₦airaland Forum

Bitcoin Hashrate Crisis: Correlation Between BTC Price and Hashrate

Since its creation in 2009, the Bitcoin meteoric price rally remains a controversial topic across mainstream media. While many publications disregard BTC as a highly volatile asset and label its price action random, some data sets assert that the price movements get influenced by well-known metrics.

According to data from Blockchain.com, a Reddit post, which superimposed BTC price history to identify trends, noted that there exists an uncanny correlation between Bitcoin’s hashrate and its price action.

Based on the chart, BTC prices typically “revert-to-the-mean” of hashrate data, with eleven clear instances of correlating with logarithmically calculated hashrate values. Using this metric for retail trading, the observations prove useful as buying BTC after the price crosses above the hashrate value results in a massive bull wave in four instances, followed by a gradual descent.

This correlation highlights BTC’s price action as anything but random, as many speculators and analysts like to state. Additionally, transaction values, price activity, technical analysis, and fundamental factors all influence the price action of BTC, much like traditional financial markets.

Hashrate and Its Relevance to the Bitcoin Network
For newbies, hashrate refers to the “buying power” of the Bitcoin network. It refers to the total combined computational power getting used at any particular moment to mine and process transactions on the Bitcoin network. Hashrate gets measured in units of hash/second, which represents the number of calculations the network processes every second.

A higher hashrate typically means more miners are on board, translating to better security for the network. Higher hashing rates safeguard a network against 51 percent attacks.

Meanwhile, Bitcoin’s hashrate is currently at its lowest point since November 2020, following ramped-up activities by the Chinese government to wean the country of decentralized cryptocurrency activities in general. According to Bitinfocharts, Bitcoin hashrate is down at 91.2 exahash per second (EH/s), a 46.7% drop from its six-week high at 171.4 EH/s.

The analytics firm also revealed that BTC mining profitability has dropped from its peak of $0.449 per day per terahash per second to $0.226.


Hashrate Drop Triggers Bitcoin Crash
Not surprisingly, the recent drop in hashrate has dealt a devastating blow to the price of BTC. At press time, the benchmark cryptocurrency trades at the $30,000 mark (-5% today).

That said, speculators expect displaced miners in China to find their way to other BTC mining hubs, especially Texas in North America. This movement is the most significant miners’ migration in Bitcoin history.

Once miners settle back into their previous rhythm, we can expect to see Bitcoin rise back to its recent highs.

Source: https://learn2.trade

Cardano Market Analysis: Market Rebounds as Bitcoin Surges

Cardano (ADA) is up by over 11% over the past 24 hours and currently trades at $1.5800 in the mid-Monday session. This bull run is the largest one so far since the start of June.

The recent market rally pushed Cardano’s market cap above the $49 billion price point. Regardless the market cap is still miles away from its highest point of $71.5 billion set in May. Also, the cryptocurrency trades down by -36.2% from its all-time high of $2.46 set on May 16.

Meanwhile, despite the current bull market, Cardano is still down by over 8% over the past seven days. At press time, the fifth-largest cryptocurrency has a 24-hour volume of $2.60 billion, which represents 2.63% of the total trading volume in the crypto market.

In other news, Bitcoin (BTC) has cleared the $40k barrier and is up by 13.6% over the past 24 hours, following a goodish tweet from Elon Musk. This surge in BTC is responsible for the broader bullish sentiment seen in the market today.

Bitcoin currently has a market cap of $750 billion and commands 44% of the total market capitalization.

Ethereum has also regained bullish momentum and is up by 9.4% over the past 24 hours, with a market cap of $290 billion, and dominates 17% of the total market capitalization.

Key Cardano Levels to Watch — June 14
Cardano posted a healthy rebound from the $1.4000 support yesterday thanks to the broader bullish sentiment in the market and reached a high of $1.5813. However, the cryptocurrency fell, once again, to the $1.5000 area, where dip-buyers took charge and sent ADA to a new daily high at $1.5856.


ADAUSD – Hourly Chart
That said, we expect to see a bullish continuation over the coming hours and days to the $1.7000 resistance and higher points. Bearish moves from its current price point should get support from the $1.5467 support line, where our 200 SMA resides.

Meanwhile, our resistance levels are $1.7000, $1.8300, and $1.9500, and our support levels are $1.5000, $1.4000, and $1.3108.

