Market Update by Solidecn.com

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EURNZD Outlook: Downward Momentum Gains Traction

The EURNZD currency pair is currently facing a challenge at the 1.798 pivot point, having already descended below the Kernel line on the daily chart. The RSI's crossing of the middle line signals an intensifying bearish outlook for the EURNZD.



Detailed Analysis on the 4-hour Chart

For a more detailed view, we shift our focus to the 4-hour chart. Here, the market trend is clearly bearish, with EURNZD trading under the Ichimoku cloud. The pair is currently challenging the 0.382 Fibonacci retracement level. If it falls below this level, we might witness the fall extend to the 50% and subsequently the 61% Fibonacci retracement levels.




The Ichimoku cloud poses a resistance. To counter the bearish forecast, EURNZD bulls would have to achieve a close above the cloud. (source)

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Sam Bankman Fried Verdict: The Fall of a Crypto Titan


In the wake of a highly publicized legal battle, Sam Bankman Fried, once hailed as a whiz kid of the crypto world, has been found guilty on multiple charges, including fraud, as per the recent verdict. The trial, which drew significant attention from the finance sector, ended with the jury convicting Bankman Fried on seven counts, effectively concluding a chapter that has riveted industry watchers.

The prosecution painted Bankman-Fried as a master of deceit, whose actions were not just misleading but also criminally fraudulent. The defense, on the other hand, tried to salvage his image by highlighting his precocious talent and attributing the financial fiasco to naïve mistakes rather than calculated fraud. They pointed to his unique upbringing and the relentless drive for efficiency that often led him to make decisions that prioritized cost over other considerations.

However, the jury was not swayed by the defense's narrative. Bankman Fried's demeanor, which showed a lack of regard for emotion and cultural values — including his disinterest in art and even his preference for cold food — might have painted him as out of touch with societal expectations, influencing the jury's decision.

This verdict against Bankman Fried is a watershed moment for the cryptocurrency industry, signaling a crackdown on illicit activities. The repercussions of this judgment are expected to resonate through the crypto markets and could shape the regulatory landscape for other prominent figures in the space. (source).

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LUNA Coin Analysis Amidst Market Turbulence




Despite the unpredictable nature of Bitcoin, which has sent shockwaves through the cryptocurrency market, there remains a resilient sense of optimism among crypto investors. LUNA coin, in particular, has come under the spotlight as it faces the brunt of Bitcoin's price swings. The analysis reveals that LUNA coin has tested the critical support level of $0.437 on multiple occasions, leading to a complete reversal of its previously secured gains. This has raised pertinent questions about the coin's durability in the face of short-term market speculation.


The trading volume for LUNA coin has seen a downturn, a factor that could compel crypto exchanges to undertake significant strategic decisions regarding the coin's listing and trading mechanisms. This shift is noticeable as the market progresses towards a post-2024 era, anticipated to be free from the burden of insolvent tokens—a stark contrast to the volume-centric bear markets and their accompanying regulations.


Should LUNA coin's valuation slide below the crucial threshold of $0.437, the analysis suggests that it could enter a precarious phase, potentially leading to further devaluation towards the $0.387 level, having to first breach intermediary resistances at $0.412 and $0.405. Such a downturn would mark unprecedented low points for the coin, challenging the fortitude of investors.


This article underscores the inherent hope that continues to fuel crypto investors' enthusiasm, even as they weather the storm of Bitcoin volatility and its cascading effects on altcoins, including LUNA coin. The analysis serves to equip investors with insights into the coin's performance and prospects within the volatile crypto market. (source)

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FTX Bitcoin Theft: New Movement Detected

A new chapter unfolds in the ongoing FTX Bitcoin theft saga. Blockchain analysis group PeckShield has alerted the community with a recent discovery. They've traced another batch of Bitcoin, which was part of the assets stolen from the now-defunct FTX.
The FTX Bitcoin theft has seen the hacker orchestrate a move of about 288.8 Bitcoin, currently valued at nearly $10 million.


Evaluating the Extent of the FTX Bitcoin Theft

Looking back, the once-prominent cryptocurrency exchange FTX crumbled in November last year. Amidst the chaos, an anonymous hacker seized the moment, orchestrating a heist that resulted in the loss of roughly $500 million in cryptocurrencies. This individual didn’t waste time, quickly converting the stolen assets into 180,000 Ethereum, which were then scattered to 12 separate wallets. At the time of this distribution, the Ethereum amassed was worth about $200 million.

