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Crypt Market Update

Solid ECN

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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​
 

Solid ECN

Well-known member
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BTCUSD - decline may continue

Like the rest of the cryptocurrency market, the BTC coin is experiencing the consequences of the bankruptcy of the FTX exchange, which risks causing a “domino effect” and leading to significant losses for other large companies in the digital sector. Currently, a direct consequence of this event is the loss of funds by millions of creditors and the financial problems of more than a dozen cryptocurrency platforms, including Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and others. Investors are most wary of the current situation with a subsidiary of the Digital Currency Group: Genesis Global Capital offered investors to issue loans in cryptocurrencies at a high interest rate. This service was also used by the FTX exchange, secured by its own FTT token, and after its closure, the Digital Currency Group experienced a liquidity deficit of 1.0B dollars, which has not yet been closed. According to experts, the bankruptcy of the Digital Currency Group could have even more significant consequences for the cryptocurrency industry than the fall of FTX, as many digital enterprises will be deprived of the opportunity to raise additional capital. Community members understand this danger and are creating a fund under the auspices of the Binance exchange to support companies affected by the crisis. The total amount of funds allocated for this may reach several billion dollars, but whether they will help stabilize the market is still unknown.

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Resistance levels: 17500, 19100, 20000 | Support levels: 15700, 15000, 13750​
 

Solid ECN

Well-known member
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ETHUSD - the cryptocurrency quotes remain under pressure

The main pressure on ETH over the past few days has been an unsuccessful joke by one of the blockchain developers with the nickname Cygaar. In an effort to assess the impact of social media posts on the crypto community, he hinted on Twitter that the ETH token would soon become insolvent. This post was supported by the heads of Tron Justin Sun and of Ethereum Vitalik Buterin. Investors took Cygaar's message as a warning, starting serious coin sales.

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Technically, the pair continues to trade within the mid-term descending channel and now the price is at the middle line of the Bollinger Bands (1200). In case of a breakout of the level of 1250 (Murray [2/8]), the growth will be able to continue to the area of 1375 (Murray [3/8]) and 1500 (Murray [4/8]). The key mark for the "bears" is 1125 (Murray [1/8]), consolidation below which will allow the instrument to continue its decline to the levels of 1000 (Murray [0/8]), 875 (Murray [-1/8]).

Resistance levels: 1250, 1375, 1500 | Support levels: 1125, 1000, 875​
 

Solid ECN

Well-known member
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XRPUSD - Technical analysis

The XRPUSD pair continues to trade within the mid-term descending channel, but last week it entered a narrow sideways range of 0.3173-0.2984 (Murray [1/8], Fibo retracement 0.0%), where it is now.

A breakdown of the 0.2984-0.2929 zone (Fibo retracement 0.0%, Murray level [0/8]) will ensure a further decline in quotes to the levels of 0.2685 (Murray level [-1/8]), 0.2441 (Murray level [-2/8]). The key for the "bulls" is the level of 0.3418 (Murray level [2/8], the upper line of the Bollinger Bands), in case of its breakout, the price will leave the descending channel and will be able to rise to the area of 0.3906 (Murray level [4/8], Fibo retracement 38.2%), 0.4394 (Murray level [6/8], Fibo retracement 50.0%).

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Technical indicators signal the continuation of the downward trend.

Resistance levels: 0.3418, 0.3906, 0.4394 | Support levels: 0.2929, 0.2685, 0.2441​
 

Solid ECN

Well-known member
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XRPUSD - The pressure on the coin remains

Currently, the instrument is under the influence of opposite factors. Thus, the weakening of the US currency contributes to the price increase on the eve of a likely slowdown in December in the pace of interest rate hikes by the US Fed. Earlier, this possibility was confirmed by the head of the American regulator Jerome Powell. Nevertheless, a significant strengthening of the positions of digital assets continues to be hindered by the negative associated with the bankruptcy of the FTX exchange. Additional pressure on XRP is exerted by the decision of Coinbase, the largest cryptocurrency platform in the United States, to discontinue support for XRP, BCH, ETC and XLM tokens by the Coinbase Wallet, which is explained by the low volumes of their use. The management of the platform assured that investors will not lose their funds, but to access them it is necessary to use another electronic wallet and go through the recovery procedure. Some experts have suggested that this decision is due to the possibility of a negative outcome for Ripple in the lawsuit filed by the US Securities and Exchange Commission (SEC) to determine the status of XRP as a security.



Technically, the XRPUSD pair continues to trade within the long-term descending channel. The price has reached its upper limit and is currently trying to resume the decline, but for this it will need to consolidate below the middle line of the Bollinger Bands in the area of 0.3770. In this case, the quotes will be able to fall to the area of 0.3418 (Murray level [-1/8]) and 0.2930 (Murray level [-2/8]). In case of a breakout of the level of 0.4350 (Murray level [1/8], Fibo retracement 23.6%), the price will leave the descending channel and will be able to rise to the levels of 0.4883 (Murray level [2/8]), 0.5219 (Fibo retracement 38.2%).

Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic reverses upwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.4350, 0.4883, 0.5219 | Support levels: 0.3770, 0.3418, 0.2930​
 
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