Daily Market Analysis By FXOpen

BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022


BTCUSD: Bearish Engulfing Pattern Below $44,300

Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February.

The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar.

We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

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 relative strength index is at 38 indicating a WEAKER demand for bitcoin at the current market levels.

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

All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000.

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

• A bearish reversal below $44,300 is seen in bitcoin
• The Williams percent range is indicating OVERBOUGHT levels
• The price is now trading just below its pivot level of $36,876
• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $44,300


Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000.

In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now.

On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings.

The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish.

We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards,

The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared.

We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further.

In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000.

The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down.

In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle.

In the event of a pullback, the upside projection is at the 50-day SMA of $38,179.

The price of BTCUSD will need to remain above the important support level of $35,000 this week.

The weekly outlook is projected at $35,000 with a consolidation zone of $36,000.

Technical Indicators:

The relative strength index (14-day): at 34.53 indicating a SELL

The average directional change (14-day): at 30.37 indicating a SELL

The rate of price change: at -16.29 indicating a SELL

The moving averages convergence divergence (12,26): at -807.20 indicating a SELL

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EUR/USD Struggle Continues, USD/CHF Shows Positive Signs


EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone.

Important Takeaways for EUR/USD and USD/CHF

• The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar.
• There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.
• USD/CHF gained pace after it cleared the 0.9200 resistance zone.
• There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart.

EUR/USD Technical Analysis

The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline.

The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high.

EUR/USD Hourly Chart


It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level.

The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline.

On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD.

A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level.

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ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022


ETHUSD: Bearish Engulfing Pattern Below $2,900

Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session.

Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine.

We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario.

We can clearly see a bearish engulfing pattern below the $2,900 handle, which 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 level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared.

The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets.

All 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 $2,200 to $2,100 in the short-term range.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• A bearish reversal seen below the $2,900 mark
• The short-term range appears to be strongly BEARISH
• The daily RSI is below 50 at 32 indicating a BEARISH market
• The average true range is indicating LESS market volatility

Ether: Strong Bearish Momentum Seen Below $2,900


ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today.

Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon.

We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term.

The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets.

At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase.

The key support level to watch is $2,100, and the key resistance level is $2,500 for this week.

ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD.

We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally.

The Week Ahead

Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500.

The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia.

If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle.

This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at -71.42 indicating a SELL

The commodity channel index (14-day): at -82.77 indicating a SELL

The rate of price change: at -9.82 indicating a SELL

The Stoch (9,6): at 20.89 indicating a SELL

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Gold Price and Crude Oil Price Could Rally Further


Gold price gained bullish momentum above $1,950 before correcting lower. Crude oil price is holding the $92.00 support and might start a fresh increase.

Important Takeaways for Gold and Oil

• Gold price started a major increase above the $1,900 and $1,920 levels against the US Dollar.
• There was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.
• Crude oil price corrected lower, but it found support near $91.00.
• There is a major bullish trend line forming with support near $92.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold Price Hourly Chart

Gold price formed a support base near $1,850 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,900 level to move into a positive zone.

There was a clear move above the $1,920 level and the 50 hourly simple moving average. The price even climbed above the $1,950 resistance level. A high was formed near $1,974 on FXOpen before the price started a downside correction.

There was a break below the $1,950 level. Besides, there was a break below a key bullish trend line with support near $1,920 on the hourly chart of gold.

The price even spiked below the $1,900 level, but it found support near $1,880. A low is formed near $1,878 and the price is rising again. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low.

On the upside, the price is facing resistance near the $1,915 level and the 50 hourly simple moving average. The main resistance is now forming near the $1,935 level.

The 50% Fib retracement level of the recent decline from the $1,974 swing high to $1,878 low is also near $1,935. A close above the $1,935 level could open the doors for a steady increase towards $1,950. The next major resistance sits near the $1,975 level.

On the downside, an initial support is near the $1,900 level. The first major support is near the $1,880 level. If there is a downside break below the $1,880 level, the price could decline to $1,850.

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GBP/USD and GBP/JPY Could Resume Decline


GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.
• There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD.
• GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance.
• There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart.

GBP/USD Technical Analysis

After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone.

There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level.

GBP/USD Hourly Chart


The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320.

The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level.

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BTCUSD and XRPUSD Technical Analysis – 1st MAR 2022


BTCUSD – Double Bottom Pattern Above $34000

Bitcoin has ended its bearish phase after touching a low of 34393 on 24th February and continues to move upwards after the consolidation phase above the 38000 levels.

The Bullish momentum we see today is the result of the increased buying demands from the global markets after the recent sanctions imposed on the Russian banking systems and the use of Bitcoin for converting the Russian Rubles into the desired currencies like the US Dollar and the Euros.

The propagation of the Bullish trend continues with the prices of Bitcoin trading above the $43000 mark in the European Trading session today.

The sharp rise that we see in the levels of Bitcoin is due to the fresh demands coming from the residents of Ukraine who are moving out and liquidating their assets and converting them into Bitcoins for safety.

We can see a Double Bottom Pattern above the $34000 handle which is a Bullish reversal pattern because it signifies the end of a downtrend and a shift towards an Uptrend.

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 relative Strength Index is at 76 indicating a STRONG demand for Bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly Simple Moving average and below its 200 hourly Exponential Moving averages.

All of the Major Technical Indicators are giving a STRONG BUY Signal, which means that in the immediate short-term we are expecting targets of 45000 and 48000.

The Average True Range is indicating Less Market Volatility with a Strong Bullish momentum.

