open the doors for a steady increase towards $1,840.

The next major resistance sits near the $1,850 level. On the downside, an initial support is near the $1,790 level. The first major support is near the $1,780 level.

A downside break below the $1,780 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,750 support.

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BTCUSD and XRPUSD Technical Analysis – 01st FEB 2022


BTCUSD: Double Bottom Pattern Above $35,500

Bitcoin continues its bullish momentum this week having crossed the $38,000 handle in the Asian trading session today.

The prices of bitcoin are surging due to the increase in trading volumes and a renewed interest of global investors to buy bitcoin at lower levels.

BTCUSD touched an intraday high of $38,741 in the early Asian trading session, and an intraday low of $38,185.

We can clearly see a double bottom pattern above the $35,500 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Stoch and Williams Percent Range are indicating an OVERBOUGHT level which means that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 61 indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving average.

The average true range is indicating a lesser market volatility with a bullish zone formation.

• Bitcoin bullish momentum continues above $35,500
• StochRSI is indicating a NEUTRAL level
• The price is now trading just above its pivot level of $38,420
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Momentum Above $35,500 Confirmed


Bitcoin continues to gain traction in the European trading session today and is trading above the $38,000 handle.

The immediate short-term outlook for bitcoin is bullish, the medium-term outlook is neutral, and the long-term outlook remains strongly bullish.

The daily RSI is printing at 40 which means that long-term investors are still not coming into the markets.

All of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short-term, we should be expecting targets of $40k and $42k.

The price of BTCUSD is now facing its classic resistance level of $38,529 and Fibonacci resistance level of $38,588, after which the path towards $40k will get cleared.

In the last 24hrs, BTCUSD has gone UP by 3.75% with a price change of $1,392, and has a 24hr trading volume of USD 20.355 billion. We can see an increase of 23.68% in the trading volume as compared to yesterday.

The total market capitalization of bitcoin still remains below the $800 billion mark and is currently at 730.045 billion USD.

The Week Ahead

The prices of bitcoin are ranging in between the levels of $38,900 and $35,500, and are due for an upwards correction towards the $40,000 handle.

Many analysts believe that the recent decline happened due to the CME Futures gap.


Bitcoin’s bullish momentum is expected to continue pushing its levels past the $40,000 handle this week, and the prices of BTCUSD will need to remain above the important support level of $37,000.

Next week, we can expect more upsides in the range of $42,000 to $45,000.

Technical Indicators:

Commodity channel index (14-day): at 67.48 indicating a BUY

Average directional change (14-day): at 43.04 indicating a BUY

Rate of price change: at 0.255 indicating a BUY

Moving averages convergence divergence (12,26): at 179.60 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis – 03rd FEB, 2022


ETHUSD: Rounding Bottom Pattern Above $2,400

Ethereum has finished its bearish momentum seen last week after it touched a low of $2,183 on 24th January. In today’s European trading session, we can observe a mildly bullish trend, which is keeping ETH prices above the $2,600 handle.

ETHUSD continues to maintain its consolidation above $2,600, and is on a recovery mode towards its important resistance level of $3,000.

We can clearly see a rounding bottom pattern above the $2,400 handle which is a bullish pattern and signifies a bullish continuation forming an uptrend.

ETH is now trading just above its pivot level of $2,667, and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $2,681, and Fibonacci resistance level of $2,689, after which the path towards $3,000 will get cleared.

The relative strength index is at 44 indicating a NEUTRAL market sentiment which is expected to continue for some time due to the global risk scenario.

Most of the technical indicators are giving a NEUTRAL market signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether’s bullish momentum is seen above the $2400 mark
• Short-term range appears to be mildly BULLISH
• Williams percent range is indicating a NEUTRAL market
• Average true range is indicating LESS market volatility

Ether: Mild Bullish Momentum seen above $2,400


In today’s European trading session, ETHUSD continues to move in a mildly bullish channel above the $2,400 handle.

The commodity channel index is indicating a NEUTRAL market, and the overall sentiment has shifted towards the bullish market.

