Crypto Analytics by Solid ECN
Apr 01, 2022 at 09:12
The ADAUSD pair continues to correct upwards in relation to the long-term uptrend.
Currently, the price is testing the 1.2207 mark, consolidation above which will give the prospect of further growth to the levels of 1.2950 (Fibo retracement of 23.6%) and 1.4100. The key for the 'bears' is seen at 1.1230. In case of its breakdown, a correction to 1.0253 is possible and 0.9765, however, so far this option of price movement seems less likely, since the potential for upward movement remains, which is confirmed by technical indicators.
The Bollinger Bands are directed upwards, the MACD histogram increases in the positive zone, and the Stochastic leaves the overbought zone, which does not exclude a decline within the current upward trend, but its potential seems limited.
Currently, the price is testing the 1.2207 mark, consolidation above which will give the prospect of further growth to the levels of 1.2950 (Fibo retracement of 23.6%) and 1.4100. The key for the 'bears' is seen at 1.1230. In case of its breakdown, a correction to 1.0253 is possible and 0.9765, however, so far this option of price movement seems less likely, since the potential for upward movement remains, which is confirmed by technical indicators.
The Bollinger Bands are directed upwards, the MACD histogram increases in the positive zone, and the Stochastic leaves the overbought zone, which does not exclude a decline within the current upward trend, but its potential seems limited.
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Apr 01, 2022 at 12:48
Cryptocurrency market review
The cryptocurrency market started the week with an attempt to grow but then moved to a decline and lost all the gained positions. BTC is currently trading around 44500.00 (–3.4%), ETH is at 3200.00 (+0.9%), USDT is around 1.0003 (–0.01%), BNB is at 420.00 (–2.5%), while USDC is around 0.9998 (+0.02%). The total capitalization has decreased to 2.066T dollars, and the share of BTC has fallen to 41.3%.
The struggle between two trends continues in the market: hopes for an influx of investments in the sector due to global financial instability and fears of the introduction of tougher regulation of the cryptocurrency market by the US and the EU. The sector's growth at the beginning of the week is associated with the withdrawal of investors into digital assets amid a significant increase in inflation and the depreciation of fiat currencies. Also, the market was hoping for significant investments after hints from the Russian authorities that goods produced in Russia, including energy, could be sold for cryptocurrencies. Currently, such a mechanism is being worked out at the highest level. Turkey may become the first country with which trade will be carried out based on cryptocurrencies. Several experts believe that the Luna Foundation Guard (LFG) acquisition of BTC in the amount of 1.1B dollars to ensure the stability of the UST stablecoin also provides short-term support to the market.
Despite the general enthusiasm of investors, by the middle of the week, the market began to correct, which continues to this day. The EU and the US authorities are still very wary of the continued adoption of cryptocurrencies in society and are constantly reminded of this, calling for the development of clear regulations for the digital asset market. This week, the European Systemic Risk Board (ESRB) warned that cryptocurrencies in general and stablecoins, in particular, pose a threat to European financial stability that needs to be countered with the necessary regulatory action. Earlier, US Treasury Secretary Janet Yellen spoke in a similar vein, stating that cryptocurrencies can be an instrument for illegal activities, although they occupy an increasing place in the investment activities of US citizens. Currently, the European Parliament is preparing amendments to the rules on combating money laundering (AML), which provide for the abolition of anonymity for any cryptocurrency transaction. The means to ensure this requirement has not yet been established, and the European Central Bank (ECB) has spoken out against such a decision. Previously, crypto-currency companies were only required to identify the transaction recipient of over 1,000 euros.
Among other market news, it is worth highlighting the scandal in the cryptocurrency community caused by the initiatives of several environmental organizations. So, Greenpeace, together with other environmentalists, launched an information campaign called 'Change the code, not the climate' to pressure the BTC community to move from the Proof-of-Work algorithm to a greener one. The campaign was supported by one of the leaders of Ripple, Chris Larsen, who allocated $5M for its implementation. The crypto community reacted negatively to this initiative and accused Larsen of hypocrisy and promoting the interests of his currency (XRP). Experts say that while he was earning his millions using environmentally harmful technologies, he was not interested in ecology. Also, the very attempt to put pressure on the fifty leading digital companies (mining, crypto-exchanges, and so on) seems to the cryptocurrency community a dangerous attempt by third parties to dictate their will to independent digital asset enthusiasts.
Next week, quotes of most cryptocurrencies may continue to decline or consolidate.
The cryptocurrency market started the week with an attempt to grow but then moved to a decline and lost all the gained positions. BTC is currently trading around 44500.00 (–3.4%), ETH is at 3200.00 (+0.9%), USDT is around 1.0003 (–0.01%), BNB is at 420.00 (–2.5%), while USDC is around 0.9998 (+0.02%). The total capitalization has decreased to 2.066T dollars, and the share of BTC has fallen to 41.3%.
The struggle between two trends continues in the market: hopes for an influx of investments in the sector due to global financial instability and fears of the introduction of tougher regulation of the cryptocurrency market by the US and the EU. The sector's growth at the beginning of the week is associated with the withdrawal of investors into digital assets amid a significant increase in inflation and the depreciation of fiat currencies. Also, the market was hoping for significant investments after hints from the Russian authorities that goods produced in Russia, including energy, could be sold for cryptocurrencies. Currently, such a mechanism is being worked out at the highest level. Turkey may become the first country with which trade will be carried out based on cryptocurrencies. Several experts believe that the Luna Foundation Guard (LFG) acquisition of BTC in the amount of 1.1B dollars to ensure the stability of the UST stablecoin also provides short-term support to the market.
Despite the general enthusiasm of investors, by the middle of the week, the market began to correct, which continues to this day. The EU and the US authorities are still very wary of the continued adoption of cryptocurrencies in society and are constantly reminded of this, calling for the development of clear regulations for the digital asset market. This week, the European Systemic Risk Board (ESRB) warned that cryptocurrencies in general and stablecoins, in particular, pose a threat to European financial stability that needs to be countered with the necessary regulatory action. Earlier, US Treasury Secretary Janet Yellen spoke in a similar vein, stating that cryptocurrencies can be an instrument for illegal activities, although they occupy an increasing place in the investment activities of US citizens. Currently, the European Parliament is preparing amendments to the rules on combating money laundering (AML), which provide for the abolition of anonymity for any cryptocurrency transaction. The means to ensure this requirement has not yet been established, and the European Central Bank (ECB) has spoken out against such a decision. Previously, crypto-currency companies were only required to identify the transaction recipient of over 1,000 euros.