Total Market Capitalization: $1.73 trillion

Cardano Market Capitalization: $50.2 billion

Cardano Dominance: 2.89%

Market Rank: #5


Source: https://learn2.trade

Bitcoin Cash (BCH) Reaches Bearish Exhaustion, Resumes up Trending

Key Highlights
BCH retested $560 low and resumed upward move
The altcoin is in a downward correction

Bitcoin Cash (BCH) Current Statistics
The current price: $629.02
Market Capitalization: $13,210,849,033
Trading Volume: $1,500,840,541
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis June 14, 2021
Bitcoin Cash (BCH) is in a downward move. Since May 27, BCH has been falling from the high of $807. The crypto fell to $560 low, retested it, and resumed upward move. The uptrend is facing resistance at the $640 high. Buyers have an uphill task to push the altcoin on the upside. The bulls have to sustain BCH price above the $850 high to be out of the downward correction.


BCH/USD – Daily Chart
Bitcoin Cash Technical Indicators Reading
The crypto’s price is retesting the resistance line of the descending channel. If price breaks and closes above the resistance line, the market is expected to rise on the upside. The coin has fallen to level 42 of the Relative Strength Index period 14. The crypto’s price is below the 21-day and 50-day SMAs which suggests that the altcoin is in the bearish trend zone. The crypto tends to fall.


BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash has been in a downward move after rejection from the high of $807. On May 28 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extension or level $559.40. The crypto fell and retested 1.618 Fibonacci extension and resumed upward.


Source: https://learn2.trade

Gold (XAUUSD) Is in an Impressive Bullish Run, Pauses above $1,890

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD is in an uptrend. Gold has risen tremendously from its previous low of $1,680 to $1,890. The market reached the high of $1,925 and was repelled. Gold retraced to the support of the 21-day SMA. The uptrend will resume if the 21-day SMA holds. However, if prices break below the 21-day SMA, the downtrend will resume.


XAUUSD – Daily Chart
Daily Chart Indicators Reading:
XAUUSD is at level 55 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.

Gold (XAUUSD) Medium-term bias: Bullish
On the 2 hour chart, the XAUUSD price is in an upward move. The current bullish trend has reached the overbought region of the market. Meanwhile, on June 4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extensions or level $1,903.10.


XAUUSD – 4 Hour Chart
4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It is in a bullish momentum. XAUUSD has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in an upward move. The gold price has currently reached the overbought region of the market. The market declines and finds support above $1,850. XAUUSD is likely to resume an upward move.


Source: https://learn2.trade

XAGUSD Pair Buyers Look for Bullish Continuation

XAGUSD Price Analysis – June 6
After failing to profit from the weaker DXY on Friday, the XAGUSD saw some buying near the $27.00 mark. As buyers hunt for upside continuation, the pair is correcting but could be headed for a new high. As buying interest ramped up at the $27.22 level, silver is currently pushing up against the upside limit at the $28.00 level.

Key Levels
Resistance Levels: $30.13, $28.75, $28.32
Support Levels: $27.50, $27.00, $26.72
XAGUSD Long term Trend: Ranging
As a result of the buying interest around the $27.22 level, negative momentum has strengthened significantly. If buyers can push the price above the cloud and the resistance zone that has formed between $28.00 and $28.32, the price might swiftly test the nearby high of $28.90.

On the downside, first support might come from the $27.50-$27.00 range, and a conclusive violation of this long-term support zone could send the price crashing into the $26.72 and $26.00 lows, respectively. If the price follows the pattern, the metal’s bullish bias may be weakened, and bears may reclaim the lead.
.
XAGUSD Short term Trend: Ranging
Silver appears to be heading at a technical hurdle at the $28.00 level, as seen on the 4-hour chart. If the barrier holds, XAGUSD is anticipated to find support near the $27.50 level, thanks to a 4-hour moving average of 5, and return to extend gains against the US Dollar in the short term.

The upside range between $28.00 and $28.90 might be a viable upside target; in the meantime, bears are unlikely to win the market. A persistent break below, on the other hand, will be considered as the first symptoms of bullish tiredness, putting the pair at risk of testing the important $26.72 level.


Source: https://learn2.trade

EURUSD Indecisive Market Lacks Follow-Through Buying

EURUSD Price Analysis – May 24
The EURUSD is stuck between February’s high of 1.2243 and a long-term restricting horizontal barrier line, which if broken would open the way to the top of a larger uptrend that began in March 2020. The EURUSD indecisive market lacks follow-through buying beyond 1.2245 barriers. Overall, the safe-haven USD gains were limited by the risk-on mood, which helped limit the downside.

Key Levels
Resistance Levels: 1.2414, 1.2350, 1.2245
Support Levels: 1.2150, 1.2100, 1.2050
EURUSD Long term Trend: Ranging
On Monday, the EURUSD pair saw some buying in the initial half of the European trading session, up from 1.2171 with about 50 pips from the lows set earlier at the weeks open. The RSI has been unable to restart upward movement in recent days, while the price trades around the 5 and 13 moving averages, raising the chances of a near-term downside correction.

