residents or individuals domiciled in the U.S. Any and all information provided by FXP is not intended for use by U.S. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.įX Publications Inc., abbreviated herein as FXP, (d.b.a DailyFX) is no longer a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. ![]() A crack above the April high of 2142 could open the way toward 2400 (the 38.2% retracement of the 2021-2022 slide). ETH/USD Daily Chartīeyond the short term, the broader trend remains up for ETH/USD, as the colour-coded candlestick charts based on trending/momentum indicators show. ![]() A lower break could expose the downside toward the February highs of 1710-1740. Immediate support is at the end-April low of 1787. ETH/USD Daily ChartĮthereum hit a near one-year high last month but failed to clear a tough hurdle on the 89-week moving average, coinciding with the August high of 2030. The failed attempt last week to clear an immediate hurdle at the end-April high of 1965 suggests the balance of risks remains tilted sideways to slightly down for ETH/USD. Such a break could pave the way toward the January 2022 low of 32950. Still, the broader trend remains up on the daily charts – a trend that has been prevalent since January – see “ Bitcoin Technical Outlook: BTC/USD Turns Bullish”, published January 18.Having said that, for the uptrend to resume, BTC/USD needs to clear the April high of 31065. See “ Bitcoin Crosses the Key $30000 Mark: Will it Sustain?”, published April 11. Users of the information do so at their own risk.Įarlier last month, BTC/USD retreated from near key resistance area: the May 2022 high of 32375, and an uptrend line from January, coinciding with the 89-week moving average - a risk highlighted early April. Past performance is not indicative of future performance. The author does not guarantee the accuracy of the information. False patterns can occur around the 200-period moving average, or around a support/resistance and/or in sideways/choppy market. Indeed, the candle color can change in the next bar. Note: Candle colors are not predictive – they merely state what the current trend is. ![]() Grey candles serve as Consolidation phases (within a Bullish or a Bearish phase), but sometimes they tend to form at the end of a trend. Note: In the above colour-coded chart, Blue candles represent a Bullish phase. BTC/USD Daily ChartĬhart Created by Manish Jaradi Using TradingView Any break below 26525 could open the door toward 25300-26000 (including the 89-day moving average and February 2023 high). ![]() Attempts to rise past the psychological 30000 mark in recent weeks have been unsuccessful, with the result that BTC/ USD looks set to drift lower toward an immediate cushion at the end-March low of 26525. BITCOINĪfter hitting a 10-month high in April, Bitcoin’s rally has paused. Bitcoin and Ethereum’s rise may have stalled recently, but the uptrend is far from over.
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