Daily Market Analysis By FXOpen

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 22nd NOV 2022


BTCUSD: Shooting Star Pattern Below $17110

Bitcoin was unable to sustain its bullish momentum and after touching a high of 17110 on 15th Nov, the prices started to decline against the US dollar touching a low of 15509 on 21st Nov.

The global demand for bitcoin continues to remain weak, and the prices are expected to break below the $15000 handle soon.

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

The RSI indicator is under 30 in the 4-hour time frame indicating the neutral signal and oversold markets.

We can clearly see a shooting star pattern below the $17110 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 low of 15524 and an intraday high of 15948 in the Asian trading session today.

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

The relative strength index is at 36 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 below its 200 hourly exponential moving averages.

Most of the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short term, we are expecting targets of 15500 and 15000.

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

• Bitcoin: bearish reversal seen below $17110
• The Williams percent range is indicating an overbought levels
• The price is now trading just above its pivot level of $15718
• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $17110


We can now see that the price of bitcoin is moving in a mildly bearish momentum and we are expecting more downside waves in this week.

We can see that the support of the channel is broken in the daily time frame indicating bearish trends.

The price of bitcoin is ranging near a new record low of 1 month and 1 year’s time frame.

There is a descending channel forming which is expected to break the current support levels of bitcoin at $15716.

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 $15516 which is a 1-month and 1-year’s low point.

The price of BTCUSD is now facing its classic support level of 15583 and Fibonacci support level of 15682 after which the path towards 15500 will get cleared.

In the last 24hrs BTCUSD has decreased by 2.09% by 334$ and has a 24hr trading volume of USD 33.191 billion. We can see an increase of 12.91% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is moving near the 1-year low and has already broken the support levels of $15980 which is the last pivot point.

We can see a bearish trend reversal signal with the moving average MA50 in the 15-minute time frame.

The daily RSI is printing at 31 which indicates a weaker demand for bitcoin and the continuation of the selling pressure in the markets.

The price of BTCUSD will need to remain above the important support level of $14688 which is a 3–10-day MACD oscillator stalls.

The weekly outlook is projected at $15500 with a consolidation zone of $15000.

The Collapse of FTX

The cryptocurrency exchange FTX, valued at $26.5 billion last year, collapsed, which sent ripples through the crypto market and became the primary driving force for Bitcoin which is near the record lows of its 1 year.

FTX faced a liquidity crisis, and in the hours following, experienced a possible hack in which hundreds of millions worth of tokens were stolen.

FTX filed for bankruptcy on Nov. 11, 2022. The future of FTX as a cryptocurrency exchange is in serious jeopardy. As of mid-November 2022, withdrawals are disabled and a notice on the FTX website says the company “strongly advises against depositing.”

Technical Indicators:

The moving averages convergence divergence, MACD (12,26): is at -116.00 indicating a SELL

The commodity channel index, CCI (14): is at -75.95 indicating a SELL

The rate of price change, ROC: is at -0.140 indicating a SELL

Bull/Bear power (13): is at -141.77 indicating a SELL

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Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.

[FXOpen Trader]

TOP-20 most powerful currencies in the world



According to the United Nations, 180 currencies are legal tender, but when asked what is the strongest currency in the world, what comes to mind? The US dollar, which is strengthening because of the Fed’s hawkish monetary policy stance in response to skyrocketing inflation. Or the euro, despite the International Monetary Fund predicting just 0.5% growth in the European economy in 2023 and warning that “the worst is yet to come” due to the war in Ukraine, record inflation, and the impact of the COVID-19 pandemic. Perhaps the British pound, despite the UK’s challenging domestic picture? You’d be surprised to learn that there are currencies that outperform the trio.

FXOpen has compiled a list of the world's top-20 currencies in the world as of 2022. Learn which is number one, and which are stronger than USD, EUR, and GBP despite the latters’ title of the most famous, most traded, and most widely spread currencies of the world.

Trading currencies involves simultaneously buying one currency and selling another, which is known as currency comparison. In the following list, all currencies are quoted against one US dollar.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.