The selling pressure has subsided, and a buying zone formation is seen which continues to push the prices upwards after every decline.

We are looking at the important psychological resistance level of $3,000 which, if broken, will lead Ethereum into a strongly bullish momentum.

The key support level to watch is $2,600, and as we can see that the prices continue to remain above these levels.

ETH has lost -3.70% with a price change of -85.47$ in the past 24hrs, and has a trading volume of 14.684 billion USD.

We can see an increase of 17.17% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum is now on track towards recovery after the recent decline last week. We saw ETHUSD touching a high of $3,268 on 20th January, and if the current bullish momentum continues, we could see these levels again the next week.

For now, the main contention is the falling interest of the global investors and the panic selling that is seen due to the tension at the Russia and Ukraine border.

If the prices of ETHUSD continue to remain above the $2,600 handle, as we have seen today, it will confirm the bullish channel formation with an upside target of $2,900 to $3,200 the next week.

The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is mildly BULLISH, and the long-term outlook is BULLISH towards the $3,500 handle.

We have detected an MA 10 and MA 5 crossover pattern above $2,664, which signifies a bullish trend reversal in the short-term.

This week, Ether is expected to move in a range between $2,600 and $2,800; the next week, Ether is expected to trade at levels above $2,800.

Technical Indicators:

Ultimate oscillator: at 51.60 indicating a BUY

Average directional change (14-day): at 23.93 indicating a BUY

Highs/lows(14-day): at 0.00 indicating a NEUTRAL market

StochRSI (14-day): at 71.08 indicating a BUY

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BTCUSD and XRPUSD Technical Analysis – 08th FEB 2022


BTCUSD: Double Bottom Pattern Above $36,200

Bitcoin continues its bullish momentum this week in the form of a rally, and touched a high of $45,387 in today’s European trading session.

Global buying pressure is observed in bitcoin, and support at lower levels which has managed to push up the prices of BTCUSD above the $44,000 handle.

BTCUSD touched an intraday low of $43,575 in the Asian trading session, and an intraday high of $45,387 today.

We can clearly see a double bottom pattern above $36,200, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and Williams percent Rrange are indicating OVERBOUGHT levels which means that in the immediate short-term a decline in the prices is expected.

The relative strength index is at 60 indicating a STRONG demand for bitcoin at the current market level.

Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving averages.

The average true range is indicating lesser market volatility with a bullish zone formation.

• Bitcoin bullish momentum continues above $36,200
• Highs/Lows are indicating a NEUTRAL level
• The price is now trading just below its pivot level of $44,846
• All of the moving averages are giving a BUY market signal

Bitcoin Rally Seen Above $36,200


Bitcoin continues its strong bullish momentum, having crossed the $45,000 handle in today’s European trading session.

The immediate short-term outlook for bitcoin is bullish, the medium-term outlook is neutral, and the long-term outlook remains strongly bullish.

The daily RSI is printing at 64 which means that long-term investors have returned to the markets, which can push the prices of BTCUSD above the $50,000 handle.

All of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short-term we are expecting targets of $45,000 and $48,000.

The price of BTCUSD is now facing its classic resistance level of $45,033 and Fibonacci resistance level of $45,145, after which the path towards $48,000 will get cleared.

In the last 24hrs, BTCUSD has gone UP by 3.81% with a price change of $1,622, and has a 24hr trading volume of USD 31.862 billion. We can see an increase of 48.60% in the trading volume as compared to yesterday, due to increased buying pressure in global cryptocurrency markets.

The total market capitalization of bitcoin has now crossed the $800 billion mark and is currently at 838.161 billion USD.

The Week Ahead

The prices of bitcoin are at present moving in a contraction phase after touching the level of $45,000. We can see some short-selling which is the reason for a pullback to the current market level of $44,150.

We have detected MA5 and MA10 crossover patterns at $44,671 and $44,345, which signifies the visible contraction seen in the prices of bitcoin.

In the medium-term, bitcoin’s bullish momentum is expected to continue pushing past the $50,000 handle this week.

