official Market Update by Solidecn.com

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EURJPY Technical Analysis

 

The EURJPY currency pair is trading within a daily bullish channel and it tested the middle line of the channel in the previous day’s candle. Today, the EURJPY had a pullback to the pivot. With the RSI indicator hovering above the 50 level, it is likely that the bulls will push the EURJPY price to R1 (162.7), followed by the upper line of the channel or R2 (165.0).

 

 

The main support for our bullish EURJPY forecast is S1 (156.28). If this level breaks, the uptrend is likely to end and we might see a trend reversal. However, this is unlikely due to the Bank of Japan’s current interest policy. (source)

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EURAUD Forecast

The EURAUD pair is trading within a weekly bullish channel and above the Ichimoku cloud. This indicates that the trend is bullish, and we should look for buying opportunities in this currency pair.

 

 

When we zoom into the EURAUD 4H chart, we see that the bulls added buying pressure when the pair's decline reached the 1.6455 resistance level. Currently, it is testing the 1.6563 resistance level. With the RSI indicator increasing in value and the Awesome Oscillator showing a green bar, if the pair can close above 1.6563, it will pave the way for EURAUD to reach 1.6700. This level aligns with the upper band of the young bearish channel.

 

 

The 1.6455 level serves as support for this bullish scenario. If it breaks, the bullish scenario becomes invalid. (source)

 

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FTX Bitcoin Theft: New Movement Detected

A new chapter unfolds in the ongoing FTX Bitcoin theft saga. Blockchain analysis group PeckShield has alerted the community with a recent discovery. They've traced another batch of Bitcoin, which was part of the assets stolen from the now-defunct FTX.

The FTX Bitcoin theft has seen the hacker orchestrate a move of about 288.8 Bitcoin, currently valued at nearly $10 million.

Evaluating the Extent of the FTX Bitcoin Theft

Looking back, the once-prominent cryptocurrency exchange FTX crumbled in November last year. Amidst the chaos, an anonymous hacker seized the moment, orchestrating a heist that resulted in the loss of roughly $500 million in cryptocurrencies. This individual didn’t waste time, quickly converting the stolen assets into 180,000 Ethereum, which were then scattered to 12 separate wallets. At the time of this distribution, the Ethereum amassed was worth about $200 million.

The aftermath of the FTX Bitcoin theft turned the hacker into a significant Ethereum stakeholder. In a strategic move later that November, the hacker converted 50,000 ETH to Ren Bitcoin (RenBTC), a variant of Bitcoin on the Ethereum network.

Recent Attempts to Liquidate Stolen Ethereum

U.Today has reported on attempts made this year to launder the stolen Ethereum. The FTX Bitcoin theft perpetrator tried to exchange the Ethereum for tBTC on the ThorSwap DeFi platform in early October. The platform promptly shut down to prevent this, highlighting the vulnerability of DeFi systems to such exploitation.

Undeterred, the hacker pivoted to the Threshold Network, successfully transferring the Ethereum into the Bitcoin network. At that point, the FTX Bitcoin theft culprit had approximately 110,000 ETH in their possession, worth about $180 million.

Following the suspension of ThorSwap, Bitcoin advocate Max Keiser took the opportunity to critique DeFi for being "heavily centralized," in contrast to his views on the decentralization of Bitcoin.

Substantial Ethereum Shifts to US Exchanges

In a related development, cryptocurrency tracking firm Whale Alert has noted large Ethereum movements. In recent activity linked to the FTX Bitcoin theft, substantial sums of Ethereum were transferred to major US exchanges such as Coinbase and Kraken.

Despite the tumultuous market, Ethereum showed impressive growth of 18.14% from October 20 to October 26, reaching a high of $1,848. This increase paralleled Bitcoin's climb above $34,000. Post-surge, Ethereum recorded a modest 2.84% decrease but continues to maintain its strength around the $1,800 threshold, still feeling the ripples of the FTX Bitcoin theft.a

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LUNA Coin Analysis Amidst Market Turbulence

 

Despite the unpredictable nature of Bitcoin, which has sent shockwaves through the cryptocurrency market, there remains a resilient sense of optimism among crypto investors. LUNA coin, in particular, has come under the spotlight as it faces the brunt of Bitcoin's price swings. The analysis reveals that LUNA coin has tested the critical support level of $0.437 on multiple occasions, leading to a complete reversal of its previously secured gains. This has raised pertinent questions about the coin's durability in the face of short-term market speculation.

