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Fundamental-analysis

Analyzing GOLD: Market Dynamics and Trading strategyThe XAU/USD currency pair, a dynamic interplay between gold and the US dollar, is currently navigating through pronounced market fluctuations. In this comprehensive analysis, we will delve into the intricate interplay of fundamental factors steering the value of XAU/USD. Our focus extends to the looming potential of The Federal Reserve's interest rate adjustments, the consequential shifts in the 10-year US Treasury Yield, and the intricate repercussions woven into the fabric of the Russia-Ukraine and Israel-Palestine conflicts. Moreover, we will embark on a journey through the undulating terrain of gold price fluctuations, deciphering their nuanced implications for the volatility inherent in this currency pair. As we scrutinize both the fundamental and technical dimensions, our aim is to provide traders with a nuanced understanding of the multifaceted forces currently at play, guiding them toward informed and strategic trading decisions. Join us as we unravel the layers of complexity inherent in the XAU/USD market, offering insights that transcend the surface, into the heart of this captivating financial landscape. Fundamental Analysis Potential Rise in The Fed's Interest Rates The Federal Reserve, the central bank of the United States, stands at the forefront of XAU/USD trader considerations. Despite maintaining interest rates in the latest meeting, speculation about future rate hikes has introduced uncertainty. A hike in interest rates could diminish gold's allure as a risk-free investment alternative. Gold investors tend to favor assets offering higher yields when interest rates rise. Increasing 10-Year US Treasury Yield The recent upswing in the 10-year US Treasury Yield over the past few months has adversely impacted XAU/USD. Gold, often considered a safe-haven asset, typically experiences decreased demand as bond yields rise. Investors seeking protection tend to shift towards bonds offering higher returns than gold, resulting in a decrease in the value of XAU/USD. Impact of Russia-Ukraine and Israel-Palestine Conflicts Geopolitical uncertainty stemming from the Russia-Ukraine and Israel-Palestine conflicts plays a pivotal role in the dynamics of XAU/USD. As a traditional safe-haven asset, gold tends to attract attention during periods of uncertainty. Elevated geopolitical tensions increase the demand for gold, contributing to an upsurge in the value of XAU/USD. Gold Price Fluctuations: Implications for XAU/USD The notable fluctuation in gold prices, reaching $1,750 per ounce on September 21, 2023, and subsequently declining to approximately $1,700 per ounce on October 20, 2023, reflects significant market volatility. The dip in gold prices could be attributed to a combination of factors, including expectations of interest rate hikes and a shift in investor preferences towards higher-yielding assets. Technical Analysis Indicator Analysis XAU/USD exhibits overbought signals on the STOCHRSI(14) and MACD(12,26) indicators. However, the elevated volatility serves as a warning for potential market direction changes. The 200-day Exponential Moving Average (EMA) confirms a bullish trend, instilling confidence in traders. Support and Resistance Levels According to Barchart, current support and resistance levels are as follows: 1st Resistance Point at 1,986.06, Last Price at 1,994.86, 1st Support Level at 1,954.30, 2nd Support Level at 1,934.11, and 3rd Support Level at 1,914.30. These levels serve as crucial guides in planning trading strategies. Trading Strategy The employed trading strategy involves entering positions after the price breaks and retests the breached support and resistance (S&R) levels. The target price is set before the next resistance level or prior to the Fed speech on October 25, 2023, considering potential unforeseen events. Trade Parameters Based on the above analysis, several trade parameters are identified: Entry Point: When the gold price rises and re-test the previous resistance level. Stop Loss: Placed below the nearest support level to safeguard against sharp declines. Target Profit: Before the next resistance level or prior to the Fed speech on October 25, 2023, considering potential unforeseen events Conclusion: This analysis illuminates the intricacies of XAU/USD, emphasizing the intertwined nature of complex fundamental and technical factors. As investors grapple with potential Fed rate hikes, changes in the 10-year US Treasury Yield, and geopolitical conflicts, a comprehensive understanding of risks is essential. The fluctuation in gold prices serves as a vital indicator, highlighting the need for vigilant monitoring of news and Federal Reserve policies. In navigating these volatile market conditions, prudent trading strategies and effective risk management become indispensable for success in trading XAU/USD.
