BTC drops, what next?Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will mark the main uptrend line with the yellow line, then we will mark the uptrend line with the blue line from which the price went down.
Now we can move on to marking the places of support in the event of a correction. And here we will start by checking the support using the trend based fib extension tool, we will mark a strong support zone from $25537 to $23992, if this zone does not hold the price we can see a rapid drop to around $21621. It is also worth spreading the Fibonacci grid in order to check the entire movement and here we can see that the price drop touched the so-called golden fibonacci point from which it quickly rebounded. We can further increase the level of the next support from $22,232 to $21,621.
Looking the other way, we will determine the places of resistance in a similar way. Here you can immediately see that the price rebound stopped at the $26974 resistance, and then we have a very strong resistance zone from $28663 to $31430, only when the price breaks it will it be able to move towards the $35849 resistance.
Despite the strong drop in price when we turn on the EMA Cross 50 and 200, we can see that the yellow line of the ema cross 50 stays above the blue line of the ema cross 200, which indicates an uptrend, it is worth watching these lines at this point because when the yellow crosses the blue line from above, it means that it is a return to a very strong downward trend.
Please pay attention to the CHOP index which indicates that the energy in the current movement has been used, on the RSI indicator we have also crossed the lower limit of the range which also indicates no energy depletion, and the STOCH trak indicator itself has exceeded the lower limit which confirms the depletion of energy and the possibility of ending the current correction prices.
Dailyanalysis
BTC/USDT 4H Review ChartHello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving in the downtrend channel.
Today we could see a strong downward movement in the price and in this situation the price fell below the strong support and now we have support at $26894 and then we have strong support at $25547.
Now let's go from the resistance line, as you can see the first resistance is $29190, if you manage to break it the next resistance will be $30197 and then we have a resistance zone from $31046 to $31894.
When we look at the CHOP index and the RSI and STOCH indicators, we can see that in the four-hour interval, the energy on each indicator was heavily depleted.
ETH/USDT 1H Interval Review ChartHello everyone, I invite you to review the chart of ETH in pair to USDT, also on an hourly interval. First of all, using the blue lines, we can mark the downtrend channel in which the price is currently moving.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see the price stays just below the first support at $1828.61, then we can mark a very strong support zone from $1780 to $1712, then we have support at $1625.69.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here in the first order we have a resistance zone from $1889 to $1916, then there is a second zone from $1944 to $1983 and then we have strong resistance at $2032.
The CHOP index indicates that there is a lot of energy for the upcoming move. On the RSI, we are moving in the lower part of the range, and the increase in the indicator gives a very small price increase, while the STOCH indicator indicates that there is still energy, so the price may fall lower.
BTC/USDT 1H Interval Review ChartHello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of one hour. First, we will use the blue lines to mark the local downtrend channel.
When we turn on the EMA Cross 50 and 200, we see that the yellow line of the ema cross 50 has crossed the blue lines of the ema cross 200 from above, which indicates the place of return to the strong downtrend where we are.
In order to mark the support we will use the trend based fib extension tool and here we see that the price stays just below the support line at $29167, then we have support at $28865, when the support is broken we can see the price drop to the support area of $28022.
Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $29427 to $29660, when we manage to break it, we have the second zone from $298848 to $30032, and then we can mark the third strong resistance zone from $30296 to $30635.
Please pay attention to the CHOP index which indicates that we have a lot of energy to move, on the RSI we are in constant rebound with a place for the price to go lower, while the STOCH indicator indicates that the increase in energy gives very small upward moves, which may affect the price correction.
ETH 4H Review ChartHello everyone, I invite you to review the chart of ETH in pair to USDT, also on a four-hour interval. First, we will use the yellow lines to mark the local triangle in which the price is moving.