In the near term, however, an ascending trendline has been shielding the market from rapid downside moves. As a result, the bears must successfully break this through to encourage more aggressive selling toward the 1.2050 swings low of Mar. 13, 2021, where the medium support is located on the daily chart.

EURUSD Short term Trend: Ranging
As seen on the 4-hour chart, with 1.2050 support intact, the EURUSD has a neutral intraday bias and is expected to consolidate. A break of 1.2245 on the upside will restart the rise from 1.1704 to retest the 1.2350 high. The bullish case will be delayed if 1.2050 is broken.

The intraday bias will be shifted to the downside to expand the consolidation trend that began at 1.2350 with another dropping leg. In summary, in the short term, the EURUSD has a diminishing bullish bias. A close below 1.2150 could confirm more losses, while a close above 1.2245 could seek to reintroduce the previous uptrend.

Source: https://learn2.trade

USD/JPY Breaks Resistance at Level 109.80, Targets Level 111.78

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
Today, the Yen has broken the previous price level to reach the high of $110.78. On May 3 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair will rise to level 2.0 Fibonacci extension or level 111.78.


USD/JPY – Daily Chart
Daily Chart Indicators Reading:
The pair has risen to level 64 of the Relative Strength Index period 14. It implies that the Yen is in the uptrend zone. However, it has no enough room to rally on the upside. The 21-day and 50-day SMAs are sloping upward. The currency price has broken above the SMAs. The pair will rise if the bullish momentum is sustained.


USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an uptrend above level 109.800. The pair has broken above level 110.00. On May 28 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or level 111.16.


USD/JPY – 4 Hour Chart
4-hour Chart Indicators Reading
USD/JPY pair is above the 80% range of the daily stochastic. It indicates that the pair is now in the overbought region of the market. Sellers are likely to emerge. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.

General Outlook for USD/JPY
USD/JPY is in an uptrend and has broken above the resistance at level 109.80. The Yen is currently approaching the high of level 110.50. However, the upward move of Yen is doubtful as it is trading in the overbought region of the market.

Source: https://learn2.trade

Ripple vs. SEC: SEC Requests for the Deposition of Five Witnesses

In the ongoing SEC vs. Ripple (XRP) case, the Commission is now requesting that Judge Sarah Netburn depose five more witnesses, including former Ripple CFO Ron Will and former Xpring senior vice president Ethan Beard.

The Securities and Exchange Commission asserts that its increase in deposition requests spurs from the new development of evidence and “the sheer scale of Ripple’s unlawful XRP offering.”

Currently, ten active and former Ripple employees are to testify on several matters. The SEC is also making efforts to strong-arm Ripple into producing documents relating to its lobbying efforts.

In June 2020, Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, publicly asserted that XRP was not unregistered security. However, the SEC argued that Giancarlo was on Ripple’s payroll, noting that:

“Ripple relies on statements that it paid that official to make to support its litigation position…Since Ripple has put at issue its purported lack of ‘fair notice’ based on the beliefs of market participants, the SEC is entitled to test whether the supposed ‘confusion’ was bought and paid for by Ripple, as opposed to a reflection of genuine market sentiment.”

Additionally, the agency has requested access to the documents of five other custodians to obtain “all relevant internal and external documents.”

Key Ripple (XRP) Levels to Watch — May 26
After suffering a massive plunge below the $0.7000 level, Ripple appears to have regained bullish traction as the crypto market recovers from its recent crash. The seventh-largest cryptocurrency currently trades around the $1.0600 level, as it trades along a bullish trendline.


XRPUSD – Hourly Chart
The immediate target for bulls is the $1.2700 resistance followed by the $1.5000 level. That said, any declines from the current price should find healthy support from the $1.0000 psychological support level.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $1.62 trillion

Ripple Market Capitalization: $43.6 billion

Ripple Dominance: 2.68%

Market Rank: #7

Source: https://learn2.trade

Is Dogecoin (DOGE) a good long-term investment?

You can still make money on Dogecoin in 2021!
As this article is being written, DOGE has gained close to 80,000% since its creation, despite the recent large pullback in the market. Price is bound to recover from here as the market moves higher.

You can make money from Dogecoin this year. Many investors have made money lots of money from that coin since it was created and many more will make money this year, even if they are newcomers.

For most of 2021, the overall bias on DOGEUSD is bullish, and while there would be large or minor pullbacks along the way, the market would quickly or slowly recover. Price might reach 1.00 USD and possibly reach 1.5 USD before the end of this year.