FXOPEN:XAUUSDLong
by fardycurry
Roaring 2020s trading-investing economyAs you can see on the presented chart we made current economy started in 1998 with the crash of the LTCM, MFG, Bankruptcy of Russian Federation and BoE. With occasional dumps in liquidity we're heading into new golden era of global finance. Let us introduce you to what we think is the most impotant financal instruments in the world right now. Said instruments is the most liquid financial markets in the world leaving aside rest of the economy we will speak about later. So it would be Standart and Poors which is the most profitable companies in the United States of America, numbers about this field are presented on the top of the chart. Second to this further to the bottom of the presented chart are numbers about gold market, New York Stock Exchange volatility, United States of America 20 year yield, GDP, Labour Inflation, Oil markets, Russian Federation GDP, Russian Federation Moscow Exchange liquidity which is equivalent to quintillion rubles, said exchange volatility level called RVI, Inflation of Labour of the same country. After this goes Passives/Actives of the most expensive venture in the dynamically changing world Federal Reserve. And last but not the least goes 20 year yield of China Republic and Russian Federation. Try to analyse presented chart with your idea of public markets and how they react on the events you see as important or playing a big role in life. Thank you for your attention please read and comment see you in later events. And remember correlation do not present cause effect. We wish you luck in roaring 2020s keep yourself in the peace mood of mind.
CME_MINI:ES1!Education
by UnknownUnicorn462803
Gold (GC1! Futures) Identifying next SHORT zoneAs of today, GC1 has now broken above the current zone, and has closed on a higher timeframe. In accordance with prior breaks, we now look for a retest of the broken zone at the 0.5 FIB of todays daily candle: The next target is either: 1) The next zone up OR 2) The prior neck line of the long term H&S identified in August. Keep in mind, despite this short term bullish price action, the trend for Gold is still BEARISH, hence why we continue to long for short opportunities at each historical zone. Just to be clear : My trading is based off of many factors, but an important factor is the many historical monthly zones plotted on the chart. While there will be times where the zones are broken against our favour, the OVERWHELMING MAJORITY of the time, these zones will hold. As highlighted on the chart, these are all examples of where adhering to these zones would have netted 50 - 100 points moves. Points, not pips. I will be posting more real time updates though the day of 20/10/23. Stay safe and manage your risk accordingly!
COMEX:GC1!
by Aaron_K_Trading
1
LINK/USDT 1DInterval Review ChartHello everyone, I invite you to review the LINK chart in pair with USDT, on a one-day time frame. First, we will use blue lines to mark the downward trend channel in which the price is moving upwards, while locally there is an upward trend line visible, along which the price is climbing. As we can see, it also managed to return to a strong upward trend after emerging higher from EMA Cross 200, which is important for the price to maintain this level now. Going further, we can move on to marking support areas when the price returns to correction, and here we can see the support zone from $7.05 to $6.61, which also contains the previously mentioned 200 moving average, then we have the second zone from 6.17 $ to $5.53, followed by strong support at $4.74. Looking the other way, we see that the price has bounced off the important resistance zone from $7.78 to $8.58, which it has no strength to break yet, there is still a strong resistance at $9.65, which the price must overcome and test positive before moving further upwards. Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, the RSI shows a return to the middle of the range, which creates room for a new upward move, while the STOCH indicator has rebounded to the lower limit and we have a visible upward movement with energy for it. I wish the price would go up a little higher.
by cryptodailyuk
1
BTC Chart Review 1DIntervalHello everyone, I invite you to review the situation of BTC in pair with USDT, taking into account the one-day time frame. First, we will use the yellow line to mark the downward trend lines from which the price has gone up, while locally using the blue lines we can determine the upward trend channel in which the BTC price is currently located. Moreover, it is worth mentioning that the price has recently moved above the moving average of 200, returning to the strong upward trend, and it is important that it maintains this trend now. Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone from $28,072 to $27,460, but when we fall below this zone, we may see a drop to the area of the second zone from $26,849 to $25,987, and then we have strong support at $24,861. Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. And as we can see, the price is struggling to stay at the resistance level of $28,377, we still have a strong resistance zone from $29,211 to $30,365, which rejected a strong upward movement, only when we get out of this zone and it is positively tested will the path towards a strong resistance at $31,866. Please pay attention to the CHOP index, which indicates that most of the energy has been used, on the RSI indicator we are moving in the upper part of the range, but there is room for the price to go slightly higher after this recovery, also the STOCH indicator shows that there is still some room left for the continuation of the movement.
