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FXOpen

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  1. GBP/USD Turned Bearish and AUD/USD Struggling Near 0.7535 GBP/USD struggled this past week and declined below the 1.3500 and 1.3455 support levels to move into a bearish zone. On the other hand, AUD/USD is moving higher, but it is currently struggling to clear the 0.7535/40 resistance. Important Takeaways for GBP/USD and AUD/USD - The British Pound is currently under pressure and it could test 1.3400. - Resistances on the upsides are seen at 1.3450, 1.3490 and 1.3525. - Upsides in AUD/USD are capped near a bearish trend line with resistance at 0.7535 on the hourly chart. - The Rightmove House Price Index in the UK increased 0.8% (MoM) in May 2018, more than the last +0.4%. GBP/USD Technical Analysis The British Pound started a major downside move from well above 1.3550 against the US Dollar. The greenback buyers took control this past week, which pushed the GBP/USD pair below the 1.3520, 1.3500 and 1.3455 support levels. It recently traded as low as 1.3427 and is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the 1.3527 high to 1.3427 low at 1.3450. The stated 1.3450 resistance zone was a support earlier and now it will most likely act as a strong hurdle for buyers. Continue reading...
  2. Ether Loses Momentum, Dash Up Ether has lost the upward momentum versus BTC. While a new swing high was made today, the coin has made meager gains in the past two weeks. Ether Loses Momentum Ether prices have lost the positive momentum vs bitcoin. We are currently quoted at 0.08414 BTC, below the highs hit back on May 6th. Nonetheless, ETH/BTC remains in an uptrend on the daily charts. To end it the bears will have to make a decisive push below the 0.07703 BTC swing low. A breakdown below 0.07413 BTC is needed for a new downtrend. Higher up there’s weak resistance above the 0.085 BTC round figure. This is followed by the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the longer-term weekly charts Ether is range-bound. The trend is bullish on the monthly charts, which take a longer time to turn. Continue reading on FXOpen blog
  3. Bitcoin, Litecoin Back in a Bear Market Both bitcoin and litecoin are back in a bear market on the daily charts. One bitcoin is selling for $8,722 dollars right now while LTC is quoted at $145,66 dollars per coin. Bitcoin Back in a Downtrend As noted in our previous article, BTC/USD is now back in a bear market. Last week we saw a drop of over $1,000 dollars during which a low of $8,202 was hit. From here we got somewhat of a dead-cat bounce, helped by the Consensus conference. But with the event already underway and technicals turning bearish, speculators could start to ‘sell the news’. Weak support on the way down can be found at the $8,202 swing low, followed by the $8,000 round figure. Further down we have more support at $7,821, another notable swing low. A strong support area below can be found in the $6,420 to $6,600 dollars range. This is where we bottomed out during the last selloff. A decisive break below here could open the door for a break of this year’s low at $5,980 dollars. Continue reading...
  4. More Gains for Bitcoin Since last Tuesday bitcoin prices advanced by $439 dollars or almost 5 percent. Naturally the uptrend on the daily charts is still in place. To end it the bears will have to push us below the $8,650 swing low. A new downtrend requires a breakdown below the next swing low at $7,821 dollars per coin. Further down there’s strong support around the $6,420 swing low. A clearing of this strong support area would open the way for a break of this year’s low at $5,980 dollars per coin. Higher up there’s some resistance at the psychological $10,000 figure, followed by more resistance at $10,680, $11,000 and $11,769 dollars. On the weekly charts BTC/USD is range-bound but the monthly charts are still keeping the bullish bias. Similarly to last week there have been no major news catalyst behind the moves. There has been some chatter from China regarding the legality of some bitcoin trading platforms but so far there hasn’t been any fire, only smoke. Read about Litecoin on FXOpen blog.
