Cryptocurrencies Market Update ➡️ Solid ECN

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BTCUSD - Long-term market pressures persist​

The BTCUSD pair has been trading in the main range 19800−18750for more than two weeks: last week, the quotes of "digital gold" actively tested its upper limit, but could not consolidate higher and resumed the decline.

In general, the instrument remains under the influence of long-term negative factors. The continued increase in interest rates by the US Fed, the constant expectation of tighter regulation of the cryptocurrency market in the world's leading economies, the growth of geopolitical risks and the high probability of a global economic recession make digital assets less attractive to institutional investors. Moreover, recently there has been a tendency to decrease the popularity of cryptocurrencies among ordinary market participants. So, according to the latest Bankrate survey conducted among American youth, no more than 30% of respondents were interested in cryptocurrencies this year, while in 2020 this figure reached 50%. Experts believe that then the interest was primarily related to the rise in prices of digital assets and the possibility of quick earnings, the probability of which has sharply decreased in the current conditions.

Technically, the key for the "bears" remains the mark of 18750 (Murray [0/8]) at the lower border of the trading range, consolidation below which will allow the quotes to continue the downward movement to the levels of 17800 (June lows), 17187.5 (Murray [-2/8]), 16900 (Fibo extension 100.00). The most important for the "bulls" is the 19800 mark. If the price consolidates above it, the recovery of the positions of the trading instrument may begin in the area of 21093.75 (Murray [3/8]), 21875 (Murray [4/8]).

Resistance levels: 19800, 21093.75, 21875 | Support levels: 18750, 17800, 17187.5, 16900​

 

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ETHUSD - Trading within the mid-term descending channel​

This week, the quotes are trying to test the upper limit of the channel, but so far they are being held back by the middle line of the Bollinger Bands. If the price consolidates above the level of 1375, the growth may continue to the levels of 1450.00 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%), otherwise it is likely that the downward dynamics will resume and the price will return to the lower limit of the 1250 range, as well as the continuation of the movement of cryptocurrency quotes to the levels of 1125 (Murray [1/8]), 1000 (Murray [0/8]).

Despite the temporary consolidation of prices, the downward trend in the ETHUSD pair persists, which is confirmed by the downward reversal of the Bollinger Bands, however, the upward movement of the Stochastic and shrinking of the MACD histogram in the negative zone do not exclude the development of an upward correction, but its potential is seen to be limited.

Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000​

 

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XRPUSD - Technical Analysis​

This week, cryptocurrency quotes are actively adding in value, heading above the key level for the "bulls" of 0.4883 (Murray [2/8]) with subsequent targets at 0.5219 (Fibo retracement 38.2%) and 0.5548 (the area of September highs). The key for the "bears" is the support level of 0.4395 (Fibo retracement 23.6%, Murray [1/8], the middle line of the Bollinger Bands), the breakdown of which will be a catalyst for the development of downward dynamics to the levels of 0.3906 (Murray [0/8]) and 0.3418 (Murray [-1/8]), however, at the moment this option price movements seem less likely.

Technical indicators point out the continuation of the short-term upward trend: the Bollinger Bands and the Stochastic are reversing upwards, the MACD histogram is stable in the positive zone.

Resistance levels: 0.4883, 0.5219, 0.5548 | Support levels: 0.4395, 0.3906, 0.3418​

 

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BTCUSD - Monetary factors put pressure on the crypto market​

The trading instrument is testing the middle line of Bollinger bands around 19400, consolidation below which will give the prospect of further decline to 18750 (Murrey [0/8]), 18000 (Murrey [–1/8]), 16900 (Fibonacci extension 100). The key "bullish" level is 20312.5 (Murrey [2/8], the upper line of Bollinger bands). If it is broken upwards, the price will be able to leave the downwards channel and rise to 21093.75 (Murrey [3/8]) and 21875 (Murrey [4/8]).