The aftermath of the FTX Bitcoin theft turned the hacker into a significant Ethereum stakeholder. In a strategic move later that November, the hacker converted 50,000 ETH to Ren Bitcoin (RenBTC), a variant of Bitcoin on the Ethereum network.


Recent Attempts to Liquidate Stolen Ethereum

U.Today has reported on attempts made this year to launder the stolen Ethereum. The FTX Bitcoin theft perpetrator tried to exchange the Ethereum for tBTC on the ThorSwap DeFi platform in early October. The platform promptly shut down to prevent this, highlighting the vulnerability of DeFi systems to such exploitation.

Undeterred, the hacker pivoted to the Threshold Network, successfully transferring the Ethereum into the Bitcoin network. At that point, the FTX Bitcoin theft culprit had approximately 110,000 ETH in their possession, worth about $180 million.
Following the suspension of ThorSwap, Bitcoin advocate Max Keiser took the opportunity to critique DeFi for being "heavily centralized," in contrast to his views on the decentralization of Bitcoin.


Substantial Ethereum Shifts to US Exchanges

In a related development, cryptocurrency tracking firm Whale Alert has noted large Ethereum movements. In recent activity linked to the FTX Bitcoin theft, substantial sums of Ethereum were transferred to major US exchanges such as Coinbase and Kraken.
Despite the tumultuous market, Ethereum showed impressive growth of 18.14% from October 20 to October 26, reaching a high of $1,848. This increase paralleled Bitcoin's climb above $34,000. Post-surge, Ethereum recorded a modest 2.84% decrease but continues to maintain its strength around the $1,800 threshold, still feeling the ripples of the FTX Bitcoin theft.a

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EURAUD Forecast

The EURAUD pair is trading within a weekly bullish channel and above the Ichimoku cloud. This indicates that the trend is bullish, and we should look for buying opportunities in this currency pair.




When we zoom into the EURAUD 4H chart, we see that the bulls added buying pressure when the pair's decline reached the 1.6455 resistance level. Currently, it is testing the 1.6563 resistance level. With the RSI indicator increasing in value and the Awesome Oscillator showing a green bar, if the pair can close above 1.6563, it will pave the way for EURAUD to reach 1.6700. This level aligns with the upper band of the young bearish channel.




The 1.6455 level serves as support for this bullish scenario. If it breaks, the bullish scenario becomes invalid. (source)

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EURJPY Technical Analysis

The EURJPY currency pair is trading within a daily bullish channel and it tested the middle line of the channel in the previous day’s candle. Today, the EURJPY had a pullback to the pivot. With the RSI indicator hovering above the 50 level, it is likely that the bulls will push the EURJPY price to R1 (162.7), followed by the upper line of the channel or R2 (165.0).




The main support for our bullish EURJPY forecast is S1 (156.28). If this level breaks, the uptrend is likely to end and we might see a trend reversal. However, this is unlikely due to the Bank of Japan’s current interest policy. (source)

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How to Trade Ichimoku Cloud

The Ichimoku Cloud, or Ichimoku Kinko Hyo as it’s also known, is a handy tool that helps traders make sense of the stock market. It was created by a Japanese journalist named Goichi Hosoda back in the late 1930s. This guide will help you understand how to trade using the Ichimoku cloud. (source)

• Tenkan-sen (Conversion Line): This line is found by looking at the highest and lowest prices over the last 9 periods and finding the middle point.
• Kijun-sen (Base Line): This line is similar to the Tenkan-sen but looks at the last 26 periods instead.
• Senkou Span A (Leading Span A): This line is the average of the Tenkan-sen and Kijun-sen, plotted 26 periods into the future.
• Senkou Span B (Leading Span B): This line is the average of the highest and lowest prices over the last 52 periods, also plotted 26 periods ahead.
• Chikou Span (Lagging Span): This line is simply the closing price but plotted 26 periods behind.

The ‘cloud’ or ‘Kumo’ is formed by the space between Senkou Span A and Senkou Span B. The color of the cloud changes depending on whether Senkou Span A is above or below Senkou Span B.

Figuring Out Market Trends

One of the first things you can do with the Ichimoku Cloud is identify market trends. Here’s how:

• If prices are above the cloud, it means we’re in a bullish (upward) trend.
• If prices are below the cloud, it means we’re in a bearish (downward) trend.
• If prices are inside the cloud, it could mean that the market trend is neutral or about to reverse.
• Finding Support and Resistance Levels

The edges of the cloud can help you find potential support and resistance levels. In a bullish trend, Senkou Span A acts as the first support level while Senkou Span B acts as the second support level. In a bearish trend, their roles are reversed.