There are active crypto traders who make money from DOGEUSD by buying it when the RSI period 14 reaches the oversold region of less than level 30. They also sell the coin when it reaches the overbought territory of the RSI 14 level 70 on the daily chart, raking in huge gains as they ride DOGE price southwards.

Also, investors who buy the current pullback and hold till the end of December 2021, will have nice profits to show for their patience.

At the end of 2021, I would dump Dogecoin completely and convert the gains on it to cash or a stablecoin.
But I won’t hold Dogecoin (DOGE) for the long-term
Most cryptocurrencies are scams because they do not serve unique purposes or solve unique problems. Even certain cryptos that are believed to solve real problems have disappointed investors.

A number of coins which used to be household names and very promising some years ago have now become almost worthless. Some coins/tokens made money years ago, and they lost more than 90% of their value and have not recovered anything since then, even though cryptos generally went upwards in 2020 and 2021.

I will give examples of these coins in another article.

Some experts once thought that coins in the top 50 or the top 100 were to be trusted. Nonetheless, in the last 14 months, a considerable amount of coins got pushed out of the topmost 100; and while certain coins did not get pushed out too far, some coins got pushed too far, even close to the topmost 1000.

Why Dogecoin (DOGE) is not a good long-term investment
But why?

There is no way you can liken DOGE to ADA or ETH. There are huge differences. You can never compare DOGE to BTC. Yes, if one is a gem, the other is paper.

For instance, while BTC has limited/maximum supply by design, about 10,000 units of Dogecoin are created per minute. If Dogecoin reaches the resistance line at $1.00, its total value would be in the region of $129 billion, which will make it the number 3 crypto coin in the word in terms of market cap.

I quote a veteran, professional coach for traders and investors:

“..I personally think that DOGE is probably one of the worst cryptos even though it is currently ranked #5 in market cap. It was formed as a joke, so at least it’s not a Ponzi scheme. DOGE is based upon a meme and has no reason to have any value except that young people think it’s real and important. If you talk to most people in their 20s, DOGE is the only crypto they own because it’s all over social media.

Elon Musk might be brilliant at owning tech companies but he certainly isn’t an authority on investing in other people’s companies. He’s been talking and joking about DOGE lately but I recently learned that he has been working with the DOGE developers since 2019. Could that be more joking? Either way, I don’t trust people who get sued (repeatedly) for tweets that impact the price of their company’s stock (Tesla). Tesla stopped accepting BTC as payment for their cars. It will still keep its large BTC investment even though it burns a lot of electricity. Musk is accepting DOGE payment for his space X project but DOGE is also a proof of work coin that burns a lot of energy too…” – Van K. Tharp, PhD

Please let the fact above sink in.
I also quote Sir John Hargrave of Bitcoin Market Journal:

“What are you buying? You’re buying a joke currency that depreciates in value (10,000 new units of dogecoin minted every minute). It already has a higher market cap than Polkadot, Cardano, and Algorand, which are actual blockchain platforms where people build things. If it gets to $1.00, it will surpass Binance coin, which powers the largest crypto exchange in the world.

To me, it’s clear that Dogecoin is a bubble, fueled by the same kind of meme mania that has driven up GameStop stock. It’s not really an investment, it’s a gamble, and I hate gambling. So I wouldn’t touch Dogecoin with a 10-foot leash, simply because of the tokenomics…”

Dogecoin to collapse in 2022
Dogecoin is doomed to become worthless in the future, starting somewhere in 2022, and investors who don’t cash out by the end of this year will deeply regret it.

To hold coins for a long period of time, do not bet your sweat on tokens that serve no real purposes other people’s fantasies. It is better to stick to cryptocurrencies that have stood the test of time.

Source: https://learn2.trade

XAGUSD Boosts Gains From Weekly Lows, Further Advances Likely

XAGUSD Price Analysis – May 16
At the end of the prior session, the white metal turned positive away from weekly lows of $26.72 and shot to two-day highs, around $27.48 level. XAGUSD trend appears to be stacked in favor of buyers, implying that further advances are likely. Following worse-than-expected US results, the dollar fell on Friday.

Key Levels
Resistance Levels: $30.13, $28.90, $27.92
Support Levels: $26.72, $25.50, $24.50

XAGUSD Long term Trend: Ranging
In terms of the technical context, the XAGUSD has been trending higher along an upward sloping moving average (MA 13) extending from Apr.13 lows around the $25.00 level. The recent pullback from the $30.13 yearly high stalled near the ascending trendline. The low around the daily ascending trendline at $23.78 could provide immediate support in the event of an unexpected decline.