COINBASE:BTCUSD
by cryptodailyuk
2
GBP/USD: Bearish Momentum Continues, Watch for Oversold BounceThe British pound fell to a new record low against the US dollar on Wednesday, October 18, 2023, after the Bank of England raised interest rates by 0.75 percentage points, but signaled that it may slow the pace of hikes in the coming months. This suggests that the BoE is more concerned about a recession than about inflation, which could lead to further weakness in the pound. Other factors weighing on the pound include the ongoing political uncertainty in the UK and the prospect of a prolonged economic slowdown. The UK economy is already facing a number of headwinds, including high inflation, rising energy costs, and labor shortages. A recession in the UK would likely lead to a further weakening of the pound. Technical Analysis 30-Minute Chart On the 30-minute chart, GBP/USD is currently trading in a bearish downtrend. The price is below the 20-period and 50-period moving averages, and the MACD indicator is below its signal line. This suggests that the bears are in control and that the price is likely to continue to fall in the near term. The next support level is at 1.2100, followed by 1.2050. The next resistance level is at 1.2250, followed by 1.2300. 4-Hour Chart On the 4-hour chart, GBP/USD is also trading in a bearish downtrend. The price is below the 20-period and 50-period moving averages, and the MACD indicator is below its signal line. This suggests that the bears are in control and that the price is likely to continue to fall in the near term. The next support level is at 1.2100, followed by 1.2050. The next resistance level is at 1.2250, followed by 1.2300. Daily Chart On the daily chart, GBP/USD is also trading in a bearish downtrend. The price is below the 20-period and 50-period moving averages, and the MACD indicator is below its signal line. This suggests that the bears are in control and that the price is likely to continue to fall in the near term. The next support level is at 1.2100, followed by 1.2050. The next resistance level is at 1.2250, followed by 1.2300. Elliot Wave Theory Based on Elliot Wave Theory, GBP/USD may be in wave 5 of a bearish 5-wave Elliott wave pattern. This suggests that the price is likely to continue to fall until the wave 5 pattern is complete. I hope this post is helpful. If you agree with the idea, please follow and share this with others too. This analysis is based on the information at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
Short
by YExplore
Strong fundamental and technical China playI do like how some of the strongest plays in China are setting up for the perspective upside in Q4 and beyond. Have a look at $NASDAQ:FUTU. High double and triple digits growths of earnings and sales four quarters in a row; strong and consistent ROE numbers; high eps growth estimates. Management owns 5% of the company. In conjunction with China government plans to stimulate the economy, most of the ingredients are there to support potential price advance of FUTU into Q4. From the technical stand point, I may suggest several perspective: 1. My wave-analysis shows that a) the mid/long-term structure allows for substantial upside and b) price found important short-term support in 53 area and is now building the base before continuing advance towards next important resistance zones: 80-99. 2. Waves and fibonacci aside, notice how well the price creates a volatility contraction pattern on a weekly time-scale, with an evident accumulation signs and good weekly closes. That leads me to consider that sellers with selling volume are subsiding and buyers are ready to step in leading the price higher. Overall there is quite substantial overhead supply from devastating 90% decline since 2021, strong fundamental and at least short to mid term technical stance make NASDAQ:FUTU a valid candidate for the buy list. Trading thesis: if price manages to break-out above 67.5 with supportive volume confirmation, that shall be a buy signal. With tight 3-5-7% staggered stop loss. For cowboy type of traders, price moving above 64.10 could be a place to start opening the position with an intention of adding after 67.5 breach. The short-term analysis is valid until price holds above Oct's low of 52.