[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 24th NOV, 2022


ETHUSD: Bullish Engulfing Pattern Above $1075

Ethereum was unable to sustain its bullish momentum and after touching a high of 1230 on 20th Nov, the prices started to decline against the US dollar touching a low of 1078 on 22nd Nov.

After this decline we can see some upwards correction in the levels of Ethereum towards the $1200 handle.

We can see a three white soldiers pattern in the daily time frame indicating the Bullish trend.

We can clearly see a bullish engulfing pattern above the $1075 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 levels of 1201 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1205 and Fibonacci resistance level of 1211 after which the path towards 1250 will get cleared.

The relative strength index is at 62 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is back over -50 in the daily time frame indicating a bullish sentiment.

The STOCHRSI is indicating an oversold level, which means that the prices are expected to correct upwards in the short-term range.

Most of the technical indicators are giving a STRONG BUY market signal.

Most of the moving averages are giving a BUY signal, and we are now looking at the levels of $1250 to $1300 in the short-term range.

ETH is now trading below its 100 hourly simple and exponential moving averages.

• Ether: bullish reversal seen above the $1075 mark
• The short-term range appears to be strongly bullish
• ETH continues to remain above the $1100 level
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1075


ETHUSD is now moving into a strongly bullish channel with the price trading above the $1100 handle in the European trading session today.

ETH continues to correct higher against the US dollar and is expected to stay above the $1200 level.

ETHUSD touched an intraday low of 1168 in the Asian trading session and an intraday high of 1217 in the European trading session today.

We can see the formation of both the bullish harami and bullish harami cross pattern in the 1-hour time frame.

The momentum indicator is back over zero in the 15-minute time frame.

The resistance of the channel is broken in the 1-hour time frame indicating a bullish trend.

The daily RSI is printing at 43 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1185 at which price crosses the 9-day moving average, and $1195 which is a 14-3 day raw stochastic at 20%.

ETH has increased by 3.00% with a price change of 35.00$ in the past 24hrs and has a trading volume of 11.226 billion USD.

We can see a decrease of 7.02% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH price continues to remain in a strongly bullish zone against the US dollar and bitcoin. ETHUSD is expected to correct higher towards the $1200 and $1300 levels this week.

We can see the formation of a major bullish trendline in place from $1075 towards $1234 level.

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

The price of ETHUSD will need to remain above the important support levelsof $1144 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $1250 with a consolidation zone of $1200.

Technical Indicators:

The relative strength index (14): is at 62.17 indicating a BUY

The rate of price change: is at 2.80 indicating a BUY

Bull/bear power (13): is at 8.042 indicating a BUY

High/lows (14): is at 3.72 indicating a BUY

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Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.

[FXOpen Trader]

Watch FXOpen's November 21 - 25 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.

• Why is gold going up?
• NZD at 3-month highs
• COVID outbreak in China, oil finds support
• Bitcoin hits new year low amid rumors of another high-profile bankruptcy.

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



FXOpen YouTube

Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.

[FXOpen Trader]

Crypto lender's demise sends fears into digital markets


The unsurprising fall out from the catastrophic and high profile demise of cryptocurrency exchange FTX has begun to make its presence felt.

At the end of the working day in the United States, it became publicly known that BlockFi, a commercial lending company which was founded in 2017 to provide credit services to markets with limited access to simple financial products, had gone bankrupt.

At one point in its five-year lifespan, BlockFi was valued at an astronomical $3 billion, however, like so many components of the modern economy, BlockFi has gone from startup to billion-dollar hyperbole, to ashes in just 5 years.

BlockFi announced earlier this month that it had halted withdrawals, citing “significant exposure” to the FTX exchange in the immediate aftermath of its demise. What that really means is that BlockFi had borrowed money from FTX, and when FTX went to the wall, BlockFi's assets became the interest of receivers.

This has represented yet another dark day for the digital asset sector, and this time has highlighted how it is not just cryptocurrency exchanges with unscrupulous owners that can collapse like a house of cards, but also others offering bona fide financial services such as lending, which can have their lives claimed because the board of directors put its faith in individuals such as Sam Bankman-Fried.