Among other market news, it is worth highlighting the scandal in the cryptocurrency community caused by the initiatives of several environmental organizations. So, Greenpeace, together with other environmentalists, launched an information campaign called 'Change the code, not the climate' to pressure the BTC community to move from the Proof-of-Work algorithm to a greener one. The campaign was supported by one of the leaders of Ripple, Chris Larsen, who allocated $5M for its implementation. The crypto community reacted negatively to this initiative and accused Larsen of hypocrisy and promoting the interests of his currency (XRP). Experts say that while he was earning his millions using environmentally harmful technologies, he was not interested in ecology. Also, the very attempt to put pressure on the fifty leading digital companies (mining, crypto-exchanges, and so on) seems to the cryptocurrency community a dangerous attempt by third parties to dictate their will to independent digital asset enthusiasts.
Next week, quotes of most cryptocurrencies may continue to decline or consolidate.
Solid ECN, a True ECN Broker
Apr 04, 2022 at 10:16
BTCUSD, 'digital gold' is preparing to continue its growth
After unsuccessful attempts to break the support level of 35800.00 in January-February of this year, the first cryptocurrency strengthened its position and reached the area of 45000, preparing to continue the upward momentum in the mid-term.
The quotes of 'digital gold' are supported by the growing geopolitical tensions, which has already caused an increase in energy prices and, as a result, acted as a catalyst for global inflation. In the USA in February the figure was the highest in 40 years of observations of 7.9% in annual terms, and in the eurozone the value reached 7.5%. To protect themselves from risks, large investors direct their capital into alternative means of savings, and bitcoin is one of the most preferred tools for long-term investments at the moment.
The long-term uptrend in the BTCUSD pair is confirmed by technical analysis. Last month, market participants gained a foothold above the level of 45000, and the next target is the mark of 52000. The nearest support level from which new purchases can be considered is at the level of 44000.
The mid-term trend is also upward. Last week, the resistance level of 45800.00 was broken, but then the price adjusted to the area of 44400. A new upward momentum has started from this level, the purpose of which is to update the high of last week and test the resistance level of 48500. Long positions should be considered with a target at 44,400 - 42,400.
Resistance levels: 48500, 52000, 58800 | Support levels: 44000, 42400, 37600
After unsuccessful attempts to break the support level of 35800.00 in January-February of this year, the first cryptocurrency strengthened its position and reached the area of 45000, preparing to continue the upward momentum in the mid-term.
The quotes of 'digital gold' are supported by the growing geopolitical tensions, which has already caused an increase in energy prices and, as a result, acted as a catalyst for global inflation. In the USA in February the figure was the highest in 40 years of observations of 7.9% in annual terms, and in the eurozone the value reached 7.5%. To protect themselves from risks, large investors direct their capital into alternative means of savings, and bitcoin is one of the most preferred tools for long-term investments at the moment.
The long-term uptrend in the BTCUSD pair is confirmed by technical analysis. Last month, market participants gained a foothold above the level of 45000, and the next target is the mark of 52000. The nearest support level from which new purchases can be considered is at the level of 44000.
The mid-term trend is also upward. Last week, the resistance level of 45800.00 was broken, but then the price adjusted to the area of 44400. A new upward momentum has started from this level, the purpose of which is to update the high of last week and test the resistance level of 48500. Long positions should be considered with a target at 44,400 - 42,400.
Resistance levels: 48500, 52000, 58800 | Support levels: 44000, 42400, 37600
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Apr 05, 2022 at 10:33
ETHUSD, Murray analysis
The ETHUSD pair has been actively adding in value since the middle of last month, correcting upwards in relation to the mid-term downward trend.
Earlier, the price of the crypto asset tested the mark of 3593.75 (Murray [7/8], Fibo retracement 50.0%), consolidation above which will give the prospect of further growth to the levels of 3750.00 (Murray [8/8]), 3900.00 (Murray [+1/8], Fibo retracement 61.8%). The key for the 'bears' seems to be the level of 3280.00 (Murray [5/8], Fibo retracement 38.2%). In case of its breakdown, correction to 2965.00 (Murray [3/8], Fibo retracement 23.6%), 2812.50 (Murray [2/8]) is not excluded, however, so far this option of price movement seems less likely, since technical indicators point out the continuation of the current trend: the Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, the Stochastic has entered the overbought zone, but is also directed upwards.
Resistance levels: 3593.75, 3750, 3900 | Support levels: 3280, 2965, 2812.5.
The ETHUSD pair has been actively adding in value since the middle of last month, correcting upwards in relation to the mid-term downward trend.
Earlier, the price of the crypto asset tested the mark of 3593.75 (Murray [7/8], Fibo retracement 50.0%), consolidation above which will give the prospect of further growth to the levels of 3750.00 (Murray [8/8]), 3900.00 (Murray [+1/8], Fibo retracement 61.8%). The key for the 'bears' seems to be the level of 3280.00 (Murray [5/8], Fibo retracement 38.2%). In case of its breakdown, correction to 2965.00 (Murray [3/8], Fibo retracement 23.6%), 2812.50 (Murray [2/8]) is not excluded, however, so far this option of price movement seems less likely, since technical indicators point out the continuation of the current trend: the Bollinger Bands are directed upwards, the MACD histogram is increasing in the positive zone, the Stochastic has entered the overbought zone, but is also directed upwards.
Resistance levels: 3593.75, 3750, 3900 | Support levels: 3280, 2965, 2812.5.