The prices of BTCUSD will need to remain above the important support level of $40,000 this week.

We can expect more upsides in the range of $45,000 to $48,000 in the next week.

Bitcoin’s Rally Mode

The prices of bitcoin continue to surge from their lowest level seen on 24th Jan when it touched a low of $33,503.

At the current market price of $44,140 we can see a gain of 31% which is why we can say that bitcoin is in a rally mode, and the prices can continue appreciating towards $50,000 and $55,000 in the coming weeks.

Historically, this is seen as the longest rally after Sept 2021, due to increased global investor sentiments.

Technical Indicators:

Commodity channel index (14-day): at 53.50 indicating a BUY

Average directional change (14-day): at 45.17 indicating a BUY

Rate of price change: at 0.495 indicating a BUY

Moving averages convergence divergence (12,26): at 502.00 indicating a BUY


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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 10th FEB, 2022


ETHUSD: Bullish Pennant Pattern Above $3,000

This week, Ethereum continues its bullish momentum after touching a low of $2,575 on February 3rd. On February 8th, we saw Ethereum making a strong bullish move in the form of a rally and crossing the level of $3,000.

ETHUSD continues to maintain its consolidation above the level of $3,000 and is currently trading at $3,194 in the European trading session.

We can clearly see a bullish pennant pattern above the $3,000 handle which is a bullish pattern and signifies a bullish continuation, forming an uptrend.

ETH is now trading just above its pivot level of $3,187 and moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,196 and Fibonacci resistance level of $3,202 after which the path towards $3,400 will get cleared.

The relative strength index is at 53 indicating a NEUTRAL market sentiment which is expected to shift towards the bullish sentiment.

Some of the technical indicators are giving a BUY market signal.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether bullish momentum is seen above the $3,000 mark
• Short-term range appears to be mildly BULLISH
• Commodity channel index is indicating a NEUTRAL market
• Average true range is indicating LESS market volatility

Ether: Bullish Momentum Seen Above $3,000


ETHUSD continues to move in a bullish channel above the $3,000 handle in today’s European trading session.

The price of Ethereum has crossed the 50-day simple moving average at $3,142, indicating a bullish outlook, and we are now looking at the targets of 3,300 and 3,500.

The Stoch and rate of price change are indicating a short-term correction which is expected at levels below 3,200.

The daily RSI is printing at 59 which also indicates a stronger demand for Ethereum in the long-time frame.

The bullish line formation above its 100-day simple moving average of 3106 indicates that we are heading towards $3,500.

The key support level to watch is $3,000, and as of now, the price remains above this levels.

ETH has gained 3.17% with a price change of 98.32$ in the past 24hrs, and has a trading volume of 13.426 billion USD.

We can see a decrease of 7.54% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum continues to move in a strongly bullish momentum after touching a low of $2,199 on 24th January. The price has jumped by more than 40% in the form of a rally, and now we are observing a consolidation in its levels.

If the price of ETHUSD continues to remain above the $3,000 handle, as seen today, it will start the next leg of its bullish move towards the $3,500 handle the next week.

The immediate short-term outlook for Ether has turned BULLISH, the medium-term outlook is strongly BULLISH, and the long term outlook for Ether is BULLISH towards the $3,500 handle.

We have detected an MA5 crossover pattern above 3,181,which signifies a bullish move in the short-term.

This week, Ether is expected to move in a range between $3,200 and $3,400, while next week, Ether is expected to trade at levels above $3,500.

Technical Indicators:

Moving averages convergence divergence (12,26): at 11.10 indicating a BUY

Average Directional Change (14-day): at 40.85 indicating a BUY

Bull/Bear Power(13-day): at 7.94 indicating a BUY

StochRSI (14-day): at 22.77 indicating an OVERSOLD market

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[FXOpen Trader]

Gold Price Corrects Lower, Crude Oil Price Aims Fresh Increase


Gold price gained bullish momentum above $1,825 before correcting lower. Crude oil price is holding the $87.50 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,800 and $1,820 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $87.50.
• There was a break above a major bearish trend line with resistance near $88.85 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,788 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,800 level to move into a positive zone.