The result of this news is that Bitcoin had dipped in value once again over night, but interestingly it is now rising in value as the European markets opened this morning.

Bitcoin now stands at just a touch over $16,450, but certainly there has been some volatile movement this morning due to the 'sailing close to the wind' nature that BlockFi has demonstrated.

It may well be easy to blame BlockFi's demise on its dealings with FTX, but actually BlockFi had already shown signs of financial strife before Mr Bankman-Fried headed for the hills with his customers' money.

Back in the summer of this year, BlockFi ran into financial trouble and managed to secure a $250 million emergency funding from FTX.

Because BlockFi owed FTX this sum, the receivers moved in on BlockFi when FTX went bankrupt. At that time, Mark Renzi of Berkley Research Group stated in a corporate announcement “With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company.”

BlockFi revealed in its Chapter 11 petition that its three largest creditor claims are a $729 million indenture from Ankura Trust, a distressed loan administration company, a $275 million loan from West Realm Shires, the holding company for FTX’s US subsidiary, as well as a $30 million settlement payment to the U.S. Securities and Exchange Commission.

Big debts and a big bankruptcy. The question remains, is it a buyers market right now, or are the bears still out in force?

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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 and XRPUSD Technical Analysis – 29th NOV 2022


BTCUSD: Bullish Engulfing Pattern Above $15510

Bitcoin was unable to sustain its bearish momentum and after touching a low of 15510 on 21st Nov, the price started to correct upwards against the US dollar crossing the $16500 handle today in the European trading session.

The price of bitcoin continues to rise after the recent crash and now we are looking to cross the $17000 handle soon.

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

The CCI indicator is giving a bullish divergence signal in the daily time frame.

We can clearly see a bullish engulfing pattern above the $15510 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 16124 in the Asian trading session and an intraday high of 16536 in the European trading session today.

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

The relative strength index is at 63 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 17000 and 17500.

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

• Bitcoin: a bullish reversal seen above $15510
• The Williams percent range is indicating an overbought level
• The price is now trading above its pivot level of $16509
• All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $15510


We can now see that the price of Bitcoin is moving in a strong bullish momentum and we are expecting more upside waves this week.

The Williams percent range indicator is back over -50 indicating a bullish scenario in the daily time frame.

The MACD has crossed UP its moving average in the 4-hour time frame indicating bullish trends.

We can see the formation of a bullish price crossover pattern with an adaptive moving average AMA100 in the 4-hour time frame.

The price of bitcoin is ranging near the support of the channel in the 15-minute time frame indicating a bullish trend.

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

Bitcoin’s support zone is located at $16155 which is a 14-3 day raw stochastic at 20%.

The price of BTCUSD is now facing its classic resistance level of 16536 and Fibonacci resistance level of 16550 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 1.92% by 310$, and has a 24hr trading volume of USD 26.099 billion. We can see an increase of 3.95% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

The price of Bitcoin is expected to enter the super bullish zone above the $17000 handle. There is an ascending channel forming with current support at $15510 on the hourly chart of BTCUSD.

We can see that the MACD indicator is back over zero in the 2-hour time frame indicating the bullish scenario present in the markets.

The daily RSI is printing at 41 which indicates a weaker demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets.

The price of BTCUSD is now facing its resistance zone at $17113 which is a 14-3 day raw stochastic at 50%.

The weekly outlook is projected at $17500 with a consolidation zone of $17000.

Technical Indicators:

The moving averages convergence divergence, MACD (12,26): is at 48.30 indicating a BUY

The commodity channel index, CCI (14): is at 93.27 indicating a BUY

The rate of price change, ROC: is at 1.537 indicating a BUY

The bull/bear power (13): is at 217.36 indicating a BUY

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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]

Bitcoin responds positively as Brazil welcomes crypto payments


Within Latin America, Brazil has for many years been a burgeoning economic force.