Resistance levels: 20312.5, 21093.75, 21875 | Support levels: 19400, 18750, 18000, 16900​

 

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BTCUSD - Market Uncertainty Persists​

The BTCUSD pair had a rather volatile week, dropping to four-week lows around 18190 but then returned to 19940. However, quotes generally remain in the range of 19000–19400.

The sharp decline in prices was due to the release of September data on inflation in the US, which remained at very high levels: the consumer price index reached 8.2%, and Core CPI – 6.6%, which forced the US Federal Reserve to adopt “hawkish” rhetoric, strengthening the position of the American currency against the main competitors. However, the downward dynamics were short-term, and soon the trading instrument regained lost positions.

The price chart is probably forming a Downwards Triangle, and the trading instrument is close to exiting it. If it consolidates below the 19000–18750 zone, the decline will continue to 18000 (Murrey [–1/8]), 16900 (Fibonacci extension 100), and if 19531.25 (Murrey [1/8], the middle line of Bollinger Bands) is broken up resume by 20312.5 (Murrey [2/8]) and 21093.7 (Murrey [3/8]).

Resistance levels: 19531.2, 20312.5, 21093.7, 21875 | Support levels: 18750, 18000, 16900​

 

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ETHUSD - Murray analysis​

This week, the quotes have overcome the mark of 1321 (Fibo retracement 61.8%, the middle line of the Bollinger Bands) and can continue to grow to the upper limit of the lateral range of 1375, which will allow them to leave the descending channel and rise to the levels of 1450 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%). The reverse consolidation of the price below the level of 1321.00 will give the prospect of a return to the lower limit of the trading range of 1250, however, the resumption of serious downward dynamics is possible only in case of its breakdown. In this case, the targets will be 1125 (Murray [1/8]) and 1000 (Murray [0/8]).

Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000​

 

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ADAUSD - Murrey analysis​

The ADAUSD pair is moving within a short-term downtrend and this week reached the year's lows around 0.3418 (Murrey [–2/8]). Fixing the price below this level will give the prospect of further decline to 0.3173 (Murrey [–2/8] for H4) and 0.2900 (the lower border of the downwards channel). The key point for the "bulls" remains 0.3906 (Murrey [8/8]), supported by the middle line of Bollinger Bands. If it consolidates above it, the price will return to the main Murrey trading range and can rise to the area of 0.4150 (Murrey [1/8], upper downwards channel border) or 0.4395 (Murrey [2/8]).

Resistance levels: 0.3662, 0.3906, 0.415, 0.4395 | Support levels: 0.3418, 0.3173, 0.29​

 

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BTCUSD -Market uncertainty persists​

The situation remains uncertain: on the one hand, in the long term, the position of the cryptocurrency market continues to be pressured by an increase in the interest rate in the United States, which may accelerate since inflation cannot be slowed down, and the deterioration of the global economic situation, which can reduce the activity of miners due to an increase in electricity prices. On the other hand, the potential for a serious decline in quotes seems to be limited since investors who want to abandon digital assets have already done so. A short-term positive impact on the trading instrument is the addition of support for trading cryptocurrencies in the United States by one of the largest brokers, Oanda, which has entered into a partnership with Paxos itBit, a regulated cryptocurrency platform, which should support the interest of ordinary American investors in digital assets.

The trading instrument remains within the sideways range of 19550–19000, having unsuccessfully tested its upper limit today and started to decline. If the zone of 19000–18750 is broken down, the quotes can reach 18000 (Murrey [1/8]), 17500 (Murrey [0/8]), and if they consolidate above 19550, the growth will be able to resume to 20000 (Murrey [4/8]) and 20625 (Murrey [3/8]).

Resistance levels: 19550, 20000, 20625 | Support levels: 18750, 18000, 17500​

 

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ETHUSD - Murrey analysis​

Currently, the instrument is close to 1375 (Murrey [2/8]), but further upward dynamics are restrained by the upper border of the downwards channel. If it consolidates above it, the movement can continue to 1450 (Fibonacci correction 50.0%), 1500 (Murrey [ 4/8]) and 1575 (Fibonacci retracement 38.2%). Otherwise, quotes may return to the lower border of the sideways range 1250 (Murrey [0/8]) or to 1187.5 (Murrey [–1/8]) and 1125 (Murrey [–2/8]).

Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1187.5, 1125​

 

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BTCUSD Technical Analysis​

The BTCUSD continues forming the new uptrend as a standard zigzag A-B-C. The A impulse completed; the descending correction B formed as a double zigzag [W]-[X]-[Y]. The upward wave C is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Sub-wave [3], currently developing, should finish at a level of 21244.00, where it will be 200% of sub-wave.

 

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ETHUSD - Murrey levels analysis​

Last week, the ETHUSD pair attempted to grow within the general market trend, left the stable sideways range of 1375 – 1250 (Murrey [2/8]–[0/8]), and reached two-month highs around 1663.

Currently, quotes have rolled back to the area of 1562.5 (Murrey [5/8], Fibonacci retracement 38.2%), but the upward momentum may not be lost yet. In case of re-consolidation above 1625 (Murrey [6/8]), positive dynamics may continue to 1750.00 (Murrey [8/8], Fibonacci retracement 23.6%) and 1812.5 (Murrey [+1/8], the upper limit of the long-term downlink). The key "bearish" level is 1500 (Murrey [4/8]). Its breakdown will give the prospect of quotes returning to 1410 (the middle line of Bollinger bands), 1375 (Murrey [2/8]), 1312.5 (Murrey [1/ 8], Fibonacci retracement 61.8%).

Resistance levels: 1625, 1750, 1812.5 | Support levels: 1500, 1410, 1375, 1312.5​

 

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Elliott wave Ripple analysis​

The XRPUSD market shows that the linking wave XX has been completed. Later, the construction of a new zigzag consisting of sub-waves [A]--[C] began. Now the first sub-wave [A] is unfolding as the leading diagonal, judging by the internal structure. This diagonal will be completed near the 0.494 level, marked by a minor correction 4. Then the price may correct within the bearish wave , as shown in the chart.

Trading plan for XRPUSD today: Buy 0.456, Take profit: 0.494​

 

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BTCUSD - The pair is growing, but the long-term trend has not yet been determined​

In general, the market continues to be influenced by a number of opposite factors that hinder the determination of a long-term trend. The pressure on the quotes of "digital gold" is still exerted by the monetary policy of the US Fed, whose officials confirmed this week that the cycle of interest rate hikes is far from over, and its pace is not expected to decrease in the near future. On the other hand, the potential for selling crypto assets also looks limited, since investors who want to part with them have already done so. In addition, hopes for the resumption of serious growth in the sector have recently been supported by expectations of active integration of the Twitter platform with the cryptocurrency market under new owner Elon Musk, which will expand the adoption of digital assets among citizens, as well as a successful outcome for Ripple Labs Inc. litigation against the U.S. Securities and Exchange Commission (SEC). In this case, the possibilities of strict regulation of the cryptocurrency market by the department may be significantly reduced.

Technically, the price has signs of forming a short-term ascending channel. With a breakdown of the 20235-20000 zone (the middle line of the Bollinger Bands, Murray [4/8]), quotes will be able to leave it and continue to decline to the levels of 19375 (Murray [3/8]), 18750 (Murray [2/8]). The key for the "bulls" are the marks of 21250 (Murray [6/8]), consolidation above which will give the prospect of growth to the levels of 21875 (Murray [7/8]), 22500 (Murray [8/8]).

Resistance levels: 21250, 21875, 22500 | Support levels: 20235, 19375, 18750​

 

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ETHUSD - Murrey analysis​

Last week, the ETHUSD pair reached three-month highs at 1635.35 but then began to decline as part of the general market trend, which continues to the present. Now the price is actively testing 1500 (Murrey [4/8], the middle line of Bollinger bands), hoping to consolidate below it and reverse the current short-term uptrend. If successful, the decline may continue to 1375 (Murrey [2/8]), 1312.5 (61.8% Fibonacci retracement, Murrey [1/8]). The key “bullish” level is 1625 (Murrey [6/8]), a breakout of which will give the prospect of resuming growth around 1745 (Murrey [8/8], Fibonacci correction 23.6%), 1812.5 (Murrey [+1/8], the upper limit of the downstream channel).

