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Daily Market Analysis - FRIDAY JUNE 16, 2023Market Analysis: S&P 500 and Nasdaq Reach 14-Month Highs, ECB Signals Rate Hike, BoJ Maintains Policy Notable Events: Japan - Bank of Japan (BoJ) Press Conference Eurozone - Consumer Price Index (CPI) Year-on-Year (May) USA - Michigan Consumer Sentiment (June) USA - Federal Reserve's Waller Speaks The S&P 500 and Nasdaq achieved their highest levels in 14 months on Thursday, driven by encouraging economic data that signaled the US Federal Reserve's approach towards concluding its aggressive campaign of interest rate hikes. This development brought great delight to investors, resulting in a significant surge in the stock market. Furthermore, the release of several economic indicators indicating a decline in inflation played a role in lowering Treasury yields. This alleviated concerns surrounding potential future interest rate increases and significantly contributed to the exceptional performance of technology giants such as Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT). S&P500 and Nasdaq indices daily chart Surprising Growth in US Retail Sales in May, While Jobless Claims Steady but Higher than Expected During the month of May, an unexpected growth in US retail sales was observed, indicating a rise in consumer spending across various product categories, including vehicles. Additionally, data concerning jobless claims revealed that for the week ending June 10, the number of claims remained steady at 262,000. However, it is worth noting that this figure exceeded economists' predictions, which had anticipated 249,000 claims. US Retail Sales Decline in Import Prices in May, Fed Holds Interest Rates Steady with Hints of Future Increases, ECB Implements Rate Hike and Concludes Asset Purchase Program In May, import prices experienced a notable decrease, marking the most significant annual decline in three years. This followed an earlier report in the week highlighting lower-than-expected inflation rates in April, further indicating a downward trend in pricing pressures. On Wednesday, the Federal Reserve decided to maintain interest rates within the range of 5% to 5.25%, opting for no immediate changes. However, they provided hints that interest rates could potentially be raised by at least 0.5% later in the year due to persistent inflationary concerns. In line with expectations, the European Central Bank (ECB) conducted its recent meeting, implementing a 25 basis point rate hike. Additionally, the ECB formally announced its decision to conclude reinvestments of assets purchased under the Asset Purchase Program (APP) starting in July. These measures signal the ECB's efforts to adjust monetary policy in response to economic conditions. These developments in import prices, central bank actions, and policy decisions have implications for various sectors of the economy and financial markets. Market participants will closely monitor future inflation trends and central bank actions as they assess the potential impact on investment strategies and economic outlooks. Euro Area interest rate Revised Projections Show Higher Inflation, ECB Signals Possible Rate Hike in July During the recent meeting, notable revisions were made to the staff projections, indicating an upward revision in both underlying and headline inflation throughout the forecast period. Of particular significance was the projection for 2025, with a substantial estimate of 2.2%, surpassing the ECB's target. Christine Lagarde, the ECB President, conveyed a high likelihood of another rate hike taking place in July. However, she refrained from providing specific guidance regarding the future trajectory of interest rates beyond that point, emphasizing the concept of a known destination but an uncertain path. EUR/USD daily chart EUR/USD Surges Following ECB Meeting, Bullish Outlook as Rate Hike Probability Increases In the aftermath of the ECB meeting, the EUR/USD currency pair experienced a significant surge, primarily driven by the increased implied probability of a rate hike in July. The probability rose from 50% to 80%, prompting a strong response in the market. As a result, the currency pair surpassed its 50-day moving average (DMA) and reached a level of 1.0950, indicating a remarkable increase of over 3% since the beginning of the month. Looking ahead, the medium-term outlook for EUR/USD remains optimistic, largely influenced by the contrasting stances of the ECB and the Federal Reserve (Fed). With the ECB adopting a notably hawkish stance and the Fed signaling a gradual winding down of its efforts, market sentiment favors the euro. The next target for a bullish movement in EUR/USD is set at 1.12, representing a significant milestone to watch for. As the probability of a July rate hike remains high and the divergence between the ECB and the Fed persists, investors will closely