Daily Market Analysis By FXOpen

[FXOpen Trader]

ETHUSD and LTCUSD Technical Analysis – 16th FEB, 2023


ETHUSD: Double Bottom Pattern Above $1462

Ethereum was unable to sustain its bearish momentum and after touching a low of $1462 on 13th Feb, the price started to correct upwards against the US dollar now ranging above the $1650 handle today in the Asian trading session.

We can see a continuous escalation in the price of Ethereum which is expected to push up its price above the $1700 handle.

The price of ETH has touched a new record high of 5 months.

We can clearly see a double bottom pattern above the $1462 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1681 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1687 and Fibonacci resistance level of 1693 after which the path towards 1800 will get cleared.

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

The relative strength index is at 75.92 indicating a very strong demand for Ether and the continuation of the buying pressure in the markets.

The RSI is giving an overbought signal, which means that the price is 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 STRONG BUY signal at the current market level of $1683.

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

• Ether: bullish reversal seen above the $1462 mark.
• The short-term range appears to be strongly bullish.
• ETH continues to remain above the $1650 level.
• The average true range is indicating LESS market volatility.

Ether: Bullish Reversal Seen Above $1462


ETHUSD has now resumed its bullish trend and we are now expecting a retest of the $1800 level soon after which the next visible targets are located at $1800 and $2000 levels.

We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA20 in the weekly time frame.

We have also detected the formation of a white gravestone/inverted hammer pattern in the daily time frame conforming to the bullish reversal.

ETHUSD touched an intraday high of 1707 and an intraday low of 1664 in the Asian trading session today.

The Aroon indicator is giving a bullish trend in the daily time frame.

The key support levels to watch are $1657 at which the price crosses 9-day moving average stalls, and $1679 which is a 3-10 day MACD oscillator stalls.

ETH has increased by 8.76% with a price change of 135.58$ in the past 24hrs and has a trading volume of 12.329 billion USD.

We can see an increase of 34.47% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels.

The Week Ahead

ETH has now moved into a breakout zone which is expected to continue this week and now we are heading towards the $1800 level.

At present the prices are moving in a super bullish zone above the $1650 levels.

We can see the formation of a bullish ascending channel from $1462 towards the $1713 level.

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

The resistance zone is located at $1809 which is a 14-Day RSI at 70%, and at $1842 which is a pivot point 3rd level resistance.

Weekly outlook is projected at $1900 with a consolidation zone of $1850.

Technical Indicators:

The STOCH (9,6): is at 58.99 indicating a BUY.

The moving average convergence divergence (12,26): is at 32.22 indicating a BUY.

The Williams percent range: is at -20.25 indicating a BUY.

The rate of price change: is at 5.77 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 February 13 - 17 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.

• SEC putting pressure on the crypto industry
• UK GDP declined in December
• FTSE reaches record high
• Apple stock maintains highs, flying in face of tech drop

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


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

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 21st FEB 2023


BTCUSD: Three WHITE Soldiers Pattern Above $22079

Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $22079 the price started to correct upwards against the US dollar, touching a high of $25093 today in the Asian trading session.

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

We can clearly see the three white soldiers pattern above the $22079 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 24681 and an intraday high of 25093 in the Asian trading session today.

We can see that the MACD indicator is back over zero in the weekly time frame indicating bullish trends.

We can see a bullish price crossover with moving average MA50 in the weekly time frame indicating bullish trends.

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

The relative strength index is at 62.08 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 above its 100 hourly exponential moving averages.

Most of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 25000 and 27500.

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

• Bitcoin: Bullish reversal seen above $22079.
• The Williams percent range is giving an overbought signal.
• The price is now trading just below its pivot level of $25005.
• The short-term range is strongly BULLISH.

Bitcoin: Bullish Reversal Seen Above $22079


The price of bitcoin is marching ahead of the $25000 levels amid improving consumer sentiments and a shift towards a high demand market.

The momentum indicator is back over zero in the 15-minute time frame indicating a bullish outlook.

The MACD crosses up its moving average in the 15-minute time frame.

