FxNews.me — Technical Analysis

[FxNews]

ETH Bull Run: Eyes on $2,720 After Fibonacci Bounce​

FxNews—The Ethereum price tested and bounced from $2,550 and resumed the uptrend, trading bullish above the 61.8% Fibonacci retracement level. The recent dip was anticipated because the Stochastic and RSI 14 were in the overbought territory, and the 4-hour chart formed bearish candlestick patterns.

The Awesome Oscillator's recent bar turned green, indicating the current bullish wave should resume. In this scenario, the next bullish target will likely be $2,720. Please note that the bullish outlook will be invalidated if the price dips below the $2,550 support.​

 

[FxNews]

Litecoin Dips Below $71 Amid Market Warnings​

FxNews—Litecoin dipped below the $71.0 critical resistance amid the Awesome Oscillator histogram declining toward the signal line. The market is in an overbought state as RSI 14 is approaching the 70 level.

FxNews analysts advise that retail traders and investors wait patiently for the price to consolidate near the 50% Fibonacci retracement level at $67.5, a supply zone offering a decent opportunity to join the bull market.

The bullish outlook would be invalidated if Litecoin bears push the price below the $67.5 support.​

 

[FxNews]

Article ⇒ USDHKD Surges as John Lee Policies Boost Key Sectors

FxNews—Hong Kong’s stock market experienced a significant uplift, rising 227 points, or 1.1%, to 20,509 on Thursday morning. This increase marks a notable recovery after a period of decline over the past three sessions.

The positive momentum from Wall Street, particularly within the technology sector, contributed to this rise. Decreasing U.S. Treasury yields and ongoing corporate earnings reports also played a crucial role.​

 

[FxNews]

Crude Oil Consolidates After the Sharp Drop​

Fxnews—Crude Oil began a consolidation phase in a narrow range area between $69.7 support and $71.8 resistance. A new bearish wave will likely be formed if the price falls below $69.7. In this scenario, the next bearish target could be the October 1 low at $67.5.

Please note that the trend outlook remains bearish as long as the price is below the $73.3 critical resistance.​

 

[FxNews]

Article ⇒ Safe Haven Silver Surges After Sinwar’s Elimination

FxNews—Silver prices surged past $32 per ounce, nearing a high not seen in two weeks. This increase aligns with gold’s gains, driven by the upcoming US election uncertainties and growing tensions in the Middle East, which have boosted the attraction of Silver and gold as safer investments.​

 

[FxNews]

GBP/USD Consolidates Amid U.K.'s Retail Sales Surge​

FxNews—The U.K.'s retail sales unexpectedly rose 0.3%, which eased the GBP/USD's downtrend around the 1.30 resistance. As of this writing, the currency pair tests the 50-period simple moving average in conjunction with the descending trendline.
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Forecast​

From a technical perspective, the primary trend remains bearish as long as the pair trades below the critical resistance of 1.325, backed by the 100-SMA. If bulls pull the price above the 50-SMA, a new consolidation phase could emerge, targeting the $1.314 resistance level, which offers a decent bid to join the bear market.

Conversely, a failure to surpass the 50-SMA will likely result in a new bearish wave that could push the price down to the next resistance level, 1.295.​

 

[FxNews]

Crude Oil Dips Below $69.7, Eyes Next Target at $67.5​

FxNews—Crude Oil bears broke the $69.7 critical resistance in the current trading session. This development in the price chart will likely result in the Oil price dipping further. In this scenario, the next bearish target will likely be the $67.5 resistance level.

Please note that the immediate resistance rests at $71.8, which is backed by the 100-period simple moving average. The bearish outlook should be invalidated if the price exceeds the $71.8 mark.​

Next reads:

• NATGAS Downtrend Resumed as Winter Forecast Dims
• USDSEK Bulls Prevail as Unemployment in Sweden Rises

 

[FxNews]

Article ⇒ Harmonic Patterns: Key Signal for Market Reversals

FxNews—To forecast the Forex market efficiently, traders must familiarize themselves with the Harmonic Patterns, a strategy based on the specific geometric structure of price action and Fibonacci numbers. The reason for utilizing harmonic patterns in technical analysis is to spot possible reversal points in the market.​

 

[FxNews]

BTC Tests Bollinger Median Amid MACD Divergence​

FxNews—Bitcoin's price pulled back from $69,500, testing the median line of the Bollinger Bands. The MACD indicator signals divergence, meaning the current consolidation phase could extend to the lower support levels, starting with filling the FVG (Fair Value Gap) at $67,500 and followed by $66,680.