There was a clear move above the $1,820 level and the 50 hourly simple moving average. The price even climbed above the $1,835 resistance level. A high was formed near $1,841 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart


There was a break below the $1,835 level. Besides, there was a break below a key bullish trend line with support near $1,835 on the hourly chart of gold.

The price traded below the 23.6% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. On the downside, an initial support is near the $1,820 level. The first major support is near the $1,815 level.

It is near the 50% Fib retracement level of the upward move from the $1,788 swing low to $1,841 high. If there is a downside break below the $1,815 level, the price could decline to $1,800.

On the upside, the price is facing resistance near the $1,830 level. The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.

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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 15th FEB 2022


BTCUSD: Bullish Engulfing Pattern Above $41,500

Bitcoin touched a high of $45,807 on February 10, after which it started to decline touching a low of $41,601 in the Asian trading session today.

Now the prices have entered into a bullish correction phase and continue to remain above the $43,000 handle in the European trading session.

We can see a recovery in the prices of bitcoin towards $44,000,and this fresh wave of correction is expected to push up its prices towards $47,000.

We can clearly see a bullish engulfing pattern above the $41,500 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both Stoch and StochRSI are indicating an OVERBOUGHT level, meaning that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 71 indicating a STRONGER demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple moving average and below its 200 hourly exponential moving average.

All of the major technical Indicators are giving a STRONG BUY signal, which means that in the immediate short-term we are expecting targets of $45,000 and $47,000.

The average true range is indicating lesser market volatility with a strong bullish momentum.

• A bitcoin bullish reversal is observed above $41,500
• The Williams percent range is indicating an OVERBOUGHT level
• The price is now trading just below its pivot level of $43,940
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $41,500


Bitcoin continues to move in a strong bullish momentum after its decline towards the $41,600 level, and is now moving into a bullish zone formation above $43,000.

The immediate short-term outlook for bitcoin is strongly bullish; the medium-term outlook is neutral; the long-term outlook remains bullish.

We can see that the daily 100-day and 200-day simple moving averages are indicating a trend reversal at the levels of $48,177 and 49,416, which means that after touching these levels a contraction/ correction in bitcoin prices is expected.

The price of BTCUSD is now facing its classic resistance level of $44,233, and Fibonacci resistance level of $44,452, after which the path towards $47,000 will get cleared.

Bitcoin has already managed to cross its initial resistance zone of $43,800, and is moving upwards closer to $44,000.

In the last 24hrs, BTCUSD has gone UP by 4.58% with a price change of 1,926$, and has a 24hr trading volume of USD 24.019 billion. We can see an increase of 34.58% in the trading volume as compared to yesterday, due to increased buying pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are at present moving in a correction phase towards the $44,000 handle. This also indicates that now we are looking at a fresh rally into the markets towards $50,000.

The prices of bitcoin remained under pressure last week due to the fresh concerns over the Russia-Ukraine border tensions, which, to date, has resulted in the US dollar getting stronger due to safe haven demands and the price of BTCUSD going down.

In the immediate short-term, bitcoin’s bullish momentum is expected to continue pushing past the $47,000 handle this week.

The price of BTCUSD will need to remain above the important support level of $43,000 this week, and we can expect more upsides in the range of $45,000 to $47,000 the next week.

Bitcoin vs GOLD

Traditionally, gold has been considered a safe preferred by global investors for long-term holdings of their wealth. But now we can see a shift in the sentiment towards bitcoin as a viable digital gold, thanks to higher appreciation and gains.

Crypto investors now prefer buying bitcoin at lower levels, and we can see that now the total market capitalization of bitcoin stands at 832 billion USD.

Technical Indicators:

The commodity channel index (14-day): at 103.36 indicating a BUY

The average directional change (14-day): at 29.93 indicating a BUY

The rate of price change: at 4.306 indicating a BUY

The moving averages convergence divergence (12,26): at 414.10 indicating a BUY

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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 17th FEB, 2022


ETHUSD: Bullish Engulfing Pattern Above $2,800

Ethereum was unable to sustain its Bullish momentum last week, and after touching a high of $3,280 on February 10, it started to decline with a low of $2,837 on February 13.