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Apr 06, 2022 at 10:34
XRPUSD, Murray analysis
Last week, the XRP/USD pair tested the upper limit of the descending channel, rising to the area of 0.8930 (Fibo retracement of 38.2%), but then began to decline and today tested the 0.7812 mark (Murray [4/8], Fibo retracement of 23.6%). If consolidated below it, the price will continue to decline along the upper border of the descending channel to the levels of 0.7324 (Murray [3/8]) and 0.6836 (Murray [2/8]). The key for the 'bulls' is the resistance zone 0.8930-0.8789 (Fibo retracement 38.2%, Murray [6/8]). Its breakdown will be able to cause further growth to the levels of 0.9800 (Fibo retracement of 50.0%, Murray [8/8]), 1.0254 (Murray [+1/8]).
Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is reversing downwards, the MACD histogram is shrinking in the positive zone. In general, the resumption of the decline within the long-term downward trend in the near future seems more likely.
Resistance levels: 0.893, 0.98, 1.0254 | Support levels: 0.7812, 0.7324, 0.6836
Last week, the XRP/USD pair tested the upper limit of the descending channel, rising to the area of 0.8930 (Fibo retracement of 38.2%), but then began to decline and today tested the 0.7812 mark (Murray [4/8], Fibo retracement of 23.6%). If consolidated below it, the price will continue to decline along the upper border of the descending channel to the levels of 0.7324 (Murray [3/8]) and 0.6836 (Murray [2/8]). The key for the 'bulls' is the resistance zone 0.8930-0.8789 (Fibo retracement 38.2%, Murray [6/8]). Its breakdown will be able to cause further growth to the levels of 0.9800 (Fibo retracement of 50.0%, Murray [8/8]), 1.0254 (Murray [+1/8]).
Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is reversing downwards, the MACD histogram is shrinking in the positive zone. In general, the resumption of the decline within the long-term downward trend in the near future seems more likely.
Resistance levels: 0.893, 0.98, 1.0254 | Support levels: 0.7812, 0.7324, 0.6836
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Apr 07, 2022 at 14:32
This week, the ADAUSD pair was actively correcting downwards as part of the general market trend.
The pressure on the cryptocurrency sector is associated with the expected sharp tightening of monetary policy by the US Federal Reserve, which will lead to the strengthening of the dollar against major alternative assets. The minutes of the last meeting of the American regulator, published yesterday, confirmed that officials intend to start reducing the balance sheet by 95B dollars a month from May while increasing interest rates by 0.50% is allowed. The 'hawkish' policy is expected to continue until the end of this year. A well-known crypto enthusiast and founder of Galaxy Digital, Mike Novogratz, believes that during this period, BTC, and therefore altcoins in general, may remain under pressure but as soon as the US Federal Reserve pauses in tightening monetary policy, a serious increase in cryptocurrencies will resume.
Cardano blockchain and ecosystem continue to develop actively. Since the beginning of the year, the number of active wallets has increased by 500K and exceeded 3.2M. Most of them contain ADA tokens in 100 to 100K dollars. This week, Da Vinci Locker (DVL), a new cross-chain NFT marketplace based on the Cardano blockchain, was launched. The main goal is that any owner of a unique intellectual product can turn it into an NFT token and sell it without intermediaries. DVL will use Cardano's version of OpenSea smart contracts. The marketplace is currently distributing DVL utility tokens.
Despite this positive news, the fundamental picture remains unfavorable for the market, and the ADA price is under pressure.
The price is testing 1.0742 (Murrey [6/8]), consolidation below which allows a decline to 0.9765 (Murrey [4/8]) and 0.8789 (Murrey [5/8]). The key 'bullish' level is (Murrey [8/8]). The consolidation above may cause growth to 1.2950 (Fibonacci correction 23.6%). The indicators do not give a single signal: Bollinger bands are directed upwards, the MACD histogram decreases in the positive zone, and Stochastic has rushed down.
Resistance levels: 1.1718, 1.295 | Support levels: 1.0742, 0.9765, 0.8789
The pressure on the cryptocurrency sector is associated with the expected sharp tightening of monetary policy by the US Federal Reserve, which will lead to the strengthening of the dollar against major alternative assets. The minutes of the last meeting of the American regulator, published yesterday, confirmed that officials intend to start reducing the balance sheet by 95B dollars a month from May while increasing interest rates by 0.50% is allowed. The 'hawkish' policy is expected to continue until the end of this year. A well-known crypto enthusiast and founder of Galaxy Digital, Mike Novogratz, believes that during this period, BTC, and therefore altcoins in general, may remain under pressure but as soon as the US Federal Reserve pauses in tightening monetary policy, a serious increase in cryptocurrencies will resume.
Cardano blockchain and ecosystem continue to develop actively. Since the beginning of the year, the number of active wallets has increased by 500K and exceeded 3.2M. Most of them contain ADA tokens in 100 to 100K dollars. This week, Da Vinci Locker (DVL), a new cross-chain NFT marketplace based on the Cardano blockchain, was launched. The main goal is that any owner of a unique intellectual product can turn it into an NFT token and sell it without intermediaries. DVL will use Cardano's version of OpenSea smart contracts. The marketplace is currently distributing DVL utility tokens.
Despite this positive news, the fundamental picture remains unfavorable for the market, and the ADA price is under pressure.
The price is testing 1.0742 (Murrey [6/8]), consolidation below which allows a decline to 0.9765 (Murrey [4/8]) and 0.8789 (Murrey [5/8]). The key 'bullish' level is (Murrey [8/8]). The consolidation above may cause growth to 1.2950 (Fibonacci correction 23.6%). The indicators do not give a single signal: Bollinger bands are directed upwards, the MACD histogram decreases in the positive zone, and Stochastic has rushed down.
Resistance levels: 1.1718, 1.295 | Support levels: 1.0742, 0.9765, 0.8789
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Apr 08, 2022 at 10:49
Cryptocurrency Market Review
This week, the cryptocurrency market has corrected downwards. BTC is currently trading around 43500.00 (–6.5%), ETH is at 3250.00 (–8.0%), USDT is around 1.0002 (+0.01%), BNB is at 435.00 (–4.1%). %), and USDC is around 0.9999 (+0.01%). The total market capitalization has decreased to 2.025T dollars, and the share of BTC in it has decreased to 40.98%.