Resistance levels: 1625, 1745, 1812.5 | Support levels: 1500, 1375, 1312.5​

 

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ADA USD - the conflict between Binance and FTX continues to put pressure on the market

The cryptocurrency market suddenly found itself under serious pressure amid the conflict between the two largest digital platforms. At the beginning of the week, the head of Binance, Changpeng Zhao, announced the company's withdrawal from the investment agreement with FTX and the refusal to operate with its own token of this FTT exchange. This decision was caused by suspicions of overstating the balance sheet of Alameda Presearch. As a result, the FTX platform began to experience significant liquidity problems, investors began to withdraw funds, and the value of FTT sharply decreased, pulling the leading cryptocurrencies with it. After that, the management of both platforms had to realize that if the consequences of this situation were similar to the fall of the LUNA token, the entire digital asset sector would be greatly damaged, investors would lose interest in it or be wary of it, and regulators would make new efforts to limit the activities of the cryptocurrency community. As a result, Sam Bankman-Fried and Changpeng Zhao agreed to sell FTX assets to Binance exchange, which should ensure the preservation of its clients' funds. This decision, however, has not yet been able to stabilize the market and the fall in prices of leading assets continues.

The XRP token reacted to the current situation with a decline and is now close to the support zone of 0.3418-0.3360 (Murray [2/8], October lows). In case of its breakdown, the decline will continue to the levels of 0.3173 (Murray [1/8]), 0.2929 (Murray [0/8]). The key for the "bulls" is the level of 0.3906 (Murray [4/8], the middle line of the Bollinger Bands), consolidation above which will give the prospect of growth to the levels of 0.4394 (Murray [6/8]), 0.4638 (Murray [7/8]).

Resistance levels: 0.3906, 0.4394, 0.4638 | Support levels: 0.3360, 0.3173, 0.2929​

 

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ADAUSD -The development of the FTX crisis puts pressure on the market​

The pressure on the digital asset sector continues to be exerted by the situation around the FTX exchange, which currently cannot provide coverage for client deposits, and its token can repeat the dynamics of the LUNA coin, losing about 90% of its value in a few days. Even yesterday, it seemed to the community members that a way out of the crisis had been found since the world's largest cryptocurrency platform Binance agreed to buy FTX assets, but then the company's CEO Changpeng Zhao abandoned these plans, which became the driver of the market's rapid decline. The exchange said that the problems associated with the misuse of FTX client funds were more serious than expected, so there were no opportunities to help the exchange. FTX CEO Sam Bankman-Fried has requested an additional 8.0B dollars in funding from investors to enable the withdrawal of user funds. If this amount is not received, then a declaration of bankruptcy will follow. Soon, this situation will negatively affect the entire digital sector and may provoke a serious outflow of investors and further price declines. According to analysts at JPMorgan Chase & Co., the FTX crisis is developing too quickly, and market participants are not fully aware of its danger, and as soon as this happens, a cascading liquidation of open positions may begin.

The trading instrument is trying to win back the lost positions but to resume serious growth, it needs to consolidate above 0.3906 (Murrey [0/8], the middle line of Bollinger Bands), and then the uptrend targets will be 0.4394 (Murrey [1/8], Fibonacci correction 50.0%) and 0.4670 (61.8% Fibonacci retracement). After the consolidation below 0.3085 (annual lows), the decline will continue to 0.2440 (Murrey [2/8] for H4).

Resistance levels: 0.3906, 0.4394, 0.4670 | Support levels: 0.3085, 0.2440

 

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ETHUSD - Murray analysis​

Last week, the ETHUSD pair showed a serious decline in the framework of the general market trend after the FTX cryptocurrency exchange initiated voluntary bankruptcy, trying to find a way to return their funds to customers as part of the judicial procedure. The price of the ETH token reached four-month lows around 1071.70, after which it went into correction.

