J.J. Edwards’ Market Analysis at FenzoFx

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Ethereum Turned Bullish After It Tested Last Week's Low​

FenzoFx—Ethereum resumed its bullish trend after testing last week's low at 2,340. Price action and candlestick patterns support the current momentum.

The Stochastic Oscillator at 65.0 suggests the market is not overbought, indicating a likely continuation of the uptrend. The next bullish target is last week's high at 2,755.

Bearish Scenario: If ETHUSD falls and holds below 2,340.0, the downtrend from 2,755 may extend to 2,130.0.

 

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LTC Once Again Presents a Buying Opportunity for Scalpers​

FenzoFx—Litecoin once again is testing the $93.0 resistance area, while the price has been below the 50-period simple moving average. This level hasn't been fully tested; therefore, if it holds, LTC will likely rise toward the $100.0 resistance.

Please note that a new bearish wave toward $88.0 could develop if LTC/USD dips and stabilizes below the aforementioned support area.

 

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Litecoin Technical Analysis​

FenzoFx—Litecoin is holding strong at the $93.35 support, fueling a new bullish wave. Bears tested this level in the last session, but it remained intact. As long as LTC stays above $93.35, the next target is $100.12, with potential for $102.95 if buying pressure increases.

 

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GBP/USD Forms a New Bearish Wave​

FenzoFx—GBP/USD tested the 1.3414 high for the third time since late April, currently forming a long wick bearish candlestick pattern in the daily chart.

From a technical perspective, a new bearish wave could be on the horizon if this level holds. In this scenario, the next bearish target could be the 1.3145 support.

 

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EUR/USD is Near a Strong Supply Zone: A Technical Analysis​

FenozFx—EUR/USD bullish run is nearing the $1.4020 resistance. This level of supply is significant because previously the currency pair experienced a sell-off from this point.

From a technical perspective, the current uptick in momentum will likely extend to $1.4020. But the pair will likely begin consolidating by losing 30 to 50% of its value before the uptrend resumes.

Traders and investors should monitor the $1.4020 area closely for bearish signals in a lower timeframe such as candlestick patterns during the NY session.

 

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Litecoin Approaches $104 Resistance​

FenzoFx—Litecoin's uptrend from $93.35 continued, reaching $100.00. Price is now targeting the $103.00–$104.00 resistance zone, where selling pressure may emerge.

A pullback to $98.00 is possible if the level holds. Traders should watch for bearish signals during the NY session.

 

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XRP (Ripple) is at a Critical Supply Zone: Will it Fall or Rise?​

FenzoFx—Ripple (XRP) is testing the resistance level, which expands from $2.40 to $2.46, with the Stochastic Oscillator hinting at an overbought market.

A new bearish wave could emerge if the resistance holds. In this scenario, the price could dip toward the 50.0% Fibonacci retracement level at $2.37, backed by the 50-SMA.

The bearish outlook should be invalidated if XRP/USD exceeds and stabilizes above $2.46.

 

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Litecoin's Uptrend & Outlook​

FenzoFx—Litecoin's uptrend started at $92.34 and hit a weekly high of $102.5, tested by buyers in today's Tokyo session. This resistance may be retested in London or New York.

The selling push at $102.5 left a long-wick candlestick but lacked strong volume, indicating buyers are still active. Today's range is 76% of yesterday's move, supporting this outlook.

• Bearish View: LTC/USD remains bearish below $103.0. We expect a retest at this level during the London session before declining toward $99.0.
• Invalidation: If LTC/USD closes above $103.0, the bullish target shifts to $110.0.