NASDAQ:FUTULong
by artemfedorov
MKR/USDT 1D Review ChartHello everyone, I invite you to review the MKR chart in pair with USDT, on a one-day time frame. First, we will use blue lines to mark the upward trend channel, which contains data around the additional range. Going forward, the point of support will be marked in the event of a larger correction. And here, the first one is our support zone from $1,404 to $1,539, then the zone at the border from $1,292 to $1,209, and then there is a strong shock near the support level at $967. On the other hand, the price reached the important resistance zone from $1,476 to $1,565, from which it was rejected. However, if you manage to get out of this zone, it will be in the second zone from $1,773 to $1,864. Please check the CHOP index, which indicates that we have a lot of energy at the exit of the movement, the RSI indicator, which is visible near the outer area, making it difficult to determine the direction, but when displayed on the STOCH indicator, to display a rebound to the exit of the border and the original exit from the place because the price went higher.
by cryptodailyuk
Long Positions in EUR/AUD, Potential for Additional Upside.Traders favoring a rise in EUR/AUD continue to stand strong, with opportunities for additional gains. The market suggests that there is still room for further upward movement. Buy: 1.6680 TP: 1.6750 SL: 1.6600 "Simple doesn't mean not profitable" Stay focused my friend. We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow". Thanks for your continued support!
Long
by PropTradePros
ETH/USDT 4HInteral Review ChartHello everyone, let's take a look at the ETH to USDT chart on a 4-hour time frame. As you can see, the price is moving just below the local downtrend line. After unfolding the Trend Based Fib Extension grid, we see that the price remains under support, while the next support is at $1,499, and further at $1,466. Looking the other way, the first resistance is at $1,565, then we have resistance at $1,593, the next resistance at $1,614, and then we have the resistance zone from $1,637 to $1,668. Looking at the CHOP indicator, we see that there is still energy for movement, on the STOCH indicator we have a slight rebound with room for growth, while the RSI indicator is moving towards the lower limit and we are currently experiencing a slight increase.
by cryptodailyuk
GOLD: A SAFE HEAVEN IN UNCERTAIN TIMESTVC:GOLD My current views on GOLD: Short chart explanation. This structure can be: 1. A continuation of the bigger WXY - forming another XZ correction (so the price is heading on the downside) 2. A correction at a smaller degree (ABC), finishing a potential Wave A on the downside, before bouncing forming the Wave B on the upside, potentially reaching again the top main resistance point. Deeper insights: In recent months, gold prices have been on the rise, as investors have sought to protect their wealth from inflation and the potential for a recession. The ongoing conflict in Ukraine has also boosted demand for gold, as investors have sought to hedge against geopolitical risks. Technical Analysis On the 30-minute chart, gold is currently trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term. s3.tradingview.com On the 4-hour chart, gold is also trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term. s3.tradingview.com On the daily chart, gold is also trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term. s3.tradingview.com Conclusion Overall, the technical and fundamental outlook for gold is bullish. The price is above all major moving averages on the 30-minute, 4-hour, and daily charts, and the RSI and MACD indicators are all bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term. I hope this post is helpful. If you agree with the idea, please follow and share this with others too. This analysis is based on the information at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
TVC:GOLDLong
by YExplore
BTC/USDT 4HReview ChartHello everyone, I invite you to Thursday's review of the current situation on BTC in pair with USDT, taking into account the four-hour interval. First, we will use the yellow line to mark the upward trend lines from which the price has currently broken down. When we turn on the EMA Cross 200, we can see that the price has returned below the moving average, which also indicates a return to the downtrend. Now we can move on to marking support areas in case the correction deepens. And here, first of all, it is worth marking the support at the level of $26,750, at which the price currently holds, but when it drops lower, it will move towards the strong support zone from $26,313 to $25,691. Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. First, we will mark the resistance zone from $27,322 to $27,552, when it is overcome, the price must overcome the second resistance zone from $27,798 to $28,140, only then will we be able to see new increases. Please pay attention to the CHOP index, which indicates that most of the energy has been used, on the STOCH indicator we have exceeded the lower limit, which also resulted in the price decline slowing down, also on the RSI index we are moving at the lower limit of the range, which may result in a price rebound in the coming hours.