The correction was associated with the expected sharp tightening of the US Federal Reserve's monetary policy, which could strengthen the US currency against alternative assets, including digital instruments. Published this week, the minutes of the last meeting of the US Federal Open Market Committee (FOMC) said that from May, officials intend to begin reducing the balance sheet by $95B a month while allowing an increase in interest rate growth by 0.50%. It is expected that an aggressive monetary policy will continue at least until the end of this year. Bloomberg L.P. analysts noted another danger of the current situation. In their opinion, the tightening of monetary policy may put pressure on the stock market, which will pull the markets for raw materials and cryptocurrencies in the event of a collapse. Mike Novogratz, a well-known crypto enthusiast and founder of Galaxy Digital, believes that while the US Federal Reserve raises rates, BTC and altcoins may remain under pressure. Still, serious cryptocurrency growth will resume as soon as the regulator pauses in tightening monetary policy and the economic situation stabilizes.
Representatives of large financial institutions have made several comments and initiatives. On Monday, UK Chancellor of the Exchequer, John Glen, announced that the government would develop legislation to regulate the use of stablecoins for electronic payments. These cryptocurrencies will be included in the legal space, and the Bank of England will take care of their regulation. The officials will also consider the potential of using blockchain to create British government bonds or securities. Glen noted that the authorities see great potential for digital assets, while the head of the Bank of England, Andrew Bailey, is of the opposite opinion. He spoke about the growing use of cryptocurrencies for criminal purposes and called on technology companies to work more actively with the regulator to eliminate the possibility of fraud and illegal activities. The head of the US Securities and Exchange Commission (SEC), Gary Gensler, once again called for closer cooperation with the US Commodity Futures Trading Commission (CFTC), which will regulate and control the platforms on which securities and any other assets are traded, in including cryptocurrencies, the status of which has not yet been fully determined.
Meanwhile, Meta Platforms Inc. discusses the possibility of launching a cryptocurrency within its metaverse. Creating an internal digital currency operating in various applications is being considered. Also, the social network will be able to reward active participants or the most popular authors with it. American cryptocurrency exchange Coinbase has entered the Indian market. Representatives of the company said that the citizens of India show a serious interest in cryptocurrencies and a desire to use new products, which makes this market promising, despite the country's strict legislation. Also, this week, the Da Vinci Locker (DVL) cross-chain NFT trading platform, created based on the Cardano blockchain, was launched. Its main goal is that any owner of a unique intellectual product can turn it into an NFT token and sell it without intermediaries. DVL will use Cardano's version of OpenSea smart contracts.
Next week, quotes of most cryptocurrencies may continue to decline or consolidate.
This week, the cryptocurrency market has corrected downwards. BTC is currently trading around 43500.00 (–6.5%), ETH is at 3250.00 (–8.0%), USDT is around 1.0002 (+0.01%), BNB is at 435.00 (–4.1%). %), and USDC is around 0.9999 (+0.01%). The total market capitalization has decreased to 2.025T dollars, and the share of BTC in it has decreased to 40.98%.
The correction was associated with the expected sharp tightening of the US Federal Reserve's monetary policy, which could strengthen the US currency against alternative assets, including digital instruments. Published this week, the minutes of the last meeting of the US Federal Open Market Committee (FOMC) said that from May, officials intend to begin reducing the balance sheet by $95B a month while allowing an increase in interest rate growth by 0.50%. It is expected that an aggressive monetary policy will continue at least until the end of this year. Bloomberg L.P. analysts noted another danger of the current situation. In their opinion, the tightening of monetary policy may put pressure on the stock market, which will pull the markets for raw materials and cryptocurrencies in the event of a collapse. Mike Novogratz, a well-known crypto enthusiast and founder of Galaxy Digital, believes that while the US Federal Reserve raises rates, BTC and altcoins may remain under pressure. Still, serious cryptocurrency growth will resume as soon as the regulator pauses in tightening monetary policy and the economic situation stabilizes.
Representatives of large financial institutions have made several comments and initiatives. On Monday, UK Chancellor of the Exchequer, John Glen, announced that the government would develop legislation to regulate the use of stablecoins for electronic payments. These cryptocurrencies will be included in the legal space, and the Bank of England will take care of their regulation. The officials will also consider the potential of using blockchain to create British government bonds or securities. Glen noted that the authorities see great potential for digital assets, while the head of the Bank of England, Andrew Bailey, is of the opposite opinion. He spoke about the growing use of cryptocurrencies for criminal purposes and called on technology companies to work more actively with the regulator to eliminate the possibility of fraud and illegal activities. The head of the US Securities and Exchange Commission (SEC), Gary Gensler, once again called for closer cooperation with the US Commodity Futures Trading Commission (CFTC), which will regulate and control the platforms on which securities and any other assets are traded, in including cryptocurrencies, the status of which has not yet been fully determined.
Meanwhile, Meta Platforms Inc. discusses the possibility of launching a cryptocurrency within its metaverse. Creating an internal digital currency operating in various applications is being considered. Also, the social network will be able to reward active participants or the most popular authors with it. American cryptocurrency exchange Coinbase has entered the Indian market. Representatives of the company said that the citizens of India show a serious interest in cryptocurrencies and a desire to use new products, which makes this market promising, despite the country's strict legislation. Also, this week, the Da Vinci Locker (DVL) cross-chain NFT trading platform, created based on the Cardano blockchain, was launched. Its main goal is that any owner of a unique intellectual product can turn it into an NFT token and sell it without intermediaries. DVL will use Cardano's version of OpenSea smart contracts.
Next week, quotes of most cryptocurrencies may continue to decline or consolidate.
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Apr 11, 2022 at 10:53
The BTCUSD pair was actively declining last week and by its end reached the 42200 mark (Fibo retracement 23.6%), which it is actively testing at the moment.
The general pressure on the cryptocurrency sector was exerted by the comments of US Fed officials, indicating an acceleration of monetary policy tightening. In particular, a sharper increase in rates is expected (by 0.50%) and a rapid reduction in the regulator's balance sheet (by 95B dollars monthly). These measures are aimed at reducing the rate of inflation and should support the exchange rate of the US currency. A number of experts, for example, Galaxy Digital founder Michael Novogratz, believe that the cryptocurrency sector will be under pressure for the entire period of active actions of the US Fed, at least until the end of the year, but as soon as the economic situation stabilizes, we can expect a new serious growth of digital assets.