 

The trading volume for LUNA coin has seen a downturn, a factor that could compel crypto exchanges to undertake significant strategic decisions regarding the coin's listing and trading mechanisms. This shift is noticeable as the market progresses towards a post-2024 era, anticipated to be free from the burden of insolvent tokens—a stark contrast to the volume-centric bear markets and their accompanying regulations.

 

Should LUNA coin's valuation slide below the crucial threshold of $0.437, the analysis suggests that it could enter a precarious phase, potentially leading to further devaluation towards the $0.387 level, having to first breach intermediary resistances at $0.412 and $0.405. Such a downturn would mark unprecedented low points for the coin, challenging the fortitude of investors.

 

This article underscores the inherent hope that continues to fuel crypto investors' enthusiasm, even as they weather the storm of Bitcoin volatility and its cascading effects on altcoins, including LUNA coin. The analysis serves to equip investors with insights into the coin's performance and prospects within the volatile crypto market.

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Sam Bankman Fried Verdict: The Fall of a Crypto Titan

In the wake of a highly publicized legal battle, Sam Bankman Fried, once hailed as a whiz kid of the crypto world, has been found guilty on multiple charges, including fraud, as per the recent verdict. The trial, which drew significant attention from the finance sector, ended with the jury convicting Bankman Fried on seven counts, effectively concluding a chapter that has riveted industry watchers.

The prosecution painted Bankman-Fried as a master of deceit, whose actions were not just misleading but also criminally fraudulent. The defense, on the other hand, tried to salvage his image by highlighting his precocious talent and attributing the financial fiasco to naïve mistakes rather than calculated fraud. They pointed to his unique upbringing and the relentless drive for efficiency that often led him to make decisions that prioritized cost over other considerations.

However, the jury was not swayed by the defense's narrative. Bankman Fried's demeanor, which showed a lack of regard for emotion and cultural values — including his disinterest in art and even his preference for cold food — might have painted him as out of touch with societal expectations, influencing the jury's decision.

This verdict against Bankman Fried is a watershed moment for the cryptocurrency industry, signaling a crackdown on illicit activities. The repercussions of this judgment are expected to resonate through the crypto markets and could shape the regulatory landscape for other prominent figures in the space. (source)

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EURNZD Outlook: Downward Momentum Gains Traction

 

The EURNZD currency pair is currently facing a challenge at the 1.798 pivot point, having already descended below the Kernel line on the daily chart. The RSI's crossing of the middle line signals an intensifying bearish outlook for the EURNZD.

 

 

Detailed Analysis on the 4-hour Chart

 

For a more detailed view, we shift our focus to the 4-hour chart. Here, the market trend is clearly bearish, with EURNZD trading under the Ichimoku cloud. The pair is currently challenging the 0.382 Fibonacci retracement level. If it falls below this level, we might witness the fall extend to the 50% and subsequently the 61% Fibonacci retracement levels.

 

 

The Ichimoku cloud poses a resistance. To counter the bearish forecast, EURNZD bulls would have to achieve a close above the cloud.

 

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EURCHF

The EURCHF pair is trading in a bearish channel. The bulls are testing the upper line of this channel, which is considered strong resistance. This bearish channel hasn't been breached since January 2023. Given the impact of this channel, we suggest looking for selling opportunities.

Please note that even if the price breaks the bearish channel, it must close above the horizontal resistance at 0.9691 to invalidate the bearish sentiment on the currency pair.

Zooming into the 4H chart provides a better insight into the EURCHF forecast. The bullish bias prevails in the 4H chart; however, the RSI indicator shows divergence, signaling a potential trend reversal or price correction. Considering the EURNZD price in the daily chart, it is suggested to wait for the pair to close below the Kernel channel. If the price closes below the Kernel line, it is likely for the pair to continue its main bearish trend.

