Daily Market Analysis By FXOpen

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 28th MAR 2023


BTCUSD: Bearish Engulfing Pattern Below $28781

Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $28781 on 22nd March, the price started to correct declining against the US dollar, touching a low of $26531 on 27th Mar.

We have seen a bearish opening of the markets this week.

We can clearly see a bearish engulfing pattern below the $28781 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Bitcoin touched an intraday high of 27238 in the Asian trading session, and an intraday low of 26837 in the European trading session today.

The commodity channel index is giving a bearish divergence signal in the weekly time frame.

Both 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 Ichimoku price is under the cloud in the weekly time frame indicating a bearish trend.

The relative strength index is at 38.03 indicating a weak demand for bitcoin, and the continuation of the selling pressure in the markets.

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

Most of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 26000 and 25500.

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

• Bitcoin: bearish reversal seen below $28781.
• The RSI remains below 50 indicating a bearish market.
• The price is now trading below its pivot levels of $26998.
• The short-term range is strongly BEARISH.

Bitcoin: Bearish Reversal Seen Below $28781


The price of Bitcoin was unable to cross the $29000 handle and we can see a sharp drop in the price which is now ranging below the $27000 level.

We are expecting more downsides in the range of $26000 and $25500 after which some market consolidation can be seen.

We can see the formation of the moving average bearish crossover pattern with the adaptive moving averages AMA50 and AMA100 in the daily time frame.

We have also detected the formation of a bearish Harami pattern in the 1-hour time frame.

The immediate short-term outlook for bitcoin is strongly bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $25261 which is a 38.2% retracement from a 4-week high, and at $26013 which is a 14-3 day raw stochastic at 70%.

The price of BTCUSD is now facing its classic support level of 26880 and Fibonacci support level of 26966 after which the path towards 26000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 3.75% by 1045.42$ and has a 24hr trading volume of USD 18.647 billion. We can see an increase of 28.44% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

We can see that bitcoin has changed tracks and is now moving under a continuous bearish pressure below the $27000 level.

The immediate target expected is $26000 after which we can see some consolidation in the zone of $25500 level.

The daily RSI is printing at 57.25 which indicates a neutral demand for bitcoin and the shift towards the consolidation phase in the medium-term range.

We can see the formation of a bearish trend line from $28781 towards the $26647 level.

The price of BTCUSD is now facing its resistance zone located at $27966 which is a 38.2% retracement from its 52-week low, and at $28029 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $26000 with a consolidation zone of $25500.

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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 and LTCUSD Technical Analysis – 30th MAR, 2023


ETHUSD: Bullish HARAMI Pattern Above $1687

Ethereum was unable to sustain its bearish momentum, and after touching a low of $1687 on 27th Mar, the prices started to correct upwards against the US dollar touching a high of $1829 today in the Asian trading session.

We have seen a bullish opening of the markets this week.

The price of Ethereum is ranging near a new record high of 1 month.

We can clearly see a bullish Harami pattern above the $1687 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1798 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1803 and Fibonacci resistance level of 1806 after which the path towards 1850 will get cleared.

We can see the formation of both bullish Harami and bullish Harami cross patterns in the 2-hour time frame.

The relative strength index is at 53.40 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

Both the STOCH and STOCHRSI are giving a neutral signal, which means that the prices are expected to enter into a consolidation phase in the short-term range.

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

Most of the moving averages are giving a buy signal at the current market levels of $1800.

ETH is now trading above both the 200 hourly simple and 200 hourly exponential moving averages.

• Ether: bullish reversal seen above the $1687 mark.
• The short-term range appears to be mildly bullish.
• ETH continues to remain above the $1750 level.
• The average true range is indicating high market volatility.

Ether: Bullish Reversal Seen Above $1687


ETHUSD is now testing to cross the $1900 levels and the current momentum suggests that we are now moving towards the $1850 level.

We can see the formation of bullish engulfing lines in the weekly time frame.

The price is back over the pivot point in the weekly time frame indicating bullish trends.

We can see the formation of moving average bullish crossover patterns MA20 and MA50 in the 4-hourly time frame.

We have also seen an upside gap in the 15-minute timeframe which indicates the bullish nature of the markets.

ETHUSD touched an intraday high of 1829 and an intraday low of 1774 in the Asian trading session today.

The key support levels to watch are $1744, at which the price crosses the 9-day moving average stalls, and $1769 at which the price crosses the 9-day moving average.

