GBP/USD and EUR/GBP Aim More Upsides



GBP/USD is eyeing an upside break above the 1.3820 resistance zone. EUR/GBP is rising and it could gain pace if it clears the 0.8465 resistance.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound was able to gain pace above the 1.3700 and 1.3750 resistance levels.
• There is a key rising channel forming with support near 1.3760 on the hourly chart of GBP/USD.
• EUR/GBP formed a support base above 0.8420 and started a fresh increase.
• There was a break above a major bearish trend line with resistance near 0.8440 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a major increase from the 1.3440 support zone against the US Dollar. The GBP/USD pair traded above the 1.3600 resistance zone to move into a positive zone.

The pair even broke the 1.3750 resistance zone and settled above the 50 hourly simple moving average. It even spiked above 1.3800 and traded as high as 1.3835. GBP/USD is now correcting gains and trading below 1.3800.

GBP/USD Hourly Chart


An immediate support is near the 1.3760 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3413 swing low to 1.3835 high.

It is now consolidating near the 1.3780 level. There is also a key rising channel forming with support near 1.3760 on the hourly chart of GBP/USD. A downside break below the channel support might even push the pair below the 1.3700 support zone.

The next major support is near the 1.3650 level. The 50% Fib retracement level of the upward move from the 1.3413 swing low to 1.3835 high is also near the 1.3650 zone.

Any more downsides might call for a move towards the 1.3600 level. On the upside, the pair is facing resistance near 1.3820. If there is an upside break above the 1.3820 resistance, the price could surpass 1.3850.

The next main resistance is near the 1.3920 zone, above which the pair could rise towards the 1.4000 level in the near term.

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ETHUSD and LTCUSD Technical Analysis – 21st OCT, 2021



ETHUSD: Bullish Engulfing Pattern Above $4000

Ethereum is moving in a strong bullish momentum after clearing the psychological resistance level of $4000. The price of ETHUSD touched an intraday high of $4241 in the Asian trading session and is now preparing for its next rally towards the $5000 handle.

ETH is now trading above its pivot level of $4157 and Fibonacci resistance level of $4169. The price of Ethereum is surging continuously today and is about to break its classic resistance level of $4206.

Ether is expected to maintain the bullish tone this week and continue towards the $4500 mark as the bulls take over. All the major technical indicators are giving a BUY signal.

ETH is now moving above both the 100 hourly and 200 hourly simple moving averages. Bullish engulfing pattern above $4000 suggests that we could witness a fresh rally towards $5000 soon.

• Ethereum continues to remain above the psychological level of $4000
• Short-term to medium-term outlooks remain bullish for ETHUSD
• All the moving averages are giving a STRONG BUY signal
• The pair is expected to touch $4500 in the US trading session today

Ether’s Rally Towards $5000 Confirmed



ETHUSD is consolidating its gains above $4000 and is now preparing for its next upwards move against the US dollar. ETH is now facing its next major resistance levels of $4240 and $4320, after which the path towards $4500 will get cleared.

After surging above $4000, Ethereum’s volatility is low, suggesting that now investors are waiting to enter the market anticipating a major bullish move.

ETH has gained 8.79% with a price change of +$339.35 in the past 24hrs and has a trading volume of 24.516 billion USD.

Ethereum ETF

The total market capitalization of Ethereum continues to increase, and at present is valued at 455 billion USD. The investors are eagerly waiting for the launch of Ethereum ETF in the US markets, which would bring a larger number of investors into its domain.

Grayscale has announced its plans to launch an ETF based on Ethereum. At the moment, 4 Ethereum ETFs are trading in Canadian securities exchange, and plans are on to launch in the US market.

Some crypto analysts believe that with the Ethereum ETFs, more institutional investors will come in, leading to its higher demand and a surge in the price well above $6000.

The Week Ahead

Ethereum dips remain well supported, and an increased buying pressure is seen above the $4000 mark. The bullish trend continues from last week. Any bearish corrections will serve as a buying opportunity for long-term traders.