by cryptodailyuk
2
Brent Oil: Ready for a Rally?Brent oil prices have skyrocketed in recent months, from about $70 a barrel in June to more than $90 a barrel today. This is due to a number of factors, including: Fundamentals Tight supply: OPEC+ has cut output to support prices and there are concerns about supply disruptions from Russia due to the ongoing war in Ukraine. Strong demand: Global oil demand is recovering from the COVID-19 pandemic and is expected to continue growing in the coming months. Weaker US Dollar: A weaker US dollar makes oil more affordable for buyers using other currencies. Technicals 30-minute chart: Brent oil is currently trading in a bullish trend channel on the 30-minute chart. The RSI indicator is above 50, suggesting that buyers are in control. The MACD indicator is also bullish, with the MACD line above the signal line and the histogram turning positive. 4-hour chart: On the 4-hour chart, Brent oil is also trading in a bullish trend channel. The RSI indicator is above 50, and the MACD indicator is bullish, with the MACD line above the signal line and the histogram turning positive. Daily chart: On the daily chart, Brent oil is trading above its 200-day moving average, which is a bullish signal. The RSI indicator is above 50, and the MACD indicator is bullish, with the MACD line above the signal line and the histogram turning positive. Conclusion Overall, the fundamental and technical outlook for Brent oil is bullish. Prices could continue to rise in the coming days and weeks, especially if there are any supply disruptions or if the US dollar continues to weaken.
CAPITALCOM:OIL_BRENTLong
by YExplore
2
Inflation, Oil and Gold Prices: Understanding the basics The monetary markets are continually responding to unused data, and swelling, oil costs, and gold costs are a few of the foremost imperative components that financial specialists consider. This article will give a TradingView direct to understanding how these components can influence the stock and forex markets, and how dealers can utilize them to their advantage. Inflation Swelling is the rate at which costs for merchandise and administrations are rising. When swelling is tall, it can disintegrate the esteem of investment funds and speculations, and it can too lead to higher intrigued rates. For stock financial specialists, expansion can be a negative calculate, because it can lead to higher costs for companies and lower benefits. For forex dealers, expansion can have a blended affect, depending on the monetary forms included. For case, if inflation is higher within the Joined together States than in Europe, it may lead to a more grounded US dollar. Oil prices Oil is one of the foremost critical commodities within the world, and its cost can have a noteworthy affect on the worldwide economy. When oil costs are tall, it can lead to higher swelling and slower financial development. For stock speculators, tall oil costs can be a negative figure, as they can lead to higher costs for companies and lower benefits. For forex dealers, oil costs can have a blended affect, depending on the monetary standards included. For illustration, in case oil costs rise, it seem lead to a more grounded Canadian dollar, as Canada could be a major oil exporter. Gold prices Gold is regularly seen as a secure sanctuary resource, and its cost can rise when there's uncertainty or turmoil within the money related markets. For stock speculators, gold costs can be a great fence against swelling and showcase instability. For forex dealers, gold costs can have a blended affect, depending on the monetary standards included. For case, on the off chance that gold costs rise, it may lead to a weaker US dollar, as financial specialists may offer dollars to purchase gold. How to approach these components There are a number of ways to exchange expansion, oil costs, and gold costs. One way is to exchange the fundamental resources themselves. For illustration, stock speculators can purchase offers of companies that are included within the oil and gas industry, or they can purchase offers of gold mining companies. Forex dealers can purchase and offer cash sets that are connected to oil or gold costs. Another way to exchange these variables is to utilize subordinates, such as prospects contracts and choices contracts. Subsidiaries permit dealers to wagered on the heading of costs without having to claim the fundamental resources. For case, a stock financial specialist seem purchase a prospects contract on oil to wagered on higher oil costs. A forex dealer may purchase a call alternative on gold to wagered on higher gold costs. Conclusion Expansion, oil costs, and gold costs are vital variables to consider when exchanging the stock and forex markets. By understanding how these variables can influence the markets, dealers can create methodologies to benefit from them. How to use this information to trade the stock and forex markets: (Not financial advice!) As mentioned above, there are a number of ways to trade inflation, oil prices, and gold prices. Here are a few examples: Stock investors: Buy shares of companies that are involved in the oil and gas industry, such as