These two support levels are backed by the Ichimoku Cloud, making them decent zones for betting on the bullish trend. Retail traders and investors should monitor the support mentioned above levels for bullish signals, such as hammer or bullish engulfing candlestick patterns.

Please note that it is not advisable to join a bull market while it is saturated. It carries a greater risk than buying a trading security at a dip.

Also read:​

• GBP/USD Bears Target Fair Value Gap as FTSE 100 Rises​
• EUR/USD Bear Market Prevails in Respond to ECB Rate Cut​

 

[FxNews]

Ethereum Tests Key Fibonacci Level at $2,665​

FxNews—The 4-hour Ethereum chart formed a Bat harmonic pattern, backed by MACD's divergence signal, which resulted in the price dipping from $2,770. As of this writing, ETH/USD is testing the 23.6% Fibonacci retracement level at $2,665.

From a technical perspective, the consolidation phase will likely extend to the 38.2% Fibonacci level at $2,600 if ETH/USD stabilizes below the 23.6% level. Notably, the Ichimoku Cloud supports the 38.2% Fibonacci level, a significant supply zone for entering the bull market.

Therefore, traders should closely monitor the $2,600 mark for bullish candlestick patterns.

Good reads:​

• USDJPY Nears 150.7 as BoJ Eyes Yen Stability​
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[FxNews]

Oversold Litecoin Prepares for Bearish Wave or Rebound​

FxNews—Litecoin stabilized the price below the critical $71 support, backed by the 5-period simple moving averages. However, the robust selling pressure from $76.0 drove the Stochastic Oscillator into oversold territory, meaning the U.S. Dollar is overpriced.

Hence, the Litecoin price is expected to consolidate around the 50-period SMA before the downtrend resumes. The consolidation ranges from the $69.7 immediate support to the %38.2 Fibonacci retracement level at $71.9 critical resistance.

Please note that a new bearish wave will likely be started if bears break today's low, the $69.7 support below. In this scenario, the next bearish target could be the October 7 high, the $67.5 support.

P.S. The bearish outlook should be invalidated if LTC/USD exceeds the %38.2 Fibonacci retracement level at $71.9.

Good read: ​

• Gold Surge as PBoC & ECB Rate Cuts Fuel Bullish Sentiment
• NATGAS at Key Resistance as Cold Weather Looms
• Crude Oil Falls to $70 Following Market Sentiment

 

[FxNews]

Ripple's Fall Below $0.54 Signals More Drops​

FxNews—The Ripple (XRP) bulls failed to surpass the $0.56 resistance. Consequently, the price dipped below the $0.54 immediate support. As a result, the downtrend resumed, with the critical resistance remaining valid at the October 17 high.

The technical indicators suggest the downtrend should resume. In this scenario, the XRP/USD price will likely revisit the October 3 low at $0.507.

The bearish outlook should be invalidated if XRP exceeds $0.5600.​

Good for trading

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[FxNews]

Will Solana Bounce Back Above $171.7? Key Levels to Watch​

FxNews—Solana consolidates below the $171.7 high as expected because the Stochastic and RSI 14 signaled overbought at the time. As of this writing, SOL/USD trades at approximately $165.6, testing the median line of the Bollinger Bands.

The primary trend should be considered bullish because the price is above the 50- and 100-period simple moving averages. However, the Awesome Oscillator histogram is red, signaling that the downtick momentum from $171.7 could extend to the lower support levels.
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Forecast​

From a technical perspective, the trend outlook remains bullish as long as Solana trades above $161.5. However, for the uptrend to resume, the Bulls must close and stabilize the price above $171.7.

