Cryptocurrencies Market Update ➡️ Solid ECN

SOLIDECN

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Nov 16, 2021
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The XRPUSD pair is moving within a wide downward channel, but it has been consolidating around 0.41 in relative equilibrium for the second week.

At the moment, the asset's downtrend is maintained, signaled by a downward reversal of the Bollinger and Stochastic bands. To resume a serious decline, the price will have to break below the support zone of 0.4100–0.3650, and in this case, the trading instrument will be able to continue moving towards 0.2930 (Murrey [3/8]) and 0.1953 (Murrey [2/8], the lower limit of the downwards channel). The key "bullish" level is 0.4883 (Murrey [5/8]), above the middle line of Bollinger bands, the breakdown of which will give the prospect of resuming the upward dynamics of the token quotes to the area of 0.6000 (Murrey [6/8], Fibonacci correction 23.6%), 0.6836 (Murrey [7/8]) but so far this variant of further movement seems less likely.

Resistance levels: 0.4883, 0.6000, 0.6836 | Support levels: 0.3650, 0.2930, 0.1953

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SOLIDECN

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Nov 16, 2021
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ADAUSD is trading within a downtrend; however, the price has been consolidating for the last two weeks in anticipation of new movement drivers. The cryptocurrency market is in a state of balance, as the consequences of further tightening of monetary policy in the United States are balanced by the possibility of a recession in the American economy, in which assets alternative to the dollar will again have a chance to ascend.

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Currently, the token is testing the level of 0.4882 (Murray [1/8]), consolidation below which will give the prospect of further decline to the area of 0.3906 (Murray [0/8]), 0.2929 (Murray [-1/8]). If the center line of Bollinger Bands and the level of 0.5859 (Murray [2/8]) is broken out, the growth of quotations may resume to the levels of 0.6835 (Murray [3/8]), 0.7812 (Murray [4/8]). However, a further decline in the trading instrument seems to be preferable for now, since technical indicators confirm the continuation of the downtrend: Bollinger Bands and Stochastic are reversing downwards, and MACD histogram is stable in the negative zone.

Resistance levels: 0.5859, 0.6835, 0.7812 | Support levels: 0.4882, 0.3670, 0.2929, 0.1953​
 

SOLIDECN

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Nov 16, 2021
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In early May, the bidders tested the key support in the area of 28800, the breakdown or retention of which will have a significant impact on the further dynamics of the BTCUSD pair.

The collapse of the Terra ecosystem, one of the most ambitious developments in the field of decentralized finance (DeFi), led to a decrease in the total value of the cryptocurrency sector by more than 83B dollars, as investors rushed to more secure safe haven assets. BTC reacted with a decline to the global support of 28800 and temporarily stopped near this area.

Holding this level by the "bulls" will allow the asset to regain an uptrend with a target in perspective for several years in the area of the historical maximum of 68300. Additional support for the crypto market can be provided by investor sentiment, which will switch from the USD to riskier assets. This will require global stabilization – the equalization of global inflation and the end of the military conflict in Ukraine, or at least the transition to the stage of de-escalation. Otherwise, with the breakdown of the 28800 level and the price consolidation below it, the rapid decline of "digital gold" will continue with a target at around 19200.

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The mid-term trend formally remains downward, but a sideways movement is now forming on the chart with resistance in the area of 30650 and support at the level of 28580.00. A breakout of the resistance level will open up prospects for an upward movement up to the 34050 mark. A breakdown of the support level will lead to an update of the May low of 26800.

Resistance levels: 30650, 34050, 37340 | Support levels: 28580, 26800

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SOLIDECN

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Nov 16, 2021
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$28800 prevents the asset from further decline
Over the past four weeks, sellers in the BTCUSD pair have been testing the key support level of 28800 but have not been able to consolidate below it. The "bearish" activity is probably gradually declining, and soon "digital gold" may start an upward movement with the first target around 34500.

The pressure on the cryptocurrency is exerted by the policy of the US Federal Reserve, aimed at raising interest rates and tightening monetary conditions. At the meeting on June 15, the "hawkish" policy of the financial authorities will continue, and the market expects the index to be corrected by at least another 50 basis points. The attention of investors towards the US currency switched towards the end of last year when bitcoin set an all-time high around 68200. However, the cryptocurrency continues to be popular with traders, especially against the backdrop of global instability, as it can serve as a hedge against inflation, which is accelerating in all developed countries.

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From the standpoint of technical analysis, around 28800, the direction of the asset's dynamics is determined. If the level can be kept, the growth will continue with the targets at 34500 and 48050. Otherwise, the global trend will reverse to a downtrend with the target at 19200.