0.9691 serves as the main resistance for the bearish scenario. The bulls must close above this level to invalidate the bearish scenario. (source)

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EURUSD

The EURUSD has made a significant move, breaking out of the range trading box during the recent currency session. This development was anticipated as the pair had previously exited the bearish channel on the daily chart, forming a hammer candlestick pattern in the process. This pattern emerged near the 1.0493 support level in the daily timeframe, signaling a potential shift in momentum.

If the EURUSD can maintain its position above the pivot point, it could indicate a bullish trend. The next target for the EURUSD bulls is the R2 level at 1.082. This could be a key resistance level to watch for traders following the EURUSD.

  

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SOLUSD

In October, Solana (SOLUSD) experienced a significant price surge, reaching a high of $47.5 before settling at $34.5. Currently, Solana is trading around $42.5. Our Solana Technical Analysis indicates that the RSI indicator has been in the overbought area since October 20. Despite this overbought condition, SOLUSD hasn't started correction yet, indicating a strong bullish bias and high volatility in the Solana market.

For a more detailed view of SOLUSD price action, let's zoom into the 4-hour chart. The crypto pair is trading within a bullish channel, appearing more organized than on the daily chart. At present, SOLUSD is testing the middle line of the bullish channel and is above the Kernel line of the Lorentzian Classification indicator. This supports the bullish scenario, suggesting that SOLUSD price may rise and test the October high of around $46.2.

The R2 level at 36.98 supports the bullish scenario in our Solana Technical Analysis. If SOLUSD closes below this level, the bullish scenario becomes invalid, and the next bearish target is the pivot.

 

  

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SEC Crypto Regulation Challenged by Senator Lummis' Stand

Senator Cynthia Lummis from Wyoming is standing up to the Securities and Exchange Commission (SEC), which is really cracking down on crypto companies. Talking to Yahoo Finance, she made it clear she's not happy with how the SEC is handling things. She's especially against a new rule the SEC wants to make official without asking Congress first.

SEC's Tough Actions

Recently, the SEC has been really tough, taking legal action against big crypto companies like Coinbase and Binance. A rule from the SEC, made in March 2022, is getting a lot of attention from Senator Lummis. It says companies that look after crypto for customers have to show these in their financial reports and tell investors about the risks.

But, the Government Accountability Office (GAO) said the SEC should've asked Congress before making this rule. Senator Lummis is now working hard to stop this rule from being set in stone. She believes it's just too much and could be bad for people if a crypto company goes under.

Pushing for Clearer Rules

Senator Lummis is not just talking; she's doing things. With Senator Kirsten Gillibrand from New York, she's pushing a big crypto law to make things clearer. They're trying to sort out small differences between the Senate and House versions, mainly about stablecoins, which are a type of crypto. She's hopeful that by early 2024, they'll pass the law. They even got a part of it into a big defense spending bill to address terrorist groups using crypto.

Concerns Over SEC's Bulletin

Last week, a Democrat, Representative Wiley Nickel, called out the SEC for how it's managing the new rule. He's worried it could make digital assets less safe. Others in Congress are also worried. Representative Patrick McHenry thinks the rule could scare financial companies away from crypto.

In short, there's a lot of back and forth about the SEC's role in regulating crypto, and Senator Lummis is at the center, fighting for a balance that keeps everyone's interests in mind. (Source)

 

  

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Market Response to Federal Reserve Policy

 

Currencies around the world held steady early in the week. People were waiting to see if the U.S. dollar would keep falling. This comes after the Federal Reserve seemed less strict than before. The dollar measure fell a little to 104.99. The euro was up a bit at $1.0738. Last week, the dollar fell over 1%, its biggest drop since mid-July, hitting a six-week low. Stocks around the world did well too, having their best week in a year. This is because people think the Federal Reserve won’t raise interest rates anymore.

 

Other Economic Signs

Weak job numbers in the U.S., not-so-strong manufacturing globally, and lower interest rates for long-term U.S. government bonds also made the dollar weaker. At the same time, the British pound, the Australian dollar, and the Japanese yen got stronger. A market analyst named Tina Teng mentioned that usually, when there’s bad news, it ends up being good for the markets. She thinks this could mean the Federal Reserve and other central banks might stop raising interest rates sooner.

Teng believes the dollar could stay weak throughout November.

