Market Update by Solidecn.com

[Solid ECN]

Silver Bullish Momentum Resumes Above Key Resistance Level


Solid ECN—The Silver price bounced from the 38.2% Fibonacci retracement level at $30. As of this writing, XAG/USD is trading at about $30.5, stabilizing momentum above EMA 50 and the Ichimoku cloud. The RSI (14) value is rising at 46, supporting the primary bullish trend.

From a technical standpoint, if XAG/USD remains above the primary resistance at $30, the uptrend will likely resume, with an initial target of $30.9.

Conversely, the downtrend at $32.5 could dip to the 50% Fibonacci retracement level if the U.S. Dollar pushes silver prices below the immediate support at $30.

[Solid ECN]

Impact of Fibonacci Levels and EMA on Oil Prices


Solid ECN—WTI Crude Oil's downtrend has resulted in stabilizing below the 50% Fibonacci level at $77.5. The 50-day EMA is the primary resistance that separates a bear market from a bull market.

The Awesome Oscillator bars have turned red, signaling a continuation of the downtrend. Therefore, from a technical perspective, oil could decline to the next support level at $75.2.

However, the 50-day EMA challenges the bearish market, a barrier reinforced by the descending trendline and the 38.2% Fibonacci level. Should the price rise above the primary resistance, the bearish outlook will be invalidated accordingly.

[Solid ECN]

Impact of Candlestick Patterns on Bitcoin Trends


Solid ECN—The long wick candlestick pattern on the Bitcoin daily chart caused the price to dip from the $71,909 higher low.


Bitcoin 1-Hour Chart


As of writing, the BTC/USD pair trades at about $68,000, close to the lower line of the bearish flag. This proximity might ease the current downtrend momentum and result in the price testing the broken support at $68,774. If the price stays below the broken support, Bitcoin will likely dip to $66,400.

The bulls must close and stabilize the price above the descending trendline for the uptrend to resume.

[Solid ECN]

Bearish Momentum in USD/CNH Currency Pair


Solid ECN – The USD/CNH currency pair is dipping from the 78.6% Fibonacci level at $7.257. The RSI indicator also demonstrates bearish momentum by turning downward, and the awesome oscillator bar has just turned green.

The immediate resistance that paused the robust bullish momentum is at $7.257. If the price remains below this ceiling, the Chinese Yuan will likely erase some recent losses against the U.S. Dollar. Additionally, the USD/CNH price could dip to the 61.8% Fibonacci level at $7.237.

As mentioned above, bulls must push the price beyond the key resistance level for the uptrend to resume.

[Solid ECN]

USD/CAD Faces Crucial 50% Fibonacci Test



Solid ECN – The USD/CAD trend reversed after the price neared the descending trendline, and as of writing, the pair is testing the 50% Fibonacci level at 1.362. The technical indicators signal a continuation. The Awesome Oscillator bar turned red in the current trading session, and the RSI value has dropped to 55 from 65.

From a technical standpoint, the primary trend is bearish. However, for the downtrend to resume, the price must close and stabilize below 1.366. If this scenario continues, the next target will likely be the 61.8% Fibonacci level at 1.361.

Conversely, if the bulls maintain their position above the immediate support at 1.366, the trend can reverse in the short term and target the 1.370 mark.

[Solid ECN]

AUD/USD Downtrend and Potential Reversal Signals


Solid ECN–The AUD/USD price dipped below the ascending trendline and the EMA 50. As of this posting, the pair is in a downtrend, trading at about $0.662. The technical indicators are bearish, with the RSI value at 38 and the Awesome Oscillator value at -0.004. However, the AUD/USD formed a hammer candlestick pattern, clinging to the 38.2% Fibonacci level, which could indicate a potential trend reversal.

From a technical standpoint, it is recommended that the pair break either the immediate support at $0.660 or the resistance at $0.664 before joining the market. If the price drops below $0.660, the downtrend will likely target the 50% Fibonacci level, followed by the $0.657 mark.

Conversely, the primary bullish trend should resume if the bulls close and stabilize the price above the immediate resistance at $0.664.

[Solid ECN]

EUR/USD Analysis: Bearish Signals and Key Fibonacci Levels


Solid ECN – The EUR/USD currency pair broke below the ascending trendline and is trading a bearish flag in today's session at approximately $1.0827. The technical indicators are bearish, with the RSI hovering below the 50 line and the Awesome Oscillator bars red and below the signal line.

The 23.6% Fibonacci level is the immediate resistance. If the price stays below this level, the downtrend could extend to the 38.2% Fibonacci level at $1.082.

Conversely, the primary uptrend will resume if the bulls close and stabilize the price above the immediate support at $1.083. In this case, the first target would be retesting the $1.089 ceiling.

[Solid ECN]

Ethereum Price Correction After Bullish Breakout


Solid ECN – Ethereum experienced a significant price surge after breaking out from $3,141. The robust bullish momentum eased when the ETH/USD price reached the 78.6% target of $3,813. This surge pushed the RSI into oversold territory, and it currently hovers around the 70 line, indicating a potential correction.

From a technical perspective, entering long positions in an overbought market is not advisable. Traders should wait for the crypto pair to consolidate, which may lead to a dip to the 61.8% Fibonacci support at $3,598, followed by secondary support at $3,446.

[Solid ECN]

Bitcoin Stability Above $62,918 Signals Bullish Trend



Solid ECN – Bitcoin's price has stabilized above the 78.6% Fibonacci retracement level at $62,918, aligning with the middle line of the Bollinger Band indicator. The Awesome Oscillator shows red bars, indicating bearish momentum. Meanwhile, the RSI has moved down from the overbought territory, staying above 50, which suggests continued strength.

From a technical standpoint, the primary trend remains bullish. Immediate resistance is found at $70,346. If Bitcoin breaks through the current support, the upward trend could resume, possibly reaching a new target of $73,720.

Conversely, a drop below the immediate support of $69,218 might extend today's consolidation phase toward the 61.8% Fibonacci level at $64,466.

[Solid ECN]

Silver Prices Hold Steady Amid Fed Policy Evaluations



Solid ECN – Silver prices have settled at around $31.7 per ounce, maintaining the peak levels not seen since December 2012. This stability comes as investors reevaluate the U.S. Federal Reserve's future actions based on recent statements from the officials.

Fed Vice Chair Michael Barr highlighted the need for patience in assessing the impact of current policies. At the same time, Atlanta Fed President Raphael Bostic projected only a single interest rate reduction this year. Although higher interest rates generally reduce the attractiveness of non-yield-bearing assets like silver, its demand continues due to widespread industrial use.

Furthermore, silver supply shortages persist, entering the fourth year of deficits. Stock levels at the London Bullion Market Association have dropped to near-record lows in April, with similar trends observed in New York and Shanghai's exchanges.