Daily Market Analysis By FXOpen

[FXOpen Trader]

LTCUSD Analysis: Inverted Hammer Pattern Is above $84.29


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

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

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

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

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

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

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

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

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

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

[FXOpen Trader]

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

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

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

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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BTCUSD Analysis: Shooting Star Pattern below $29,961


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

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

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

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

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

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

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

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

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

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

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

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XRPUSD Analysis: Bearish Harami Pattern Is below $0.4869


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

On the hourly chart:

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

Some of the major technical indicators are bearish.

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

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



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

[FXOpen Trader]

ETHUSD Analysis: Bullish Engulfing Pattern above $1,805


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

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

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

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

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

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

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

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

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

[FXOpen Trader]

LTCUSD Analysis: The Morning Star Pattern Is above $85.16


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

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

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

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

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

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

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

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

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

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

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

[FXOpen Trader]

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

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

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

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 Analysis: Three Black Crows Pattern below $29,829


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

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

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

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

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

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

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

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

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

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

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

[FXOpen Trader]

XRPUSD Analysis: Bearish Doji Star Pattern below $0.4706


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

On the hourly chart:

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

Some of the major technical indicators are bearish.

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

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



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

[FXOpen Trader]

Ripple: News, Token Price Analysis


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

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

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

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



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

[FXOpen Trader]

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


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

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

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

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

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

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

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

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

[FXOpen Trader]

LTCUSD Analysis: Hanging Man Pattern Is below $87.83


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

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

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

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

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

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

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

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

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

[FXOpen Trader]

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

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

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

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



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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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BTCUSD Analysis: Hammer Pattern above $25,838


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

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

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

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

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

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

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

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

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

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

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

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Strengthening US Dollar Creates Pressure on Bitcoin and Other Assets


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

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

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

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



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

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ETHUSD Analysis: Bullish Engulfing Pattern above $1,785


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

On the H1 timeframe:

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

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

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LTCUSD Analysis: Inverted Hammer Pattern above $79.64


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

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

On the H1 timeframe:

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

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

[FXOpen Trader]

Watch FXOpen's May 15 - 19 Weekly Market Wrap Video

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

• Buckle up for the rise of E-mini Nasdaq 100 Futures, hitting the year's highest peak so far
•   Brace yourself for the unthinkable: US Default. Explore the captivating question of what direction the markets might take if the US Government runs out of money and discover the top 3 assets to keep an eye on. It's time to strategize!
• Crude Oil Analysis: Is the industry running on empty, or are there surprising turns ahead? Find out now!

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



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

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[FXOpen Trader]

BTCUSD Analysis: Bullish Harami Pattern Above $26,394


Bitcoin’s price continues its bullish momentum from last week, and after touching a low of USD 26,394 on May 18, we can see a move towards a consolidation phase, after which we are expecting upsides in the range of USD 28500 and USD 29000.

On the hourly chart:

• We can clearly see a bullish Harami pattern above the USD 26,394 handle.
• Both the STOCH and Williams’s percent range indicate overbought levels, which means that in the immediate short term, a decline in the price is expected.
• The resistance of the channel is broken.
• The relative strength index is at 63.84, indicating a strong demand for Bitcoin and the continuation of the buying phase in the markets.
• Most of the major technical indicators are giving a bullish signal, which means that in the immediate short term, we are expecting targets of USD 28,000 and USD 28,500.
• Bitcoin’s price is now moving above its 100-hour simple moving average and its 100-hour exponential moving average.
• The average true range indicates low market volatility with mild bullish momentum.

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

[FXOpen Trader]

XRPUSD Analysis: Three White Soldiers Pattern Above $0.4441


Last week, the market sentiment remained indecisive after Ripple price touched a low of USD 0.4441 on May 18 and started to correct upwards, with the prices ranging near a new record high of 1 month.

On the hourly chart:

• The relative strength index is at 53.20, which signifies a neutral demand for Ripple at the current market price and the continuation of the consolidation phase in the market.
• Moving averages signal an upwards price movement at the current market level of 0.4609.
• The ADX and CCI are both in the neutral zone, which means the price is expected to consolidate further.
• Ripple is now trading just below its pivot level of 0.4628 and is facing its classic resistance at 0.4660 and Fibonacci resistance at 0.4705, after which it will be able to move towards 0.4900.
• The Ichimoku price is over the cloud, indicating a bullish market.
• Bullish price crossover seen with moving averages MA20 and MA50.

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