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Bitcoin Poised for Consolidation After Sell-Off​

FxNews—Bitcoin's downtrend extended near the $59,500 supply zone after the sellers pushed the price below the 100-period simple moving average. The robust selling pressure moved the RSI 14 and Stochastic oscillator into the oversold territory, showing 31 and 17 in the description, respectively.
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Forecast​

Bitcoin's primary trend should be bearish because the price is below the 50- and 100-period simple moving averages. However, we anticipate the BTCUSD price to step into a consolidation phase, ranging between $61,190 and $62,770 for the subsequent few trading sessions.​

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.

 

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USDJPY Technical Analysis – 3-October-2024

FxNews—The U.S. dollar began a new bullish wave from 141.5 against the Japanese yen, testing the September 27 high at 146.8 in today’s trading session.

The USD/JPY 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Crude Oil Technical Analysis – Price Exceeded $74.8

FxNews—Crude Oil price broke above the descending trendline in yesterday’s trading session, testing the $74.8 resistance as of this writing. The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Read Full Article: Bitcoin Surges Past $63200 as Bulls Eye $66700 Target

FxNews—Bitcoin crossed above the $63,200 critical pivot and the 100-period simple moving average in today’s trading session. This mark was backed by the Fibonacci cluster, the 50%, and the 61.8% retracement levels. As of this writing, the digital gold is testing the broken resistance as support, trading at approximately $63,520.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Read Full Article: EURUSD Consolidates as US Trade Deficit Hits 5-Month Low

In August 2024, the United States saw its trade deficit decrease to $70.4 billion, the smallest in the last five months. Initially, the deficit was higher at $78.9 billion in July, but this number was later adjusted. Experts had predicted the deficit would be around $70.6 billion, so the figure was slightly better than expected.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Read Full Article: Bitcoin Tests Critical Fibonacci at $61700

FxNews—Bitcoin trades bearish from $64,280, testing the CD wave’s 61.8% Fibonacci retracement level at $61.700. The BTC/USD 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Read Full Article: Key Indicators Point to Litecoin Price Drop

FxNews—Litecoin price returned downside when it peaked at BC wave’s 61.8% Fibonacci retracement level at $67.5. This downtrend was expected because the Stochastic Oscillator was in the overbought territory. Consequently, Litecoin bears pushed the price below the 100-period simple moving average.​

 

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Read: Cryptocurrency Surge – A Week of Unexpected Gains

FxNews—Cryptocurrencies experienced a significant recovery on Friday, bouncing back from the previous day’s lows. Bitcoin notably reclaimed the $63,000 mark as investors quickly set aside their concerns about rising inflation. Instead, their focus shifted to the anticipated updates on fiscal policy from China, which were expected today.​

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Read: EUR/USD Signals Divergence Amid ECB Anticipated Rate Cut

FxNews—The Euro has fallen to its lowest value in two months, trading around $1.09. This drop is mainly due to the strong performance of the U.S. dollar, which is being influenced by expectations that the Federal Reserve will slow down in reducing borrowing costs.​

 

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Bitcoin Peaks at $66,700: Bearish Signal Ahead



FxNews—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.

The Bitcoin price can test the $64,280 resistance before the uptrend resumes.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Read Full Article: Silver Hits $31.8 as China Boosts Banks



FxNews—In mid-October, silver reached $31.80 per ounce, fueled by falling Treasury yields and similar gains in gold. As 10-year Treasury yields dropped due to disappointing U.S. manufacturing outcomes, the attraction of non-yielding assets like silver grew.​

 

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Article: Harmonic Patterns: Key Signal for Market Reversals

FxNews—To forecast the Forex market efficiently, traders must familiarize themselves with the Harmonic Patterns, a strategy based on the specific geometric structure of price action and Fibonacci numbers. The reason for utilizing harmonic patterns in technical analysis is to spot possible reversal points in the market.​

 

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Article ⇒ Safe Haven Silver Surges After Sinwar’s Elimination

FxNews—Silver prices surged past $32 per ounce, nearing a high not seen in two weeks. This increase aligns with gold’s gains, driven by the upcoming US election uncertainties and growing tensions in the Middle East, which have boosted the attraction of Silver and gold as safer investments.

Discover the latest updates and in-depth technical analysis on the forex market—all for free—FxNews.​

 

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Article ⇒ EURUSD Bear Market Prevails in Respond to ECB Rate Cut

The European currency trades in a robust bearish market against the U.S. dollar because the price is below the 100-period simple moving average. As of this writing, the EUR/USD pair trades below the $1.088 (August 8 Low) resistance at approximately 1.084. The market has ignored the Awesome Oscillator signaling divergence, a trend reversal signal.​

 

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Article ⇒ NATGAS at Key Resistance as Cold Weather Looms

FxNews—US natural gas prices have climbed past $2.3 per million British thermal units (MMBtu). This increase follows a sharp 14.2% fall last week. The rise is due to reduced gas production and the expectation of cooler weather soon, which may lead to higher heating usage.

