2022-11-11 • Updated
Over the last few weeks, a lot has happened in the crypto space and all does not seem to be well anymore for many. Usually, the word 'dip' refers to a slight retracement in price before the continuation of a trend, however, what we've seen so far on several crypto charts suggests otherwise. Today we will take a look at a few cryptocurrencies in hope of figuring out the nearest areas of support from whence markets may experience new bullish impulse.
The chart above shows BTCUSD (Bitcoin) currently trading below the SMA-50 on the Monthly timeframe and approaching a Rally-Base-Rally demand zone around the $11k price zone. In my opinion, this is the nearest reliable area of support for possible consideration of a fresh bull run. If this support fails, the price could slip well lower into the $7k region.
In the case of Ethereum, price is still trading within range of the 50-Moving-Average. However, in spite of the moving average support, chances are that price slips further down into the $600 region. The major determinant of price outcomes, in this case, would be the price action observed between the $670 and $360 price marks.
Litecoin on the weekly timeframe can be seen trading in a range between $75 and $40. There's also a trendline resistance that has just recently been touched for the third time.
A closer look at the daily timeframe shows that price may be aiming to exit the trading range once the trendline resistance is broken.
Interesting times lie ahead for cryptocurrencies as the next couple of weeks could be pivotal in deciding the fortunes of the several million investors within the space. Most of the setups above indicate the possibility of a slightly extended "dip", hence, caution is advised. To trade any of these commodities with competitive spread and execution speeds, simply log into your account or create one here.
As Germany faces consecutive economic contractions and the broader Eurozone grapples with diverse economic conditions, the upcoming flash CPI inflation figures take center stage. These figures will shape market expectations regarding potential rate cuts, with the ECB carefully navigating uncertainties
Gold prices, stable above $2,000 per ounce, commenced the week on an uptrend driven by a rallying US dollar and anticipation surrounding the upcoming Federal Reserve meeting. Analysts highlight that the market is keen on the Fed's signals for the coming months rather than immediate announcements.
In November, average pay growth in the UK slowed to 6.5%, down from 7.2% in the previous month, according to the Office for National Statistics. This decline suggests that inflationary pressures have weakened more than anticipated. The decrease in pay growth came as the UK jobs market weakened due to high interest rates and stagnation across much of the economy.
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