Any further upward movement from current levels may face fierce opposition near the immediate horizontal level at $27.50. A valid breach beyond the $28.00 mark will drive the XAGUSD past the upside channel hurdle near the $28.32 supply zone, pressuring the prior tops. A steady step towards the February 1 highs may be possible if it breaks above the $27.50 mark.

XAGUSD Short term Trend: Ranging
Silver appears to be launching toward a significant technical barrier at the $27.50 mark, as seen on the 4-hour chart. If the barrier holds, XAGUSD is likely to find support near the $26.72 level thanks to a 4 hour moving average of 13 which seems to be a return to expand gains against the US Dollar in the short term.

The upside range between $28.00 and $30.00 may be a potential upside target; in the meantime, bears are unlikely to win the market. A sustained break below, on the other hand, can be seen as the first signs of bullish fatigue, putting the pair at risk of testing the $25.00 region.


Source: https://learn2.trade

GOLD (XAUUSD) REBOUNDS ABOVE $1,780 SUPPORT, RESUMES UPTRENDING

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bullish
Gold price has resumed upward move after breaking the resistance at $1,780. The market pullback to retest the $1,780 support and then resumed upward. This signals the resumption of an upward move. Meanwhile, on April 22 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 1.618 Fibonacci extension or the high of $1,840.25.


XAUUSD – Daily Chart
Daily Chart Indicators Reading:
Gold price has risen to level 64 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and approaching the overbought region. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price is in an upward move. The market has resumed an upward move after breaking the initial resistance. On May 3 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 2.618 Fibonacci extensions or the high of $1,850.16.


XAUUSD – 4 Hour Chart
4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. Gold is trading now in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD price has resumed uptrend after breaking the resistance at $1,780. Gold price is retracing after reaching the high of $1,818. The upward move is doubtful because the market has reached the overbought region.


Source: https://learn2.trade

Litecoin (LTC) Is in a Downward Move as the Altcoin May Find Support Above $340

Key Highlights
Litecoin is in a downward move, approaching the $350 low
It has a target price of $320 low

Litcoin ( LTC) Current Statistics
The current price: $359.37
Market Capitalization: $30,202,613,550
Trading Volume: $11,037,650,926
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 11, 2021
Litecoin has been in a downward move since May 10, after its rejection from the $420 resistance zone. The altcoin has declined to $350 low. As the market retraces, it may find support above the $340 low. The $340 low was the previous resistance level that was earlier broken. The market will find support above that level. Nevertheless, a Doji candlestick has appeared above the current support. The candlesticks describe the indecision between buyers and sellers about the direction of the market.


LTC/USD – Daily Chart
Litecoin (LTC) Technical Indicators Reading
The crypto’s price is far above the moving averages which indicate a possible rise of the coin. The altcoin is at level 65 of the Relative Strength Index period 14. This implies that the crypto is in an uptrend zone and may resume an upward move.


LTC/USD – 4 Hour Chart

Conclusion
On the 4–hour chart, Litecoin is in a downward move after the rejection at the recent high. On the 4 hour chart, the altcoin is likely to further decline. On May 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extension or the low of level $317.30.


Source: https://learn2.trade

Cardano Price May Retest $1.87 Resistance Level

When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23.

ADA/USD Market

Key Levels:

Resistance levels: $1.87, $2.08, $2.45

Support levels: $1.64, $1.46, $1.23

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. Cardano followed the bullish pattern (Head and Shoulder) formed two weeks ago. The price soared to the resistance level at $1.87 after it breaks up the former resistance levels of $1.46 and $1.64. On May 10, the coin pulls back at the resistance level of $1.87 to retest the $1.64 level. Today, the bulls are dominating the market, which means the price may increase further.


ADAUSD Daily chart, May 11
Cardano continue its trading above the 9 periods EMA and 21 periods EMA at a distance to the EMAs. When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23. The technical indicator Relative Strength Index period 14 is at 75 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. ADA approaches the high level of $1.87 last week. The breakup of the level is prevented by the pressure of the bears. The price pulled back to retest the support level of $1.46. The bulls defends the $1.46 level and the price is currently increasing towards the $1.87 for second touch.


ADAUSD 4-hour chart, May 11
The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are close to each other indicating low market volatility. The relative strength index period 14 is at 60 levels and the signal line pointing up to indicate buy signal.


