Daily Market Analysis By FXOpen

Page 19 of 23 FirstFirst ... 91718192021 ... LastLast
Results 181 to 190 of 222

Thread: Daily Market Analysis By FXOpen

  1. #181
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    Daily Market Analysis By FXOpen
    Bitcoin Gives Back Its 2021 Gains – What Next?


    Bitcoin started the year around $30,000, and now the level acts as support. The euphoria surrounding the cryptocurrency market ended with a 50% decline in the price of Bitcoin and, in some cases, with more.

    In the first quarter of the year, Tesla announced that it invested $1.5 billion into Bitcoin. Moreover, it said that it would accept payments for its vehicles in Bitcoin.

    The announcement led to massive buying into the crypto space as numerous altcoins entered the bullish territory. As such, Bitcoin rose from $30,000 to over $60,000.

    Investors viewed Tesla’s announcement as a sign of further adoption of the cryptocurrencies, thus the bullish run. However, a couple of months later, Tesla announced it had sold some of its Bitcoin holdings and booked a profit just before the end of the first quarter. In fact, the company made a profit on the quarter only from selling carbon credits and some of its Bitcoin holding.

    Shortly after the second quarter started, Tesla, through the voice of its CEO, Elon Musk, expressed its concerns about the energy use of mining Bitcoin. As such, it stopped accepting Bitcoin as payment for Tesla cars, but it is unclear if the company sold any of its remaining Bitcoin.


    Tesla Q2 Earnings – Key for Future Price Action in Bitcoin

    It is unclear if Tesla sold any of its remaining Bitcoin or not, but investors will find out pretty soon. The Q2 2021 earnings season starts now, and investors will look for clues about the company’s crypt holding. If Tesla sold more of its Bitcoin at the higher levels, the bias is that the market will test below $30,000.

    From a technical perspective, the market seems to have formed a head and shoulders pattern. Even the fact that the global Bitcoin mining energy use is comparatively negligible does not matter anymore, as the market is unable to bounce.

    Moreover, further investments from companies such as MicroStrategy, which announced over $1.5 billion invested in Bitcoin in the second quarter alone, were not enough to lift the price of Bitcoin.

    To sum up, if there is one critical event for Bitcoin in the weeks ahead, it is the Tesla Q2 2021 earnings. Any changes in the company’s crypto portfolio may move the market.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  2. #182
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    EUR/USD Remains At Risk, USD/CHF Eyes Larger Increase



    EUR/USD declined heavily below 1.1900 and it tested 1.1770. USD/CHF is rising and it could gain momentum if it manages to clear the 0.9200 resistance.

    Important Takeaways for EUR/USD and USD/CHF

    • The Euro started a fresh decline from well above the 1.1900 zone against the US Dollar.
    • There was a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD.
    • USD/CHF started a fresh increase after it found support near 0.9123.
    • There was a break above a key bearish trend line with resistance near 0.9168 on the hourly chart.


    EUR/USD Technical Analysis

    The Euro struggled to gain pace above the 1.1900 level and it started a major decline against the US Dollar. As a result, the EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.

    The pair even declined below the 1.1820 support zone and settled below the 50 hourly simple moving average. There was also a break below a major contracting triangle with support near 1.1855 on the hourly chart of EUR/USD.



    A low was formed near 1.1772 on FXOpen and the pair is now consolidating losses. An immediate resistance on the upside is near the 1.1795 level.

    It is near the 23.6% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low. If there is an upside break above the 1.1800 resistance zone, the price could recover steadily towards the 1.1825 resistance zone.

    The 50% Fib retracement level of the recent drop from the 1.1875 high to 1.1772 low is also near 1.1825. Any more gains might call for a test of 1.1850.