Now let's move on to marking the places of support. We will use the trenf based fib extension tool to mark the supports, and as you can see, we first have a support zone from $1847 to $1838, then we have a second zone from $1828 to $1815, and then a strong support at $1798.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here you can see that the price has no strength to go through the resistance zone from $1851 to $1863, then we have resistance at $1872, another at $1881 and a very strong resistance at $1894.
The CHOP index indicates that there is still energy for movement. On the RSI, we stay around the middle of the range, while the STOCH indicator has the energy for the price to make a downward move.
BTC/USDT 1H Interval ReviewHello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price stays on the local uptrend line.
After unfolding the trend based fib extension grid, we see that the first support is at $29395, the second at $29338, the third at $29290, the fourth at $29244, and then there is the support zone from $29177 to $29092.
Looking the other way, the first resistance is at $29,471, the second at $29,533, the third at $29,582, the fourth at $29,631.
Looking at the CHOP indicator, we see that the energy has been used, the RSI is moving in the upper part, which can result in a price drop, and looking at the STOCH indicator, we have a lot of energy, which can affect the price correction.
ETH/USDT 1HInterval ReviewHello everyone, let's look at the ETH to USDT chart on a one hour timeframe. As you can see, the price has broken below the local uptrend line.
After unfolding the trend based fib extension grid, we see that the price stays in the support zone from $ 1847 to $ 1845, then we can see a drop to the support at $ 1841.46.
Now let's move on to resistance and we see that the first resistance is at $1848.83, then we have a resistance zone from $1850 to $1852, then resistance at $1853.44, then resistance at $1855.46.
Looking at the CHOP indicator, we can see that there is a lot of energy to move, the RSI is moving in the middle of the range with room for further price decline, while the energy on the STOCH indicator is used and there is some left which may give a bigger price correction.
BTC Dominance ReviewHello everyone, I invite you to check the current situation of BTC Dominance over the cryptocurrency market. first of all, we will mark the local downtrend channel in which we are moving, and what is more, we are approaching its upper limit.
Now we can move on to marking the places of support in the event of a correction. And here it is worth marking two support zones. The first zone starts at 49.88% and continues to 49.50%, then we have the second support zone from 48.87% to 48.45%.
Looking the other way, in a similar way using the fib retracement tool, we will mark the resistances that BTC dominance has to face, and here we first have resistance at 50.79%, then we have a strong resistance zone from 51.53% to 52, 11%, followed by resistance at 52.73% and further at 53.56%.
When we look at the RSI indicator, we see a strong increase and room for further upward movement, but the STOCH indicator gives information that the energy in this movement is running out, which may stop the current upward movement.
BTC/USDT 1HInterval reviewHello everyone, let's look at the BTC to USDT chart taking into account the timeframe of 1 hour. First, we will mark the local downtrend line under which the price is moving.
We will use the fib retracement tool to plot support and we see a support zone from $28996 to $28956, then there is a second zone from $28914 to $28854 and then strong support at $28779.
Now let's go from the resistance line, as you can see the first resistance is the zone from $29031 to $29108, if you manage to break it further we have the second zone from $29187 to $29296 and then strong resistance at $29438.
Looking at the CHOP indicator, we see that there is still energy for the current move, the RSI is at the lower limit, which in combination with the STOCH indicator on which we crossed the lower limit can give a local price increase..
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BTC Chart Review 4HIntervalHello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of four hours. First of all, we will use the yellow line to mark the uptrend line above which the price stays, while locally we can mark the downtrend channel in which the price stays at the upper edge.
When we turn on EMA Cross 50 and 200, we can see that they indicate a return to the downtrend and it is worth paying attention to whether the situation of a quick break down the longs and a return to the growth zone will not repeat.
Now, in order to determine the support places, we will use the trtend based fib extension tool, thanks to which we will mark the support zone from $ 29,506 to $ 28,765, but if the price goes lower, we have support at $ 28,008, and then strong support at $ 26,952.
Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $30,509 to $31,541, when we manage to break it, we can mark further resistance areas and here we have resistance at $32,367, then at $33,216, and another very strong resistance at $34,419.