Conversely, a dip below the $161.5 should invalidate the bullish outlook. In this scenario, a new bearish wave will likely form, and the target could be the 100-period SMA at $152.0.
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Good Read​

• Gasoline Prices Steady Amid Global Oil Turmoil​
• Pregnant Crypto Queen Accused of £17M Fraud​

 

[FxNews]

Bearish Outlook for AUD/USD with Key Levels in Focus​

FxNews—AUD/USD formed a bearish Fair Value Gap (FVG) after the price broke below the $0.665 support level, signaling a potential continuation of the downtrend. Momentum indicators are not yet in oversold territory, suggesting the price still has room for further decline.

Given the formation of the FVG, the Australian dollar may temporarily recover some of its losses near the upper band of the bearish flag before the downtrend resumes.

Furthermore, the next bearish target could be the $0.656 support, provided the critical resistance at $0.669 holds. However, this bearish outlook would be invalidated if AUD/USD breaks above the critical resistance level.

Good read:

• EURUSD Targets $1.072 Amid ECB Rate Cuts
• Cleaner Energy Boosts Silver Demand to Record Highs

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[FxNews]

Gold Rebounds: Opportunities for Bullish Traders​

FxNews—Gold has resumed its upward trend following a brief consolidation near the 50-period simple moving average. Technical indicators like the RSI 14 and Awesome Oscillator suggest that the bullish momentum is likely to continue.

The immediate resistance level is at $2,685, and there’s potential for the yellow metal to surge further, targeting the Fair Value Gap (marked in red). If this gap holds, gold may retest the $2,685 level, offering traders a good opportunity to enter the bullish market.

However, it’s important to note that gold is currently overvalued in the short term, and a significant decline could occur at any moment. Traders should closely monitor key support levels to find low-risk entry points.

Good read:​

• Will Ripple Surpass Ethereum by 2025?
• AUD/USD Hints at Trend Reversal Amid Rising Selling Pressure

 

[FxNews]

Ethereum Eyes $2,590: Can Bulls Hold $2,505 Support?​

FxNews—Ethereum price rebounded from $2,450, the September 14 high. However, the uptick momentum eased when the price hit the 100-period SMA as resistance.

The technical indicators show signs of a bullish trend, with both the Stochastic and RSI 14 rising from the oversold territory. Meanwhile, the Awesome Oscillator histogram has turned green, which is interpreted as a sign that the bull market is strengthening.

Immediate support is at $2,505. The current uptick momentum has the potential to fill the Fair Value Gap at $2,590, provided the bulls maintain their position above the immediate support.

Conversely, the bullish outlook will be invalidated if ETH/USD dips below the $2,505 mark. In this scenario, Ethereum will likely revisit $2,459, and if the selling pressure increases, the downtrend could extend to the October 10 low at $2,330.​

Good read:​

• Silver Reacts to FVG at $34.3 as Fed Rejects Rate Cuts
• Gold Surges Above $2730 – Driven by Safe-Haven Demand
• Natural Gas Output Could Drop in 2024 Due to Less Drilling

 

[FxNews]

Litecoin Eyes $71.5 Amid Bullish Momentum​

FxNews—Litecoin recently rebounded from the $67.5 resistance level, supported by the 100-period Simple Moving Average (SMA). As of this update, LTC is trading near $70.4, testing the 38.2% Fibonacci retracement level.​

• The trend remains bullish as LTC/USD exceeds the 100-period SMA. Additionally, the Awesome Oscillator's green histogram is rising toward the signal line, further supporting this outlook.​

Technically, the uptrend is expected to continue, with the next bullish target set at $71.5. This target aligns with the 50% Fibonacci retracement level and a Fair Value Gap (FVG) area.

Immediate support is seen at $69.7. However, if LTC/USD drops below this level, the bullish outlook could be invalidated.​

• Good reads: Middle East Tensions Push Oil Above $72 as US Stocks Jump​

 

[FxNews]

Bitcoin Eyes $68,750: Bullish Momentum Grows​

FxNews—Bitcoin is trading around $66,800, holding above the 100-period simple moving average (SMA) and the critical support level of $65,200.