It is a large nation with a diversified economy, ranging from manufacturing and engineering to banking and tertiary services and is part of the all-important BRICS (Brazil, India, China, South Africa) economic bloc.

Like all other nations in South America, Brazil is a developing economy, but it has been rapidly developing and is far ahead of all of the other national economies in the continent.

Today, Brazil's government has taken a very prominent step forward in announcing that the country's lawmakers have approved a bill which regulates Bitcoin and other cryptocurrencies as a payment instrument.

Investors appear to have responded well to the news, as Bitcoin began to pump almost immediately, followed by a short squeeze and then it pumped again.

Bitcoin is currently trading at $16,876.80, which is a 2.68% increase over yesterday's value. That may not sound very much on the face of it, but Bitcoin values have been very stagnant recently, so a 2.68% increase when viewed on the chart is quite significant.

Private individuals and businesses have a lot to gain from the new ruling which allows cryptocurrency to be used as a method of payment, because South American economies for many decades now have been synonymous with rampant inflation, draconian capital control laws causing people to lose their money when it depreciates, and in many countries in South America, a deep-seated distrust in the local banking infrastruture or government policy.

Around 10 years ago, neighboring Argentina ordered the liquidation of US Dollar bank accounts held in North America by Argentinian citizens, and that the US Dollars should be repatriated to Argentina and converted to Pesos. At the same time, capital controls were invoked so that nobody could transfer their Pesos out of the country without government permission.

This meant that anyone who adhered to that rule would be at grave risk of substantial loss due to a terrible conversion rate and then having to store Pesos which are notorious for depreciating at the rate of an iron girder falling off a cliff.

At that time, Bitcoin was in its absolute infancy, and still very much an unknown quantity. It had a tiny following of enthusiasts and 1 Bitcoin was worth something like $50, however a core group of Argentinian enthusiasts began to rally the cause of Bitcoin, largely because they saw it as an independent method of conducting their everyday life without the restrictions and inflationary chaos associated with Peso.

Now, many years later, Bitcoin and many other cryptocurrencies are very established globally, and South America's largest economy is opening its doors to them.

If this paves the way for greater acceptance across the South American continent, it could well be a boon for citizens as well as for the cryptocurrency market itself.

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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 – 01st DEC, 2022


ETHUSD: Piercing Pattern Above $1151

Ethereum was unable to sustain its bearish momentum and after touching a low of 1151 on 23rd Nov, the price started to correct upwards against the US dollar crossing the $1300 handle today in the Asian trading session.

After touching $1300 handle we can see some downward correction in the levels of Ethereum which is expected to enter into a consolidation phase now.

We can see the formation of bullish engulfing lines in the 2-hour time frame.

We can clearly see a piercing pattern above the $1151 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 below its pivot level of 1284 and is moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1290 and Fibonacci resistance level of 1296 after which the path towards 1300 will get cleared.

The relative strength index is at 67 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

We can see both the bullish harami and bullish harami cross pattern in the 15-minute time frame.

Both the STOCH and STOCHRSI are indicating overbought levels, which means that the prices are expected to decline in the short-term range.

Most of the technical indicators are giving a STRONG BUY market signal.

Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1300 to $1350 in the short-term range.

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

• Ether: bullish reversal seen above the $1151 mark
• The short-term range appears to be mildly bullish
• ETH continues to remain above the $1200 level
• The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1151


ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1200 handle in the European trading session today.

ETH is now preparing to enter into a consolidation phase above the $1250 handle, after which fresh upside waves are expected.

ETHUSD touched an intraday high of 1304 in the Asian trading session and an intraday low of 1277 in the European trading session today.

We can see a bullish trend reversal signal with adaptive moving averages AMA20 and AMA50 in the 15-minute time frame.

The resistance of the channel is broken in the daily time frame indicating a bullish trend.

The daily RSI is printing at 52 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1202 which is a 14-3 day raw stochastic at 70% and $1211 at which price crosses 18 day moving average.

ETH has increased by 1.19% with a price change of 15.13$ in the past 24hrs and has a trading volume of 7.849 billion USD.