An additional pressure factor was the ban on the provision of cryptocurrency services to individuals and legal entities from Russia and Belarus, including deposits and maintenance of cryptocurrency wallets. Earlier, experts believed that economic sanctions caused by the Ukrainian crisis would force large Russian capital to enter the crypto market, but there are fewer opportunities for this.
Technically, if the price is consolidated below the 42200 mark (Fibo retracement of 23.6%), the decline in the digital asset will be able to continue to the levels of 40000, 37500 (Murray [4/8]). The key for the 'bulls' is the level of 43750 (Murray [6/8]). Its breakout will give the prospect of resuming growth in the area of 46300 (Fibo retracement of 38.2%), 48200 (the area of March highs). Technical indicators do not give a single signal: the Bollinger Bands are directed horizontally, the MACD histogram is preparing to move into the negative zone and form a sell signal, but the Stochastic can leave the oversold zone and form a buy signal.
Resistance levels: 43750, 46300, 48200 | Support levels: 42200, 40000, 37500
The general pressure on the cryptocurrency sector was exerted by the comments of US Fed officials, indicating an acceleration of monetary policy tightening. In particular, a sharper increase in rates is expected (by 0.50%) and a rapid reduction in the regulator's balance sheet (by 95B dollars monthly). These measures are aimed at reducing the rate of inflation and should support the exchange rate of the US currency. A number of experts, for example, Galaxy Digital founder Michael Novogratz, believe that the cryptocurrency sector will be under pressure for the entire period of active actions of the US Fed, at least until the end of the year, but as soon as the economic situation stabilizes, we can expect a new serious growth of digital assets.
An additional pressure factor was the ban on the provision of cryptocurrency services to individuals and legal entities from Russia and Belarus, including deposits and maintenance of cryptocurrency wallets. Earlier, experts believed that economic sanctions caused by the Ukrainian crisis would force large Russian capital to enter the crypto market, but there are fewer opportunities for this.
Technically, if the price is consolidated below the 42200 mark (Fibo retracement of 23.6%), the decline in the digital asset will be able to continue to the levels of 40000, 37500 (Murray [4/8]). The key for the 'bulls' is the level of 43750 (Murray [6/8]). Its breakout will give the prospect of resuming growth in the area of 46300 (Fibo retracement of 38.2%), 48200 (the area of March highs). Technical indicators do not give a single signal: the Bollinger Bands are directed horizontally, the MACD histogram is preparing to move into the negative zone and form a sell signal, but the Stochastic can leave the oversold zone and form a buy signal.
Resistance levels: 43750, 46300, 48200 | Support levels: 42200, 40000, 37500
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Apr 12, 2022 at 10:03
ETHUSD
The downward movement continues
The ETHUSD pair started the week lower as part of the general market trend and fell below 3000. Experts continue to link the general weakening of the market with investors' reaction to the upcoming serious tightening of the US Federal Reserve's monetary policy. Investors fear that the US economy will react with a slowdown to a sharp increase in interest rates or even start a recession. Yesterday, in this background, the yield of 10-year bonds reached a three-year high of around 2.78%, which led to a decrease in risky assets, including cryptocurrencies. According to several representatives of the cryptocurrency community, the digital asset sector will remain under pressure as long as the regulator continues to tighten monetary policy, which may take a long time. However, after stabilizing the economic situation, serious growth will resume.
As for Ethereum itself, the developers continue to prepare for the transition to the Proof-of-Stake (PoS) algorithm and the launch of the Ethereum 2.0 network. On Monday, the developers tested the merger of the two networks, the so-called 'shadow fork,' which was successful but had several minor problems. The next stage of the test is scheduled for April 22. After it, the developers will probably be able to determine the launch date of the Ethereum 2.0 network more accurately, as one of the leading experts, Tim Beiko, hinted at. Ethereum founder Vitalik Buterin previously assumed that the transition to the new system would take place before July of this year.
Support and resistance
Technically the price is trading around 2950 (Murrey [6/8], Fibonacci retracement 23.6%). Consolidation below this level allows a decline to 2656.75 (Murrey [1/8]) and 2500.00 (Murrey [0/8]). The key 'bullish' level is 3281.25 (Murrey [5/8], Fibonacci retracement 38.2%, the middle line of Bollinger bands). Its breakdown allows growth to 3595 (Murrey [7/8], Fibonacci correction 50.0%), 3900.00 (Murrey [+1/8], Fibonacci correction 61.8%). The indicators do not give a single signal: Bollinger bands and Stochastic are horizontal, and the MACD histogram is preparing to move into the negative zone and form a sell signal.
Resistance levels: 3281.25, 3595, 3900 | Support levels: 2950, 2656.75, 2500.
The downward movement continues
The ETHUSD pair started the week lower as part of the general market trend and fell below 3000. Experts continue to link the general weakening of the market with investors' reaction to the upcoming serious tightening of the US Federal Reserve's monetary policy. Investors fear that the US economy will react with a slowdown to a sharp increase in interest rates or even start a recession. Yesterday, in this background, the yield of 10-year bonds reached a three-year high of around 2.78%, which led to a decrease in risky assets, including cryptocurrencies. According to several representatives of the cryptocurrency community, the digital asset sector will remain under pressure as long as the regulator continues to tighten monetary policy, which may take a long time. However, after stabilizing the economic situation, serious growth will resume.
As for Ethereum itself, the developers continue to prepare for the transition to the Proof-of-Stake (PoS) algorithm and the launch of the Ethereum 2.0 network. On Monday, the developers tested the merger of the two networks, the so-called 'shadow fork,' which was successful but had several minor problems. The next stage of the test is scheduled for April 22. After it, the developers will probably be able to determine the launch date of the Ethereum 2.0 network more accurately, as one of the leading experts, Tim Beiko, hinted at. Ethereum founder Vitalik Buterin previously assumed that the transition to the new system would take place before July of this year.