Please pay attention to the CHOP index which indicates that there is still enough energy to make a move, the RSI is near the middle of the range, but we still haven't seen the lower limit touched, which may affect the price correction, moreover, we are approaching the upper limit on the STOCH indicator, which also can give you a price adjustment.
BNB/USDT 1H Chart Review Hello everyone, let's look at the BNB to USDT chart on a one hour timeframe. As you can see, the price is moving above the local uptrend line.
After unfolding the trend based fib extension grid, we see that there is a support zone from $242.8 to $242 first, then support at $241.39, and then the second zone from $240.73 to $239.81.
Looking the other way, we see a resistance zone from $243.92 to $244.58, resistance at $245.12, and then a second strong zone from $245.69 to $246.46.
The CHOP index indicates that there is still energy for a move, the RSI is approaching the upper limit again, which may reverse the direction of the price, while the STOCH indicator has crossed the upper limit, which may result in a stronger downward move.
BTCUSDT 4H Review!Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
When we unfold the trend based fib extension grid, we see that the first support is at $29232, then we have strong support at $29148 and the third at $29042.
Looking the other way, the first resistance the price is below is $29292, then the second resistance at $29360, the third at $29415 and then we have a strong resistance zone from $29472 to $29550.
The CHOP index indicates that there is energy for a move, the RSI is near the middle of the range, and the STOCH index indicates that downward movements are stronger, which may pull the price lower.
ADA 1D ReviewHello everyone, I invite you to review the ADA chart in a one-day interval. As we can see, the price has broken the downtrend lines, but you can see that the price is moving just above it, which could bring the ADA back into the downtrend.
Let's start by marking the price support spots and we see that first we have a $0.28 to $0.25 support zone, however if the price goes down we have another support at $0.22 and then a $0 support at $18.
Looking the other way, we can similarly identify the resistance points that the price has to face. And here we see that the current price quickly moved back to the resistance zone from $0.33 to $0.36. We still have $0.38 resistance, only when price breaks out will have to break through the very strong $0.40 to $0.42 zone.
As you can see, the attempt to exit the EMA Cross 200 up failed and the price quickly returned to the downward trend.
The CHOP index indicates that we have a small upward movement and a lot of energy is gathering, the RSI indicates a sideways trend and movement around the middle of the range, be careful because the energy collected can be used for dynamic movement. The STOCH indicator indicates that we can expect small increases, however, downward movements give a much larger price movement.
BTC 1H Review Short-Term!Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of one hour. First of all, we will use the blue lines to mark the uptrend channel, from which the price exited at the bottom and entered the downtrend channel formations. What's more, very often the exit from the channel is close to the size of the channel, in this situation we can see the price drop to around $28236.
In order to determine the support places for the BTC price, we will use the Trend Based Fib Extension tool, and here we see that the first support is at the price of $ 28973, then we can define the support zone of $ 28,528 to $ 28,171, but when the price breaks out of this zone, further we have very strong support at $27815 followed by $27305.
Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $29734 to $30009, when we break it we have resistance at $30277, then resistance at $30690, then very strong resistance at $31175.
The CHOP index indicates that the collected energy is used for a local price increase, the RSI indicates a significant increase with room for the price to go higher, but on the STOCH indicator we can see that we have exceeded the upper limit, which may affect the slowdown of the price increase and even return to correction.
ETH/USDT 1H Interval ReviewHello everyone, let's look at the ETH to USDT chart on a one hour timeframe. As you can see, the price is moving above the local uptrend line.
After unfolding the Fib Retracement grid, we see that the first support is at $1853, the second at $1848, the third at $1844 and the fourth at $1837.
Now let's move on to the resistances, first there is the resistance zone where the price is from $1855 to $1857, then resistance at $1860, third resistance at $1863, then fourth resistance at $1868.