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The medium-term trend is slowly turning upwards. Last week, the traders managed to break through the resistance level of 30650.00, and now the growth target is 32350. If it is overcome, the quotes will rush to the area of 34050. The key trend support is shifting to 28500.

Resistance levels: 30650, 34050, 37340 | Support levels: 28500, 26800​
 

SOLIDECN

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Nov 16, 2021
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xrpusd-forum-2.png


XRPUSD, H4
On the four-hour chart, there is a narrowing of the price in the side channel of 0.3572 – 0.4345, which indicates an imminent impulsive movement of quotes. The formation of a "bullish" candlestick analysis pattern Inverted Hammer above 0.3755 signals that the asset has reached a local low, while the Bullish Belt-Hold pattern emphasizes buyers' confidence. Most likely, the quotes of the token will head towards 0.4345, consolidation above, which will allow the XRPUSD pair to rise to the zone of 0.4751 – 0.5373. An alternative scenario will be relevant if the buyers fail to hold the key support level of 0.3572.

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XRPUSD, D1
On the daily chart, there is a formation of a Symmetrical Triangle price pattern, after which the price can go either upwards or downwards. Considering that the instrument is currently trading at the bottom at a strong support level, then most likely, the movement will be upwards, which is confirmed by the formation of a series of "bullish" Hammer patterns. In the current situation, the most likely scenario is the growth of the asset to the area of 0.4345 – 0.5373.

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Resistance levels: 0.4345, 0.4751, 0.5373 | Support levels: 0.3572, 0.3043, 0.2614​
 

SOLIDECN

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Nov 16, 2021
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Decline within the general market trend​

ADAUSD is actively declining as part of the general market dynamics, being at 0.6448.

On the global chart of the asset, the price is trading in a stable downtrend, turning into a full-fledged trend at the end of March after overcoming the Fibonacci 61.8% full retracement level at 1.2230. However, recently the quotes have been actively rising, having reached the level of an initial Fibonacci retracement of 23.6% at 0.6400, in case of fixing above which the local growth will continue until reaching the level of a complete Fibonacci retracement of 61.8% (0.9298).

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Technical indicators confirm a likely upside scenario, reversing towards growth: fast EMAs on the Alligator indicator have already crossed the signal line from below and began to expand the range of fluctuations, while the AO oscillator histogram has moved into the buy zone, having overcome the zero level, and continuing to form rising bars.

Resistance levels: 0.7480, 0.9298 | Support levels: 0.4546, 0.3​
 

SOLIDECN

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Nov 16, 2021
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ETH USD, H4​

On the four-hour chart, the Bear flag price pattern formed, which has completely completed its formation, reaching 1079.74. At this support level, sellers met resistance caused by forming a "bullish" Engulfing pattern, which included a reversal model of the Hammer candlestick analysis. In this situation, it is obvious that the asset is strongly oversold, and the "bulls" will be able to win back part of the lost positions successfully. After the breakout of the resistance level of 1429.97, the upward dynamics will continue to the area of 1746.30–2153.01. If the support level of 1079.74 is held, the quotes may go down to 898.98–565.22.

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ETH USD, D1​

On the daily chart, the Downwards triangle price pattern has completed its formation, and now there is the formation of a "bearish" Three black crows candlestick analysis pattern, which signals a continuation of the downtrend. At the support level of 1079.74, a Hammer reversal pattern is formed, indicating a possible reaching of the base price. After successfully forming this pattern, the scenario with an upward trend seems to be the most probable. Consolidating of the "bullish" positions above the resistance level of 1429.97 will allow the asset to head higher to the range of 1746.30–2153.01.

Resistance levels: 1429, 1746, 2153 | Support levels: 1079, 898, 565

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SOLIDECN

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XRP USD, the downtrend continues​

Although the court hearings between Ripple and the US Securities and Exchange Commission (SEC) in the case of an unregistered sale of securities under the guise of XRP tokens for a total of 1.3B dollars are still ongoing, the company is actively developing and offers its partnership to large international brands. So, yesterday, the Brazilian platform for international transfers, Remessa Online, announced that it was able to significantly increase its cross-border payment traffic thanks to the cooperation with Ripple, which supplies enterprise blockchain solutions based on RippleNet technology.

Yesterday it became known that the popular wallet for storing coins, Xumm Wallet launched an update, thanks to which its users could make transactions from XRPL accounts, avoiding entering a login and password. The solution also allows users to issue a limited set of rights, which significantly increases the safety of user data.