Source: https://learn2.trade

USDCHF Buyers Smash Through Daily Resistance of 0.9150 on Wide Range Strengthening of US Dollar

USDCHF Price Analysis – May 4
During the European session, the USDCHF brings the buyers’ interest to the test, with the possibility of a recovery from the downside pressure to crack the sellers’ grasp. As technicals reveal a dominant selling side, buyers smashed through the barrier at 0.9150. The dollar is being boosted by expectations of stronger economic growth in the United States.

Key Levels
Resistance Levels: 0.9472, 0.9300, 0.9160
Support Levels: 0.9080, 0.9045, 0.8998

USDCHF Long term Trend: Ranging
The US dollar remains bullish against the Swiss franc at the beginning of the week, as the pair’s intra-day correction finds buyers at 0.9110 level, up from 0.9104. In a broader sense, the drop from 0.9472 medium-term high is considered the 2nd pattern period since the plunge from a recent high of 0.9901.

For the time being, there is no sign that the range will be completed. In continuation, the next goal will be a 138.2 percent projection from 0.9901 to 0.8757 from 0.9472 at 0.9080 levels. A successful break of the 0.9200 resistance level, however, will be an early sign of trend reversal and a change of focus back to the 0.9300 key resistance level for confirmation.

USDCHF Short term Trend: Bearish
The short-term risk in the USDCHF market appears to be seeking to retain its downside in the 4-hour time frame, in addition, trend signals remain mixed for now, indicating that any price strength may be transitory.

Overall, the outlook for USDCHF remains unchanged, and the intraday bias is initially neutral. The trading range starting at 0.9472 is widening. In the event of a steeper fall, the 38.2 percent retracement of 0.9080 to 0.9160 levels at 0.9127 could absorb the downside step and usher in a stronger recovery.

Source: https://learn2.trade

USD/JPY Resumes Uptrend as Bulls Targets Level 111.00

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
Since April 26, the USD/JPY pair has resumed an upward move after falling to the low of level 108.00. Firstly, the Yen has broken above the moving averages which indicates a possible rise of the pair. The pair is currently above level 109.00 but it is consolidating above the current support.


USD/JPY – Daily Chart
Daily Chart Indicators Reading:
The Yen is at level 57 of the Relative Strength Index period 14. This implies the market is in the uptrend zone and above the centerline 50. The pair is above the 21-day and 50-day SMAs which indicates that the currency will rise. The uptrend is currently facing resistance at level 110.00.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the Yen has risen to level 109.69 but pulled back to level 109.00. Since May 3, the market now fluctuates between levels 109.00 and 109.69. Meanwhile, on April 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will rise to level 1.618 Fibonacci extension or level 110.07.


USD/JPY – 4 Hour Chart
4-hour Chart Indicators Reading
USD/JPY pair is above the 60% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
The Yen is in an upward move. The uptrend is facing resistance at level 109.69. A rally above level 110.00 is expected if the current resistance is breached. Meanwhile, the Yen is trading at level 109.30 at the time of writing.

Source: https://learn2.trade

Gold (XAUUSD) Faces Rejection at Level $1,760, May Resume Downward

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. The current downward move was a rejection from $1,950. On March 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 2.0 Fibonacci extension. That is the low of level $ 1539.83. The price action has confirmed this low but the downtrend will resume it breaks below $1,700.


XAUUSD – Daily Chart
Daily Chart Indicators Reading:
The price has fallen to level 41 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also in a downward move. On March 8, the XAUUSD fell to $1,680 support. Buyers push the price to retest level $1,760 high. The downtrend has resumed and if the bears break the previous support at $1,680, the selling pressure will resume.


XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. The market has reached the overbought region. The price is in a bearish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD is falling after rejection from level 1760. The price is at the point of breaking below the SMAs A successful breakdown will mean a further downward movement of prices.

Source: https://learn2.trade

Silver Price: XAGUSD Reverses From Daily Highs, As Further Weakness Stays in Focus

XAGUSD Price Analysis – April 25
After failing to consolidate the prior week’s high at $26.30, Silver (XAG) has dropped back towards the $26.00 level with Friday’s close of $25.85 level. A sharp rise in US Treasury bond yields appears to be putting pressure on the white metal. From the last session, the benchmark 10-year US T-bond yield stays at 1.567 percent, up nearly 2%.

Key Levels
Resistance Levels: $28.90, $27.50, $26.64
Support Levels: $25.50, $24.50, $23.50

XAGUSD Long term Trend: Ranging
With prices consolidating beneath the $26.65 resistance zone, XAGUSD has held a tight grip near the moving average of 5. The resistance level near $26.64 remains within reach on the upside. However, only a good close above the prior day’s high at the $26.40 level can signal additional gains.