    On the downside, there is a major support forming near the 1.1770 zone. A downside break below the 1.1770 support could start another decline. The next major support could be near the 1.1710 level.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  3. #183
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    Crypto investors are looking for reasons to be optimistic



    The market has entered a consolidation zone after the anomalous activity of May 19, with fluctuations framed by a narrowing triangle formation. Currently, no significant news reports are affecting the market, and the volumes are fading. This situation is reminiscent of the calm before the storm. What will the storm be like and when will it happen?

    Optimists are looking for arguments that would signify a resuming growth. Analysts point to the outflow of bitcoins from cryptocurrency exchanges (see fig. 2), as evidenced by data (see fig. 1) collected by the Glassnode agency. Blue arrows on the chart indicate that previous outflows occurred against the backdrop of rising quotes. Therefore, the current outflow, according to analysts, could be a bullish harbinger.



    But digging deeper, we will find out that this was not always the case. A similar outflow occurred during the lull in the first half of November 2018. And in the second half, a bearish storm occurred, and BTCUSD collapsed from 6400 to 3200.

    Volume analysis does give cause for concern. On July 11, there was a growth attempt (see fig. 3), but the volumes were low, which indicates a possible shortage of buyers. The next day, July 12, confirms the weakness of demand, as the price decreased on growing volumes, which can be interpreted as active selling pressure. It seems that negative sentiment prevails in the market, as participants are actively selling the coin instead of buying. If so, then the price of 33,500 is too high for BTC.

    In such conditions, the fate of a psychological support level of 30k causes more and more concerns.

    FXOpen Blog
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  4. #184
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    LTC and EOS – Upside expected but could be correctional



    LTC/USD

    The price of Litecoin was on the rise from yesterday and came up by 6% from its low of $124.3 to $131.8 at its highest point today. We have seen a minor pullback to $127.6 and currently it started moving to the upside again.



    On the hourly chart, you can see that yesterday’s low was the third lower low from the 29th of Jun. This could have marked the completion of the corrective ABC structure after a five-wave impulse from the 22nd of Jun. If this is true then the price is now set to continue moving to the upside in an impulsive manner.

    Another possibility could be that the price made a three-wave increase from the 22nd till the 29th in which case we have seen a corrective ABCDE after, but in both cases, the price would be expected to continue moving higher. Either as the continuation of the corrective WXY of the higher degree in a negative scenario or the 3rd wave from the five-wave impulse in a positive one.

    The pullback seen from yesterday is most likely the 2nd sub-wave of starting move to the upside so shortly a breakout would be expected from the descending resistance level and a higher high compared to yesterday’s one. Moving forward we are going to see from the price action which scenario is going to get validated.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  5. #185
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    Gold Price Could Extend Gains While Crude Oil Price Corrects Lower



    Gold price started a decent recovery wave above the $1,820 resistance. Crude oil price is declining and it might even break the $70.00 support zone.

    Important Takeaways for Gold and Oil

    • Gold price started a fresh recovery wave after forming a base above $1,790 against the US Dollar.
    • There is a key bullish trend line forming with support near $1,825 on the hourly chart of gold.
    • Crude oil price failed to settle above $75.000 and it started a fresh decline.
    • There was a break below a major bullish trend line with support near $74.55 on the hourly chart of XTI/USD.


    Gold Price Technical Analysis

    This week, gold price formed a decent support base above the $1,790 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,800 resistance zone.

    The price even settled above the $1,810 level and the 50 hourly simple moving average. The price even broke the $1,820 resistance and it traded as high as $1,833 on FXOpen. Recently, there was a minor downside correction below the $1,830 level.



    The price even traded below the 23.6% Fib retracement level of the upward move from the $1,791 low to $1,833 high. However, the bulls are protecting the $1,820 support.

    There is also a key bullish trend line forming with support near $1,825 on the hourly chart of gold. The 50 hourly SMA is also near the trend line. If there is a downside break, the price could test the $1,810 support.

    An intermediate support could be the 50% Fib retracement level of the upward move from the $1,791 low to $1,833 high at $1,812. An immediate resistance on the upside is near the $1,832 level.