In general, despite the general fundamental background, cryptocurrency quotes are declining, like the entire market, and there are still few prospects for growth, especially yesterday, the US Federal Reserve meeting, the decision of which may strengthen the position of the US dollar, which is the quoted currency in the pair.



Asset quotes are falling within the global downward channel, approaching the support line. Technical indicators maintain a stable sell signal: indicator Alligator’s EMA oscillation range is quite wide, and the histogram of the AO oscillator forms downward bars in the negative zone.

Resistance levels: 0.3712, 0.5022 | Support levels: 0.2785, 0.2​
 

SOLIDECN

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Nov 16, 2021
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ADA USD, trading within a local downtrend​

On the global chart of the asset, the price is in a stable downtrend, continuing unsuccessful attempts to break the year’s low of 0.4340, which significantly increases the likelihood of a more significant rebound and upward correction. After the completion of this local growth, the downward dynamics may increase to the initial trend of 61.8% on the Fibonacci extension, around 0.1555.

At the four-hour time interval, trading is taking place within the Expanding formation pattern, within which the formation of the fourth wave has begun, which should become ascending, reaching the resistance line around 0.8731.

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Technical indicators confirm the probable upward scenario, reversing upwards: fast EMAs on the Alligator indicator began to actively approach the signal line, narrowing the range of fluctuations, and the AO oscillator histogram is close to the transition level, although it forms bars with a downward trend.

Resistance levels: 0.6451, 0.8731 | Support levels: 0.4340, 0.1554
 

SOLIDECN

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Nov 16, 2021
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BTCUSD, the crypto market remains under pressure​

The BTC USD pair continues its rapid decline for the third week in a row and fell below the 18000 mark, but currently the price has returned to the 20000 area, which is seen as key for investors.

The main factor of pressure on the cryptocurrency sector is still the sharp tightening of the monetary policy of the US Fed, which creates serious risks of recession in the American economy. As a result, bidders are increasingly abandoning risky assets, including investing in shares of technology companies and cryptocurrencies. It should be noted that at present, the stocks of focused on the digital sector MicroStrategy, Coinbase, Silvergate Capital and others are subject to the greatest negative impact. Thus, the loss of MicroStrategy due to the fall of the market amounted to 1B dollars. Last week, it also became known that the cryptocurrency hedge fund Three Arrows Capital is exploring the possibility of selling its assets, and the Asian-focused crypto lender Babel Finance announced the suspension of work.

In general, digital assets are under serious pressure, and the situation will continue to worsen as the US Fed further increases interest rates.

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Technically, the key zone for the "bears" is 20000 - 18750. If it breaks down, the decline can continue to 15625 (Murray [1/8]), 12500 (Murray [0/8]) and 10000. With a breakout of the level of 21875 (Murray [3/8]), an increase in the area of 25000 (Murray [4/8], the middle line of the Bollinger Bands) is not excluded, but it is unlikely to lead to a reversal of the current downward trend, the persistence of which is confirmed by technical indicators: the Bollinger Bands are reversing downwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 21875, 25000, 31250 | Support levels: 20000, 18750, 15625, 12500, 10000​
 

SOLIDECN

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Nov 16, 2021
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XRP USD - Murrey analysis​

The XRP USD pair is moving within a wide downward channel but has been consolidating around 0.3200 for the second week already and, unlike other leading cryptocurrencies, has not yet been able to recover significantly.

The long-term downtrend continues, but for further decline, quotes will need to break through the zone of 0.3200–0.2930. After that, the price will open the way to 0.1953 (Murrey [2/8]) and 0.0977 (Murrey [1/8], the lower border of the downwards channel). The key "bullish" level is 0.3906 (Murrey [4/8]), the breakdown of which will give the prospect of prices recovering to 0.4883 (Murrey [5/8]), 0.5859 (Murrey [6/8]).

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Technical indicators do not give a single signal: Bollinger bands are directed downwards, the MACD histogram decreases in the negative zone, and Stochastic is directed upwards.

Resistance levels: 0.3906, 0.4883, 0.5859 | Support levels: 0.2930, 0.1953, 0.0977​
 

SOLIDECN

Master Trader
Nov 16, 2021
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ADA USD - Murray analysis​

The ADA USD pair continues to trade within the framework of a long-term downtrend. At the beginning of this week, the quotes attempted to grow, rising to the area of 0.5065, but then resumed the decline.

The key for the "bears" is the support zone 0.4310-0.3906 (Fibo retracement of 0.0%, Murray [4/8]), at the breakdown of which the cryptocurrency will fall to the area of 0.2929 (Murray [3/8]) and 0.1953 (Murray [2/8]). Meanwhile, the middle line of the Bollinger Bands (0.5257) is an important benchmark for the "bulls". Consolidation of the price above it will allow the quotes to continue the corrective growth to the levels of 0.6202 (Fibo retracement of 23.6%) and 0.7361 (Fibo retracement of 38.2%).