ExxonMobil (XOM) and Chevron (CVX). Buy shares of gold mining companies, such as Newmont Corporation (NEM) and Barrick Gold (GOLD). Buy shares of companies that are known to hedge against inflation, such as consumer staples companies such as Procter & Gamble (PG) and Coca-Cola (KO). Forex traders: Buy currency pairs that are linked to oil prices, such as the Canadian dollar/US dollar (USDCAD) currency pair. Buy currency pairs that are linked to gold prices, such as the Australian dollar/US dollar (AUDUSD) currency pair. Use technical analysis to identify trends and patterns in oil and gold prices, and then trade the currencies that are linked to these commodities. It is important to note that trading is a risky activity, and there is no guarantee of profits. However, by understanding the factors that can affect the stock and forex markets, traders can develop strategies to manage their risk and increase their chances of success. Sources: Federal Reserve Bank of St. Louis: tradingeconomics.com US Energy Information Administration: oilprice.com World Gold Council: goldprice.org I hope this post is helpful. If you agree with the idea, please follow and share this with others too. This analysis is based on the information at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
CAPITALCOM:DXY
by YExplore
EUR USD IdeaRegarding the EUR/USD pair, our swing trade attempt from the previous daily fractal high didn't succeed, and we observed a downward movement. Looking at the Fibonacci range, we find ourselves at the upper end of the range. We're in a bullish momentum unless there's a shift to the downside. Additionally, we've noticed a significant concentration of stops above our current price levels. It's essential to be aware of these levels, although we can never predict the exact targets of market makers. A logical approach might be to wait for a price decline before considering new trades. These are the technical insights for today. Let's see how the day unfolds.
Short
by themarketknight
DOLLAR IdeaGood morning, traders. Yesterday, we witnessed a push down in the dollar and an upward move in EUR/USD. We're still trading within a range, and we noticed the first sign of weakness in the dollar index as it failed to make a lower low. Today, we have news releases that can influence the dollar, so exercise caution when trading dollar pairs. We're patiently waiting for a swing trade opportunity on EUR/USD, but first, we need to see the dollar break through levels around 105.500. Once that happens, we'll actively look for swing trades on EUR/USD. Stay patient, my friends. There's no need to take unnecessary risks. The market offers plenty of opportunities. Happy trading!
CAPITALCOM:DXYLong
by themarketknight
MKR/USDT 1DChart ReviewI invite you to review the chart of MKR paired with USDT. First, we will use the yellow line to mark the downward trend from which MKR came out on top, while locally, we can use the blue lines to mark the upward trend channel in which the price is moving. When we unfold the Fib Retracement grid, we will notice that the price has approached the support level of $1,340, which is currently keeping the price from falling further, but when it breaks, we have another support level of $1,179, and further we can mark a strong support zone from $1,050 to $920. Looking the other way, we see that the price has been rejected from the important resistance zone from $1,503 to $1,741, which it has no strength to break yet. However, if we manage to break out of this zone, we will move towards the resistance level of $2,081 and then towards the resistance level of $2,508. At this point, it is worth marking the moving average EMA Cross 200, from which the price has gone up and, despite the current recovery, it remains above the blue line, remaining in a strong upward trend. Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, on the STOCH indicator we are at the lower limit, which has resulted in the current decline slowing down, while on the RSI indicator we are returning to the middle of the range, despite the price dropping lower, we are getting closer. to the point where we previously started to grow again, which is worth keeping in mind.
by cryptodailyuk
2
MATIC/USDT 1DIntervalI invite you to review the MATIC chart. As we can see, the price dropped below the blue EMA Cross 200 line, thus returning to the strong downtrend. However, here, after marking the downtrend channel, we can notice that the price breaks out of it sideways, which may have a positive impact on it and may translate into a change in direction. When we unfold the Fib Retracement grid, we can see that the price has returned and remains in a very strong support zone that starts at $0.58 and continues up to $0.31. Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that there was a strong rejection of the price from the zone from $0.74 to $0.90, but when the price breaks it, it will have an open path towards the second zone from $1.15 to $1.33. The CHOP Index indicates that the energy is gaining more and more strength. However, the STOCH and RSI indicators show a visible recovery with room for the price to drop to a lower level.
M
by cryptodailyuk