ETH has decreased by 0.92% with a price change of 16.80$ in the past 24hrs and has a trading volume of 9.457 billion USD.

We can see a decrease of 6.37% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH is facing stiff resistance at crossing the $1850 handle after which the next visible targets are located at $1900 and $1950.

We can see the formation of a major bullish trend line with the support located at $1679 at which the price crosses the 18-day moving average.

We can see the formation of a bullish ascending channel from $1687 towards the $1852 level.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned bullish, and the long-term outlook for Ether is neutral under present market conditions.

The resistance zone is located at $1830 which is a pivot point 1st resistance point and at $1913 which is a 38.2% retracement from a 52-week low.

The weekly outlook is projected at $1950 with a consolidation zone of $1900.

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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 March 27 - 31 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.

• UK inflation: Is the end in sight?
• Nasdaq storms psychological level near highs of the year
• Rapid oil recovery
• How Bitcoin reacted to the CFTC lawsuit against Binance

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




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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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[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 04th APR 2023


BTCUSD – Hammer Pattern Is Above $26,529

Last week, the bearish momentum in Bitcoin price didn't sustain, and after touching the low of $26,529 on 27th March, the prices started to correct upwards against the US Dollar and touched the high of $29,171 on 30th March.

At the beginning of the week, Bitcoin is ranging near a NEW record 1-month high. We can clearly see a hammer pattern above $26,529, which signals a downtrend reversal.

Bitcoin touched an intraday low of $27,244 in the Asian trading session and an intraday high of $28,144 in the European trading session today.

The Williams percent range indicator is back over -50 in the daily timeframe, indicating a bullish trend.

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

The price is back over the pivot point in the daily timeframe, which stands for the bullish nature of the markets.

The relative strength index is near 53, which is a sign of a NEUTRAL demand for Bitcoin and a shift towards the consolidation phase in the markets.

Bitcoin is above a 200-hour simple moving average and above a 200-hour exponential moving average.

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

• Bitcoin bullish reversal is seen above $26,529.
• The RSI remains above 50, indicating a bullish market.
• The price is now trading above its pivot level of $28,028.
• Short-term range is moderate BULLISH.
• Some major technical indicators signal that the price may move to $28,500 and $29,000 soon.

Bitcoin Bullish Reversal Seen Above $26,529


The prices of Bitcoin have been successful in crossing the $29,000 resistance, and now we are looking for fresh upsides in the range of $30,000 and $32,000.

With the continued support seen at lower levels, we can see the formation of an ascending channel which may push the prices of Bitcoin above $30,000.

There is also a bullish crossover pattern with the 20-period and 50-period adaptive moving averages in the 4-hour timeframe.

A support zone is located at $26,547, where the price crosses the 18-day moving average, and at $27,144, which is the first support of the pivot point indicator.

BTCUSD is now facing its classic resistance level of $28,188 and Fibonacci resistance level of $28,286, breaking which the price will be able to move to $29,000.

There is an increase of 31.90% in the daily trading volume, which is normal. The short-term outlook for Bitcoin is bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

The Week Ahead

We can see that Bitcoin has now resumed its long-term uptrend with the current support at $16,538 formed on 1st January 2023, which marked the end of the crypto winter.

Now the price of Bitcoin is ranging near the triangle's support in the 1-hour chart, reflecting bullish sentiment.

The immediate expected target is $30,000, after which we may see some consolidation in the zone of the $29,500 level.

Daily RSI is at 59.72, which indicates a NEUTRAL demand for Bitcoin and the shift towards the consolidation phase in the medium-term range.

We can see the formation of a bullish trendline from $26,529 to $28,771.

The BTCUSD is now facing resistance at $29,147, which is a 13-week high, and at $30,471, which corresponds to a 14-day RSI at 70.

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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 Technical Analysis – 06th APR, 2023


ETHUSD – Hammer Pattern Is Above $1,763


Bears couldn’t keep control of the market, and after touching a low of $1,763 on 03rd April, the ETH/USD pair started to correct upwards, touching a high of $1,939 on 05th April.

ETHUSD is now moving under bearish pressure after touching a high of $1,939 on 05th April. The immediate bearish pressure suggests we will enter a consolidation phase above the $1,850 level.

A hammer pattern is above the $1,763 handle. It’s a bullish pattern, which signifies the end of a bearish phase. Also, we can see the formation of the morning star pattern.

The price is above the Ichimoku cloud, indicating a bullish nature of the market. Moreover, Ethereum is near the support of the channel.