Now the quotes are trying to consolidate above 1250 (Murray [2/8]) with a target at 1375 (Murray [3/8]), 1445 (Fibo retracement 50.0%, the middle line of the Bollinger Bands), 1500 (Murray [4/8]), but the priority is a downward movement, which is confirmed by the downward reversal of the Bollinger Bands and an increase in the MACD histogram in the negative zone. In turn, the upward reversal of the Stochastic does not exclude the development of corrective growth, but its potential is seen to be limited. Thus, a repeated breakdown of the level of 1125 (Murray [1/8]) and a subsequent decline in the trading instrument to the area of 1000 (Murray [0/8]) and 875 (Murray [-1/8]) is likely.

Resistance levels: 1375, 1445, 1500 | Support levels: 1125, 1000, 875​

 

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ETHUSD - Technical analysis

The ETHUSD pair traded within a tight sideways range of 1250 – 1180 last week but resumed its decline over the weekend as the negative impact of the FTX bankruptcy on the cryptocurrency market continues.

Currently, the price has broken below 1125 (Murrey [1/8]), which opens the way for further declines to 1000 (Murrey [0/8]), 875 (Murrey [–1/8]) and 750 (Murrey level [–2/8]). The key “bullish” level is 1320 (Fibonacci correction 61.8%, the middle line of Bollinger bands), the breakout of which may cause growth to 1500 (Murrey level [4/8]), 15750 (Fibonacci correction 38.2%).

Technical indicators confirm that the current downward trend continues.

Resistance levels: 1320, 1500, 1575 | Support levels: 1000, 875, 750​

 

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XRPUSD - Authorities are preparing to introduce restrictions for the crypto sector

In general, the market remains negatively affected by the bankruptcy of the FTX exchange, which continues to cause an outflow of investors' funds from digital assets and may lead to the introduction of restrictions for cryptocurrency entrepreneurship by the authorities. It should be noted that US Treasury Secretary Janet Yellen and Deputy Governor of the Bank of England John Cunliffe have already spoken out for the soonest strengthening of regulation of the sector, and representatives of the American Financial Industry Regulatory Authority (FINRA) have announced an audit of the advertising policy of companies. The current market situation is pushing global regulators to designate clearer rules of operation, but some experts believe that they will only complicate the business conditions for many projects.

Technically, the price has reversed from the 0.3418 mark (Murray [-1/8]) and is aiming for the 0.3906 level (Murray [0/8], the middle line of the Bollinger Bands), which is the key for the "bulls". In case of its breakout, the growth may continue to the levels of 0.4330 (Fibo retracement 23.6%) and 0.4630. The most important level for the "bears" remains 0.3418, a breakdown of which will give the prospect of a decline to the area of 0.3165 (November lows), 0.2930 (Murray [-2/8]).

Resistance levels: 0.3906, 0.4330, 0.4630 | Support levels: 0.3418, 0.3165, 0.2930.​

 

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ADAUSD - Murrey analysis

The ADAUSD pair continues to trade within the medium-term downward channel, where it returned at the beginning of this month: at the weekend, the price reached the year’s lows around 0.2945 but is currently trying to restore positions. However, the upside potential is limited by strong resistance 0.3418 (Murrey level [2/8], the middle line of Bollinger bands, the upper border of the downwards channel).

In general, the downward trend in the market continues, which is signaled by a downward reversal of Stochastic and stabilization of the MACD histogram in the negative zone. Under these conditions, the key “bearish” level is 0.2929 (Murrey level [0/8]). The consolidation below it allows a decline to 0.2685 (Murrey level [−1/8]) and 0.2441 (Murrey level [−2/8]). In general, the resumption of the cryptocurrency decline soon seems more likely.

Resistance levels: 0.3173, 0.3418 | Support levels: 0.2929, 0.2685, 0.2441​