J.J. Edwards’ Expert Market Analysis at FenzoFx

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Crude Oil Technical Analysis​

FenzoFx—Crude oil has begun consolidating around $63.5, a resistance level aligned with the 78.6% Fibonacci retracement. Selling pressure has resulted in a long-wicked bearish candlestick pattern at this level.

The primary support level stands at $61.45. A break below this threshold could trigger a new bearish wave, potentially driving the price toward the $60.20 support, reinforced by the 50-period simple moving average.

However, the primary trend remains bullish as long as the price holds above the $60.20 support.

 

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LTC/USD Tests Critical Resistance Level​

FenzoFx—Litecoin is testing the supply zone, highlighted in the 1-hour chart. The primary trend is bullish, as the price is above the 50-period simple moving average.

However, the price action techniques show that sellers exist in the resistance area, which expands from \$105.0 to \$107.0. Therefore, going long is risky at this price, since it is expensive.

That said, if the immediate resistance at \$107.0 holds, LTC/USD will likely dip toward \$100.0, aligning with yesterday's low.

 

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Solana is Bullish: Wait for Price to Find Support Before Buying​

FenzoFx—Solana trades in a bullish market above the 50-period simple moving average. However, the recent buying pressure caused the Stochastic Oscillator to enter the overbought area, indicating market saturation. Consequently, the uptrend eased at 184.9.

The immediate support rests at the 50% Fibonacci retracement level, approximately 175.5, backed by the 50-SMA. That said, the immediate resistance is at 184.9.

From a technical perspective, the price is expected to dip toward the Fibonacci retracement level before the uptrend resumes. This level may provide a discounted entry point. Therefore, traders should monitor the 175.5 demand zone for bullish signals, such as candlestick patterns.

Please note that the bullish outlook would be invalidated if SOL/USD dips and stabilizes below \$175.5.

 

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Bitcoin Will Like Decline: Institutional Traders are Selling​

FenzoFx—Bitcoin is overbought, as indicated by the Stochastic Oscillator. Meanwhile, 52 percent of institutional traders are holding sell positions. If resistance between $106,000 and $109,000 holds, the price may drop toward $96,000.

 

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Ethereum Technical Analysis​

FenzoFx—Ethereum is trading bearishly, having broken below the 50-SMA. Currently, 96.0% of hedge funders are short, while 52.0 percent of institutional traders were long at the beginning of the week.

If ETHUSD remains under the 50-period moving average, the downtrend may persist, with a potential dip toward the 2,420-dollar support. Retail traders should watch for bullish signals, such as a candlestick pattern, near this level.