monitor the currency pair's movements in anticipation of further upward momentum. Please note that financial markets are subject to volatility and can be influenced by various factors, so it is advisable to conduct thorough analysis and consider other market indicators when making trading decisions. US Dollar Currency Index daily chart US Dollar Weakens as Multiple Factors Impact its Performance In contrast to the euro's strength, the US dollar has weakened and slipped below its 50-day moving average (DMA). This decline can be attributed to several factors that have negatively affected the currency's performance. Lackluster retail sales, an increase in jobless claims, a slowdown in industrial production, and the potential impact of a stronger euro following the ECB's upward revision of inflation forecasts have all contributed to the weakening of the US dollar. Meanwhile, as widely anticipated, the Bank of Japan (BoJ) has announced the maintenance of its current yield curve control policy. This decision resulted in further depreciation of the yen, leading to USD/JPY trading at approximately 140.7 levels. The BoJ maintains its outlook for inflation to decelerate later in the year. The central bank remains committed to implementing monetary easing measures while remaining attentive to economic activity, price developments, and financial conditions. The upcoming press conference following the announcement will be closely monitored for any insights into the BoJ's perspective on the recent yen depreciation and its potential implications for inflation. Given these developments, market participants will continue to monitor the performance of the US dollar and yen, considering various economic indicators and central bank actions, as they assess the potential impact on currency exchange rates and investment decisions. USD/JPY daily chart BoJ's Tightening Measures and Wage Figures to Determine Policy Direction Japan's economic recovery has been gaining momentum, increasing the likelihood of tightening measures by the Bank of Japan (BoJ). The upcoming release of wage figures for May, in about three weeks, will be crucial in assessing broader wage pressures ahead of the next BoJ meeting scheduled for the end of the following month. Analysts anticipate a potential expansion of the tolerance range surrounding the 0% 10-year yield target at either the upcoming meeting or the one scheduled for September. Michigan Consumer Sentiment Survey: A Key Indicator for the US Today, one important economic indicator to monitor in the United States is the Michigan Consumer Sentiment Survey, which includes a component specifically focused on inflation expectations. This particular component is of significant interest to the Federal Reserve as it closely monitors inflation trends. In April, year-ahead inflation expectations surged to 4.6%, but they subsequently declined to 4.2% in May. The survey results will provide insights into consumers' expectations regarding inflation, which can influence the Fed's decision-making process. Fed Board Member Christopher Waller's Speech on Financial Stability At 13:45, Fed Board Member Christopher Waller is scheduled to deliver a speech in Oslo, addressing the topic of "financial stability and macroeconomic policy." Waller's insights and perspectives on these matters will be closely observed, as they can provide valuable insights into the Fed's approach and considerations related to financial stability and broader macroeconomic policies. Euro Area Final Inflation Data: Gaining Further Insights In the euro area, the final inflation data for May is expected to align closely with the preliminary figures, providing additional insights and details on the inflationary situation. These data points will offer a comprehensive picture of the inflationary pressures in the eurozone, enabling market participants to assess the implications for monetary policy and economic outlook in the region. Market participants will closely monitor these events and data releases as they shape market sentiment and influence investment decisions. The outcomes and implications of these developments will be crucial in understanding the ongoing dynamics and policy directions in respective economies.
by FOREXN1
15
BTC/USDT ShortTerm 4hInterval Targets and StoplossHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving right at the local downtrend line. Let's start by setting goals for the near future that we can take into account: T1 = $25598 T2 = $25793 T3 = $26074 AND T4 = $26,433 Now let's move on to the stop loss in case the market goes down further: SL1 = $25518 SL2 = $25366 SL3 = $25252 SL4 = $25,129 AND SL5 = $24961 Looking at the CHOP indicator, we see that there is room to gather energy, the MACD indicates a transition into a local uptrend, while the RSI is moving around the middle of the range with room for the price to attack the current resistance.