  5. Do you prefer crypto to traditional currencies? ForexCup and FXOpen broker have a challenge for you to try your strength in cryptocurrency trading. “The Lord of the Crypto” is a free demo contest for crypto fans. The journey for the win will last for four weeks between May 7 and June 1. You will find awesome prizes on arrival with a total amount equivalent to 3,000 USD. You can trade 39 crypto pairs with Bitcoin, Litecoin, Ethereum, Dash, Emercoin Namecoin, Peercoin, Bitcoin Cash, Ripple, EOS, IOTA, Ethereum Classic, Monero, NEO, OMNI. JOIN THE FELLOWSHIP OF THE CRYPTO What you should know about the contest: dates: May 7 - June 1, 2018; registration is already open and will last until May 20, 2018; prize fund: 3,000 USD; number of winners: 10. The prize money will be added to the winner's account in any cryptocurrency available with FXOpen at the exchange rate at the moment of prize crediting or in USD. Learn more...
  6. Bitcoin Rally Continues The rally in BTC/USD continues with more gains during the past few days. As noted previously, with the break above the $8,425 dollars swing high we’re back in a bull market on the daily charts. There’s weak resistance higher up at $9,887 dollars followed by a stronger level at the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars. Fundamentally no major news have been released to trigger the current bull market in cryptos. The several smaller news events have been both bullish and bearish for the price. The current rally may end if we get a decisive break below the $7,821 swing low. A new bearish trend needs a break of the support around the $6,420 swing low. A clearing of this strong support area would open the way for a break of this year’s low at $5,980 dollars per coin. On the longer-term weekly charts BTC/USD is range-bound but the monthly charts are keeping the bullish bias. Read about LTC/USD on FXOpen blog.
  7. No Follow-through for Bitcoin Bitcoin prices are having a hard time making headway during the past five days. We saw a new high of $8,425 on Sunday but this was quickly sold into by the bears. We are currently quoted at $8,102 dollars. Bitcoin is still in a range on the daily charts. To end it we need a breakout above $8,425 dollars to the upside. As usual we’re looking for a decisive breakout here not just a brief and shallow spike higher. Higher up there’s more resistance around the $9,000 round figure and the $9,165 swing high. Further up we have the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars. On the lower end the bears need a break of the support around the $6,420 swing low. A clearing of this strong support area would open the way for a break of this year’s low at $5,980 dollars per coin. On the longer-term weekly charts BTC/USD is range-bound as well. The monthly charts are still looking bullish. Read about LTC/USD on FXOpen blog.
  8. Bitcoin Back in Range After Spike Bitcoin prices surged from $6,859 to $8,069 dollars yesterday, a gain of 17.64 percent. We are currently quoted at $8,048 dollars per coin. But what’s even more astounding is that the spike happened during the span of forty minutes. No major news can be pinned to the sudden buying as of yet. While the shocking gains today may tempt some to ‘FOMO‘ back in, bitcoin is now only in a range on the daily charts. A new bullish trend requires a breakout above the $9,165 swing high. Below we find weaker resistance levels at $9,018 and $9,000 dollars. Above there’s the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars. On the way down there’s a strong area of support around $6,420 to $6,600 dollars. A clearing of this support and a move below $6,420 would re-start the downtrend in BTC/USD. Further down we have this year’s low at $5,980 dollars. A breakdown below here may lead to more losses. Lower still the area around the $5,000 round figure is another notable support. On the weekly charts bitcoin is also range-bound but the monthlies are keeping the bullish bias. Read about LTC/USD on FXOpen blog
  9. Ether Downtrend Still in Force The downtrend for ETH/BTC continues for another week. Right now the crypto is trading at 0.05430 per BTC, around 4 percent off the lows. We’ve been mostly range-bound during the past few days but we’re still far from ending the bearish trend on the daily charts. For that to happen the bulls need to push us above the 0.06030 BTC swing high. Higher up a break above 0.072 BTC is needed to trigger a new uptrend. Below current prices there’s major support in the 0.050 – 0.052 BTC area. A decisive break below the 0.05 round figure would exacerbate the losses for Ether. On the longer-term charts ETH/BTC is looking range-bound on the weeklies but bullish on the monthly charts. Read about DSH/BTC on FXOpen blog.