Spotting Trading Signals

The Ichimoku Cloud can also give you trading signals:

• Bullish Signal: When the Tenkan-sen line crosses above Kijun-sen line, it’s a sign to buy.
• Bearish Signal: When Tenkan-sen line crosses below Kijun-sen line, it’s a sign to sell.
  

• Strong Bullish Signal: If this cross happens above the cloud, it’s a strong sign to buy.
• Strong Bearish Signal: If this cross happens below the cloud, it’s a strong sign to sell.

Remember to align these signals with overall market trends for better trading decisions. We recommend reading this insightful article, where we’ve utilized the Ichimoku Cloud for a comprehensive market analysis. It’s an excellent resource to familiarize yourself with How to Trade Using the Ichimoku Cloud.


Wrapping Up

Trading with Ichimoku Cloud might seem complicated at first, but with practice, you’ll find it’s a great tool that can help you make informed trading decisions. As always, remember to use other technical analysis tools and risk management techniques to improve your trading performance.

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GBPAUD

The GBPAUD has broken out of the bearish channel, and the bears are currently testing the 1.895 support level. The market bias remains bearish as the pair is trading below the Ichimoku cloud.





Zooming in on the 4-hour GBPAUD chart provides a detailed insight into the forecast. The decline has approached the lower boundary of the bearish channel on the 4H chart. With the RSI indicator nearing the oversold territory, a pullback to the channel's median line could be anticipated. Additionally, given the current selling pressure, the next target would likely be the 1.884 support level.





Conversely, the 1.917 level acts as the pivot. The bearish scenario would be negated if the price breaks above this pivot or the upper line of the channel. (source)

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GBPAUD

The GBPAUD couldn’t hold above the weekly pivot (1.917) in the 4H chart, and the pair slumped to the significant support at 1.9. Moreover, the GBPAUD formed a bullish long wick candlestick pattern in the daily chart, and the RSI indicator shows divergence. These signals can be interpreted as a trend reversal or an imminent correction in the price.





S1 provides support to the bullish scenario. As long as the price holds above 1.899, it is likely for the GBPAUD price to rise and test the weekly pivot again.

On the other hand, if bears close below S1, the bullish scenario is invalidated and the path to S2 will be cleared. (source)

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Market Update: Anticipation Before Fed Announcement

As the financial community awaits the Federal Reserve's upcoming decision on interest rates, a sense of anticipation builds. The general consensus is that there won't be a change to the current rates. Investors are keenly waiting to hear from Fed Chair Jerome Powell for hints about future monetary policies. Meanwhile, there's buzz around Advanced Micro Devices (AMD) as it reveals long-term sales goals for its AI-focused processors.


Federal Reserve's Decision in Focus

The Federal Reserve in Washington is poised to announce its latest stance on interest rates. It's predicted that the rates will remain between 5.25% and 5.50%. The market's attention will pivot to the Fed's statement and Powell's press conference for any forward-looking statements. The Fed is balancing efforts to manage inflation without stalling the economy. There's curiosity about how long the heightened rates will persist, especially with recent surges in Treasury yields affecting the stock market. Analysts are suggesting the Fed might pause to evaluate the effectiveness of its current policies in curbing inflation.


Market Movements Before the Fed's Update

Stock futures indicate a slight dip as traders anticipate the Fed's announcement. Key stock indices like the Dow, S&P 500, and Nasdaq showed downward movements in early trading. This follows a slight rally that capped off a turbulent October, which saw declines across major stock indices.


Spotlight on AMD's Revenue Forecast

AMD's shares saw mixed reactions after-hours due to its revenue forecast for the upcoming quarter and its first sales projection for the MI300 chip. While the forecast was below expectations, there's optimism about its potential in the AI market. This news comes alongside earnings announcements from other major players in the tech and consumer goods sectors.


China's Manufacturing Downturn

In China, manufacturing activity has seen a downturn, according to the latest Caixin data. This contraction reflects weaker domestic and international demand, with a continued decrease in export orders due to challenging economic conditions in key markets.


Oil Prices on the Rise Amidst Fed Expectations

In the commodities market, oil prices have marginally increased. Traders are exercising caution as they await the Fed's decision. There's also attention on geopolitical tensions that could impact oil supply and prices.