COINBASE:BTCUSD
by cryptodailyuk
Daily BTC 4HChart - targets and stoplossHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving below the local downtrend line. Let's start with setting targets for the near future that we can take into account: T1 = 25401$ T2 = 25579$ T3 = 25806$ and T4 = 26469$ Now let's move on to the stop loss in case of further market declines: SL1 = 25107$ SL2 = 24861$ SL3 = 24660$ and SL4 = 24456$ Looking at the CHOP indicator, we see that the energy has been used, the MACD, despite the price increase, remains in a downward trend, while the RSI has a visible rebound, we still have room for the price to overcome the current resistance.
COINBASE:BTCUSD
by cryptodailyuk
Daily Market Analysis - Thursday June 15, 2023Market Analysis: Global shares decline, dollar recovers as Fed pauses rate hikes; ECB and BOJ meetings awaited. Key events on the economic calendar include: New Zealand GDP (QoQ) for the first quarter. Eurozone Deposit Facility Rate announcement for June. Eurozone ECB Interest Rate Decision for June. US Core Retail Sales (MoM) data for May. US Initial Jobless Claims report. US Philadelphia Fed Manufacturing Index for June. US Retail Sales (MoM) data for May. Eurozone ECB Press Conference. On Wednesday, global stock markets saw a decline, while the US dollar managed to regain some of its losses. This came after the US Federal Reserve, as expected, announced a pause in its interest rate hikes. However, the central bank also hinted at the possibility of raising rates by an additional 0.5% before the end of the year. During its recent two-day meeting, the Federal Reserve presented new economic projections that indicated a potential 0.5% increase in borrowing costs by the end of 2023. This projection was based on a stronger-than-expected economy and a slower decline in inflation. US Fed funds rate The Federal Open Market Committee (FOMC), responsible for determining interest rates, unanimously stated in its policy statement that maintaining the current target interest rate range during this meeting would allow the committee to assess additional information and its implications for monetary policy. While it was widely anticipated that the US Federal Reserve would pause its rate hikes, the focus shifted to the communication surrounding potential future increases. In a surprising twist, the participants of the FOMC adopted a more hawkish stance. The median forecast for the end of 2023 regarding the Federal Funds rate was revised upward by 50 basis points, now ranging from 5.50% to 5.75%. SPX NASDAQ and DJI indices daily chart Following the announcement, the closing results of the stock market exhibited a mixed picture. The Dow Jones index concluded the day with a decline of over 230 points, while the S&P 500 index managed to secure a modest gain of 0.1%. The Nasdaq index, on the other hand, experienced a more significant increase of 0.4%. Notably, the Nasdaq Composite index was primarily driven by the positive performance of AI-related stocks, including Nvidia and AMD. In addition to the stock market movements, Wednesday started with Bitcoin surpassing the $26,000 milestone. However, it retraced shortly afterward and reached a 24-hour low of $25,791. Analysts are speculating that it may potentially drop further to $25,000. These sentiments are influenced by ongoing discussions on cryptocurrency regulation, which have been dominating the news recently. BTC/USD daily chart On the flip side, gold prices initially saw an uptick, reaching $1,959 per ounce during the session. However, as Asian traders kickstart their day, the price of gold has resumed its downward trajectory, edging closer to the $1,930 level. This downward movement can be attributed to the hawkish stance of the US Federal Reserve (Fed), which has bolstered the United States Dollar (USD). The prevailing market sentiment currently favors the USD, consequently exerting downward pressure on the price of gold. XAU/USD daily chart The US dollar has demonstrated a decline against multiple currencies, resulting in a 0.32% drop in the DXY index. Among the currencies, the New Zealand dollar (NZD) experienced the most notable movement, surging by over one percent and reaching a three-week high at $0.6211. Meanwhile, the Euro (EUR) and the British Pound (GBP) registered more modest gains, each recording an increase of 0.39%. NZD/USD daily chart Despite the release of favorable exports and machinery orders data, the Japanese yen encountered