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Further downward dynamics of quotations seems preferable, which is confirmed by technical indicators: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.5257, 0.6202, 0.7361 | Support levels: 0.3906, 0.2929, 0.1953​
 

SOLIDECN

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Nov 16, 2021
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BTC USD - Murray analysis
The BTC USD pair continues to trade within the framework of a long-term downtrend, however, over the past week the price has consolidated around 21000, waiting for additional drivers of movement.

The key for the "bulls" is the resistance zone 21875-23000 (Murray [3/8], the middle line of the Bollinger Bands), with a breakout of which we can expect the price to return to 28125 (Murray [5/8], Fibo expansion 61.8%) and 31250 (Murray [6/8]). Otherwise, the decline in quotations will resume to the levels of 16900 (Fibo extension 100.00%), 12500 (Murray [0/8]), 10000.

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The further development of the current trend is confirmed by technical indicators: the Bollinger Bands are reversing downwards, the Stochastic has also approached the overbought zone, and the MACD histogram is decreasing in the negative zone, not excluding an upward correction, but its potential is seen to be limited.

Resistance levels: 21875, 23000, 28125, 31250 | Support levels: 16900, 12500, 10000​
 

SOLIDECN

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XRP USD - Murrey analysis​

An important support level of 0.2930 (Murrey [2/8], Fibonacci retracement 0.0%) is currently on the way of quotes, which the price has already unsuccessfully tested this month. Its breakdown will give the prospect of further decline to 0.1953 (Murrey [0/8]), 0.0977 (Murrey [–2/8]), and 0.0428 (61.8% Fibonacci extension). The key “bullish” level is 0.3906 (Murrey [4/8]). After the consolidation above it, recovery to 0.4883 (Murrey [6/8]), 0.5371 (Murrey [7/8], Fibonacci correction 23.6) may begin %), 0.5859 (Murrey [8/8]) is possible.

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Technical indicators generally confirm the continuation of the downward trend: Bollinger bands and Stochastic are directed downwards, while the MACD histogram is stable in the negative zone.

Resistance levels: 0.3906, 0.4883, 0.5371, 0.5859 | Support levels: 0.2930, 0.1953, 0.0977, 0.0428.​
 

SOLIDECN

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Nov 16, 2021
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BTCUSD - "digital gold" remains under pressure
In June, the coin showed the worst dynamics in 12 years, losing 38% of its value, and in Q2 the indicators dropped by 58% to the values of 2011. In the near future, the overall pressure on the cryptocurrency sector may increase, as serious economic difficulties that have arisen for a number of large companies focused on digital assets have joined the problem of global monetary policy tightening.

During Q2, global regulators repeatedly raised interest rates, in particular, the US Fed adjusted them by 125 basis points in total, bringing them to 1.75%. Such a rapid tightening caused investors to fear a recession and led to their withdrawal from risky assets, including digital ones. A serious decline in prices caused problems for a number of companies, only increasing the panic in the cryptocurrency market. Thus, due to the liquidity crisis, the activities of the large Singapore cryptocurrency hedge fund Three Arrows Capital, known for its "bullish" bets, were discontinued. The credit company Celsius Network and the crypto exchange CoinFLEX have suspended withdrawals for customers, citing "extreme market conditions." In an effort to reduce losses, the Huobi trading platform plans to cut about 30% of employees, and the Hong Kong OSL exchange – about 15%.

In general, the fundamental picture continues to be unfavorable and, according to a number of experts, within a few months BTC will be able to reach the "bottom" in the region of 10K dollars per coin.

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Technically, the price is close to the 18750 mark (Murray [2/8]), the breakdown of which will give the prospect of further decline to the levels of 15625 (Murray [1/8]), 12500 (Murray [0/8]) and 10000. With a breakout of the level of 25000 (Murray [4/8], Fibo retracement of 23.6%), growth will be able to resume to 28125 (Murray [5/8]), 31250 (Murray [6/8]).

Technical indicators do not give a single signal: the Bollinger Bands consolidate before a serious movement, the MACD histogram decreases in the negative zone, and the Stochastic is directed upwards.

