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.

 

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Ripple (XRP) Could Rally If Support Holds​

FenzoFx—Ripple (XRP) has extended its downtrend from 2.650 to the key support at 2.30. XRP is currently trading slightly above this level. The smart money index reads 1.28, matching prior lows where price previously bounced. Support remains at 2.26. As long as XRP stays above this, a move toward the 2.44 resistance is likely.

Bearish Scenario: A drop below 2.26 would invalidate the bullish outlook, potentially opening the path to 2.06.

 

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ETH/USD Technical Analysis​

FenzoFx—Ethereum is retesting last week's low at 2,330 in today's session. A bullish candlestick pattern formed on Sunday after the price touched this support.

Ethereum is now trading around 2,400, showing strength in the London session. The outlook remains bullish above 2,330, with a potential target of 2,588, possibly during the New York session.

Bearish Scenario: A drop below 2,330 would invalidate the bullish view, likely resuming the downtrend toward 2,200.

 

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Ethereum Turned Bullish After It Tested Last Week's Low​

FenzoFx—Ethereum resumed its bullish trend after testing last week's low at 2,340. Price action and candlestick patterns support the current momentum.

The Stochastic Oscillator at 65.0 suggests the market is not overbought, indicating a likely continuation of the uptrend. The next bullish target is last week's high at 2,755.

Bearish Scenario: If ETHUSD falls and holds below 2,340.0, the downtrend from 2,755 may extend to 2,130.0.

 

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LTC Once Again Presents a Buying Opportunity for Scalpers​

FenzoFx—Litecoin once again is testing the $93.0 resistance area, while the price has been below the 50-period simple moving average. This level hasn't been fully tested; therefore, if it holds, LTC will likely rise toward the $100.0 resistance.

Please note that a new bearish wave toward $88.0 could develop if LTC/USD dips and stabilizes below the aforementioned support area.

 

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Litecoin Technical Analysis​

FenzoFx—Litecoin is holding strong at the $93.35 support, fueling a new bullish wave. Bears tested this level in the last session, but it remained intact. As long as LTC stays above $93.35, the next target is $100.12, with potential for $102.95 if buying pressure increases.

 

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GBP/USD Forms a New Bearish Wave​

FenzoFx—GBP/USD tested the 1.3414 high for the third time since late April, currently forming a long wick bearish candlestick pattern in the daily chart.

From a technical perspective, a new bearish wave could be on the horizon if this level holds. In this scenario, the next bearish target could be the 1.3145 support.