a 0.9% decline, emerging as the primary loser in the Asian markets. Investor focus was predominantly directed towards the upcoming Bank of Japan (BOJ) meeting scheduled for Friday. It is widely expected that the central bank will maintain its accommodative monetary policy stance to bolster domestic economic growth. This anticipated approach is anticipated to have a favorable influence on Japanese stocks. USD/JPY daily chart Nevertheless, the Japanese yen is expected to encounter further selling pressure as interest rates rise in other regions, diminishing its appeal. Bank of Japan (BOJ) officials, including the newly appointed Governor Kazuo Ueda, have expressed their intention to maintain the bank's yield curve control policy to provide support to the domestic economy. Furthermore, the diminished anticipation of Japanese government intervention in stabilizing currency markets has contributed to the yen's weakening. While officials have issued verbal warnings, no concrete actions have been taken thus far. Currently, traders are closely watching the upcoming monetary policy announcements from the European Central Bank (ECB), scheduled for later in the day at 12:15 GMT. It is widely anticipated that the ECB will implement a 25 basis points increase in key rates. However, the Staff Economic Projections and the subsequent press conference by President Christine Lagarde will play a crucial role in shaping future policy direction. Market expectations indicate that interest rates will likely reach their peak in July, with speculation of an additional rate hike following June's increase, followed by a potential pause in September. If the ECB adopts a more hawkish stance by implementing a rate hike, it is expected to exert additional selling pressure on the price of gold.
by FOREXN1
1
BTC/USDT 4H - Targets and StoplossHello everyone, let's take a look at the 4H BTC to USDT chart as you can see that the price has moved up from the local downtrend channel. Let's start by setting goals for the near future that we can take into account: T1 = $26,132 T2 = zone from $26383 to $26626 AND T3 = $26970 Now let's move on to the stop loss in case the market goes down further: SL1 = $25,951 to $25,655 zone SL2 = $25413 AND SL3 = $25,178 Looking at the CHOP indicator, we see that there is a lot of energy on the 4H interval, the MACD indicates a local uptrend, and the RSI is moving sideways around the middle of the range, which makes it difficult to clearly choose the direction of movement.
by cryptodailyuk
BNB/USDT Is this the end of the current correction?Hello everyone, I invite you to review the BNB chart in pair to USDT, taking into account the one-day interval. As we can see, the price has broken out of the uptrend line. We also see that we moved the EMA Cross 200 for a while, however, after breaking this strong support, we received a strong drop in price, down to a very strong 0.786 Fib support at $222.8. Should the current support fail to hold the price, we will be able to see the price drop further around the $184.6 support. Looking the other way, we can similarly identify the resistance points that the price has to face. And here we can see that we have now hit the first resistance at $248.8 which for now bnb has no strength to break through then we have the second resistance at $288.6 the next resistance at $322.1 then the fourth resistance very strong resistance at $354.3. The CHOP index indicates that the energy has been used up and is slowly increasing, the MACD indicates a continuation of the downtrend, but with a visible flattening after the last decline, while the RSI recorded a strong rebound that definitely broke the lower limit of the range and now we see a return to this limit and a large scope for future price increases.
by cryptodailyuk
2
BNB/USDT 4HInterval Targets and StoplossHello everyone, let's look at the BNB to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local downtrend line. Let's start by setting goals for the near future that we can take into account: T1 = $240.7 T2 = $244.5 T3 = $247 T4 = $251 AND T5 = $255.5 Now let's move on to the stop loss in case the market goes down further: SL1 = $231.8 SL2 = $221.9 SL3 = $214.3 AND SL4 = $206.3 Looking at the CHOP indicator, we see that there is still energy to continue the move, MACD indicates a local uptrend, while the RSI has been moving below the lower border for a long time and now we are approaching the middle of the range with room for further growth.