Resistance levels: 21875, 25000, 28125, 31250 | Support levels: 18750, 15625, 12500, 10000​
 

SOLIDECN

Master Trader
Nov 16, 2021
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ETHUSD - the decline may continue​

The strengthening of the entire cryptocurrency sector was provoked by the strengthening of BTC positions, and as a result, altcoins. Observers believe that large "whales" made the purchase of the first cryptocurrency on Monday, which ensured growth, but the overall pressure of macroeconomic factors on digital assets remains. The expected increase in interest rates by the US Fed by another 75 points only increases the risks of recession and forces investors to withdraw from assets alternative to the dollar. It is possible that ETH positions will be able to support the transition of the Ethereum network to the Proof-of-Stake (PoS) algorithm, which is scheduled for August, but negative monetary factors are seen to be stronger and will continue to put pressure on the cryptocurrency sector at least until the end of the rate hike cycle by the regulator.

Nevertheless, Ethereum developers continue to prepare for the merger of networks. Last week, they released the Glacier update, the purpose of which was to delay the activation of the so-called Difficulty Bomb – a mechanism that makes generating new blocks and mining more complicated.

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The price is in the area of the middle line of the Bollinger Bands (1126.5). The key for the "bulls" is the 1250 mark (Murray [4/8]), the breakout of which will give the prospect of further growth to the levels of 1562.5 (Fibo retracement 23.6%, Murray [5/8]) and 1875 (Fibo retracement 38.2%, Murray [6/8]). In case of a breakdown of the level of 937.50 (Murray [3/8]), the decline will resume to 625 (Murray [2/8]), 500. Technical indicators do not give a single signal: the Bollinger Bands are horizontal and are consolidating, as happens before a serious price movement, the MACD histogram is shrinking in the negative zone, the Stochastic is directed upwards.

Resistance levels: 1250, 1562.5, 1875 | Support levels: 937.5, 625, 500​
 

SOLIDECN

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XRP USD - Murray analysis

Currently, the price has come close to the middle line of the Bollinger Bands in the area of 0.33, at the breakout of which the growth will be able to continue to the levels of 0.3906, 0.4395. The key for the "bears" remains the 0.293 mark, consolidation of the price below which will give the prospect of further decline to the level of 0.1953 (the lower limit of the descending channel.

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The downward trend in the market remains, however, the upward reversal of the Stochastic does not exclude the continuation of corrective growth, but this is unlikely to lead to a reversal of the current trend.

Resistance levels: 0.3300, 0.3906, 0.4395 | Support levels: 0.2930, 0.2441, 0.1953​
 

SOLIDECN

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BTCUSD Technical Analysis

Bitcoin closed slightly above $21,835 this morning. Stochastic and RSI are in overbought zone. Resistance is at $22,515, with a hold of this level the price is expected to decline to $20,000 - $18,629.

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Trading idea
Sell targeting $20,000 - $18,600 | SL: $22,515​
 

SOLIDECN

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BTC USD - monetary pressure on the token may continue​

The cryptocurrency sector remains under pressure due to the tightening of the US Federal Reserve's monetary policy and the industry's general problems associated with a significant decrease in the capitalization of market leaders. Investors reacted negatively to the June data of the US labor market, believing that they would remove the last concerns of US Federal Reserve officials and force them to increase the rate again by 75 percentage points, which will lead to additional strengthening of the dollar. In public speeches, representatives of the crypto-currency community are trying to calm each other, stating that the current "crypto winter" will play in favor of the market but this looks like an attempt to find at least something good in the current difficult situation for the sector.

The potential for a further decline in digital assets will remain.

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The trading instrument is testing the middle line of Bollinger Bands 20500 but the key "bearish" is 18750, the breakdown of which allows further decline to 15625 and 12500 and 10000.00. The breakout of 21875 (the upper line of Bollinger bands) allows growth to 25000(Fibonacci correction 23.6%), 28125.

Resistance levels: 21875, 25000, 28125, 31250 | Support levels: 18750, 15625, 12500, 10000​
 

SOLIDECN

Master Trader
Nov 16, 2021
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ETHUSD - Murray analysis​

The ETHUSD pair is trading within a wide long-term descending channel, however, in the last three weeks the decline has slowed down, and the price has formed a sideways range of 1000 -1250. Currently, the quotes are close to its lower limit, the breakdown of which will allow the downward movement to continue to the levels of 750, 500 (the lower band of the descending channel). With a breakout of 1250, growth will be able to resume to the area of 1500, 1750.

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The long-term downward trend in the asset remains, however, to strengthen it, quotes need to break through the current side channel. This may take some more time, which is confirmed by technical indicators illustrating the uncertainty of the market: the Bollinger Bands are horizontal, the MACD histogram is stable in the negative zone, and the Stochastic is directed downwards, but close to the oversold zone, which can become a catalyst for a reversal.

Resistance levels: 1250, 1500, 1750 | Support levels: 1000, 750, 500​