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  1. #111
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    BTCUSD and XRPUSD Technical Analysis – 16th AUG 2022


    BTCUSD: Bearish Engulfing Pattern Below $25196

    Bitcoin was unable to sustain its bullish momentum and after touching a high of 25196 on 15th Aug started to decline against the US dollar, coming below the $24000 handle today in the Asian trading session.

    We can see that bitcoin failed to clear its resistance zone located at $25500 for the third time this month.

    After touching a high of $25196, we can see some downward correction in the price towards the $23776 level.

    We can clearly see a bearish engulfing pattern below the $25196 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 24250 in the Asian trading session and an intraday low of 23787 in the Asian trading session today.

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

    The relative strength index is at 43 indicating a weak demand for bitcoin at the current market level and the continuation of the selling pressure in the markets.

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

    Some of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 23500 and 23000.

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


    1. Bitcoin: bearish reversal seen below $25196
    2. High/Lows is Indicating Neutral Levels
    3. The price is now trading just above its pivot level of $24017
    4. Most of the moving averages are giving a strong sell market signal



    Bitcoin: Bearish Reversal seen Below $25196


    The price of Bitcoin dipped to a low of 23828 after which we can see some buying support and a move towards the consolidation phase in the markets.

    The BTCUSD is attempting a downside break due to the formation of a contraction triangle below the 24804 level.

    We can see the formation of the Ichimoku bearish crossover pattern in the 4-hour time-frame indicating the underlying bearish nature of the markets.

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

    Bitcoin’s support zone is located at $23000, and the prices continue to remain above these levels for any potential bullish reversal in the markets.

    The price of BTCUSD is now facing its classic support level of 23873 and Fibonacci support level of 23982 after which the path towards 23000 will get cleared.

    In the last 24hrs, BTCUSD has increased by 0.22% by 53$, and has a 24hr trading volume of USD 29.478 billion. We can see a 2.30% decrease in the trading volume as compared to yesterday, which appears to be normal.

    The Week Ahead

    The prices of bitcoin are moving in a consolidation zone above the $24000 level. The on-chain analysis also suggests that the markets are having more bearish tendencies and as such a drop in the levels is expected.

    The daily RSI is printing at 58 which indicates a strong demand from the long-term investors.

    The trendline formation is seen from the $25196 level towards the $23069, and we are now looking for the continuation of this trend in the hourly time frame.

    The price of BTCUSD will need to remain above the important support level of $23000 this week.

    The weekly outlook is projected at $24000 with a consolidation zone of $23500.

    Technical Indicators:

    The rate of price change: at -1.38 indicating a SELL

    The ultimate oscillator: at 48.61 indicating a SELL

    The relative strength index (14): at 49.35 indicating a NEUTRAL

    The commodity channel index(14days): at -110.88 indicating a SELL

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

  2. #112
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    EUR/USD and EUR/JPY Face Key Hurdles


    EUR/USD started a fresh decline and traded below 1.0200. EUR/JPY is attempting a recovery wave and might rally if it clears 137.00.

    Important Takeaways for EUR/USD and EUR/JPY


    • The Euro started a major below the 1.0220 and 1.0200 support levels.
    • There was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart.
    • EUR/JPY started an upside correction from the 135.00 support zone.
    • There is a major bearish trend line forming with resistance near 136.60 on the hourly chart.



    EUR/USD Technical Analysis


    The Euro failed to clear the 1.0360 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0300 and 1.0250 support levels.

    There was a clear move below the 1.0220 level and the 50 hourly simple moving average. The pair even settled below the 1.0200 level. A low was formed near 1.0122 on FXOpen and the pair is now consolidating losses.

    The pair recovered above 1.0150 and tested the 23.6% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low.

    Besides, there was a break above a key bearish trend line with resistance near 1.0165 on the hourly chart. On the upside, the pair is facing resistance near the 1.0180 level and the 50 hourly simple moving average.

    A clear move above the 1.0180 resistance might send the price towards 1.0220. The next major resistance is near the 1.0240 level. It is near the 50% Fib retracement level of the downward move from the 1.0364 swing high to 1.0122 low. If the bulls remain in action, the pair could revisit the 1.0300 resistance zone in the near term.

    On the downside, the pair might find support near the 1.0150 level. The next major support sits near the 1.0120 level. If there is a downside break below the 1.0120 support, the pair might accelerate lower in the coming sessions.

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

  3. #113
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    ETHUSD and LTCUSD Technical Analysis – 18th AUG, 2022


    ETHUSD: Shooting Star Pattern Below $2029

    Ethereum was unable to sustain its bullish momentum and after touching a high of 2029 on 14th Aug started to decline against the US dollar coming down below the $1900 handle in the European trading session today.

    We can see a continuous fall in the price of Ethereum due to the heavy selling pressure amid rising global inflation levels.

    We can clearly see a shooting star pattern below the $2029 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 above its pivot levels of 1842 and moving into a strong bearish channel. The price of ETHUSD is now testing its classic support level of 1827 and Fibonacci support level of 1838 after which the path towards 1700 will get cleared.

    The relative strength index is at 43 indicating a weak market and the continuation of the downtrend in the markets.

    We can see the formation of a bearish engulfing line in the 15-minute time frame indicating the underlying bearish nature of the markets.

    Both the STOCH and STOCHRSI are indicating a neutral market, which means that the prices are expected to remain in a consolidation phase.

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

    All of the moving averages are giving a strong sell signal, and we are now looking at the levels of $1800 to $1700 in the short-term range.

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


    • Ether: bearish reversal seen below the $2029 mark
    • Short-term range appears to be strongly BEARISH
    • ETH continues to remain below the $1900 level
    • The average true range is indicating LESS market volatility



    Ether: Bearish Reversal Seen Below $2029


    ETHUSD is now moving into a strong bearish channel with the price trading below the $1900 handle in the European trading session today.

    ETH touched an intraday high of 1865 and an intraday low of 1821 in the Asian trading session today.

    We can see the adaptive moving average AMA20 and AMA50 bearish crossover pattern in the 2-hour time frame.

    We have also detected the formation of a bearish harami pattern in the weekly time frame.

    The commodity channel index is indicating a neutral market level, and the continuation of the consolidation phase in the markets.

    The key support levels to watch are $1800 and $1820, and the prices of ETHUSD need to remain above these levels for any potential bullish reversal in the markets.

    ETH has decreased by 2.47% with a price change of 46$ in the past 24hrs and has a trading volume of 17.646 billion USD.

    We can see an increase of 0.58% in the total trading volume in the last 24 hrs which appears to be normal.

    The Week Ahead

    We can see a continuous progression of a bearish trendline formation from 2029 towards the 1821 level.

    The price of Ethereum is now testing its support zone located at $1800, and we are likely to see a more decline in the price once it touches these levels.

    The immediate short-term outlook for Ether has turned strongly bearish; the medium-term outlook has turned bearish; 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 $1800 this week.

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

    Technical Indicators:

    The relative strength index (14): at 43.31 indicating a SELL

    The moving averages convergence divergence (12,26): at -7.90 indicating a SELL

    The rate of price change: at -0.68 indicating a SELL

    The ultimate oscillator: at 37.67 indicating a SELL

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

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