by cryptodailyuk
XRP/USDT 4HInterval check the shortterm situationHello everyone, I invite you to take a short-term look at the XRP chart this time on a four-hour interval. As we can see, the price, despite the general market correction, XRP remains above the local uptrend line. Let's start by marking the places of support for the price and we see that we first have support at $0.50, but if the price goes lower, we have another support at $0.48, then at $0.46 and another support at $0.46 priced at $0.43. Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently approaching the resistance at $0.52. We continue to have strong resistance at $0.54, once the price breaks it, it will move towards resistance at $0.55 and then $0.58. As we can see, the price had a bigger drop, but quickly returned above the EMA Cross 200, thus maintaining the upward trend. The CHOP index indicates that the energy is slowly gaining strength, the MACD indicates a return to the local uptrend, while the RSI has returned to the upper part of the range and it is worth watching here because when the indicator approaches the upper limit, we will see a correction on the xrp price.
by cryptodailyuk
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is moving below the local downtrend line. Let's start with the support line and as you can see the first support in the near future is $1730, if the support is broken then the next support is $1703, $1681 and $1660. Now let's move on to the resistance line, as you can see the first resistance is $1762, if you break it, the next resistance will be $1776, the third $1790 and $1811. Looking at the CHOP indicator, we see that the energy has been used, the MACD is close to trending upwards, while the RSI is moving at the lower end of the range, which may give the price an upward rebound in the coming hours.
by cryptodailyuk
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving below the local downtrend line. Let's start with the support line and as you can see the first support in the near future is $25686, if the support is broken then the next support is $25217 and $23890. Now let's move on to the resistance line, as you can see the first resistance is $26,147, if it breaks down, the next resistance will be $26,389, the third resistance will be $26,631, the fourth $26,968 and the fifth $55,221. Looking at the CHOP indicator, we see that the energy has been used, the MACD is close to trending upwards, while the RSI is rebounding but there is still room for the price to move up in the coming hours.
by cryptodailyuk
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is holding at the local uptrend line. Let's start with the support line and as you can see the first support in the near future is $1843, if the support is broken then the next support is $1832, $1823 and $1813. Now let's move on to the resistance line, as you can see the first resistance is $1849, if you manage to break it, the next resistance will be $1866, $1881 and $1895. Looking at the CHOP indicator, we see that the energy is gathering strength, the MACD is on the verge of returning to the local pattern trend, and the RSI is moving in the lower part of the range one closer to the center, which makes it difficult to clearly determine the direction of the price in the short term.
by cryptodailyuk
Daily BTC 1DChart - resistance and supportHello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the uptrend line that the price is moving at the moment. Locally, we can mark the downtrend channel with blue lines. Now we can move on to marking the places of support in case of returning to the correction. And here we see that the first support is at $26480 which the price is currently based on, then we have the first strong support at $25261 which held the price in the recent rebound, then the third support at $24023 and then the very strong support at $24023 $22,350. Looking the other way, in a similar way, using the fib retracement tool, we can determine the places of resistance. First, we will mark a very strong resistance zone from $28665 to $29463, only when the price breaks it will we move towards the resistance at $30502, and then when the price breaks it, it will open the way towards the resistance at $33426. Please note the CHOP index which indicates that there is still a lot of energy for the upcoming moves, the MACD indicator indicates a return to the downtrend, while the RSI is moving in the lower part of the range, but with room for the price to go a little lower.
by cryptodailyuk
12
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving below the local downtrend line. Let's start with the support line and as you can see the first support in the near future is $25476, if the support is broken then the next support is $25017 and $24654. Now let's move to the resistance line, as you can see the first resistance is $26327, if you manage to break it, the next resistance will be $26649, $26941 and $27375. Looking at the CHOP indicator, we see that the energy has been used, the MACD indicates a continuation in the downtrend, while the RSI shows an increase, however, in the coming hours, we can still see the price increase.
