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FXOpen

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About FXOpen

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  1. LTC/USD AND EOS/USD IN A BEARISH PENNANT LTC/USD From Monday’s spike at $62 the price of Litecoin has retraced by 11.8% as its currently trading at $54.73. Looking at the hourly chart we can see that the price action is now back on the descending channels resistance line, which now serves as a support. As you can see, the price action formed an ascending channel that breaks out from the descending one. But it results in a painful and slow upward move followed by a massive red candle bringing the price back inside the territory of the descending channel. It happened on Monday and happened two more times previously. I believe that this will happen this time as well and the price is heading down to the lower support zone line at $49.2 or even lower to the support zone lower line 2 at $44.62. Continue reading...
  2. BTC/USD From Friday’s low at $6238 the price of Bitcoin has spiked up to $7784 yesterday but has quickly pulled back and is currently hovering around $6763. Looking at the daily chart we can see that the price broke out from the descending triangle which dates from the beginning of February as yesterday’s candle closed above the resistance level at $6740. The candle closed leaving a massive 13.4% spike from $7788 which is the prior range support now serving as resistance. As today’s candle is still around the yesterday’s candle close levels we are yet to see if this ends as a fakeout. Continue reading...
  3. Dash Breaks Down, Ether on Life Support The relatively long stability in the crypto market ended yesterday when prices of all major coins tumbled. Bitcoin dropped by 5.6 percent, while ETH/BTC lost 10.6 percent and Dash closed down by 7.5 percent. Yesterday’s crash was enough to put Dash into a downtrend while Ether is flirting with the support around 0.03 BTC. A break of this level could put the coin back in a bear market. Ether on Life Support Ether prices dropped by over 10 percent yesterday to hit a low of 0.02946 BTC at one point but quickly bounced from here. A decisive breakdown below this level could re-start the downtrend in ETH/BTC. On the lower end we have weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support. Continue reading...
  4. Litecoin Bounces at Support, Trend Down It has been an uneventful seven days for bitcoin and litecoin. Both coins are trading not far from where they were during our update last week. Bitcoin Little Changed Bitcoin is trading little changed compared to last Tuesday. We are quoted at $6,255 dollars right now, a drop of only $43 or just under 1 percent. As you can see on the chart below, during the past ten days we’ve been trading in a tight range between $6,100 and $6,600 dollars. A breakdown below $6,100 dollars could trigger a new downtrend on the daily charts. Conservative traders may wait for a break of this year’s low at $5,790 dollars before jumping in. On the top end the bulls need a break of this month’s high at $7,409 dollars to start an uptrend in prices. Continue reading...
  5. Dash Bucks Crypto Downtrend Dash is bucking the general downtrend in altcoin prices. While ETH made new yearly lows, Dash is now in rally mode vs BTC. Ether Hits New 2018 Lows On Wednesday ETH/BTC hit a new 2018 low at 0.02620 BTC. The represents a loss of 48% from the 0.05052 BTC price recorded only one month ago. In USD terms ETH hit a low of $167 dollars on September 12th before bouncing. We are currently quoted at 0.03138 BTC, around 20 percent off the lows. Continue reading...
  6. The crash of bitcoin that started on September 5th abruptly ended the rally. In the span of 16 hours BTC lost almost 15 percent of its value, falling from $7,381 to a low of $6,294 dollars. Most cryptos followed suit, with Litecoin declining by close to 21% during the same time period.

     

    Bitcoin Drops by 15 Percent

     

    As noted above BTC/USD dropped by close to 15 percent in the span of 16 hours. The crash started around midday on September 5th from $7,381 dollars, a low of $6,294 dollars was hit in the morning on September 6th. From here we stabilized a bit but two days later a new low of $6,116 dollars was made.

     

    BTCUSDDaily-sept12-2-Copy-768x361.png

     

    Some pinned the selling on news that Goldman Sachs will not open a crypto trading desk anytime soon. However this seems like too small of a catalyst for such a large market over-reaction. We are currently quoted at $6,298 dollars per coin.