We can see that the prices have entered into a supper bullish zone and now we are heading towards the $26000 and $27500 levels.

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 $23074 at which the price crosses 18-day moving average stalls, and $23315 which is a pivot point 2nd support point.

The price of BTCUSD is now facing its classic resistance level of 25077 and Fibonacci resistance level of 25120 after which the path towards 26000 will get cleared.

In the last 24hrs, BTCUSD has increased by 2.14% by 524.45$ and has a 24hr trading volume of USD 27.875 billion. We can see a decrease of 2.34% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin needs to continue its bullish moves this week, which will further validate the end of the crypto winter and the start of a bullish run for Bitcoin which was long overdue.

There is an ascending channel forming with the current support at $23165 at which the price crosses the 18-day moving average.

The daily RSI is printing at 66.97 which indicates a VERY STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trend line from $22079 towards the $25265 level.

The price of BTCUSD is now facing its resistance zone located at $25890 which is a pivot point 2nd resistance level and $26017 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $27000 with a consolidation zone of $26000.

Technical Indicators:

The average directional index (14): is at 32.84 indicating a BUY.

The ultimate oscillator: is at 53.92 indicating a BUY.

The rate of price change: is at 0.979 indicating a BUY.

Bull/bear power (13): is at 204.85 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]

ETHUSD and LTCUSD Technical Analysis – 23rd FEB, 2023


ETHUSD: Hammer Pattern Above $1596

Ethereum was unable to sustain its bearish momentum and after touching a low of 1596 on 22nd Feb, the price started to correct upwards against the US dollar crossing the $1650 handle today in the European trading session.

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

We can clearly see a hammer pattern above the $1596 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 1666 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1669 and Fibonacci resistance level of 1671 after which the path towards 1700 will get cleared.

The relative strength index is at 61.93 indicating a strong demand for Ether and the continuation of the bullish phase in the markets.

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

Both the STOCH and STOCHRSI are indicating an overbought market, 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 strong buy signal, and we are now looking at the levels of $1700 to $1750 in the short-term range.

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

• Ether: bullish reversal seen above the $1596 mark.
• The short-term range appears to be strongly bullish.
• ETH continues to remain above the $1650 levels.
• The average true range is indicating less market volatility.

Ether: Bullish Reversal Seen Above $1596


ETHUSD is now moving in a strongly bullish channel with the prices trading above the $1650 handle in the European trading session today.

ETH touched an intraday low of 1637 and an intraday high of 1678 in the Asian trading session today.

The horizontal resistance is broken in the daily time frame, indicating bullish trends.

The MACD crosses up its moving average in the 4-hour time frame indicating bullish nature of the markets.

The Ichimoku – bullish crossover: Tenkan and Kjiun patterns are visible which is a bulish indication of the markets.

The Ichimoku price is over the cloud in the 1-hour time frame indicating a bullish scenario.

The Aroon indicator is giving a bullish trend in the 15-minute time frame.

The key support levels to watch are $1603 which is a 50% retracement from a 4-week high/low, and $1631 at which the price crosses the 9-day moving average.

ETH has increased by 1.84% with a price change of 30.19$ in the past 24hrs and has a trading volume of 8.818 billion USD.

We can see an increase of 1.15% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH’s price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1700 and $1800 levels this week.

On the upside we are now looking at the immediate targets of 1724 which is a pivot point 3rd level resistance, and 1741 which is a 13-week high.

The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned bullish, 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 $1628 which is a pivot point.

The weekly outlook is projected at $1800 with a consolidation zone of $1750.

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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]

Gold Price Faces Hurdles And Crude Oil Price Could Recover Steadily


Gold price declined from the $1,850 resistance zone. Crude oil price is attempting a recovery wave above the $75.50 resistance zone.

Important Takeaways for Gold and Oil

• Gold price started a strong decline below the $1,832 level against the US Dollar.
• A key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold.
• Crude oil price started a fresh increase from the $73.75 support zone.
• There was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to clear the $1,850 resistance against the US Dollar. The price started a strong decline and traded below the $1,832 support zone.