Support and resistance
Technically the price is trading around 2950 (Murrey [6/8], Fibonacci retracement 23.6%). Consolidation below this level allows a decline to 2656.75 (Murrey [1/8]) and 2500.00 (Murrey [0/8]). The key 'bullish' level is 3281.25 (Murrey [5/8], Fibonacci retracement 38.2%, the middle line of Bollinger bands). Its breakdown allows growth to 3595 (Murrey [7/8], Fibonacci correction 50.0%), 3900.00 (Murrey [+1/8], Fibonacci correction 61.8%). The indicators do not give a single signal: Bollinger bands and Stochastic are horizontal, and the MACD histogram is preparing to move into the negative zone and form a sell signal.
Resistance levels: 3281.25, 3595, 3900 | Support levels: 2950, 2656.75, 2500.
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Apr 13, 2022 at 12:36
XRPUSD, technical analysis
Ripple continues to trade within a wide descending channel. At the end of last month, quotes tested its upper limit around 0.8930, after which they began to decline, which continues to this day.
The day before, the price tested the level of 0.6836 (Murray [2/8]), fixing below which will give the prospect of further decline to the levels of 0.6348 (Murray [1/8]), 0.5859 (Murray [0/8]) and 0.5371 (Murray [-1/8]). The key level for the 'bulls' is seen at 0.7810 (Murray [4/8], Fibonacci retracement 23.6%). If this level is broken out, as well as the center line of Bollinger Bands, the quotes may try to leave the descending channel and return to 0.8930 (Fibonacci retracement 38.2%).
Technical indicators don't provide a clear signal: Bollinger Bands are reversing downwards, MACD is increasing in the negative zone, and Stochastic has entered the oversold zone, which does not exclude the corrective growth. In general, a continuation of the decline in the long-term downtrend in the near future seems more likely.
Resistance levels: 0.7810, 0.8930, 0.9277 | Support levels: 0.6836, 0.6348, 0.5859, 0.5371.
Ripple continues to trade within a wide descending channel. At the end of last month, quotes tested its upper limit around 0.8930, after which they began to decline, which continues to this day.
The day before, the price tested the level of 0.6836 (Murray [2/8]), fixing below which will give the prospect of further decline to the levels of 0.6348 (Murray [1/8]), 0.5859 (Murray [0/8]) and 0.5371 (Murray [-1/8]). The key level for the 'bulls' is seen at 0.7810 (Murray [4/8], Fibonacci retracement 23.6%). If this level is broken out, as well as the center line of Bollinger Bands, the quotes may try to leave the descending channel and return to 0.8930 (Fibonacci retracement 38.2%).
Technical indicators don't provide a clear signal: Bollinger Bands are reversing downwards, MACD is increasing in the negative zone, and Stochastic has entered the oversold zone, which does not exclude the corrective growth. In general, a continuation of the decline in the long-term downtrend in the near future seems more likely.
Resistance levels: 0.7810, 0.8930, 0.9277 | Support levels: 0.6836, 0.6348, 0.5859, 0.5371.
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Apr 14, 2022 at 13:38
ADAUSD, the downward trend continues
This week, the ADAUSD pair declined as part of the general market trend and dropped to the 0.913 area. The cryptocurrency sector remains under pressure in anticipation of the US Federal Reserve's sharp tightening of monetary policy amid strong inflation. According to the latest March data, this figure increased to 8.5%, which increases the likelihood of a rate hike at the next meeting of the US regulator immediately by 0.50%.
Yesterday, the asset managed to win back part of the losses after the comments of the founder of Cardano, Charles Hoskinson. Speaking on his YouTube channel, he announced the imminent Vasil hardfock, which should take place in June and lead to a significant increase in network performance due to the launch of the data pipeline function. The solution will optimize the network for the needs of the growing volume of applications in the DeFi market.
Technically, the crypto asset price continues to trade within a long-term downtrend. The key for the 'bears' is 0.9277 (Murrey [3/8]), fixing below which will allow quotes to rush to 0.8300 (Murrey [1/8]), 0.7812 (Murrey [0/8]). The continuation of the downtrend is signaled by the downward reversal of Bollinger bands and the transition of the MACD histogram into the negative zone. The exit of Stochastic from the oversold zone may mean a correction to the area of 1.1000 (the middle line of Bollinger bands), but this is unlikely to lead to a reversal of the downtrend.
Resistance levels: 0.9765, 1.1 | Support levels: 0.9277, 0.83, 0.7812
This week, the ADAUSD pair declined as part of the general market trend and dropped to the 0.913 area. The cryptocurrency sector remains under pressure in anticipation of the US Federal Reserve's sharp tightening of monetary policy amid strong inflation. According to the latest March data, this figure increased to 8.5%, which increases the likelihood of a rate hike at the next meeting of the US regulator immediately by 0.50%.
Yesterday, the asset managed to win back part of the losses after the comments of the founder of Cardano, Charles Hoskinson. Speaking on his YouTube channel, he announced the imminent Vasil hardfock, which should take place in June and lead to a significant increase in network performance due to the launch of the data pipeline function. The solution will optimize the network for the needs of the growing volume of applications in the DeFi market.
Technically, the crypto asset price continues to trade within a long-term downtrend. The key for the 'bears' is 0.9277 (Murrey [3/8]), fixing below which will allow quotes to rush to 0.8300 (Murrey [1/8]), 0.7812 (Murrey [0/8]). The continuation of the downtrend is signaled by the downward reversal of Bollinger bands and the transition of the MACD histogram into the negative zone. The exit of Stochastic from the oversold zone may mean a correction to the area of 1.1000 (the middle line of Bollinger bands), but this is unlikely to lead to a reversal of the downtrend.
Resistance levels: 0.9765, 1.1 | Support levels: 0.9277, 0.83, 0.7812
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Apr 25, 2022 at 12:16
]
Last week, the BTCUSD pair had an ambiguous trend: the quotes rose to the 42950 area but then lost all the gains and fell to 38500, where they are now being traded.