The selling we saw in ETHUSD occurred due to a broad-based liquidation of the assets into the USD following the fears (which now seem to have subsided) of a war between Russia and Ukraine.

ETHUSD continues to maintain its consolidation above $3,000 and is currently trading at $3,126 in the European trading session.

We can clearly see a bullish engulfing pattern above the $2,800 handle which signifies a bullish continuation and formation of an uptrend.

ETH is now trading just above its pivot level of $3,100 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance level of $3,119, and Fibonacci resistance level of $3,130 after which the path towards $3,300 will get cleared.

The relative strength index is at 52 indicating a NEUTRAL market sentiment which is expected to shift towards a bullish sentiment.

Some of the technical indicators are giving a BUY market signal, with some of the moving averages giving a BUY signal as well, and we are now looking at the levels of $3,300 to $3,500 in the short-term range.

ETH is now trading above its 100 hourly and 200 hourly simple moving averages.

• Ether’s bullish reversal seen above the $2,800 mark
• Short-term range appears to be Mild BULLISH
• High/ Lows is indicating a NEUTRAL market
• Average True Range is indicating LESS Market Volatility

Ether: Bullish Reversal Seen Above $2,800


In today’s European trading session, ETHUSD has been moving into a consolidation channel above the $3,000 handle.

Both the commodity channel index and Stoch are indicating a NEUTRAL level which means that markets are expected to remain in the consolidation phase for some time.

The monthly relative strength index is printing at 58 which also indicates a stronger demand for Ethereum in the long-time frame.

The prices of Ethereum remain above the 50-day SMA of $3,058, which further validates the prevailing bullish sentiments in the markets.

The key support level to watch is $3,000, and a key resistance level is $3,200 for this week.

ETH has declined -1.35% with a price change of 42.73$ in the past 24hrs, and has a trading volume of 13.984 billion USD.

We can see a 5.36% increase in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

Ethereum has once again started its bullish moves against the US dollar after declining below the $3,000 handle. We can see that this upside projection is strong and will result in crossing $3,300 this week.

The ongoing Russia-Ukraine crisis is also affecting  global cryptocurrency markets including Ethereum because of its effects on the USD which is seen as a safe haven investment.

If the prices of ETHUSD continue to remain above the $3,000 handle as we can see today, it would start the next leg of its bullish move towards $3,400 the next week.

The immediate short-term outlook for Ether has turned BULLISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook is BULLISH towards the $3,500 handle.

This week, Ether is expected to move in a range between $3000 and $3300, and the next week, to trade at levels above $3,300.

Technical Indicators:

The moving averages convergence divergence (12,26): at 15.75 indicating a BUY

The average directional change (14-day): at 41.31 indicating a BUY

The rate of price change: at 6.54 indicating a BUY

Bull/Bear power (13-day): at 63.65 indicating a BUY

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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022


BTCUSD: Bearish Engulfing Pattern Below $44,300

Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February.

The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar.

We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

The Stoch and Williams percent range are indicating OVERBOUGHT levels which means that in the immediate short-term, a decline in the prices is expected.

The relative strength index is at 38 indicating a WEAKER demand for bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly simple moving average, and below its 200 hourly exponential moving average.

All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000.

The average true range is indicating a lesser market volatility with a strong bearish momentum.

• A bearish reversal below $44,300 is seen in bitcoin
• The Williams percent range is indicating OVERBOUGHT levels
• The price is now trading just below its pivot level of $36,876
• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $44,300


Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000.

In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now.

On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings.

The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish.

We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards,

The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared.

We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further.

In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000.

The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down.

In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle.

In the event of a pullback, the upside projection is at the 50-day SMA of $38,179.

The price of BTCUSD will need to remain above the important support level of $35,000 this week.

The weekly outlook is projected at $35,000 with a consolidation zone of $36,000.