This week we may witness Ethereum touching the levels of $4500 — and then extending its rally towards the $5000 handle in the opening of the next week.

As the price of ETHUSD remains above its 100 hourly exponential moving average, a breakout above $4400 is expected this week.

Technical Indicators:

Average directional change (14-day): at 48.125 indicating a BUY

Bull/Bear power (13-day): at 47.63 indicating a BUY

Rate of price change: at 1.148 indicating a BUY

Moving averages convergence divergence (12,26): at 66.36 indicating a BUY

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EUR/USD Eyes Recovery, USD/CHF Could Break Higher



EUR/USD started a fresh rise above the 1.1620 resistance zone. USD/CHF is eyeing an upside break above the 0.9260 resistance zone in the near term.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started a fresh recovery wave above the 1.1600 zone against the US Dollar.
• There is a key bullish trend line forming with support near 1.1605 on the hourly chart of EUR/USD.
• USD/CHF started a decent increase from the 0.9185 support zone.
• There is a major bearish trend line forming with resistance near 0.9250 on the hourly chart.

EUR/USD Technical Analysis

The Euro formed a base above the 1.1530 zone against the US Dollar. As a result, the EUR/USD pair started a fresh increase above the 1.1550 and 1.1560 resistance levels.

The pair was able to clear the 1.1600 resistance and the 50 hourly simple moving average. It even spiked above 1.1650 resistance. A high was formed near 1.1669 on FXOpen and the pair is now correcting lower.

EUR/USD Hourly Chart


There was a break below the 23.6% Fib retracement level of the upward move from the 1.1572 swing low to 1.1669 high. It is now consolidating near the 1.1635 level and above the 50 hourly simple moving average. An immediate support is near the 1.1625 level.

It is near the 50% Fib retracement level of the upward move from the 1.1572 swing low to 1.1669 high. The next major support is near the 1.1605 level. There is a key bullish trend line forming with support near 1.1605 on the hourly chart of EUR/USD.

A downside break below the 1.1600 support could start another decline. The next major support sits near 1.1550. On the upside, an initial resistance is near the 1.1650 level.

The main resistance is near 1.1665. If there is an upside break above the 1.1665 resistance zone, the price could rise steadily towards the 1.1720 resistance zone.

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Bitcoin Trades Back Above $60,000, Eyes New Record Highs



Cryptocurrency traders and investors are cheering the recent bitcoin rally. The leading cryptocurrency is trading back above $60,000, coming close to a new all-time high.

The most recent data related to the crypto market size explains why bitcoin has attracted so many buyers in the latest months. The global crypto market size keeps growing, with more and more people shifting their gaze to crypto assets. In a single month, from May to June 2021, the crypto market added 18 million new users. Because bitcoin is the most popular coin, it is likely that the new funds injected into the crypto space went to it.



Bullish Developments in the Crypto Space

Besides the increased popularity in the cryptocurrency space, as suggested by the rising number of crypto users, some other recent bitcoin-related events can be characterized as bullish.

One comes from the Security and Exchange Commission (SEC). It is poised to approve the first-ever bitcoin ETF, which would open the space to a much wider investors base. This news alone was largely responsible for bitcoin’s recent rally. An ETF is an exchange-traded fund that tracks the price movements of its underlying – in this case, bitcoin. Investors favor ETFs due to them being a cost-efficient way of trading expensive assets.

Another such driver is the Bank of America’s decision to introduce coverage of digital assets as the cryptocurrency market reached $2 trillion in market value.

The recent developments triggered enthusiasm among crypto traders, and so the crypto market continues to rise. In the meantime, bitcoin has surpassed Facebook in terms of market value and is on track to take the silver.

Bitcoin traded close to $65,000 back in April this year, and it corrected after Elon Musk, the CEO of Tesla, suggested that the digital asset is too expensive. The current upwards movement also helps Tesla, as the company holds more than $1 billion worth of bitcoins on its balance sheet.

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