The cryptocurrency sector is under pressure from a likely sharp change in monetary policy parameters by the US Federal Reserve at its next meeting in May. Last Thursday, the head of the US regulator, Jerome Powell, announced the need to increase the interest rate by 50 basis points to slow down the growth of record inflation. The “hawkish” policy of the authorities will strengthen the dollar's position relative to other assets, including cryptocurrencies. Against this background, there is an outflow of funds from major players in the market. ETH, ADA, and SOL suffered the most, but BTC is the leader in capital loss. According to the analytical company CoinShares, the active withdrawal of funds from the first cryptocurrency has been going on for the second week, and since the beginning of this month, “digital gold” has lost 196M dollars of investor funds.
The price is decreasing, approaching 37500 (Murrey [4/8]), repeatedly but unsuccessfully tested in late February and early March. Consolidation below it allows further fall to 35300 (Murrey [3/8], the lower border of the ascending channel). The key 'bullish' level is 41000 (the middle line of Bollinger bands), which breakout allows growth to 43750 (Murrey [6/8]) and 46300 (Fibonacci correction 38.2%).
Technical indicators signal the continuation of the downward trend: Bollinger bands and Stochastic reverse downwards, while the MACD histogram increases in the negative zone.
Resistance levels: 41000, 43750, 46300 | Support levels: 37500, 35300
Last week, the BTCUSD pair had an ambiguous trend: the quotes rose to the 42950 area but then lost all the gains and fell to 38500, where they are now being traded.
The cryptocurrency sector is under pressure from a likely sharp change in monetary policy parameters by the US Federal Reserve at its next meeting in May. Last Thursday, the head of the US regulator, Jerome Powell, announced the need to increase the interest rate by 50 basis points to slow down the growth of record inflation. The “hawkish” policy of the authorities will strengthen the dollar's position relative to other assets, including cryptocurrencies. Against this background, there is an outflow of funds from major players in the market. ETH, ADA, and SOL suffered the most, but BTC is the leader in capital loss. According to the analytical company CoinShares, the active withdrawal of funds from the first cryptocurrency has been going on for the second week, and since the beginning of this month, “digital gold” has lost 196M dollars of investor funds.
The price is decreasing, approaching 37500 (Murrey [4/8]), repeatedly but unsuccessfully tested in late February and early March. Consolidation below it allows further fall to 35300 (Murrey [3/8], the lower border of the ascending channel). The key 'bullish' level is 41000 (the middle line of Bollinger bands), which breakout allows growth to 43750 (Murrey [6/8]) and 46300 (Fibonacci correction 38.2%).
Technical indicators signal the continuation of the downward trend: Bollinger bands and Stochastic reverse downwards, while the MACD histogram increases in the negative zone.
Resistance levels: 41000, 43750, 46300 | Support levels: 37500, 35300
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Apr 26, 2022 at 10:01
Since the beginning of this month, the ETHUSD pair has maintained a downward trend: earlier, the price dropped to the area of 2800, but then regained lost positions, returning to the 3000 mark.
The trading instrument is influenced by two main opposite factors. The expectation of a sharp increase in interest rates from the US Fed at a meeting in early May exerts pressure on the positions of ETH, as well as on the rest of the cryptocurrency sector. The consequence of this may be the strengthening of the US currency, but already there is an outflow of capital from the largest digital assets (BTC, ETH, ADA, SOL and others). So, over the past three weeks, ETH has lost about 59.3M dollars, or about a third of the total amount of funds withdrawn from the sector during this period.
On the other hand, the rapid transition of the Ethereum network from the Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoS) prevents the decline in quotations. Despite the fact that the merger of the Ethereum and Ethereum 2.0 networks was postponed for several months (previously it was assumed that it would happen in June), investors remain optimistic, believing that the new network will significantly speed up transaction processing and ETH will be able to catch up with digital gold in capitalization.
Currently, the key zone for the 'bulls' is 3065-3125 (the middle line of the Bollinger Bands, Murray [4/8]), with the breakout of which upward dynamics will continue to 3281.25 (Fibo retracement of 38.2%, Murray [5/8]), 3437.5 (Murray [6/8]). Consolidation of the price below the level of 2925 (Fibo retracement of 23.6%) will give the prospect of a decline to the levels of 2812.50 (Murray [2/8]), 2656.25 (Murray [1/8]), 2500 (Murray [0/8]).
Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, but the Stochastic has reversed upwards.
Resistance levels: 3125, 3281.25, 3437.5 |Support levels: 2925, 2812.5 2656.25, 2500
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Apr 27, 2022 at 12:47
Ripple
Technical Analysis
XRPUSD continues to trade within a wide descending channel. At the end of March, quotes unsuccessfully tried to get out of it through the upper border and since then have continued a steady downward movement.
This week, the price of the token has tested the level of 0.6348 (Murray [1/8]), consolidating below which will give the prospect of further price decline to the levels of 0.5859 (Murray [0/8], Fibonacci retracement 0.0%) and 0.5371 (Murray [-1/8]). The key for the 'bulls' seems to be the level of 0.6836 (Murray [2/8]), and if it is broken upwards, it will be possible to resume growth with a new attempt to test the upper border of the descending channel. The targets of the move will be 0.7324 (Murray [2/8], center line of Bollinger Bands) and 0.7812 (Murray [4/8], Fibonacci retracement 23.6%).
Bollinger Bands downward reversal and the increase in the MACD histogram in the negative zone signal a continuation of the downtrend; however, Stochastic is reversing upwards from the oversold zone, which does not exclude corrective growth.
Resistance levels: 0.6836, 0.7324, 0.7812 | Support levels: 0.6348, 0.5859, 0.5371
Technical Analysis
XRPUSD continues to trade within a wide descending channel. At the end of March, quotes unsuccessfully tried to get out of it through the upper border and since then have continued a steady downward movement.
This week, the price of the token has tested the level of 0.6348 (Murray [1/8]), consolidating below which will give the prospect of further price decline to the levels of 0.5859 (Murray [0/8], Fibonacci retracement 0.0%) and 0.5371 (Murray [-1/8]). The key for the 'bulls' seems to be the level of 0.6836 (Murray [2/8]), and if it is broken upwards, it will be possible to resume growth with a new attempt to test the upper border of the descending channel. The targets of the move will be 0.7324 (Murray [2/8], center line of Bollinger Bands) and 0.7812 (Murray [4/8], Fibonacci retracement 23.6%).
