FxNews.me — Latest Technical & Fundamental Analysis

[FxNews]

BTC Tests Bollinger Median Amid MACD Divergence


FxNews.me—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.

[FxNews]

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


FxNews.me—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.

[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.


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 Consolidates After the Sharp Drop



Fxnews.me—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]

Litecoin Dips Below $71 Amid Market Warnings



FxNews.me—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]

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



FxNews.me—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 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]

USD/CAD Consolidation Sparks Speculation of Bearish Momentum


FxNews—The USD/CAD currency pair pulled back from 1.384 as expected since RSI 14, and the Stochastic Oscillator signaled overbought. Meanwhile, the Awesome Oscillator histogram is red and heading toward the signal line from above, meaning the bearish momentum from 1.384 could resume.

From a technical perspective, the USD/CAD currency pair is still overbought. Therefore, we advise traders to exercise patience and wait for the price to consolidate near the lower support levels. In this scenario, a break below the immediate resistance (1.377) could signal a potential downtick momentum, targeting the 23.6% Fibonacci retracement level at 1.374.

For more technical analysis, visit fxnews.me

[FxNews]

Cardano Bulls Eye $0.366 Breakout to Resume Uptrend


Fxnews.me—Cardano (ADA/USD) faces the $0.366 hurdle, a strong resistance that the price has pulled back from at least four times. Interestingly, the price has a fair value gap (FVG) to fill, which could result in the Cardano price targeting the 61.8% Fibonacci retracement level.

Given that the price is above the SMA 100, the trend should be considered bullish, but the bulls must stabilize the price above the $0.366 resistance for the uptrend to resume. That said, the Awesome Oscillator and Stochastic show signs of a bearish market. Hence, Cardano might consolidate before the bullish wave from $0.331 targets $0.382.

Please note, the bullish outlook should be invalidated if ADA/USD falls below the $0.349 immediate support.

[FxNews]

Bitcoin Peaks at $66,700: Bearish Signal Ahead


FxNews.me—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.

The Bitcoin price can test the $64,280 resistance before the uptrend resumes.

[FxNews]

Ethereum Rallies, Breaks $2,500 and Eyes $2,590


FxNews.me—ETH/USD broke out from the symmetrical triangle last week. Consequently, the uptrend resumed with the passing of the $2,500 critical resistance, which is active support as of this writing. The Ethereum bulls are testing the September 26 low as resistance, while the Stochastic Oscillator shows 91 in the description, meaning Ethereum is overpriced in the short term.

From a technical perspective, it is not advisable to go long when the market is saturated with buyers. That being said, traders and investors should wait for the market to consolidate near the 100-period simple moving average at $2,500. The next bullish target will likely be $2,590 if the 100-SMA holds as resistance.

Conversely, a break below the 100-SMA could result in the ETH/USD rate dropping to the $2,468 area.