The bears even pushed the price below $1,825 and the 50 hourly simple moving average. The price traded below the $1,820 level. A low is formed near $1,817 on FXOpen and the price is now consolidating losses. On the upside, an immediate resistance is near the $1,828 level or the 50 hourly simple moving average.

Gold Price Hourly Chart


The stated level is near the 38.2% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low. The next key hurdle is near the $1,832 level.

There is also a key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold.  The trend line is near the 50% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low.

A clear upside break above the $1,835 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.

An immediate support on the downside is near the $1,820 level. The next major support is near the $1,812 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.

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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 February 20 - 24 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.

• Oil volatility in vogue once again as crude production set to decrease
• 8,000 was a pipe dream for the FTSE 100... for now!
• British pound suddenly jumps against euro and dollar in surprise revival
• Minutes of the Fed meeting show determination to further increase the rate

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 #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 28th FEB 2023


BTCUSD: Bullish Doji Star Pattern Above $22796

Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $22796 on 25th Feb the prices started to correct upwards against the US dollar, touching a high of $23873 on 27th Feb.

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

We can clearly see a bullish Doji star pattern above the $22796 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 high of 23557 in the Asian trading session, and an intraday low of 23214 in the European trading session today.

We can see that the MACD indicator is back over zero in the weekly time frame indicating bullish trends.

The price of bitcoin is ranging near horizontal support in the weekly time frame indicating a bullish trend.

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

The relative strength index is at 55.00 indicating a strong demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a buy signal, which means that in the immediate short term, we are expecting targets of 24000 and 25500.

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

• Bitcoin: bullish reversal seen above $22796.
• The Williams percent range is giving an overbought signal.
• The price is now trading just below its pivot level of $23729.
• The short-term range is mildly BULLISH.

Bitcoin: Bullish Reversal Seen Above $22796


The price of bitcoin is now moving into a consolidation channel below the $23500 handle which also means that now we are preparing for the next upwards move in bitcoin towards the $25000 level.

The commodity channel index indicator is giving an oversold signal which indicates a neutral tone in the markets.

Some of the technical indicators are also giving a neutral tone present in the markets.

Bitcoin has resumed its rising trend channel with a positive momentum that is building at levels above the $23110.

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 $22711 which is a 14-day RSI at 50% and at $22893 which is a 3-10 day MACD oscillator stalls.

The price of BTCUSD is now facing its classic resistance level of 24948 and Fibonacci resistance level of 26119 after which the path towards 27000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.58% by 135.92$ and has a 24hr trading volume of USD 22.280 billion. We can see a decrease of 2.34% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

We can see that the price of bitcoin is now almost 53% up against the lows formed in November 2022.

The consolidation in the levels of bitcoin also indicates that the global investor sentiment continues to improve and will lead to the higher price of bitcoin in the month of March 2023.

The daily RSI is printing at 50.79 which indicates a neutral demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trend line from $22796 towards the $23989 level.

The price of BTCUSD is now facing its resistance zone located at $24030 at which the price crosses 9-day moving average and $24095 which is a 14-3 day raw stochastic at 70%

The weekly outlook is projected at $24500 with a consolidation zone of $24000.

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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 – 02nd MAR, 2023


ETHUSD: Three White Soldiers Pattern Above $1558

Ethereum was unable to sustain its bearish momentum and after touching a low of $1558 on 25th Feb, the prices started to correct upwards against the US dollar ranging above the $1640 handle today in the Asian trading session.

The prices of Ethereum are ranging near a new record high of 1 month.

The price of ETHUSD is back over the pivot point in the weekly time frame indicating a bullish scenario.

We can clearly see a three white soldiers pattern above the $1558 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1645 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1650 and Fibonacci resistance level of 1656 after which the path towards 1700 will get cleared.

We can see the formation of the bullish harami pattern in the weekly timeframe.

The relative strength index is at 52.40 indicating a neutral demand for Ether and a shift towards the consolidation phase in the markets.