 

A Cautious Note from Analysts

But, some analysts, like those at J.P.Morgan, say people should not get too excited about the dollar getting weaker. They think the reasons why the dollar was strong are less now, but they haven’t gone away completely. They might come back and make the dollar strong again. They also say that for the dollar to keep getting weaker, other places like Europe and China need to show they are doing better, which is not quite certain yet.

 

Interest Rates and Predictions

Interest rates the government pays for borrowing money fell last week. This was after the job and manufacturing data weren’t great, and the head of the Federal Reserve talked about ‘balanced’ risks. The interest rates for 2-year notes have gone down a lot in two weeks, while 10-year rates are near a five-week low. Betting markets now really think the Federal Reserve is done with raising rates. They also think the Federal Reserve might start to lower rates as soon as June.

 

Global Central Bank Movements

People think that the European Central Bank will lower rates by April, and the Bank of England will do so by August. The Japanese yen went down a little to 149.48 per dollar. Tina Teng thinks that with the dollar’s direction changing and the yen getting stronger from last week, Japan might not need to step in to help its currency.

The British pound is stable at $1.2373. There is important information about Britain’s economy coming this week. Even though the pound went up last week, it’s still lost about 6% in four months.

 

Gold and Cryptocurrency

The weaker dollar and interest rates have helped gold prices stay high, close to a five-month high. In cryptocurrencies, Bitcoin stayed at $34,847. The end of the Federal Reserve raising rates has helped it. People are also watching to see if new types of Bitcoin funds for investors will come out. No new funds have been approved yet, but several companies have asked to start them. (source)

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Asian Currencies Climb as US Dollar Falls

Asian currencies are doing better, with the US dollar reaching a low not seen in six weeks. This is because recent reports show that America's job growth is slow, and the US Federal Reserve might stop increasing interest rates.

Important Economic Updates Ahead

Everyone is now looking at new economic information coming from China and what the Reserve Bank of Australia will decide. These will tell us more about how economies in Asia are doing.

Good Vibes in the Market

People are feeling good about investing after finding out that the US added fewer jobs than expected last month. This slowdown in job growth could mean the US Federal Reserve won't raise interest rates again. Investors are starting to put their money into Asian markets, which are usually seen as riskier. The Korean won and the Thai baht went up a little. The biggest winner was the Malaysian ringgit, which went up the most among the Southeast Asian currencies.

Japanese Yen's Standing

The Japanese yen went down a bit, staying below 150 against the dollar. This is even though Japan's service sector did better than people thought it would in October. Still, the yen might not do well because the Bank of Japan wants to keep its policies very loose, and the bank's boss said they're not changing this approach anytime soon.

Dollar Weakness and What the Fed Might Do Next

After dropping to a low last seen in late September, the dollar got a bit better in Asia. Investors don't think the US Federal Reserve will raise rates anymore this year. The pause in rate hikes is good for Asian currencies, but the Fed is expected to keep rates up for a while, which could slow down the growth of these currencies.

Yuan and Aussie Dollar Get Stronger

The Chinese yuan got a bit better, helped by the dollar's weakness and China's central bank setting a good rate for it. People are waiting for China's trade and inflation numbers, which will give us a clearer picture of how China's economy is doing. The Australian dollar is also strong, with everyone thinking the Australian central bank will raise rates because of higher prices and strong sales in stores. The bank has stopped raising rates since May, but they might increase them again if prices keep going up. (Source)

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EURHKD Forecast

 

The EURHKD currency has broken out of the bearish channel. The pair is currently testing the 38.2% level of Fibonacci retracement, while the RSI indicator is approaching the overbought area and signaling divergence. This suggests that there might be a correction, or the continuation of the bearish trend is likely. Therefore, we should be cautious about going long on the currency pair.