In the white metal, the pair may open with a downside bias. If Silver loses the $26.00 round number, we foresee a drop to the $25.00 support band during the new week. The relative strength index is almost at its midpoint, which may indicate a weakness in price near the $26.00 support mark.

XAGUSD Short term Trend: Ranging
The XAGUSD price is expected to trade sideways in the near term before it flips moving averages 13 into support, which is located above the $26.00 mark. Bears would set their sights on $25.50 as an immediate target, with a breach risking a move towards a $25.00 support band.

Bearish short-term analysis and negative sentiment aid bears, who are ignoring the recent bounce from $23.78 Mar.31 low for the time being, although some price adjustment may be anticipated. Downticks beneath key support are expected to provide better opportunities to re-join the bearish market in the coming session.


Source: https://learn2.trade

GBP/USD Continues Downtrend After Rejection at Level 1.3900

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bearish
GBP/USD has been in a downward move after its rejection from level 1.4200. After the initial fall, the Pound is making a series of lower highs and lower lows. On March 5, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that the pound will fall to level 1.618 Fibonacci extensions or level 1.3493.


GBP/USD – Daily Chart
Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping horizontally. The pair has fallen to level 44 of the Relative Strength Index period 14. This indicates that the Pound is in the downtrend zone and capable of falling on the downside.

GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair has resumed a downward move. On April 8 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair is likely to fall to level 1.618 Fibonacci extension or level 1.3641.


GBP/USD – 4 Hour Chart
4-hour Chart Indicators Reading
The GBP/USD pair is currently below the 80% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping southward indicating the downtrend.

General Outlook for GBP/USD
The GBP/USD is in a downward ward move. The recent downtrend was a result of rejection from level 1.3900. According to the Fibonacci tool, the Pound will fall to level 1.3493.

Source: https://learn2.trade

EURUSD Upside Run Recedes Under 1.1900 Level, Dollar Begins the Week on a Strong Note

EURUSD Price Analysis – April 12
From early session tops around the 1.1904 mark, the EURUSD has receded to approach mid 1.1800 level during Monday morning trading. The dollar started the week on a stronger note as Fed’s bullish remarks lent some support to the greenback.

Key Levels
Resistance Levels: 1.2190, 1.2050, 1.1952
Support Levels: 1.1800, 1.1693, 1.1422
EURUSD Long term Trend: Ranging
The EURUSD is attempting to lower its price below the MA 5 at 1.1875, but it is running into horizontal support at $1.1870, and on break may lead to a bearish decline to the 1.1800 marks. A bounce from this zone, on the other hand, could lead to a retest of the 1.1900 level. A bullish breakout above the resistance level of 1.1952 could signal a sudden return to the upside.

The rise from the 1.0635 level is seen as the third step of the pattern from the 1.0339 (low) level in the wider sense. Following a sustained rally, cluster resistance at 1.2050 could be seen. As long as the 1.1422 resistance level, which has now turned support, holds, this will be the preferred scenario.
EURUSD Short term Trend: Ranging
For the day’s start, the EURUSD struggles to alter the intraday bias from neutral, but with minor support at 1.1870 intact, a further rise is likely. Above 1.1952 level, the recovery from 1.1740 to 1.1927 minor resistance may continue. Resistance is at its April peak of 1.1927, with 1.1952 and 1.1989 levels seen in March.

There may be a strong break there, indicating that the correction from the 1.2243 level has been completed at the 1.1740 level. A break of 1.1870 near-term support, on the other hand, would shift the bias back to the downside, with the 38.2 percent retracement of 1.0635 to 1.2243 at 1.1693 levels.


Source: https://learn2.trade

Silver Price: XAGUSD Sustains Upside Bias Past $25 as US Dollar Remains Pressured

XAGUSD Price Analysis – April 6
The white metal managed to continue its rebound from lows of $23.78. Silver (XAGUSD) is building on Friday’s rebound above $25.00 as the US dollar remains pressured after Jobless Claims.

Key Levels
Resistance Levels: $27.50, $26.77, $26.00
Support Levels: $24.50, 23.50, $21.89

XAGUSD Long term Trend: Ranging
The technical analysis on the daily chart shows that Silver (XAG) is advancing after breaching the $25 mark. If the buyers find a foothold above that level, the next powerful hurdle past the MA 13 could be put to test. The daily Relative Strength Index (RSI) holds well beneath the midline, suggesting that the consolidation outlook remains intact.

