J.J. Edwards’ Expert Market Analysis at FenzoFx

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Bearish Gap Caps XAU/USD Upside

FenzoFx—Gold traded lower after it crossed above the descending trendline, capped at the $4,050.00 bearish gap. Currently, Gold is testing the trendline as support, with support at $3,925.00. The recent breakout has confirmation from cumulative volume delta, and the delta also made a new higher low and lower high.

The immediate support rests at $3,925.00. Yesterday, the price swept the sell-side liquidity by a few ticks below this level. This means the price should not return below this level in the current session if the market is bullish today.

From a technical perspective, if $3,925.00 support holds, XAU/USD will likely rise to take the buy-side liquidity at $4,050.00. Please note that the bearish outlook should be invalidated if the price closes below the immediate support. This setup has a 1 to 4 risk-to-reward.

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Gold: Bearish Divergence Signals Weak Momentum

FenzoFx—Gold tapped into the $4,050.00 buy-side liquidity yesterday, currently trading below this level. The cumulative volume delta demonstrates a lack of buying interest in gold, formed a bearish divergence with the price chart.

From a technical perspective, if Gold remains below $4,050.00, the price will likely decline toward the equal lows at $3,925.00.

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Gold Awaits Breakout or Breakdown

FenzoFx—Gold's upside momentum has been capped by the $4,050.00 resistance, backed by the anchored VWAP from October 23. The immediate support rests at the recent lower high, the $3,971.00 mark.

From a technical perspective, a close below the immediate support could trigger the downtrend, retesting the lows at $3,901.00. On the flip side, if the price closes above $4,050.00, the current uptick in momentum could extend to the upper line of the bearish channel, followed by $4,175.00.

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XRP Eyes $2.072 if Support Breaks

FenzoFx—XRP is down 3.30% today, trading around $2.2330. Immediate support lies at $2.2230, backed by the anchored VWAP. So far, the price hasn’t closed below this level on the daily chart. 

Technically, a close beneath VWAP could trigger further downside toward $2.072. If selling pressure continues, the next support is $1.922. The market outlook remains bearish while XRP trades below the descending trendline.

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BTC Correction Possible Before Further Drop

FenzoFx—Bitcoin continues its downtrend after dipping below the bearish fair value gap, now trading around $104,150.00. Immediate support sits at $103,400.00. A daily close below this level could trigger further downside, with thin liquidity below. 

Technically, a correction may occur first, potentially pushing BTC toward $108,800.00 before resuming the decline. If $103,400.00 is breached, the next support levels are $100,000.00 and $98,000.00.

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Gold Bearish Scenario Explained 

FenzoFx—Gold dipped below the descending trendline. However, it hasn't closed below the immediate support at $3,935.00. From a technical perspective, the break below the trendline will be confirmed if the price closes below $3,925.00 in the 4H chart. 

If this scenario unfolds, the dip can extend to $3,890.00. Furthermore, if the selling pressure persists, the next support level will be $3,820.00. 

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BCH Bearish Setup Below $545.00

FenzoFx—Bitcoin Cash is trading around $485.00 in a bearish market, with pressure easing after hitting minor support at $465.00. 

The current momentum uptick may be short-lived, as price tends to fill liquidity voids between $489.00 and $507.00.  Bearish setups could emerge within this zone. If confirmed, BCH may target $446.00, followed by $427.00 and $408.00. 

The bearish outlook remains valid while price stays below the $545.00 bearish order block.

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Ethereum Bear Flag Below $3,510

FenzoFx—Ethereum remains below the $3,510.00 resistance and descending trendline, consolidating near $3,237.00 in a bear flag. The November 4 drop created a liquidity void with resistance at $3,673.00. 

As long as ETH trades below this level, the bearish outlook holds. A breakdown could retest support at $3,040.00, and if selling pressure continues, the decline may extend toward the next liquidity void at $2,771.00.

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Bitcoin Correction Eyes $108,800

FenzoFx—Bitcoin rebounded from $99,300.00 and is now trading near $106,000.00. This upward move is likely a corrective phase, with potential to fill the liquidity void up to $108,800.00. 

The equal lows at $99,326.00 remain vulnerable after repeated tests. We expect the downtrend to resume once BTC reaches the bearish fair value gap near $108,000.00. If confirmed, the next bearish targets are $100,000.00 and $90,000.00. The bearish outlook remains intact as long as the price stays below $116,576.00.

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GBP/JPY: Bullish Void Supports Pullback Scenario

FenzoFx—GBP/JPY resumed its uptrend after filling 75% of the daily opening gap on November 5, now trading inside the bearish fair value gap with resistance at 203.10 and 203.50. A bullish liquidity void at 201.30 suggests a potential pullback before further upside. This zone offers a discount entry into the bull market. 

Technically, the pair is overbought, and going long now carries high risk. A correction toward 201.90 and 201.30 is preferred before considering upside targets. If buying pressure persists, GBP/JPY could tap liquidity above 204.20 and extend toward 205.30.

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BCH Correction Within Bearish Structure

FenzoFx—Bitcoin Cash remains above the ascending trendline and $446.60 support. The price has entered the inverted fair value gap, which may act as strong resistance and cap further upside. The primary trend is bearish below $576.00, and current bullish momentum is likely corrective. 

BCH could rise toward $541.30 before resuming its downtrend. If bearish pressure returns, the next target is $427.00. The ascending trendline has been tested five times, making it fragile. A close above $576.00 would invalidate the bearish outlook. Key levels to monitor for bearish setups are $541.30 and $576.70.

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Ethereum Accumulates Near $3,170 Support

FenzoFx—Ethereum is down 0.66% today, trading near $3,540.00 inside the liquidity void from October 10. Immediate support lies at $3,170.00, a level respected for 4 days on the daily chart. This accumulation may signal a potential move higher. 

In this scenario, ETH/USD could rise toward $3,836.00 before resuming its downtrend. A break below $3,170.00 would likely trigger a decline toward $2,880.00. The bearish outlook remains valid as long as the daily chart fails to print new higher highs.