The CHOp index indicates that there is still energy to move, the RSI moves around the middle of the range, while the STOCH index indicates that there is room for the price to go a little higher.
ETH/USDT 1DInterval Hello everyone, I invite you to review the chart of ETH in pair to USDT, also on a one-day interval. First, we will use the yellow line to mark the uptrend line above which the ETH price is staying.
Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we can first mark the support zone from $1784 to $1670, then we have support at $1559, and then another very strong support at $1399.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we will similarly mark the resistance zone from $ 2034 to $ 2160, the price of which has no strength to break through, but when it does, it must overcome a very strong resistance at the price of $ 2291.
The CHOP index indicates that there is still energy to continue the movement. On the RSI we see a rebound and a place for the price to go lower, while on the STOCH indicator we see that the energy has been consumed, although we can still see the price fall.
BTC/USDT 1DInterval ReviewHello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the downtrend line over which BTC is moving.
Now we can move on to marking the places of support in the event of a correction. And here, in the first place, it is worth marking the support zone from $ 29,484 to $ 28,738, but when we fall below this zone, we can see a drop to around $ 28,993 and even $ 26,941.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we will mark the resistance zone from $31,641 to $32,479. Once we manage to break through this zone we will move towards resistance at $33331 and then $34503.
It is worth turning on the EMA Cross 200, as we can see, the BTC price is still in a long-term uptrend.
Please pay attention to the CHOP index which indicates that there is still some energy left for the continuation of the downward movement, on the RSI we have a visible rebound, but with room for the price to go down, while the STOCH index indicates that most of the energy has been used
ETH/USDT 4H Interval ReviewHello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is staying below the local downtrend line.
When we unfold the Fib Retracement grid, we see that the price is in a strong support zone at $1902 to $1868, however as we move lower the next support is at $1823.
Looking the other way, we will similarly mark the resistance points for the price and here the first resistance is at $1932, then we have a strong resistance zone from $1970 to $1997, then resistance at $2030
The CHOP index indicates that there is still some energy left for the continuation of the move, MACD indicates a return to the local downtrend, and the RSI is moving in the lower limit, but with room for the price to go a little lower.
LTC/USDT Review 4H Hello everyone, I invite you to review the chart of LTC in pair to USDT. Let's start by marking the local downtrend line with a yellow line as we can see the price is about to try to break this line.
Moving on, we can move on to marking support areas when we start a larger correction. However, here we see that the price is at the upper border of the $93 to $87 strong support zone, when the price falls below this zone, the next support is at $80.
Looking the other way, we can mark the first support at $98.99, then we have a strong resistance zone from $105 to $109, only after an upward exit from this zone, the price will move towards resistance at $114.87.
When we turn on the EMA Cross 50 and 200, we can see that the price is moving just below the EMA Cross 200 and is close to an uptrend, which would indicate a return to the uptrend.
The CHOP index, which indicates that we have a lot of energy for the upcoming move, the MACD remains in the local uptrend, while the RSI has a visible increase, but there is room for the price to go a little higher in the coming hours.
BNB/USDT Short-TermHello everyone, let's look at the BNB to USDT chart on a one hour time frame. As you can see, the price is moving along the uptrend line.
After unfolding the trend based fib extension mesh, we see that the first support is at $243, then there is a support zone from $242 to $241, and then support at $240.
Now let's go from the resistance line, as you can see the first resistance is $246 and then the price needs to break the $247 zone to $248.
The CHOP index indicates that there is a lot of energy gathered, the MACD confirms the local uptrend, and the RSI is in the upper part, however, there is room for the price to go towards the first resistance.
BTC/USDT 1H Interval ReviewHello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has returned below the uptrend line.
Let's start with the support line and as you can see the first support in the near future is $29542, if the support is broken then we still have a support zone from $29342 to $29220.
Now let's go from the resistance line, as you can see the first resistance is $29999, if you manage to break it then the price needs to break the zone from $30238 to $30403.