However, a clear break of the MA 13 at the $25.25 level, comprising the next horizontal resistance line at $26 level becomes necessary for the bulls to step in. It should also be noted that the moving average 13 level of $25.22 level offers immediate resistance to the quote.
XAGUSD Short term Trend: Ranging
On the 4 hour chart, the latest XAGUSD advance may attack the top surrounding the $26 level before targeting the $28.90 horizontal resistance level. Though, the 4-hour channel resistance line at the $26.77 level will challenge the bulls, a break of which will quickly direct the quote towards the yearly high of $30.13 level.

Meanwhile, a downside break of moving average 5, at $24.70 level now, will fetch the commodity prices to the channel support line, currently around $24.50 level. The preferred scenario would be a long position beyond the $25.00 level with targets at $26 & $26.77 levels in extension.



Source: https://learn2.trade

Gold (XAUUSD) Breaks the $1,750 Resistance, Resumes Uptrend


Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold is making positive moves as price breaks the resistance at $1,750. XAUUSD will be out of the range-bound zone if the bullish momentum is sustained. The upward move may face resistance at $1,800 and $1,840. In the previous price action, Gold was rejected at those previous highs.


XAUUSD – Daily Chart
Daily Chart Indicators Reading:
The gold price has broken the resistance of the horizontal channel. The uptrend will resume if price breaks the resistance level and closes above it. The 21-day SMA and 50-day SMA are sloping downward but are making a U-turn.


Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD has resumed an uptrend as price breaks the resistance at $1,750.On April 6 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. The retracement implies that Gold will rise to level 1.618 Fibonacci extension. That is the high of level $1,758.71.


XAUUSD – 4 Hour Chart
4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The stochastic bands are sloping upward and approaching the overbought region of the market. Gold has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This bullish crossover indicates bullish signals.


General Outlook for Gold (XAUUSD)
XAUUSD price has broken the resistance at $1,750. The Gold price is expected to resume an uptrend as the market was earlier range bound between $1,720 and $1,750 since February. The present upward move will be short-lived as price reached the overbought region of the market.



Source: https://learn2.trade

Uniswap (UNIUSD) Price Is Ranging Within $34 and $29 Price Level

Uniswapr Price Analysis – March 18
In case the support level of $29 do not hold, the support level of $24 and $21 may be tested. If the support level of $29 hold, the price will continue its bullish trend towards the resistance level at $34, $39 and $42.

UNI/USD Market
Key Levels:
Resistance levels: $34, $39, $42

Support levels: $29, $24, $21

UNI/USD Long-term Trend: Bullish
On the long-term outlook Uniswap is bullish. The bulls are holding to the Uniswap market; this is seen on the daily chart as the price action is making higher highs and lower highs. The bullish movement started at the beginning of this year. Last week, the price reaches the resistance level at $34. The mentioned level holds and the price is pulling back to retest the support level of $29. However, the bulls dominated market yesterday.


Uniswap Daily chart, March 18
The coin is trading above the 9 periods EMA and the 21 periods EMA at close range to the EMAs which indicate that the bulls’ pressure is reducing. In case the support level of $29 do not hold, the support level of $24 and $21 may be tested. If the support level of $29 hold, the price will continue its bullish trend towards the resistance level at $34, $39 and $42. The Relative Strength Index is bending down at 60 levels connotes a decrease in Uniswap price.

UNI/USD Medium-term Trend: Ranging
The coin is on the bullish movement. When the coin tested the resistance level at $34 on March 17, the price retraced and retested the level. The level holds and ranging towards the support level at $29.The price is currently ranging within the $34 and $29 levels.


Uniswap 4-hour chart, March 18
However, the relative strength index period 14 is pointing up at 50 levels indicates a buy signal.

Source: https://learn2.trade

Binance Coin (BNBUSD) Price Breaks $254 Price Level Downside, Further Price Decrease Is Possible

BNBUSD Price Analysis – March 26
Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level.

BNB/USD Market
Key levels:
Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish
On the daily chart, BNBUSD is bearish. The bulls could not continue to hold onto the BNB market when they push the coin to the resistance level at $311. The bears defended the level with the formation of daily bearish candle, following the scenario is the declination of the price towards the support level at $196 price level after it has broken down the former support level of $254.


BNBUSD daily chart, March 26
The coin has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA while the former is trying to cross the later. This is a sign of increasing bearish momentum. Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level. However, the relative strength index period 14 with its signal line is below 50 level pointing up as a sign of buy signal which may be a pullback.

BNBUSD medium-term Trend: Bearish
BNBUSD is bearish in the 4-hour chart. Last week, the crypto was on ranging movement within $311 and $254 price level. On March 24, the bears push the coin to penetrate the support level at $254 downside and the price is targeting $196 price level.


BNBUSD 4-hour chart, March 26
The price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is pointing down at 40 levels indicate a sell signal.



Source: https://learn2.trade