We can see a decrease of 2.57% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH price continues to remain under bullish pressure and after the current consolidation wave is over, we can expect fresh upsides in the ranges of $1300 and $1400 this week.

We can see the formation of a major bullish trendline in place from $1151 towards $1295 levels.

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

The price of ETHUSD will need to remain above the important support level of $1208 at which the price crosses the 9-day moving average stalls.

The weekly outlook is projected at $1400 with a consolidation zone of $1350.

Technical Indicators:

The relative strength index (14): is at 67.69 indicating a BUY

The rate of price change: is at 9.65 indicating a BUY

The bull/bear power (13): is at 46.55 indicating a BUY

The high/lows (14): is at 33.40 indicating a BUY

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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 November 28 - December 2 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.

• How energy markets are reacting to the COVID surge in China
• GBP rises to 1.21 against USD in bizarre twist
• Brazil to legalize cryptocurrencies   
• The US dollar suffers biggest fall in 12 years.

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



FXOpen YouTube


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]

Brent Crude Oil is on the up as G7 price cap deals blow


The price of Brent Crude oil is once again on the rise, after a slow and steady decline during early to mid November bottomed out at $76.28 per barrel on November 26.

Since then, the price has been increasing, and today Brent Crude Oil (WTI) is trading at $81.41 per barrel which is a two week high.

This could partly be down to the price cap for oil purchases from Russia having been set by the European Union at $60 per barrel.

This was set late last week in the form of a limit on the price of Russian seaborne crude and therefore constrain revenues the Kremlin makes from the commodity.

However, the market price of crude oil was at the time around $79 per barrel, meaning that the Russian oil companies refused to sell oil to European Union member states which adhered to this price cap, because it is far below the market value.

As a result, demand increased as the potential supply of crude oil to Europe could be affected by the price cap in which European oil purchasers would be expected to adhere to a policy of paying approximately $20 per barrel less than market value for oil imported from Russian oil giants, an offer which of course has been declined by said oil giants as there is no way they will sell oil to commercial clients for three quarters of its real value.

At the end of last week, Russian energy industry had issued a warning that an oil price cap could wreak havoc on the energy markets and push commodity prices even higher. They weren't wrong.

According to an official document from the European Union, this price limit would be subject to regular review in order to monitor its market ramifications. The document stated that the price should be “at least 5% below the average market price" however the $60 that the cap is currently set at is more than 20% less than the average market value of crude oil.

Given that Russia is an OPEC nation and one of its major national industries is the extraction, refinement and export of raw materials for energy generation, there is no likelihood that Russian energy firms would accept this price for oil products.

The raw materials that the Russian economy relies so heavily on are consumable commodities, traded on global exchanges and with the ability to be used as collateral to back economic asset classes and against national debts. These are liquid gold and therefore will be valued and treated as such.

Volatility in the oil market is here once again.

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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 and XRPUSD Technical Analysis – 06th DEC 2022


BTCUSD: Inverted Hammer Pattern Above $16009

Bitcoin was unable to sustain its bearish momentum and after touching a low of 16009 on 28th Nov, the prices started to correct upwards against the US dollar crossing the $17000 handle on 06th Dec.

We have seen a continued escalation in the prices of bitcoin due to the increasing global demands and buying at lower levels.

The resistance of the channel is broken in the 15-minute time frame indicating bullish trends.

We can see a bullish trend reversal pattern with the adaptive moving averages, AMA5, in the 15-minute time frame, and AMA20 in the 30-minute time frame.

We can clearly see an inverted hammer pattern above the $16009 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an Intraday low of 16924 and an intraday high of 17098 in the Asian trading session today.

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

The relative strength index is at 50 indicating a NEUTRAL demand for bitcoin, and the shift towards the consolidation channel in the markets.

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

Most of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 18000 and 18500.

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

• Bitcoin: bullish reversal seen above $16009
• The Williams percent range is indicating an overbought level
• The price is now trading just below its pivot level of $17093
• Some of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal Seen Above $16009


We can now see that the price of bitcoin is moving in a mildly bullish momentum and we are expecting moves towards the consolidation phase before any upwards rebound this week.

