Insights from the Market Desk by FenzoFx.com

[FxNews]

Ethereum Analysis





FenzoFx—Ethereum has lost 4.5% of its value today, erasing gains from the previous trading day. The immediate resistance level is $1,755, in conjunction with the 50-period SMA. The downtrend will likely resume if this level holds, targeting the previous lower lows at $1,370.


Please note that the bearish outlook should be invalidated if ETH/USD exceeds $1,755. If this scenario unfolds, the price may target $1,950.

[FxNews]

Bitcoin's Double Bottom Pattern Came into Play





FenzoFx—Bitcoin jumped upward from $74,475 support as expected due to the formation of a double bottom pattern on the 1-hour chart, which is a bullish signal. As of this writing, the price is stabilizing and testing the $81,160 mark as support.


However, the 50-SMA on the 1-hour chart serves as the pivot point between the bull and bear market. The next bullish target could be $84,730, followed by $88,000 if BTC holds above the discussed moving average.

[FxNews]

Bitcoin's Double Bottom Pattern Came into Play





FenzoFx—Bitcoin jumped upward from $74,475 support as expected due to the formation of a double bottom pattern on the 1-hour chart, which is a bullish signal. As of this writing, the price is stabilizing and testing the $81,160 mark as support.


However, the 50-SMA on the 1-hour chart serves as the pivot point between the bull and bear market. The next bullish target could be $84,730, followed by $88,000 if BTC holds above the discussed moving average.

[FxNews]

USDCAD Analysis




FenzoFx—USD/CAD is trading bearishly and failed to form a new higher high above the 1.4297 resistance. A new bearish wave could be triggered if selling pressure drives the price below the 1.4143 support level.


In this scenario, the next bearish target will likely be 1.4028. Please note that the bearish outlook should be invalidated if USD/CAD exceeds 1.4297.

[FxNews]

GBP/USD Analysis





FenzoFx—GBP/USD trades bearish but is forming new higher highs with immediate resistance at $1.286. The next bullish target could be $1.2960 if bulls close and stabilize above this level.

Conversely, the bullish outlook should be invalidated if GBP/USD falls below $1.2717. If this scenario unfolds, the pound could fall toward the next support level at $1.2563.

[FxNews]

EURUSD Made a New Higher Lows





FenzoFx—EURUSD trades bullish above the immediate support level of $1.0992, in conjunction with the 50-period simple moving average. The bullish trend remains valid above this level. In this scenario, the price can potentially revisit $1.109, followed by $1.1147.

[FxNews]

USD/JPY Double Bottom Signal Amid Sell-Off




FenzoFx—USD/JPY formed a double bottom pattern with the immediate support at 144.56. If this level holds, a consolidation phase toward $148.20 could be imminent.


Traders should monitor this level for bearish signals to join the downtrend.

[FxNews]

Bitcoin Formed a Double Bottom Pattern





FenzoFx—Bitcoin formed a double bottom bullish pattern. A consolidation phase toward $81,160 is imminent if the price holds above $74,475. Traders should monitor the $81,160 resistance for bearish signals such as candlestick patterns.

[FxNews]

Silver Tested Key Resistance Level





FenzoFx—Silver is trading bearishly and tested the $30.81 resistance level in today's trading session. The downtrend will likely resume if this level holds. In this scenario, the $28.75 support level could be tested.


Furthermore, if the selling pressure exceeds $28.75, the next bearish target could be $27.73. Please note that the bearish outlook should be invalidated if XAG/USD exceeds and stabilizes above the $30.81 resistance.

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[FxNews]

Bearish Litecoin Found Support





FenzoFx—Litecoin trades bearish below $84.0 with possible correction near this level. Watch for a bearish candlestick pattern to join the bears.