by cryptodailyuk
2023.6.5 Daily European Perspective USDX is strengthening!2023.6.5 Daily European Perspective USDX is strengthening! Hello, I'm Older Duan. Today is Monday, June 5 2023. Now it's 16pm Beijing time. Let me give you a quick comment on the technical forms of the current international mainstream varieties! First, what we see is the daily graph of the dollar index. As shown in the figure, the US dollar index started to strengthen again last Friday, and today is the fourth time in recent history that it has tested the strong pressure on the daily line of 165MA (104.39)! Now, let's look at gold. Now you can see the daily chart of gold. The figure superimposes the combination of gold's recent bottom-up golden section and Fibonacci parameter mean square! As shown in the figure, the decline of gold last Friday and today has swallowed up the increase of last week! So, for the rest of today, the opening price of the previous week's line (1942.7 US dollars) can be used as an important point for intraday operations! Above this point, bulls dominate; Below this point, bears dominate! Let's take a look at American crude oil. What you are now seeing is 4-hour level candle chart of US crude oil. The graph superimposes the recent bottom-up golden section of US crude oil and the Fibonacci parameter mean square combination! As shown in the figure, US crude oil hit a recent high above $74 due to the stimulation of the news! So, for the rest of today, just use the daily level of 55MA (74.35 US dollars) as an important point for intraday operations! Above this point, bulls dominate; Below this point, bears dominate! Let's look at EURUSD. What you can see now is the daily chart of EURUSD. The figure superimposes the combination of European and American currencies against the recent bottom of the golden section and Fibonacci parameter mean square! As shown in the figure, European and American currencies are currently engaged in a long short battle against the opening price of the first trading day of this month (1.06926)! So for the continuation period today, just use this position as an important point for operation during the day! Above this position, bulls dominate; Under this position, bears dominate! Finally, let's take a look at GBPUSD. Now you can see the daily chart of GBPUSD. The figure superimposes the combination of the recent bottom of the GBPUSD against the golden section and the Fibonacci parameter mean square! As shown in the figure, the pound US currency is currently engaged in a long short competition near the opening price (1.24034) on the last trading day of last month! So for the continuation period today, just use this position as an important point for operation during the day! Above this point, bulls dominate; Below this point, bears dominate! Well, the above is a quick inventory of the technical forms of the international mainstream varieties in today's European period! Special reminder, Today is Monday, and the impact of last Friday's big non agricultural data market will continue until tomorrow! Please pay attention to the risks! Im Older Duan. Wish you happy win . Goodbye!
TVC:USOIL
by Think_More
Daily BTC 1DChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a single day timeframe. As you can see, the price is moving below the downtrend line. Let's start with determining the support line and here in the first place it is worth marking the support zone from $ 26858 to $ 26357, if the support is broken then the next support is $ 25864 and $ 25170. Now let's move on to the resistance line, as you can see the first resistance is $27494, if you manage to break it, the next resistance will be $27811, $28580 and $28129. Looking at the CHOP indicator, we see that there is still a lot of energy for the move, MACD, despite the corrections, remains in an uptrend, while the RSI is moving around the middle of the range, which makes it difficult to clearly determine the direction of the move.
by cryptodailyuk
BNB/USDT 4HInterval Resistance and SupportHello everyone, let's look at the BNB to USDT chart on a 4-hour time frame. As you can see, the price is moving below the local downtrend line. Let's start with the support line and as you can see the first support that is currently holding the price is $305.9, if the support is broken then the next support is $298.6, $292.9 and $287.1. Now let's move on to the resistance line, as you can see the first resistance is $313.1, if you manage to break it, the next resistance will be $320.4, $326.3 and $332.6. Looking at the CHOP indicator, we see that there is a lot of energy for the upcoming move, the MACD indicates that the local uptrend is maintained, while the RSI is in the lower part, although the price may go a little lower, there is a lot of room for growth.