  10. Bitcoin Bounces From Lows Bitcoin is quoted at $7,378 dollars right now, a gain of 15 percent from the lows. However, this bounce is still very much in the realm of ‘dead cat’, as counting from the start of March bitcoin is down by 29 percent. To end the current downtrend on the daily charts BTC/USD needs to break the $9,018 swing high. A new uptrend may commence if we decisively break the $9,165 high. Higher up there’s more resistance at the $9,887 swing high followed by the $10,000 round figure. A breakout above here may accelerate the gains. But with BTC at $7,378 we are still far from that scenario. Read more on FXOpen blog.
  11. Bitcoin Down 10 Percent Bitcoin is down since our last update, from $8,839 to $7,501 dollars right now. The downtrend noted in last week’s article remains in place for BTC/USD. To end it the bulls need to push bitcoin back above the $9,165 swing high. A rally beyond the $9,887 swing high is needed for a new uptrend. However due to the proximity of the $10,000 round figure, its likely that many will wait for its break before committing to the rally. Resistance higher up can be found at $10,680 dollars, followed by the double top around $11,769 dollars per coin. A breakout above here may lead to more gains. On the lower end we have support at the $7,287 swing low, followed by the major crash low at $5,980 dollars. Of course the round figures at $7,000 and $6,000 dollars may act as temporary support as well. On the longer-term charts the picture is mixed. The weekly chart is range-bound while the monthly is still showing a bullish bias. Read about LTC/USD on FXOpen blog
  12. Ether Drops 16 Percent Ether has dropped over 16 percent in the past seven days and is currently quoted just below the 0.06 round figure. The altcoin has been in a persistent downtrend versus bitcoin since the middle of February, losing over a third of its value during this time. Support below can be found at the latest swing lows around 0.059 and the 0.06 round figure. This is followed by the 0.05405 swing low and the 0.05 BTC round figure. Read more on FXOpen blog
  13. Bitcoin Bounces but Downtrend Remains After large losses of over $2,000 last week BTC/USD hit a high of $9,020 today. Softer tones on crypto regulation from the G20 helped to ease investor sentiment somewhat. During the weekend Mark Carney, the head of the Financial Stability Board, said that ‘crypto-assets do not pose risks to global financial stability at this time’ citing the relative size of the overall market cap. However a later mention in the G20 communique pledged to apply money laundering and terrorist financing standards to cryptocurrency. The G20 also called for more information and recommendations on crypto regulation by July. Read more on FXOpen blog
  14. Bitcoin Falls Over 20 Percent Bitcoin has lost over 20 percent of its value during the last ten days. With the break below the $9,211 level, BTC re-entered a bear market on the daily charts. After that breakdown, we saw a substantial decline to $7,656 dollars yesterday. Since then prices bounced back a bit but this seems to be a dead-cat rally. A breakout above $11,769 dollars is needed to end the current downtrend. A move above here would also turn the trend from down to up. Support on the way down can be found at $7,656 (weak) followed by the $7,536 swing low. Last month’s low at $5,980 is another notable support level. A break below here could lead to more losses. On the weekly charts, BTC/USD is range-bound. The monthlies are still keeping the bullish bias. But as we’ve said previously, an eventual change of trend on this time-frame could take many months. Read about LTC/USD on FXOpen blog
  15. Bitcoin Continues Range-bound Trading The high but directionless volatility continues in BTC/USD. During the past seven days we traded as low as $9,270 and as high as $11,054 dollars. While bitcoin is down this week it hasn’t broken any important support levels yet. A new downtrend requires a break below the $7,705 swing low. Above here we find support at the $10,000 round figure, followed by $9,280 swing low. Further down we have the previous resistance now turned support at $9,049, closely followed by the $9,000 round level. Higher up there’s resistance at yesterday’s high of $11,054 but a new uptrend needs a breakout above the $11,769 swing high as well. The swing high at $12,161 dollars is another notable resistance level. We have more levels higher up at $12,629, $12,982 and the $13,000 round figure. On the weekly charts BTC is range-bound as well but the monthly charts are still in an uptrend. Read also about LTC/USD on FXOpen blog
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