The commodity channel index, CCI, is giving a neutral signal, which means that the prices are expected to remain in a consolidation phase.

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

Most of the moving averages are giving a buy signal at the current market level of $1645.

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

• Ether: bullish reversal seen above the $1558 mark.
• The short-term range appears to be mildly bullish.
• ETH continues to remain above the $1640 level.
• The average true range is indicating less market volatility.

Ether: Bullish Reversal Seen Above $1558


ETHUSD continues to consolidate its gains and is now moving above the $1600 handle with an upside focus of $1700 and $1800 levels.

We can see the formation of the bullish trend reversal pattern with moving averages MA20 in the daily time frame.

The resistance of the channel is broken in the 15-minute time frame indicating a bullish outlook present in the markets.

ETHUSD touched an intraday high of 1677 in the Asian trading session and an intraday low of 1638 in the London trading session today.

The key support levels to watch are $1593 which is a 14-day RSI at 40%, and at $1637 at which the price crosses 18-day moving average stalls.

ETH has decreased by 0.73% with a price change of 12.10$ in the past 24hrs and has a trading volume of 6.909 billion USD.

We can see a decrease of 11.89% in the total trading volume in the last 24 hrs which is due to the market consolidation.

The Week Ahead

ETH has retracted after touching a high of $1677, and after this consolidation phase gets over, we are looking to cross the $1700 handle.

We can see the formation of a bullish ascending channel from $1558 towards the $1691 level.

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

The resistance zone is located at $1686 which is a 14-3 day raw stochastic at 80% and at $1694 at which the price crosses 9-day moving average stalls.

The weekly outlook is projected at $1750 with a consolidation zone of $1700.

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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 February 27 - March 3 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.

• US indices post worst week of 2023
• SEC continues to put pressure on the crypto market
• February removes the January positive
• GBPUSD: Bearish pattern and CBR uncertainty

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 #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 07th MAR 2023


BTCUSD: Evening Star Pattern Below $23963

Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $23963 on 01st March, the prices started to correct downwards against the US dollar, touching a low of $22048 on 03rd March.

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

We can clearly see an evening star pattern below the $23963 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Bitcoin touched an intraday high of 22544 in the Asian trading session, and an intraday low of 23370 in the European trading session today.

The momentum indicator is back under zero in the 4-hour time frame indicating bearish trends.

The price of bitcoin is ranging near a new record low of 1 month.

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

We can see the formation of bearish engulfing lines in the 1-hour time frame.

The relative strength index is at 43.75 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 100 hourly exponential moving averages.

Most of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 22000 and 21500.

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

• Bitcoin: bearish reversal seen below $23963.
• The STOCHRSI is indicating an oversold market.
• The price is now trading just below its pivot level of $22414.
• The short-term range is mildly bearish.

Bitcoin: Bearish Reversal Seen Below $23963


The price of bitcoin is now moving in a consolidation channel above the $22000 handle after which fresh declines could be expected, or we can see some market correction upwards if the demand for bitcoin increases in the global markets.

Some of the technical indicators are also giving a neutral tone present in the markets.

We can see the formation of a bearish price crossover pattern with the adaptive moving average, AMA 50, in the 30-minute time frame.

The price of bitcoin is ranging near the resistance of the channel indicating a bearish trend present in the markets.

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 $21780 which is a 3-10 day MACD oscillator stalls, and at $21851 at which the price crosses 18-day moving average stalls.

The price of BTCUSD is now facing its classic support level of 22376 and Fibonacci support level of 22404 after which the path towards 22000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.03% by 5.75$ and has a 24hr trading volume of USD 15.799 billion. We can see an increase of 1208% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

We can see that the price of Bitcoin has resumed its downtrend, which may extend to $21500 after which we may see some correction and change in the trend present in the markets.

There is a descending channel forming with the current support located at $20785 which is a 50% retracement from a 13-week high/low.

The daily RSI is printing at 43.26 which indicates a weak demand for bitcoin and the continuation of the bearish phase present in the markets in the short-term range.

We can see the formation of a bearish trendline from $23963 towards the $22141 level.