by cryptodailyuk
XRP/USDT 4HInterval check the current situationHello everyone, I invite you to review the chart of XRP in pair to USDT, on a four-hour interval. First, we will use the blue lines to mark the uptrend channel in which the price has been moving locally since it exited the downtrend line marked with the yellow line. Moving on, we can move on to marking support areas when we start a larger correction. And here the first support is at the price of $0.50, the second support is at the price of $0.48, the third support is at the price of $0.47, and then we have the strength Looking the other way, we see that the price has hit the resistance at $0.52, then we have the resistance at $0.55, and when we manage to break it, we will move towards the resistance at $0.58 Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, MACD indicates that we are on the verge of changing the trend to an upward trend, while the RSI, despite the rebound, we are at the upper limit, which may lead to another correction of the price.
by cryptodailyuk
Daily ETH 4HChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair to USDT, on a four-hour interval. First, we will use the yellow line to mark the downtrend line from which the price went up. At this point, it is worth checking how the EMA Cross 200 is going and as we can see, the EMA Cross 200 kept the price in an uptrend. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and here we can mark the support zone from $1883 to $1856, the lower border of which is just at the EMA cross 200. Then we can mark the second strong support zone from 0.618 fib to 0.786 fib, which gives us a range priced from $1810 to $1780. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 1941, going further we have a strong resistance at the price of $ 1987 and then the price will move in the direction of the resistance at $ 2055 The CHOP index indicates that we have a lot of energy for the upcoming move. The MACD indicator indicates a transition to a local uptrend. On the other hand, on the RSI we see an increase to the upper part of the range, but there is still some room left for the price to go a little higher in the coming hours.
by cryptodailyuk
1
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving above the local uptrend line. Let's start with the support line and as you can see the first support in the near future is $27659, if the support is broken then the next support is $27461, $27184 and $26837. Now let's move to the resistance line, as you can see the first resistance is $28129, if you manage to break it, the next resistance will be $28509, $28816 and $29113. Looking at the CHOP indicator, we see that the energy is gathering strength, the MACD indicates entering a local downtrend, while the RSI has a rebound, but there is room for the price to go a little lower in the coming hours.
by cryptodailyuk
8
Daily BTC 4HChart - resistance and supportHello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is fighting for an upward exit from the local sideways trend channel. Let's start with drawing a support line, but here we will first mark a strong support zone from $26541 to $26209, when the price drops below we have another support at $25803. Now let's move to the resistance line, as you can see the first resistance is $27792, if you manage to break it the next resistance will be $28273 and $28966. Looking at the CHOP indicator, we see that the energy has been used in the current increase, the MACD confirms the local uptrend, while the RSI shows that the indicator has crossed the upper limit, which may indicate a rebound in the near future.
by cryptodailyuk
5
Daily ETH 4HChart - resistance and supportHello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is moving above the local downtrend line. Let's start with the support line and as you can see the first support in the near future is $1812, if the support is broken then the next support is $1796, $1782 and $1769. Now let's go to the resistance line, as you can see the first resistance is $1825, if you manage to break it the next resistance will be $1841 and then the third resistance at $1891. Looking at the CHOP indicator, we see that there is energy for further movement, the MACD maintains the local uptrend, while the RSI has a small rebound, which creates room for a future price increase.
by cryptodailyuk
BNB/USDT 1DInterval Resistance and SupportHello everyone, welcome to the BNB vs USDT chart review. As we can see, the price has moved downwards from the uptrend line, while currently we will use the blue lines to mark the downtrend channel in which the price is moving in the lower range. Let's start by marking the support spots for the price and we can see that the price is currently in a strong support zone from $310 to $299, however, if the price goes lower, we can see a strong drop in the price even around $268. Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently bouncing off the $312 resistance. Next we have the resistance at $320, and the third resistance at $326, once the price breaks it will move towards the strong resistance zone from $331 to $339. The CHOP index indicates that there is a lot of energy for the move, the MACD, despite several attempts to change the trend, is still in a downtrend, while the RSI is moving in the lower part of the range, which gives room for price growth, but it is worth noting that there is room for the price to fall even more a little lower.
by cryptodailyuk