The RSI indicator is back over 50 indicating a bullish scenario in the daily time frame.

The ichimoku – bullish crossover: tenkan & kijun pattern is seen in the daily time frame indicating bullish trends.

We can see the formation of an inverted hammer / white gravestone pattern in the weekly time frame.

The price of bitcoin has crossed the $17000 handle today ranging near to a three-week High.

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

Bitcoin’s support zone is located at $16716 at which the price crosses the 9-day moving average.

The price of BTCUSD is now facing its classic resistance level of 17300 and Fibonacci resistance level of 17627 after which the path towards 18000 will get cleared.

In the last 24hrs BTCUSD has decreased by 1.85% by 320$ and has a 24hr trading volume of USD 18.733 billion. We can see a decrease of 12.48% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

The price of Bitcoin is expected to enter the super bullish zone above the $17000 handle. There is an ascending channel forming with current support at $16395 on the hourly chart of BTCUSD.

We are now preparing to enter the super bullish zone in bitcoin and the prices are expected to gain 100% from the current market levels of $17000 towards $34000 in the starting of next year.

We can see a continuous progression of a bullish trend line formation from $16009 towards the $17169 levels.

The daily RSI is printing at 47 which indicates a NEUTRAL demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets.

The price of BTCUSD is now facing its resistance zone at $17810 at which the price crosses 18-day moving average stalls.

The weekly outlook is projected at $18500 with a consolidation zone of $18000.

Technical Indicators:

The average directional index, ADX (14): is at 27.55 indicating a BUY

The commodity channel index, CCI (14): is at 84.15 indicating a BUY

The rate of price change, ROC: is at 4.84 indicating a BUY

Bull/bear power (13): is at 410.57 indicating a BUY

VIEW FULL ANALYSIS VISIT - FXOpen Blog...

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]

S&P500 closes lower for fourth day as recession fears bite


The S&P500 index closed yesterday at its lowest point in four days following a steady decline as investors in American stocks concern themselves with the possibilities of a recession.

The prestigious index which contains some of Wall Street's most heralded blue chip giants lost 1.44% to close at 3,941.26, while the Nasdaq Composite sank 2% to finish at 11,014.89. The Dow Jones Industrial Average dropped 350.76 points, or 1.03%, to settle at 33,596.34.

The majority of the losses in this week's retraction in US stock values have been caused by bank stocks as well as shares in some media companies, which is perhaps in line with the concern about exposure to unserviceable debt by individuals and businesses should a recession bite.

Investment banks are taking a cautious stance, and Morgan Stanley this week released news that it plans to make redundancies amounting to approximately 2% of its workforce, and whilst inflation in the United States has actually decreased and is now standing at around 7.7%, it is well over 10 in the UK and in some parts of Europe, where many large American corporations have substantial operations and have to fork out more capital to keep pace with the increasing price of everything from materials to logistical costs and wages.

When considering yesterday's declines, the S&P is now down 3.2% this week and the NASDAQ has decreased in value by 3.9%.

The Federal Reserve is still looking at interest rates and has taken a very conservative approach, but it appears that analysts and investors have not ruled out the possibility of a recession taking place across the United States in 2023, even if it is not likely to be to the same extent as the impending recessions in Europe and the United Kingdom.

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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 – 08th DEC, 2022


ETHUSD: Double Bottom Pattern Above $1218

Ethereum was unable to sustain its bearish momentum and after touching a low of 1211 on 07th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1200 handle today in the European trading session.

We can see the formation of a bullish harami pattern in the 15-minute time frame indicating a bullish trend.

The Williams percent range indicator is back over -50 in the 2-hour time frame.

We can clearly see a double bottom pattern above the $1218 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 below its pivot level of 1232 and moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1234 and Fibonacci resistance level of 1235 after which the path towards 1300 will get cleared.