Technical Indicators:

The relative strength index (14-day): at 34.53 indicating a SELL

The average directional change (14-day): at 30.37 indicating a SELL

The rate of price change: at -16.29 indicating a SELL

The moving averages convergence divergence (12,26): at -807.20 indicating a SELL

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[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022


ETHUSD: Bearish Engulfing Pattern Below $2,900

Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session.

Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine.

We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario.

We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared.

The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2,200 to $2,100 in the short-term range.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• A bearish reversal seen below the $2,900 mark
• The short-term range appears to be strongly BEARISH
• The daily RSI is below 50 at 32 indicating a BEARISH market
• The average true range is indicating LESS market volatility

Ether: Strong Bearish Momentum Seen Below $2,900


ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today.

Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon.

We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term.

The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets.

At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase.

The key support level to watch is $2,100, and the key resistance level is $2,500 for this week.

ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD.

We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally.

The Week Ahead

Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500.

The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia.

If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle.

This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at -71.42 indicating a SELL

The commodity channel index (14-day): at -82.77 indicating a SELL

The rate of price change: at -9.82 indicating a SELL

The Stoch (9,6): at 20.89 indicating a SELL

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[FXOpen Trader]

Gold Price and Crude Oil Price Could Rally Further


Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $91.00.
• There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold Price Hourly Chart

Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone.

There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction.

There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.

The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low.

On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level.

The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level.

On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850.

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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022


BTCUSD – Double Bottom Pattern Above $34000

Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels.

The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros.

The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today.

The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety.

We can see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

STOCH and Williams Percent Range are indicating OVERBOUGHT levels which means that in the immediate short term a decline in the prices is expected.

The relative Strength Index is at 76 indicating a STRONG demand for Bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential Moving averages.

All of the Major Technical Indicators are giving a STRONG BUY Signal, which means that in the immediate short-term we are expecting targets of 45000 and 48000.

The Average True Range is indicating Less Market Volatility with a Strong Bullish momentum.

• Bitcoin Bullish Reversal is seen Above $34000.
• Williams Percent Range is Indicating OVERBOUGHT Levels.
• The price is now trading just Below its Pivot Levels of $43470.
• All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Momentum Seen Above $34000


Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today.

In the immediate term, we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now.

After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will result in a Rally towards the $50000 handle.

The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook is Bullish, and the long-term outlook remains Bullish.

The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared.

We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs, BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets.

The Week Ahead

The prices of Bitcoin are due to enter into a consolidation phase above the $42000 level. We can see some range of bounded movements in its levels between $42000 to $46000.

The prices of Bitcoin are appreciating as an alternative source of cross-border payments after the recent sanctions that are being imposed on Russia by the SWIFT network.

In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week.

In the event of a pullback, the upside projection is at the 100-day SMA of $44992.

The prices of BTCUSD will need to remain above the important support levels of $40000 this week.

The weekly outlook is projected at $41000 with a consolidation zone of $44000.

Technical Indicators:

Relative Strength Index (14days): It is at 74.64 indicating a BUY.

Average Directional Change (14days): It is at 51.70 indicating a BUY.

Rate of Price Change: It is at 5.19 indicating a BUY.

Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY.

Read Full on FXOpen Company Blog...

[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022


ETHUSD: Bullish Engulfing Pattern above $2,550

Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th.

This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session.

We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700.

We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week.

ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session.

The moving averages are giving a BUY signal.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• Ethereum is in a mildly bullish channel
• A short-term trend reversal seen above $2,550
• All the major technical indicators are giving NEUTRAL-to-BUY signals
• The average true range is indicating LESSER market volatility

Ether: Bullish Channel Towards $3,000 Confirmed


ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back.

We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target.

We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel.

ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD.

We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum.

The Week Ahead

Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week.

The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021.

Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000.

Technical Indicators:

The commodity channel index (14-day): at 94.58 indicating a BUY

The moving averages convergence divergence (14-day): at 3.79 indicating a BUY

The ultimate oscillator: at 53.45 indicating a BUY

The rate of price change: at 0.052 indicating a BUY

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