• Bitcoin Bullish Reversal is seen Above $34000.
• Williams Percent Range is Indicating OVERBOUGHT Levels.
• The price is now trading just Below its Pivot Levels of $43470.
• All of the Moving Averages are giving a STRONG BUY market signal.

Bitcoin Bullish Momentum Seen Above $34000


Bitcoin continues to move in a Strong Bullish momentum with an upside projection towards levels of 45000 in the European Trading session today.

In the immediate term, we are expecting a continuation of this bullish trend with the prices of Bitcoin ranging between the levels of $41000 and $46000 as it is due to enter into a consolidation phase now.

After crossing the horizontal levels of 42000 the appreciation in the prices of Bitcoin we see will result in a Rally towards the $50000 handle.

The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook is Bullish, and the long-term outlook remains Bullish.

The price of BTCUSD is now facing its Classic resistance levels of 43622 and Fibonacci resistance levels of 43740 after which the path towards 48000 will get cleared.

We can see that the daily RSI is also printing at 59 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs, BTCUSD is UP by 13.70% by 5243$ and has a 24hr trading volume of USD 38.490 Billion. We can see an increase of 46.69% in the Trading volume as compared to yesterday, due to increased selling buying pressure in the Global cryptocurrency markets.

The Week Ahead

The prices of Bitcoin are due to enter into a consolidation phase above the $42000 level. We can see some range of bounded movements in its levels between $42000 to $46000.

The prices of Bitcoin are appreciating as an alternative source of cross-border payments after the recent sanctions that are being imposed on Russia by the SWIFT network.

In the immediate short term, Bitcoin Bullish momentum is expected to continue pushing its levels above the $46000 handle this week.

In the event of a pullback, the upside projection is at the 100-day SMA of $44992.

The prices of BTCUSD will need to remain above the important support levels of $40000 this week.

The weekly outlook is projected at $41000 with a consolidation zone of $44000.

Technical Indicators:

Relative Strength Index (14days): It is at 74.64 indicating a BUY.

Average Directional Change (14days): It is at 51.70 indicating a BUY.

Rate of Price Change: It is at 5.19 indicating a BUY.

Moving Averages Convergence Divergence (12,26): It is at 1043.80 indicating a BUY.

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EUR/USD and EUR/JPY At Risk of More Downsides


EUR/USD started a fresh decline from the 1.1280 resistance. EUR/JPY is also declining and facing a string resistance near the 128.60 level.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it failed to stay above 1.1320.
• There is key bearish trend line forming with resistance near 1.1180 on the hourly chart.
• EUR/JPY gained bearish momentum after it broke the 128.80 support zone.
• There is a major bearish trend line forming with resistance near 128.30 on the hourly chart.

EUR/USD Technical Analysis

The Euro faced sellers near the 1.1350 zone against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1320 and 1.1300 support levels.

The pair traded below the 1.1280 pivot level and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1089 On FXOpen and is currently consolidating gains. It corrected above the 23.6% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

EUR/USD Hourly Chart


On the upside, the pair is facing resistance near the 1.1150 level. It is near the 50% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

The next major resistance is near the 1.1180 level. There is also a key bearish trend line forming with resistance near 1.1180 on the hourly chart. A clear break above the 1.1180 resistance could push EUR/USD towards 1.1220.

If the bulls remain in action, the pair could rise above the 1.1220 resistance zone in the near term. On the downside, the pair might find support near the 1.1080 level.

If there is a downside break below the 1.1080 support, the pair might accelerate lower. The next major support sits near the 1.1020 level, below which there is a risk of a larger decline.

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ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022


ETHUSD: Bullish Engulfing Pattern above $2,550

Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th.

This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session.

We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700.

We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week.

ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session.

The moving averages are giving a BUY signal.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• Ethereum is in a mildly bullish channel
• A short-term trend reversal seen above $2,550
• All the major technical indicators are giving NEUTRAL-to-BUY signals
• The average true range is indicating LESSER market volatility

Ether: Bullish Channel Towards $3,000 Confirmed


ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back.

We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target.

We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel.

ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD.

We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum.

The Week Ahead

Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week.

The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021.

Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000.

Technical Indicators:

The commodity channel index (14-day): at 94.58 indicating a BUY

The moving averages convergence divergence (14-day): at 3.79 indicating a BUY

The ultimate oscillator: at 53.45 indicating a BUY

The rate of price change: at 0.052 indicating a BUY

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AUD/USD and NZD/USD Aim Upside Break


AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar.
• There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.
• NZD/USD also climbed higher after forming a base above the 0.6650 level.
• There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347.

AUD/USD Hourly Chart


It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.

The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level.

The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450.

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GBP/USD and EUR/GBP Could Extend Decline


GBP/USD started a fresh decline from well above the 1.3350 level. EUR/GBP is also declining and trading below the 0.8250 support zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3350 against the US Dollar.
• There was a break below a connecting bullish trend line with support near 1.3325 on the hourly chart of GBP/USD.
• EUR/GBP failed to stay above 0.8300 and started a fresh decline.
• There is a major bearish trend line forming with resistance near 0.8250 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3400 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3350 support zone.

There was a clear move below the 1.3280 level and the 50 hourly simple moving average. The bears pushed the pair below the 1.3200 level. A low is formed near 1.3185 on FXOpen and the pair is now consolidating losses.

GBP/USD Hourly Chart


On the upside, an initial resistance is near the 1.3240 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

The next main resistance is near the 1.3280 zone (the previous support). If there is an upside break above the 1.3280 resistance, the price could test 1.3300 or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low.

If there is no upside break, the pair could extend losses below the 1.3185 low. The first key support is near the 1.3150 level. Any more losses could lead the pair towards the 1.3120 support zone. The next major support sits near the 1.3050 level.

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