The price of BTCUSD is now facing its resistance zone located at $22695 which is a 14-3 day raw stochastic at 20% and at $22774 which is a 14-day RSI at 50%

The weekly outlook is projected at $21500 with a consolidation zone of $22000.

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]

ETHUSD and LTCUSD Technical Analysis – 09th MAR, 2023


ETHUSD: Bearish Engulfing Pattern Below $1677

Ethereum was unable to sustain its bullish momentum and after touching a high of $1677 on 02nd Mar, the price started to decline against the US dollar  trading below the $1550 handle today in the European trading session.

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

The price of ETHUSD is ranging near a new record low of 1 month.

We can clearly see a bearish engulfing pattern below the $1677 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just below its pivot levels of 1537 and moving in a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1530 and Fibonacci support level of 1536 after which the path towards 1500 will get cleared.

We can see the formation of a black hanging man in the 4-hour time frame indicating a neutral tone of the markets.

The relative strength index is at 40.95 indicating a weak demand for Ether and a shift towards the consolidation phase in the markets.

The commodity channel index, CCI, is giving an oversold signal, which means that the price is expected to correct upwards in the short-term range.

Most of the technical indicators are giving a sell market signal.

Most of the moving averages are giving a sell signal at the current market level of $1531.

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

• Ether: bearish reversal seen below the $1677 mark.
• The short-term range appears to be mildly bearish.
• ETH continues to remain below the $1550 level.
• The average true range is indicating less market volatility.

Ether: Bearish Reversal Seen Below $1677


ETHUSD continues to weaken and we can see a move towards the consolidation phase in the markets. Now the next visible targets are located at $1500 and $1450.

We can see the formation of the three black crows pattern in the 2-hour time frame indicating bearish trends.

The MACD crosses down its moving average in the 30-minute time frame indicating the bearish nature of the market.

ETHUSD touched an intraday high of 1552 in the Asian trading session and an intraday low of 1528 in the London trading session today.

The key support levels to watch are $1446 which is a 50% retracement from a 13 week high/low, and $1486 at which the price crosses 18-day moving average stalls.

ETH has decreased by 1.27% with a price change of 19.71$ in the past 24hrs and has a trading volume of 7.237 billion USD.

We can see a decrease of 0.87% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH was unable to cross the $1700 handle last week and now we are about to touch the $1500 level. If the demand for Ethereum increases we could witness a bounce in the levels next week.

We can see the formation of a bearish ascending channel from $1677 towards the $1522 level.

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

The resistance zone is located at $1575 which is a 14-3 day raw stochastic at 20% and at $1586 which is a 14-day RSI at 50%.

The weekly outlook is projected at $1450 with a consolidation zone of $1500.

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]

Watch FXOpen's March 6 - 10 Weekly Market Wrap Video

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

• Swiss National Bank reports record losses
• AAPL shares: Goldman Sachs puts Buy rating
• Inflation top of the agenda as Euro slumps
• Powell accelerates the bullish trend on the dollar index

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 #fxopenyoutube #fxopenuk #weeklyvideo

[FXOpen Trader]

BTCUSD and XRPUSD Technical Analysis – 14th MAR 2023


BTCUSD: Bullish Engulfing Pattern Above $19552

Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $19552 on 10th March, the prices started to correct upwards against the US dollar, touching a high of $24800 today in the European trading session.

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

We can clearly see a bullish engulfing pattern above the $19552 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 high of 24800 in the European trading session, and an intraday low of 24005 in the Asian trading session today.

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

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

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

The MACD indicator is giving a bullish divergence signal in the weekly time frame.

The relative strength index is at 68.46 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 above its 100 hourly exponential moving averages.

Most of the major technical indicators are giving a buy signal, which means that in the immediate short term we are expecting targets of 24500 and 25000.

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

• Bitcoin: bullish reversal seen above $19552.
• The STOCHRSI is indicating an oversold market.
• The price is now trading just below its pivot level of $24298.
• The short-term range is strongly BULLISH.

