official Market Update by Solidecn.com

[Solid ECN ✔️]

Gold is Overpriced in Short-term

Solid ECN—The gold price is overbought, testing the August 2 high at $2,477. The primary trend remains bullish, as the price is above the 50 and 100-period simple moving averages.

However, we expect the price to dip and test the July 17 low at $2,451 before the uptrend resumes. Moreover, if the price breaks below $2,451, the consolidation phase will likely resume near the July 24 high at $2,431.
 

[Solid ECN ✔️]

Bitcoin Bat Pattern: Key Price Levels Explained

Solid ECN—Bitcoin’s 1-hour chart formed a bat pattern, testing the ascending trendline at approximately $58,700. The bullish outlook should be invalidated if the price dips below the ascending trendline. In this scenario, the decline will likely extend to $56,657.

Conversely, the $61,896 could be targeted if the bulls (buyers) close and stabilize the price above the descending trendline and the $60,467 immediate resistance.

[Solid ECN ✔️]

Ethereum's Butterfly Pattern: Key Support Levels

Solid ECN—Ethereum formed a butterfly pattern in the daily chart. As of writing, the ETH/USD pair is testing the 100-period simple moving average, while the stochastic oscillator is approaching the overbought territory on the 4-hour chart.

From a technical perspective, if the price remains above the ascending trendline and the 50-period SMA, Ethereum's outlook will likely involve testing the July 25 low at $3,083.

On the other hand, a dip below the August 12 low at $2,506 would cancel the bullish outlook. In this scenario, the next supply zone would be $2,303, followed by $2,111.

[Solid ECN ✔️]

Litecoin Bullish Channel & SMA Testing Insights

Solid ECN—Litecoin trades in the bullish channel, testing the 100-period SMA in today's trading session. Meanwhile, the stochastic oscillator signals an overbought market; however, the candlestick patterns do not give a sell signal.

The technical outlook for the LTCUSD pair will remain bullish. However, for the bull market to resume, the price must close above the 100 SMA. If this scenario unfolds, the next target will be the July 25 low at $66.7.

Moreover, the $58 level plays as the primary support for the bullish scenario. If this level is breached, the bullish outlook will be invalidated.