    The first major resistance is near the $1,835 level. If the price breaks the $1,835 level, it could accelerate higher. In the stated case, the price could rise towards the $1,850 zone.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  6. #186
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    GBP/USD and EUR/GBP: British Pound Remains At Risk



    GBP/USD started a steady decline below the 1.3900 zone. EUR/GBP is rising and it might continue to rise if it breaks the 0.8600 resistance zone.

    Important Takeaways for GBP/USD and EUR/GBP

    • The British Pound failed to recover above the key 1.3900 resistance zone.
    • There is a major bearish trend line forming with resistance near 1.3855 on the hourly chart of GBP/USD.
    • EUR/GBP started a fresh increase after it found a strong support near the 0.8500 zone.
    • There was a break above a major bearish trend line with resistance near 0.8550 on the hourly chart.


    GBP/USD Technical Analysis

    The British Pound made many attempts to clear the 1.3900 and 1.3910 resistance levels against the US Dollar. The GBP/USD pair started a major decline and it settled below the 1.3850 pivot level.

    The pair even broke the 1.3800 support level and it settled below the 50 hourly simple moving average. The recent low was formed near 1.3746 and the pair is now showing a lot of bearish signs.



    An immediate resistance on the upside is near the 1.3775 level. The 23.6% Fib retracement level of the downward move from the 1.3861 swing high to 1.3746 low. The first major resistance is now forming near the 1.3800 zone.

    The 50% Fib retracement level of the downward move from the 1.3861 swing high to 1.3746 low is also near the 1.3800 zone. The next major resistance near the 1.3820 level and the 50 hourly simple moving average.

    There is also a major bearish trend line forming with resistance near 1.3855 on the hourly chart of GBP/USD. To move into a positive zone, the pair must clear the bearish trend line and then 1.3900.

    An immediate support on the downside is near the 1.3745 level. A downside break below the 1.3745 level might call for a fresh decline towards the 1.3700 level. Any more losses could lead the pair towards the 1.3650 level in the near term.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  7. #187
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    BTC and XRP – Once again moving to the downside



    BTC/USD

    The price of Bitcoin has been falling downwards and made a decrease of 9.14% from Sunday’s high of $32,289 to its lowest point today at $29,336. It has broken the significant horizontal support zone and is currently interacting with the descending support level from the channel in which it was since the ending days of May.



    On the hourly chart, you can see that this is another downfall back to its lows of the 26th of June and is eyeing out the one on the 22nd. This downward trajectory is the continuation of the descending triangle from the start of July which was broken on the downside today. This area is still considered as support so we might see a bounce for another minor recovery but the picture still looks bearish with the price most likely headed further down in the upcoming period.

    If this last descending support breaks the price will move further down and with no significant support close it could continue moving to the $18,000 zone where the next one is. This would be expected in either way but potentially these low levels would be viewed as a good buying opportunity for some, which can lead to a minor recovery first.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  8. #188
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    EUR/USD Remains At Risk, USD/JPY Eyes More Upsides



    EUR/USD started a major decline and it traded below 1.1800. USD/JPY is attempting an upside break above the 110.00 resistance zone.

    Important Takeaways for EUR/USD and USD/JPY

    • The Euro is facing an increase in selling pressure below the 1.1800 level.
    • There is a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.
    • USD/JPY started a fresh increase after it found support near the 109.10 zone.
    • There is a key bearish trend line forming with resistance near 110.00 on the hourly chart.


    EUR/USD Technical Analysis

    After a close below 1.1850, the Euro started a major decline against the US Dollar. The EUR/USD pair gained bearish momentum and it broke the 1.1820 support zone.

    The pair settled below the 1.1800 level and the 50 hourly simple moving average. It traded as low as 1.1755 on FXOpen and the pair is still showing a lot of bearish signs. Recently, there was a minor upside correction above 1.1770.