     

    Continue reading...

  7. BITCOIN, LITECOIN ENTER BULLISH TERRITORY Bitcoin is quoted at $7,373 dollars right now, up by $1,068 dollars compared to two weeks ago. Back then one coin was selling for $6,305 dollars. In percentage terms this is a gain of close to 17 percent. The gains seem to be mostly a technical affair, as there were no major positive news during the past few weeks. The trend on the daily charts has now switched to bullish. A break below $6,570 dollars is needed to end it. A move beyond the $6,000 round figure could re-awaken the bear. More support on the way down can be seen at $7,155, $7,046, $6,864 and $6,800 dollars per coin. A move below $5,700 could easily lead to a test of the $5,000 price level. Continue reading...
  8. Bitcoin, Litecoin Barely Changed Both bitcoin and litecoin are trading very close to where they were last week. Bitcoin is down by $25 dollars or 0.4 percent. Litecoin is trading lower by $1.04 dollars or 1.9 percent. Bitcoin Down Only 0.4 Percent Bitcoin prices are only lower by 0.4% percent compared to our article last week. Still BTC/USD remains in a downtrend on the daily charts. To end it we need a breakout above $6,646 dollars. A breakout above $7,705 dollars is needed for a new rally. In-between these two important levels there’s potential resistance at $6,840, $7,155 and $7,212 dollars per coin. On the lower end there’s strong support in the $5,700 to $6,000 dollars area. This is a quadruple bottom for BTC/USD, with the latest test bottoming out at $5,883 dollars last week. If the bears manage to clear out this area we could see quick losses toward the $5,000 round figure. Continue reading at FXOpen forex blog
  9. Ether, Dash Crash 24 Percent Both Ether and Dash had some large losses during the past seven days. Ether fell to a new yearly low of 0.04205 BTC. Dash also fell to a new 2018 low at 0.02186 BTC. Both coins bounced somewhat from these lows but they remain firmly in a downtrend. Ether crashed by 18 percent since our yesterday's update. Measured to the lows the decline was around 24 percent. The clearing of the 0.05 – 0.0524 BTC area acted as a catalyst to further losses. We are quoted at 0.04556 BTC right now, significantly below the 0.05542 BTC price recorded last week. Ether is still in a downtrend versus bitcoin. The number to watch is the swing high at 0.05845 BTC. A decisive breakout above here would both end the downtrend and start a new rally in prices. Below this however we have the former strong support area at 0.05 – 0.0524 BTC. This area should now turn to resistance. Other resistance levels above 0.05845 BTC can be found at 0.063 BTC, 0.06734 BTC, 0.07168 BTC and 0.07292 BTC. A break above 0.07292 BTC may lead to more gains. The 0.06 and 0.07 BTC round figures may also act as weak resistance. Continue reading at FXOpen blog
  10. Bitcoin prices hit new monthly lows of $5,883 dollars before stabilizing somewhat. Litecoin hit a new 2018 low yesterday at $49.10 dollars before rallying higher. It’s quoted at $54 dollars right now. Bitcoin Hits Monthly Lows As noted above BTC/USD hit new lows for this month before stabilizing. We are trading at $6,330 at the moment, not far from the $6,488 dollars quoted last week. In that article we said that the $5,700 to $6,000 area will provide some support. This is exactly where the current downmove decided to stall. A decisive clearing of this area should open the door to the $5,000 round figure. The latest bounce seems like a dead-cat. The lack of a fundamental driver coupled with the relatively small gains shouldn’t give much hope for an extended move. Continue reading...
  11. Bitcoin prices are back in a downtrend after falling 10 percent after yesterday’s SEC decision. Litecoin followed suit, breaking out from its range and starting its own bearish trend. Bitcoin Down After Delayed ETF Decision Bitcoin prices dropped close to 10 percent in the past 14 hours. The main catalyst behind the news was the U.S. Securities and Exchange Commission delaying a decision on the VanEck-SolidX ETF until September. While this may not seem like such a bad decision, this is exactly how the SEC treated the Winklevoss ETF. That decision was delayed for years, exhausting all legal delay options, then ultimately refused early last year. Today’s delay comes only 11 days after the SEC rejected the Winklevoss ETF for a second time. As we noted in our article back then, based on the reasons given by the agency, the VanEck-SolidX bid in August should be dead in the water too. Continue reading...