Bollinger Bands downward reversal and the increase in the MACD histogram in the negative zone signal a continuation of the downtrend; however, Stochastic is reversing upwards from the oversold zone, which does not exclude corrective growth.
Resistance levels: 0.6836, 0.7324, 0.7812 | Support levels: 0.6348, 0.5859, 0.5371
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May 02, 2022 at 08:03
Last week, BTCUSD was trading in the range of 40625 - 37500 (Murray [2/8]-[0/8]) under pressure from the upcoming US Federal Reserve meeting, which will announce a reduction in the balance of the regulator and an increase in the interest rate to 0.50%, which should strengthen the position of the US currency. The prospects for the growth of the US dollar against alternative assets are forcing investors to abandon cryptocurrencies, which confirms the outflow of capital from BTC, ETH, and other market leaders.
Meanwhile, the publication of weak data on the US Gross Domestic Product in the current quarter (a decrease of 1.4% was recorded) led to a short-term upward correction in BTCUSD, as it created the possibility of a slowdown in rate growth to 25 percentage points. It is worth noting that the market's enthusiasm was quickly exhausted, since most experts agreed that the current contraction of the US economy is not a sign of an impending recession, but is the result of temporary factors, so the country's financial authorities will probably not back down from their intention to tighten the monetary policy parameters more aggressively.
The instrument has now resumed its decline approaching 37500 (Murray [0/8]), which has been repeatedly tested earlier. Consolidation of the price below it will give the prospect of further downward movement to the level of 35300 (Murray [3/8], the lower limit of the ascending channel). The key point for the 'bulls' seems to be at 39900.00 (the center line of Bollinger Bands), if it is broken out, BTCUSD will strengthen to the area of 42187.5 (Murray [3/8], Fibonacci retracement of 23.6%) and 437500 (Murray [4/8]).
Technical indicators indicate the continued downtrend: Bollinger Bands and Stochastic are reversing downwards, and the MACD histogram is increasing in the negative zone.
Resistance levels: 39900, 42187.5, 43750 | Support levels: 37500, 35300
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May 03, 2022 at 08:00
ETHUSD has continued its steady decline since April and hit seven-week lows around 2717 last week.
Starting from the weekend, the quotes of the digital asset are attempting an upward correction; however, a serious strengthening of the rate is possible only after the price overcomes the area of 2930 - 2968.27 (Fibonacci retracement 23.6%; Murray [3/8], the center line of Bollinger Bands). In this case, the targets will be at 3125 (Murray [4/8]), 3281.25 (Murray [5/8], Fibonacci retracement 38.2%). The key level for the 'bears' is at 2812.50 (Murray [2/8]), and its repeated breakdown will allow the quotes to continue their downward movement to the area of 2656.25 (Murray [1/8]) and 2500 (Murray [0/8]).
Technical indicators don't provide a clear signal:
Bollinger Bands are directed downwards, and the MACD histogram is growing in the negative zone, which confirms the continued downtrend; however, Stochastic is directed upwards, which does not exclude the development of corrective growth.
Resistance levels: 2968.27, 3125, 3281.25 | Support levels: 2812.5, 2656.25, 2500
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May 09, 2022 at 10:00
The BTCUSD pair continues to trade within a downtrend, under pressure from the May meeting of the US Federal Reserve on monetary policy.
Last week, the price of 'digital gold' attempted to rise to 40000 after the head of the US regulator, Jerome Powell, denied the possibility of accelerating the pace of raising interest rates to 75 basis percentage points, which caused investors to hope for a reduction in the risks of a recession in the national economy and returned interest in risky assets in the short term. However, the decline continued, and by now, the quotes have reached their lows of this January, around 33030.
The fall in the stock market, with which digital assets are actively correlated, also harms the cryptocurrency sector. Several experts believe that investors still perceive BTC and altcoins as risky assets that should be disposed of during instability.
Currently, the price of the BTCUSD pair has fallen below 34375 (Murrey [3/8]) and may continue to decline towards 31250 (Murrey [2/8]). The key 'bullish' level is 38350 (the middle line of Bollinger bands), a breakdown of which may lead to the resumption of growth of the trading instrument to 40625 (Murrey [5/8]), 43750 (Murrey [6/8]), however, such an option price movement seems less likely, as technical indicators reflect the continuation of the downward trend: the Bollinger and Stochastic bands are directed downwards, the MACD histogram is increasing in the negative zone.
Resistance levels: 37500, 38350, 40625, 43750 | Support levels: 31250, 28125
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May 11, 2022 at 12:27
The XRPUSD pair is falling along with the rest of the cryptocurrency market within a wide downward channel, reaching its lowest level since last March, around 0.4682 yesterday.
The pressure on the sector is still associated with the tightening of the monetary policy of the US Federal Reserve, which strengthens the position of the US currency compared to alternative assets. Also, experts note that due to the arrival of many institutional investors in digital assets, their correlation with the stock market has increased, and the fall of the latter over the past month and a half has harmed cryptocurrencies. As for XRP itself, the legal proceedings between Ripple and the US Securities and Exchange Commission (SEC) are putting additional pressure on the token. The process continues to drag out, and most experts expect it will be completed only next year, although the chances of a faster resolution of the situation remain. In this regard, the survey conducted by Finder among the leading experts in the cryptocurrency market is interesting. According to analysts, if Ripple wins in court by the end of the year, the token will be able to reach 2.55 dollars, and otherwise, it will restore part of the lost positions but will not rise above 0.68 dollars.
The price is testing 0.4883 (Murrey [5/8]). If it consolidates below it, the quotes may fall to 0.3906 (Murrey [4/8]). The key 'bullish' level is 0.6130 (the middle line of Bollinger bands). Its breakout allows growth to 0.6836 (Murrey [7/8], the upper limit of the downward channel) or 0.7812 (Murrey [8/8], Fibonacci correction 23.6%). The downward reversal of Bollinger bands and the increase in the MACD histogram in the negative zone indicate the continuation of the downward trend, but the exit of Stochastic from the oversold zone does not exclude corrective growth.
Resistance levels: 0.6130, 0.6836, 0.7812 | Support levels: 0.4883, 0.3906
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