Good read:​

• USDJPY Nears 150.7 as BoJ Eyes Yen Stability​
• NZDUSD Poised to Break $0.604 Amid NZX50 Gains​
• AUDUSD Downtrend Resumes as RBA Reassesses Policy​

 

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Gold Rebounds: Opportunities for Bullish Traders​

FxNews—Gold has resumed its upward trend following a brief consolidation near the 50-period simple moving average. Technical indicators like the RSI 14 and Awesome Oscillator suggest that the bullish momentum is likely to continue.

The immediate resistance level is at $2,685, and there’s potential for the yellow metal to surge further, targeting the Fair Value Gap (marked in red). If this gap holds, gold may retest the $2,685 level, offering traders a good opportunity to enter the bullish market.

However, it’s important to note that gold is currently overvalued in the short term, and a significant decline could occur at any moment. Traders should closely monitor key support levels to find low-risk entry points.​

Good read:​

• Will Ripple Surpass Ethereum by 2025?
• AUD/USD Hints at Trend Reversal Amid Rising Selling Pressure

 

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Article ⇒ Bitcoin Eyes $75K – Key Support and Resistance

FxNews—Bitcoin is in a bull market, above the 100-period simple moving average. The digital gold bounced from $65,200 (the October 23 Low) and is currently trading at approximately $67,000.​

 

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Solana Faces Resistance: Will the Bullish Trend Hold?​

FxNews—Solana remains bullish but faced resistance near the October 25 peak at $179.0. Currently, the SOL/USD pair is showing a slight decline, heading toward $172.0, which aligns with the October 21 high.

The 4-hour chart below highlights key price levels, support, resistance areas, and technical indicators used in today's analysis.
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Solana Technical Analysis​

Strong buying pressure pushed the Stochastic Oscillator into the overbought zone, indicating that Solana may be overpriced in the short term. Additionally, the Awesome Oscillator shows divergence, suggesting the possibility of a decline towards lower support levels.

The MACD histogram also confirms this divergence, reinforcing the signal from the AO. Moreover, the ADX indicator remains above 20, showing that the market has momentum. Overall, while the primary trend is bullish, Solana's price may dip to test lower support levels.
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Solana Price Forecast​

https://i.postimg.cc/tJsDjGVp/3.png[/img]

In our previous analysis ("Solana Eyes $194 Despite Overbought Signals"), we mentioned that immediate support lies at the October 21 high of $172.0, which remains valid. From a technical standpoint, consolidation around $179 may extend to the 50-period simple moving average at $168.7.

If selling pressure pushes the price below $168.7, the next target could be the October 15 high at $158.0.
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Solana Bullish Scenario​

https://i.postimg.cc/C597MrjD/4.png

[JUSTIFY]The immediate resistance level is at the October 25 high of $179.0. If buyers manage to push the price beyond this point, the bullish wave from last week could extend towards the July 29 high at $194.
[/JUSTIFY]
[HEADING=2][JUSTIFY]Solana Support and Resistance Levels[/JUSTIFY][/HEADING]
[JUSTIFY]Traders and investors should monitor the key levels below to make informed decisions and adjust their strategies as market conditions evolve.[/JUSTIFY]
[LIST]
[*][JUSTIFY][B]Support[/B]: 172.0 / 168.7 / 162.0[/JUSTIFY]
[*][JUSTIFY][B]Resistance[/B]: 179.0 / 194.0[/JUSTIFY]
[/LIST]

[JUSTIFY]Good read:[/JUSTIFY]
[LIST]
[*][URL='https://fxnews.me/litecoin-retreats-from-71-5-fair-value-gap/']Litecoin Retreats from $71.5 Fair Value Gap[/URL]
[*][URL='https://fxnews.me/xrp-activity-rises-as-it-rebounds-from-a-3-month-low/']XRP Activity Rises as it Rebounds From a 3-Month Low[/URL]
[*][URL='https://fxnews.me/cardano-alerts-possible-trend-reversal-from-0-311/']Cardano Alerts – Possible Trend Reversal From 0.311[/URL]
[/LIST]

 

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Article ⇒ NZDUSD Nears Key Fibonacci Level as NZDX50 Stabilizes

FxNews—The S&P/NZX 50 index in New Zealand showed minimal changes, ending at 12,783 this Tuesday after a public holiday. The Reserve Bank of New Zealand’s Governor, Adrian Orr, recently mentioned that a stable, low-inflation economy could soon happen.​

 

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Cardano Eyes $0.347 Break as Bulls Take Charge​

FxNews—Cardano is testing the 100-SMA at $0.347 amid the Stochastic signaling overbought. On the other hand, the Awesome Oscillator indicates that the bull market should prevail, with a green histogram above the signal line.

From a technical perspective, the bullish wave should resume after a minor consolidation below the $0.347 immediate resistance. In this scenario, the next bullish target could be the $0.358 resistance area (FVG) if bulls stabilize the price above the immediate resistance.

Please note that the bullish scenario should be invalidated if ADA/USD falls below the $0.338 immediate support. If this scenario unfolds, a new bearish wave will likely be triggered, targeting $0.33 followed by $0.323.

Good read: ​

• Dogecoin Surges 14% in Just 24 Hours​
• USD/CHF Poised to Break 0.87 as U.S. News Boosts Prospects​
• GBP/JPY Surges Above 198.3 Amid UK Economic Concerns​