  12. After a long period of consolidation, Ether entered a downtrend vs BTC. Meanwhile Dash continued the bearish trend from the week prior. Ether Enters Downtrend We finally got a decisive break of support in ETH/BTC. Earlier the pair tried to start a new downtrend but was rebuffed twice as bulls rallied us back above the 0.07 BTC mark. Yesterday we got a sharp break below the previous low at 0.06734 BTC and unlike previous times we kept going. Today a new two-month low of 0.06232 BTC was hit. We are currently quoted just above here at 0.06139 BTC. Continue reading...
  13. Possible Breakout for Bitcoin After a prolonged period of low volatility and range-bound trading the crypto market rallied yesterday. Bitcoin jumped by $288 dollars to close the day at $6,663 dollars per coin. Litecoin rallied by $3.92 to close at $82.94 dollars yesterday. Possible breakout for Bitcoin Bitcoin finally ended the downtrend started back in May of this year. The crypto rallied by 4.5% yesterday. Today we’re gaining more ground with BTC/USD quoted at $6,712 right now. Bitcoin looks set to test the important resistance at $6,840 dollars per coin. A decisive breakout above here would start a new BTC rally. Above here there’s weak resistance at the previous swing low of $7,046 dollars. Resistance higher up can be found at the $7,775 swing high. This is followed by more levels at $8,590 and 8,880 dollars. The $10,000 round figure is another notable resistance level. A breakout above here could lead to more gains. Continue reading...
  14. Gold and Crude Oil Buyers Face Uphill Task Gold price is correcting higher, but it is facing a major resistance near $1,248. Crude oil price is under pressure, and on the upside, there are key resistances near $70.25 and $70.70. Important Takeaways for Gold and Oil - Gold price declined this week and settled below the $1,250 support against the US Dollar. - There is a crucial bearish trend line formed with resistance near $1,247-48 on the hourly chart of gold. - Crude oil price is likely to face many resistances on the upside like $70.25 and $70.70. - China’s Trade Balance in June 2018 posted a surplus of $41.60B, well above the forecast of $27.61B. Gold Price Technical Analysis Gold price remained in a downtrend this week from well above the $1,260 pivot level against the US Dollar. The price declined and broke many supports such as $1,254 and $1,250. It traded towards the $1,240 level and formed a low near $1,241. It is currently correcting higher and it already moved above the $1,244 resistance. It also broke the 23.6% Fib retracement level of the last decline from the $1,256 high to $1,241 low. However, there is a significant resistance formed near $1,248 and the 50 hourly simple moving average. There is also a crucial bearish trend line formed with resistance near $1,247-47 on the hourly chart of gold. Continue reading...
  15. Ether is desperately trying to cling on to the support around 0.07 BTC. Meanwhile Dash hit new 15-month lows today at 0.03335 BTC. Ether Teeters on Support Ether is quoted at 0.06946 BTC right now, desperately trying to climb back above the 0.07 BTC figure. Two days ago a new multi-week low of 0.06734 BTC was hit but as you can see on the chart below we bounced back quickly from here. While the support is now technically broken, we can’t call for a downtrend yet. For that to happen we need to see a decisive breakdown of a level not just a quick and shallow break. A break of 0.06734 BTC is now needed for a new downtrend. Weak support below here can be found at 0.06606 BTC followed by the former swing high at 0.05906 BTC. Continue reading...

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