 

 

Zooming into the EURHKD 4H chart provides a better insight into the price action. The trend is bullish in the 4H chart, and the price has broken out of the bullish channel and is trading in the overbought area. The RSI indicator is also in the overbought area. Please note that the pair has room to rise and test R1 (8.46). The Kernel line and the 8.3 pivot support the bullish scenario. If these levels are breached, the bullish scenario will be invalidated. (Source)

 

 

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EURSEK

 

The EURSEK pair closed below the pivot point on Friday, which is also beneath the Kernel line. This suggests a potential continuation of the price decline for EURSEK. The immediate target is the S1 support level at 11.6, followed by the lower line of the existing bullish channel. Stay tuned for more updates on the EURSEK forecast and potential trading opportunities. (source)

 

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Bank of England Rate Cuts: Huw Pill Predicts Delay

Huw Pill, the Bank of England’s (BoE) Chief Economist, hinted on Monday that the bank might delay reducing interest rates from their current 15-year high until mid-2024. He found the financial market’s prediction of the first-rate cut to the Bank Rate in August 2024 reasonable.

 

Balancing Inflation and Economic Growth

During a BoE online presentation, Pill suggested reassessing this timeline if no new developments occur. However, he acknowledged the probability of changes over the next nine months. Last week, the BoE kept its benchmark rate at a 15-year high of 5.25%, stating it had no plans for a reduction as it continues to tackle inflation, which stood at 6.7% in September. This rate is lower than the 11.1% peak in October 2022 but still significantly above the 2% target.

Pill emphasized the BoE’s dedication to mitigating the risk of high inflation. However, he warned that a prolonged restrictive policy could trigger a recession or excessive economic slowdown. The BoE’s latest forecasts predict that the UK’s economy will remain stagnant over the next two years and grow by less than 1% in 2026. Many analysts believe the economy is already entering a recession.

Pill admitted that slowing the economy to combat inflation is challenging and assured that the Monetary Policy Committee is fully aware of the impact of its decisions, especially on individuals with lower incomes. (source)

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GBPAUD

The GBPAUD currency pair bounced from S1 (1.895 support) and is currently testing the upper line of the bullish channel. The market is bullish with the RSI indicator flipping above the 50 line. However, will the GBPAUD bulls be able to break out of the bearish channel?

 

 

Let's zoom into the 4-hour chart to gain a better insight into the currency pair. The GBPAUD situation on the 4H chart is almost the same as on the daily chart, with one difference. The RSI indicator is showing divergence, which means the market might go into a correction or trend reversal.

 

 

With the price holding below R1 (1.919 resistance), it is likely that the downtrend will continue, targeting the 1.905 pivot followed by 1.889 (S1). On the flip side, if the bulls break out of the bearish channel and manage to close above R1 and hold steady, the road to R2 will be paved. (Source)

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EURUSD Forex Trading Analysis: Key Levels and Indicators

 

The EURUSD forex pair is currently undergoing a critical test at the 1.07 pivot point. With the Relative Strength Index (RSI) inching closer to the mid-point of 50, traders are keeping a close eye on the market dynamics.

 

 

Should the bears manage to push the price below this level on the 4-hour chart, the next target on the downside is expected to be 1.058. This potential move could signal a shift in market sentiment and a possible strengthening of the USD against the Euro.

 

However, as long as the EURUSD pair maintains its position above the pivot, the market trend remains bullish. This suggests that the Euro is still holding its ground against the USD.

 

Stay tuned for more updates on EURUSD technical analysis and forex trading strategies. (Source)

 

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GBPNZD

The bulls on GBPUSD are testing the upper line of the bearish channel. This level coincides with the Ichimoku cloud. Therefore, this is a strong barrier for the GBPNZD bulls to overcome. The trend is bearish as long as the price trades inside the bearish channel.

If the GBPNZD bulls can break out of the bearish channel, the next resistance is at 2.1. The overall trend is bearish. Let’s zoom into the 4H chart to find triggers for the bearish trend.

The pair formed a long-wick candlestick pattern in today’s trading session near R1 (2.08 resistance). If the pair falls below the Kernel line of the Lorentzian Classification indicator, the downtrend will continue with bears targeting the lower line of the bearish channel. (Source)
 

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GBPNOK

The GBPNOK pair is currently exhibiting a bullish trend, trading within a bullish channel. However, the Relative Strength Index (RSI) indicates an overbought market, and the pair is showing a downward trend. It's probable that the pair will test the 13.62 pivot point or the lower boundary of the bullish channel before making further gains.

 

 

The 13.545 level lends support to this bullish scenario. If this level is breached, it would invalidate the bullish channel. Subsequently, the next target for the GBPNOK bears would be the 61.8% Fibonacci retracement level. (Source)