Bitcoin: Bullish Reversal Seen Above $19552


The price of bitcoin is now moving in a strongly bullish momentum above the $24000 handle. After some market consolidation, we can see fresh upsides in the ranges of $24500 to $25500.

The MACD indicator is back over zero in the weekly time frame indicating a bullish trend.

We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA 50 in the weekly time frame.

The MACD crosses up its moving average in the daily time frame indicating a bullish scenario.

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 $22460 which is a 14 day RSI at 50%, and at $23557 at which the price crosses the 9 day moving average stalls.

The price of BTCUSD is now facing its classic resistance level of 24381 and Fibonacci resistance level of 24426 after which the path towards 25000 will get cleared.

In the last 24hrs, BTCUSD has increased by 11.21% by 2462.33$ and has a 24hr trading volume of USD 46.508 billion. We can see an increase of 21.06% in the trading volume compared to yesterday, which is due to the buying seen at lower levels.

The Week Ahead

We have seen a Bullish correction in the prices of bitcoin and the resumption of a bullish trend which is expected to continue towards the $25000 levels.

With an increase in the global investor confidence, we can see an increase in the buying pressure and the trading volumes of bitcoin during the last 24hrs.

We can see the formation of a bullish doji star pattern in the 4-hour time frame.

The daily RSI is printing at 62.03 which indicates a strong demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trend line from $19552 towards the $24780 level.

The price of BTCUSD is now facing its resistance zone located at $25238 which is a 13-week high and $25814 which is a pivot point 1st resistance point.

The weekly outlook is projected at $25500 with a consolidation zone of $25000.

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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 – 16th MAR, 2023


ETHUSD: Bullish Harami Pattern Above $1369

Ethereum was unable to sustain its bearish momentum and after touching a low of $1369 on 10th Mar, the price started to correct upwards against the US dollar touching a high of $1775 on 14th Mar.

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

The MACD indicator is giving a bullish divergence signal in the weekly time frame.

We can clearly see a bullish harami pattern above the $1369 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 1660 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1705 and Fibonacci resistance level of 1761 after which the path towards 1800 will get cleared.

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

The relative strength index is at 55.18 indicating a strong demand for Ether and a shift towards the buying phase in the markets.

The STOCHRSI is giving an overbought signal, which means that the price is expected to decline in the short-term range.

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

Most of the moving averages are giving a buy signal at the current market level of $1650.

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

• Ether: bullish reversal seen above the $1369 mark.
• The short-term range appears to be mildly bullish.
• ETH continues to remain above the $1600 level.
• The average true range is indicating high market volatility.

Ether: Bullish Reversal Seen Above $1369


ETHUSD continues to build upwards momentum and we are now looking to cross the $1700 handle after which the next visible targets are located at the $1800 level.

The parabolic SAR indicator is giving a bullish reversal signal in the weekly time frame.

The MACD indicator is back over zero in the weekly time frame indicating a bullish scenario present in the markets.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 4-hour time frame.

ETHUSD touched an intraday high of 1664 and an intraday low of 1634 in the Asian trading session today.

The key support levels to watch are $1559 at which the price crosses 9-day moving average stalls, and at $1587 which is a 14-day RSI at 50%.

ETH has decreased by 2.21% with a price change of 37.60$ in the past 24hrs and has a trading volume of 12.639 billion USD.

We can see a decrease of 18.80% in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

ETH was successful in crossing the $1700 handle and touched a high of $1775 after which we can see some downwards correction. After the price stabilizes, we are looking for fresh upsides in the range of $1700 to $1800 levels.

We can see the formation of a bullish ascending channel from $1369 towards the $1687 level.

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

The resistance zone is located at $1710 which is a pivot point 1st resistance point and at $1781 which is a 1-month high.

The weekly outlook is projected at $1850 with a consolidation zone of $1800.

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

[FXOpen Trader]

Watch FXOpen's March 13 -17 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.

• There will be more bank failures
• Inflation data was not surprising. What will happen next?
• Turkish Lira crisis lingers with sustained record low against USD
• Oil updates the minimums of the year

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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