J.J. Edwards’ Expert Market Analysis at FenzoFx

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Ethereum Trades Sideways: Bulls Need a Push

FenzoFx—Ethereum is trading sideways but remains above the 50-period simple moving average, signaling a bullish market. ETH is currently priced around $1,785. A close above $1,835 could trigger a move toward the $1,950 resistance.

Bearish Scenario:

If Ethereum falls below $1,690, supported by the 50-period simple moving average (4-hour chart), it could decline toward the $1,565 support level.
 

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Crude Oil Analysis

FenzoFx—Crude oil trades sideways at approximately $63.0, slightly above the 50-period simple moving average. This indicates that the market is bullish.

Immediate support is located at $61.75. The market outlook remains bullish as long as black gold trades above this level. In this scenario, the immediate resistance at $65.1 could be retested.

Bearish Scenario: The bullish outlook would be invalidated if crude oil dips below the immediate support. If this occurs, the next bearish target could be the support level at $58.90.

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Bullish Bitcoin Find Resistance

FenzoFx—Bitcoin remains bullish above the 50-period simple moving average but lost momentum near the $95,995 resistance. It currently trades around $94,650.

A breakout above $95,995 could trigger a move toward $99,560. Conversely, a close below $92,875 may lead to a drop toward $91,720, with further downside potential to $88,830 if selling pressure intensifies.

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Ethereum Consolidates Near the 50-SMA

FenzoFx—Ethereum remains in a bull market above the 50-period simple moving average, though momentum slowed after testing resistance at $1,857.0. At the time of writing, it trades around $1,812.0, consolidating near the 50-SMA.

As long as the price stays above $1,690, the outlook remains bullish. A close above $1,857.0 could push ETH/USD toward the next resistance at $1,957.0.

Bearish Scenario: A break below $1,690.0 would invalidate the bullish outlook and could trigger a drop toward $1,538.0.

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LTC Holds Key Support, Eyes Resistance

 

FenzoFx—Litecoin bounced from the $81.80 support level and is currently trading around $84.60, just below the 50-period simple moving average. As long as LTC stays above $81.80, the outlook remains bullish, with potential to retest the $88.50 resistance.

 

A drop below $81.80 would invalidate the bullish view and could trigger a move toward the $77.40 support.

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Bitcoin Technical Analysis

FenzoFx— Bitcoin began consolidating after peaking at $98,000, dipping toward the $93,565 support and now trading slightly above it. The Stochastic Oscillator sits below 25, suggesting BTC is oversold and may rebound.

Immediate support lies at $92,565. If this level holds, the uptrend could resume, targeting $98,000, with potential to push toward the $99,560 resistance if buying pressure increases.

Bearish Scenario: A drop below $91,720 would invalidate the bullish outlook, potentially extending the decline to $88,830.

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Ripple (XRP) Technical Analysis

FenzoFx—Ripple (XRP) remains in a bear market, though the downtrend slowed after dipping to $2.127. XRP is currently trading around $2.176, testing this level as resistance.

The bearish scenario: If XRP/USD breaks above $2.176, the next bullish target is $2.2200. Conversely, a drop below $2.127 could resume the downtrend, with $2.068 as the next support level.

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Ethereum Suffers from Lack of Momentum

FenzoFx—Ethereum is trading sideways around $1,800 in a low-momentum market. The price is retreating from the $1,782 support, aligning with yesterday's low. It remains below the 50-period simple moving average, confirming a bearish trend, while volume indicators also point downward.

The bullish scenario: If the price breaks below $1,782, the next target could be the $1,756 demand zone. On the bullish side, a move above the $1,834 resistance—yesterday’s high—could pave the way for a rise toward $1,850.

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Litecoin Consolidates: Wait for This Before Buying

FenzoFx—Litecoin surged from $80.0 as anticipated. A candlestick pattern signaled this move yesterday morning. Although the bullish wave broke above the $91.9 resistance, the uptrend has since paused. Currently, the price trades slightly below this level, consolidating gains.

In swing trading, the key rule is to buy at the dip and sell at the high. Thus, we are not entering at this stage. Notably, the LTC/USD 1-hour chart shows a long-wick bearish candlestick, confirmed by another bearish close, with a decline in volume.

The trend stays bullish above the 50-period simple moving average. With immediate resistance at $93.65, the bearish momentum may test the previous day's high at $89.5. If this support holds, the uptrend could resume toward the $96.7 target.

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What is Next for EUR/USD? 

FenzoFx—EUR/USD formed a hammer candlestick pattern during the London session, above the 50-period simple moving average. The critical support level that stands between the bull and the bear market rests at $1.1327.

The bullish trend is likely to resume if the price remains above the support level. In this scenario, the next target could be the previous day's high at $1.1380, followed by $1.1450.

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Bitcoin is Overbought, but $100,000 Target is Still at Hand

FenzoFx—Bitcoin is overbought at \$97,000, a signal indicated by the Stochastic Oscillator. The price is expected to consolidate before the uptrend resumes. In this scenario, a dip toward \$93,565 may provide a favorable entry point into the bull market.

Watch this level, followed by \$91,720, for bullish signals such as candlestick patterns.