Technical indicators suggest a mildly bearish trend, with both the Stochastic and RSI 14 declining. However, the Awesome Oscillator’s histogram has turned green, indicating bullish momentum is gaining strength. In addition to the signal from the Awesome Oscillator, the 4-hour chart shows a long-wick bullish candlestick pattern.

Technically, if Bitcoin stays above the 100-period SMA, the bullish move may target $68,750, followed by the $69,580 resistance level.

However, this bullish outlook becomes invalid if the price drops below $65,200.​

Good read:

• Litecoin Retreats from $71.5 Fair Value Gap
• Ethereum Bearish Outlook – Watching $2450 Support
• Bitcoin Eyes $75K – Key Support and Resistance

 

[FxNews]

Cardano Price Stabilizes: Potential Reversal Ahead?​

FxNews—Cardano's price stabilized after reaching the September 9 low of $0.311, influenced by the Stochastic Oscillator signaling oversold conditions. Currently, the ADA/USD pair is consolidating around $0.333, just below the October 17 low of $0.338.

The 4-hour chart showcases a Butterfly harmonic pattern, suggesting a possible trend reversal or consolidation near upper resistance levels. Market momentum remains active, as indicated by an ADX reading of 19 and a rising green Awesome Oscillator.

Despite these signs, the primary trend is still bearish, with prices below both the 50- and 100-period simple moving averages, hinting that any upward movement might be limited to the resistance zones.
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Cardano Price Forecast​

The immediate resistance rests at $0.338 (October 17 low), backed by the Bollinger Bands' median line. From a technical perspective, the upward momentum from $0.311 could target the 50-period SMA, supported by the descending trendline at $0.347, if ADA/USD holds above the $0.323 immediate support.

Please note that the bullish outlook should be invalidated if bears push Cardano's price below $0.323. If this scenario unfolds, the downtrend will likely resume, with sellers initially aiming for $0.3115, the October 26 low.

Furthermore, if the selling pressure exceeds $0.3115, the bears' path to $0.275—2024 all-time low—will likely be established.
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Good reads​

• XRP Activity Rises as it Rebounds From a 3-Month Low​
• Litecoin Retreats from $71.5 Fair Value Gap​
• Ethereum Bearish Outlook – Watching $2450 Support ​

 

[FxNews]

Solana Faces Resistance: Will the Bullish Trend Hold?​

FxNews—Solana remains bullish but faced resistance near the October 25 peak at $179.0. Currently, the SOL/USD pair is showing a slight decline, heading toward $172.0, which aligns with the October 21 high.

The 4-hour chart below highlights key price levels, support, resistance areas, and technical indicators used in today's analysis.

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Solana Technical Analysis​

Strong buying pressure pushed the Stochastic Oscillator into the overbought zone, indicating that Solana may be overpriced in the short term. Additionally, the Awesome Oscillator shows divergence, suggesting the possibility of a decline towards lower support levels.

The MACD histogram also confirms this divergence, reinforcing the signal from the AO. Moreover, the ADX indicator remains above 20, showing that the market has momentum. Overall, while the primary trend is bullish, Solana's price may dip to test lower support levels.
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Solana Price Forecast​

In our previous analysis ("Solana Eyes $194 Despite Overbought Signals"), we mentioned that immediate support lies at the October 21 high of $172.0, which remains valid. From a technical standpoint, consolidation around $179 may extend to the 50-period simple moving average at $168.7.

If selling pressure pushes the price below $168.7, the next target could be the October 15 high at $158.0.
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Solana Bullish Scenario​

The immediate resistance level is at the October 25 high of $179.0. If buyers manage to push the price beyond this point, the bullish wave from last week could extend toward the July 29 high at $194.
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Solana Support and Resistance Levels​

Traders and investors should monitor the key levels below to make informed decisions and adjust their strategies as market conditions evolve.​

• Support: 172.0 / 168.7 / 162.0​
• Resistance: 179.0 / 194.0​

Good read:​

• Litecoin Retreats from $71.5 Fair Value Gap​
• XRP Activity Rises as it Rebounds From a 3-Month Low​
• Cardano Alerts – Possible Trend Reversal From 0.311​