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Crypt Market Update

Solid ECN

Well-known member

ETHUSD - Murrey levels analysis​

Last week, the ETHUSD pair attempted to grow within the general market trend, left the stable sideways range of 1375 – 1250 (Murrey [2/8]–[0/8]), and reached two-month highs around 1663.

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Currently, quotes have rolled back to the area of 1562.5 (Murrey [5/8], Fibonacci retracement 38.2%), but the upward momentum may not be lost yet. In case of re-consolidation above 1625 (Murrey [6/8]), positive dynamics may continue to 1750 (Murrey [8/8], Fibonacci retracement 23.6%) and 1812.5 (Murrey [+1/8], the upper limit of the long-term downlink). The key "bearish" level is 1500 (Murrey [4/8]). Its breakdown will give the prospect of quotes returning to 1410 (the middle line of Bollinger bands), 1375 (Murrey [2/8]), 1312.5 (Murrey [1/ 8], Fibonacci retracement 61.8%).

Resistance levels: 1625, 1750, 1812.5 | Support levels: 1500, 1410, 1375, 1312.5​
 

Solid ECN

Well-known member

ETHUSD - Murrey analysis​

Last week, the ETHUSD pair reached three-month highs at 1635.35 but then began to decline as part of the general market trend, which continues to the present. Now the price is actively testing 1500 (Murrey [4/8], the middle line of Bollinger bands), hoping to consolidate below it and reverse the current short-term uptrend. If successful, the decline may continue to 1375 (Murrey [2/8]), 1312.5 (61.8% Fibonacci retracement, Murrey [1/8]). The key “bullish” level is 1625 (Murrey [6/8]), a breakout of which will give the prospect of resuming growth around 1745 (Murrey [8/8], Fibonacci correction 23.6%), 1812.5 (Murrey [+1/8], the upper limit of the downstream channel).

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Resistance levels: 1625, 1745, 1812.5 | Support levels: 1500, 1375, 1312.5​
 

Solid ECN

Well-known member
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ADA USD - the conflict between Binance and FTX continues to put pressure on the market

The cryptocurrency market suddenly found itself under serious pressure amid the conflict between the two largest digital platforms. At the beginning of the week, the head of Binance, Changpeng Zhao, announced the company's withdrawal from the investment agreement with FTX and the refusal to operate with its own token of this FTT exchange. This decision was caused by suspicions of overstating the balance sheet of Alameda Presearch. As a result, the FTX platform began to experience significant liquidity problems, investors began to withdraw funds, and the value of FTT sharply decreased, pulling the leading cryptocurrencies with it. After that, the management of both platforms had to realize that if the consequences of this situation were similar to the fall of the LUNA token, the entire digital asset sector would be greatly damaged, investors would lose interest in it or be wary of it, and regulators would make new efforts to limit the activities of the cryptocurrency community. As a result, Sam Bankman-Fried and Changpeng Zhao agreed to sell FTX assets to Binance exchange, which should ensure the preservation of its clients' funds. This decision, however, has not yet been able to stabilize the market and the fall in prices of leading assets continues.

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The XRP token reacted to the current situation with a decline and is now close to the support zone of 0.3418-0.3360 (Murray [2/8], October lows). In case of its breakdown, the decline will continue to the levels of 0.3173 (Murray [1/8]), 0.2929 (Murray [0/8]). The key for the "bulls" is the level of 0.3906 (Murray [4/8], the middle line of the Bollinger Bands), consolidation above which will give the prospect of growth to the levels of 0.4394 (Murray [6/8]), 0.4638 (Murray [7/8]).

Resistance levels: 0.3906, 0.4394, 0.4638 | Support levels: 0.3360, 0.3173, 0.2929​
 

Solid ECN

Well-known member
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ADAUSD - Murrey analysis

The ADAUSD pair continues to trade within the medium-term downward channel, where it returned at the beginning of this month: at the weekend, the price reached the year’s lows around 0.2945 but is currently trying to restore positions. However, the upside potential is limited by strong resistance 0.3418 (Murrey level [2/8], the middle line of Bollinger bands, the upper border of the downwards channel).

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In general, the downward trend in the market continues, which is signaled by a downward reversal of Stochastic and stabilization of the MACD histogram in the negative zone. Under these conditions, the key “bearish” level is 0.2929 (Murrey level [0/8]). The consolidation below it allows a decline to 0.2685 (Murrey level [−1/8]) and 0.2441 (Murrey level [−2/8]). In general, the resumption of the cryptocurrency decline soon seems more likely.

Resistance levels: 0.3173, 0.3418 | Support levels: 0.2929, 0.2685, 0.2441​
 
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