The CHOP index indicates that the energy has been used, the MACD confirms the local downtrend, and the RSI has approached the lower limit, which may give a temporary sideways trend.
Daily Market Analysis - THURSDAY JULY 20, 2023Greetings, traders! Welcome back to our daily Market Analysis. Today, we have gathered the top news and interesting fundamental analysis for your consideration. Let's dive in and stay informed!
The market digests positive earnings reports and economic optimism, driving various assets higher. Among them, the Australian Dollar surges on the back of robust employment data. Investors are analyzing corporate earnings reports and economic indicators to gauge the health of the global economy.
The Australian Dollar has seen significant gains following the release of strong employment data, indicating positive economic momentum in the country.
Key News:
USA - Initial Jobless Claims
USA - Philadelphia Fed Manufacturing Index (Jul)
USA - Existing Home Sales (Jun)
On Wednesday evening, Dow futures experienced a decline, following the earlier surge in major benchmark averages, reaching new 15-month highs. Traders were closely analyzing the quarterly earnings results of significant companies reported during the session. The market was in the process of digesting this corporate financial data to assess its potential impact on future trends.
Dow Jones Industrial Average Index daily chart
Yesterday, US Treasury Secretary Janet Yellen delivered a positive outlook on the current economic conditions in the United States, which was well-received by the markets. The decreasing inflation has fostered optimism about the US economy's potential for a smooth landing. Yellen's confidence in the labor market cooling down without significant distress has further contributed to this positive sentiment.
If economic data continues to support this optimistic view, the market is likely to maintain confidence in a soft economic landing, leading to a gradual decline in the value of the US dollar. The S&P 500 index experienced a 0.7% increase yesterday, approaching levels last seen in early April when inflation concerns were more pronounced.
S&P 500 daily chart
The recent retail sales data from the US also supports the idea of a soft economic landing, with consumer spending showing growth, albeit at a slower pace. Despite this positive economic outlook, the yen is currently underperforming, as carry trades gain favor in the market. In Japan, the TOPIX index experienced a 1.0% increase, and the 10-year swap rate retreated after reaching highs earlier this month, surpassing 0.70% on Friday for the first time since March.
TOPIX daily chart
Governor Ueda's comments at the G20 summit in India have played a role in the recent rebound of USD/JPY and the decline in longer-term yields. His statement emphasized that achieving the 2% inflation goal is still a distant prospect, reaffirming the unchanged assumption reiterated in the overall narrative.
USD/JPY daily chart
The market's response to Governor Ueda's comments has tempered speculation about an immediate yield curve control (YCC) change in the upcoming week. However, the Bank of Japan (BoJ) might still make adjustments to YCC during the July meeting based on updated forecasts. Although yields currently show no upward pressure and are within the 0.50% band limit, the upcoming CPI data on Friday will be pivotal and could reignite speculation depending on the results.
On Thursday, the Australian dollar saw a substantial surge after the release of better-than-expected employment data in the country. Australia's net employment rose by 32,600 in June, exceeding market expectations for the second consecutive month of a 15,000 increase. As a result of this positive economic news, the Australian dollar surged more than 0.9% to reach an intraday high of $0.6834.
AUD/USD daily chart
On the other hand, the British pound suffered notable losses due to disappointing inflation data that fell short of market expectations. As a result, the market's anticipation of further aggressive interest rate hikes from the Bank of England (BoE) diminished. However, the pound managed to stage a slight recovery, gaining 0.15% to trade at $1.2958, after experiencing a decline of over 0.7% on the previous day.
GBP/USD daily chart
The euro, on the other hand, strengthened by 0.24% against the US dollar, reaching $1.1227. Investors are closely monitoring the upcoming European Central Bank (ECB) policy meeting for additional insights into the rate outlook. Recently, ECB policymakers have adopted a more dovish stance, with some indicating uncertainty about future rate increases beyond the likely 25 basis points increase expected in July.