The relative strength index is at 56.91, indicating a strong demand for Ether and a continuation of the buying pressure in the markets.

The average directional index and commodity channel index give a neutral signal, meaning that the price is expected to enter into a consolidation phase in the short-term range.

Some of the technical indicators are giving a bullish market signal. Most moving averages are giving a bullish signal at the current market level of $1,866.

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

• Ether bullish reversal is seen above the $1,763 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.

[FXOpen Trader]

LTCUSD Technical Analysis – 06th APR, 2023


LTCUSD – Bullish Harami Pattern Is Above $86.64


Bears couldn't pull the market further down last week, and after touching a low of $86.64 on 30th March, the prices started to correct upwards against the US Dollar, touching a high of $94.91 on 03rd April.

We have seen a bullish opening of the markets this week.

We can see a bullish harami pattern above the $86.64 handle. 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 100-hour exponential moving average, and it's above the pivot level of $92.93.

The relative strength index is at $52.50, indicating a neutral demand for Litecoin and a shift towards the market consolidation phase.

The prices of Litecoin continue to remain above some of the moving averages, which are giving a bullish signal at current market levels of $90.65

Both the Williams percent range and commodity channel index are signalling neutral market conditions, which means that the price is expected to remain in a consolidation phase in the short-term range.

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

• Some of the technical indicators are giving a bullish signal.
• Litecoin bullish reversal is seen above the $86.64 level.
• The RSI gives a neutral signal.
• 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]

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.

[FXOpen Trader]

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.

[FXOpen Trader]

ETHUSD Technical Analysis on April 13, 2023

The Morning Star Pattern Is Above $1,824


Bears couldn’t keep control of the market, and ETH/USD started to correct upwards after touching a low of $1,763 on 9 April.

ETHUSD is now moving under a strong bullish momentum after crossing the $2,000 resistance and may touch $2,100 and $2,200 levels.

The morning star pattern is above the $1,824 handle on the H1 timeframe. It’s a bullish pattern, which signifies the end of a bearish phase.

The relative strength index is at 78.57, indicating a strong demand for Ether and a continuation of the buying pressure in the markets.

The STOCHRSI and Williams’s percent range give an overbought signal, meaning that the price is expected to decline in the short-term range.

Most of the technical indicators are bullish. Most moving averages are bullish.

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

• Ether bullish reversal is seen above the $1,824 mark.
• The short-term range is expected to be strongly 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.

[FXOpen Trader]

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.

[FXOpen Trader]

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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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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[FXOpen Trader]

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.

[FXOpen Trader]

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.

[FXOpen Trader]

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.

[FXOpen Trader]

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.

[FXOpen Trader]

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

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




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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 #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

GBP/USD Eyes Bullish Breakout While EUR/GBP Consolidates Losses


GBP/USD is eyeing a key upside break above the 1.2470 resistance zone. EUR/GBP is now consolidating losses above the 0.8825 support.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound is slowly moving higher from the 1.2365 support against the US Dollar.
• There is a key bearish trend line forming with resistance near 1.2440 on the hourly chart of GBP/USD at FXOpen.
• EUR/GBP started a downside correction from the 0.8860 resistance zone.
• There is a major bullish trend line forming with support near 0.8825 on the hourly chart at FXOpen.

GBP/USD Technical Analysis


On the hourly chart of GBP/USD at FXOpen, the pair found support near the 1.2365 zone. The British Pound formed a base and started a decent increase above the 1.2400 resistance against the US Dollar.

The pair even spiked above 1.2440 and the 50-hour simple moving average. However, upsides remained capped near the 1.2470 zone. The pair is now consolidating near the 50-hour simple moving average and the 23.6% Fib retracement level of the upward move from the 1.2367 swing low to the 1.2451 high.

On the downside, there is a major support forming near the 61.8% Fib retracement level of the upward move from the 1.2367 swing low to the 1.2451 high at 1.2400.

The next major support is near the 1.2365 level. If there is a downside break below the 1.2365 support, there is a risk of a sharp decline. In the stated case, GBP/USD may perhaps revisit the 1.2300 support. Any more losses could lead the pair toward the 1.2250 support.

On the upside, resistance is near a key bearish trend line at 1.2440. The pair might attempt a fresh increase if the RSI stays above 50. The next major resistance is near the 1.2470 level. A clear move above the 1.2470 level could spark a rally toward the 1.2540 level.

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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]

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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[FXOpen Trader]

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.