    The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. It is now facing resistance near the 1.1780 level.

    The first key resistance is 1.1790 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. There is also a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.

    A close above 1.1780 and 1.1800 could open the doors for a steady increase. If not, the pair might continue to move down below 1.1765. An intermediate support is near the 1.1755 level.

    The next major support is near the 1.1750 level, below which the pair could drop towards the 1.1700 support in the near term.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  9. #189
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    LTC and EOS – Higher high expected before the completion of this rise



    LTC/USD

    The price of Litecoin has been on the rise from Tuesday’s low of $104 and made an increase of 13.86% as it came up to $118.8 today. Since then we have seen some sideways movement but the price is in an upward trajectory overall.



    Looking at the hourly chart, you can see that this increase is counted as the starting impulse from the new count which is why now a higher high would be expected. The sideways movement we’ve seen is in that case the 4th wave and is likely going to end as a flat correction, establishing support above the 0.786 Fib level.

    If this is true, then the price is now set to continue moving to the upside for a higher high which would be the end of this first impulsive move after which a retracement would be expected of the same degree. But the price would then be expected to continue moving upward for at least one more wave if this is an ABC to the upside. If this is the 1st sub-wave of the higher degree impulsive move then we are to see even higher levels of the price of Litecoin in the upcoming period, potentially above the $150.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

  10. #190
    Senior Member FXOpen Trader's Avatar
    Join Date
    Dec 2020
    Posts
    298
    Thanked: 1

    Default

    in ro ham eslah kon:
    GBP/USD and GBP/JPY: British Pound Could Gain Strength



    GBP/USD started a fresh increase after a drop to 1.3580. Similarly, GBP/JPY started a decent increase and it broke the 151.00 resistance zone.

    Important Takeaways for GBP/USD and GBP/JPY

    • The British Pound traded as low as 1.3571 before climbing higher against the US Dollar.
    • There was a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD.
    • GBP/JPY also climbed higher above the 150.00 and 151.00 resistance levels.
    • There was a break above a key bearish trend line with resistance near 150.15 on the hourly chart.


    GBP/USD Technical Analysis

    This past week, there was a strong decline in the British Pound below the 1.3800 level against the US Dollar. The GBP/USD pair even broke the 1.3700 and 1.3650 support levels.

    It traded as low as 1.3571 on FXOpen before it started a fresh increase. There was a steady upward move above the 1.3650 resistance level. The price surpassed the 1.3680 resistance level and the 50 hourly simple moving average.



    There was also a break above a major bearish trend line with resistance near 1.3700 on the hourly chart of GBP/USD. The pair is now trading nicely above the 1.3750 level.

    It traded as high as 1.3798 before correcting lower. There was a break below the 1.3760 level. The pair tested the 23.6% Fib retracement level of the recent increase from the 1.3571 low to 1.3798 high. It is now trading inside a contracting triangle with resistance near 1.3760.

    A clear break above the triangle resistance could set the pace for a larger increase above 1.3780. The next key resistance is near 1.3800, above which the pair could rise towards the 1.3880 level.

    On the downside, an initial support is near the 1.3735 level and the 50 hourly SMA. If there is a break below the 1.3735 support, the pair could test the 1.3700 support. If there are additional losses, the pair could decline towards the 1.3650 level.

    Read Full on FXOpen Company Blog...
    FXOpen - one of the most successful and fastest-growing Forex brokers.
    UK & AU regulated. ECN, STP, Crypto, Micro, PAMM accounts.

Similar Threads

  1. Daily Market Analysis by FxGrow
    By FxGrow Support in forum Daily Market Analysis
    Replies: 79
    Last Post: 10-14-2015, 04:52 PM
  2. EUR/ USD Daily Market Analysis 10 August
    By Emmafx in forum Daily Market Analysis
    Replies: 0
    Last Post: 08-10-2012, 09:54 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Join us