The relative strength index is at 53 indicating a NEUTRAL demand for Ether and the continuation of the consolidation phase in the markets.

We can see both the bullish harami and bullish harami cross pattern in the daily time frame.

Both the relative strength index and the average directional index are indicating neutral levels, which means that the prices are expected to remain in a narrow range in the short-term range.

Most of the technical indicators are giving a STRONG BUY market signal.

Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1300 to $1400 in the short-term range.

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

• Ether: bullish reversal seen above the $1218 mark
• The short-term range appears to be mildly bullish
• ETH continues to remain above the $1200 levels
• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1218


ETHUSD is now moving into a mild bullish channel with the price trading above the $1200 handle in the European trading session today.

ETH is now preparing to enter into a consolidation phase above the $1230 handle, after which fresh upside waves are expected.

ETHUSD touched an intraday high of 1234 and an intraday low of 1223 in the Asian trading session today.

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

The daily RSI is printing at 47 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1191, which is a 14-3 day raw stochastic at 50%, and $1215 at which price crosses 18 Day Moving Average.

ETH has increased by 0.09% with a price change of 1.07$ in the past 24hrs and has a trading volume of 4.698 billion USD.

We can see a decrease of 24.01% in the total trading volume in the last 24 hrs which appears to be Normal.

The Week Ahead

ETH price continues to remain under mild bullish pressure and the prices are expected to remain in a bullish traction this week.

After the current wave of consolidation gets over, we are expecting fresh buying pressure above the $1200 handle which will push the price above the $1300 level.

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

The price of ETHUSD will need to remain above the important support level of $1199 at which the price crosses 9-day moving average stalls.

The weekly outlook is projected at $1400 with a consolidation zone of $1350.

Technical Indicators:

The relative strength index (14): is at 53.20 indicating a NEUTRAL.

The STOCH (9,6): is at 69.01 indicating a BUY

The MACD (12,26): is at 0.350 indicating a BUY

Bull/bear power (13): is at 1.498 indicating a BUY

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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 December 5 - 9 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.

• Brent Crude Oil is on the up as G7 price cap deals blow
• UK's recession bites again as pound dives to 1.22 against US Dollar
• The Pentagon signs a $9 billion contract
• S&P500 closes lower for fourth day as recession fears bite

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




FXOpen YouTube


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]

Crypto winter continues big freeze with values as frosty as weather


The weather across parts of Northern Europe and the United Kingdom this week has suddenly turned, and even areas which are ordinarily not associated with snowfall have been covered in a white blanket for a few days.

Travel disruptions at airports have taken place, and a minus figure has been displayed on temperature gauges since Monday.

Finally the real winter weather is here, however the term 'crypto winter' has been in place for quite some time, despite the unusually warm weather during October and November, during which it was not uncommon to see people wearing summer clothes and sitting outside cafes.

The only real sign of winter in the unusually long and pleasant summer conditions was the use in the financial markets sector of the term 'crypto winter', which does not refer to seasons or weather conditions, but instead the 'frozen' values of cryptocurrencies in which prices contract and remain low for an extended period.

Well, now there is a seasonal winter and a crypto winter at the same time.

Bitcoin values once again took a tumble during the early hours of this morning, and by 7.20am UK time, had reached a low point of $17,125 per Bitcoin against the US Dollar.

Over the two hours which ensued, Bitcoin made some headway, increasing to $17,177 but that is still 0.21% down overall during today compared to yesterday.

Looking over the five day moving average, however, the dip in value appears to have been present for a longer period of time. On December 12, values plunged and did not recover until the middle of the morning on December 13, and a 0.44% reduction in value is displayed when charting Bitcoin's performance over the past five days.

Although we certainly still are well ensconced in the Crypto Winter scenario, things are a little brighter than they were last month however. The sun may have been shining across Europe but Bitcoin values were even lower than they are now.

Bitcoin has actually risen by over 5% in value over the course of the past 30 days, so the snow may have fallen and the winter clothes been suddenly put to use, but is this the beginning of the big thaw for the Crypto Winter?

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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.