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BTCUSD and XRPUSD Technical Analysis – 14th DEC, 2021 BTCUSD: Head and Shoulders Pattern Below $50,000 Bitcoin was unable to sustain its bullish momentum on 12th Dec and declined after having touched a high of $50,701. We can observe a continuous fall since it touched its all-time high of $59,119 on 30th Nov. This fall in BTCUSD can also be attributed to the broad-based December selling in crypto markets; this is a time when global investors seem to withdraw their profits and investments due to the upcoming Christmas and New Year holiday season. In today’s European trading session, bitcoin is again back in the bearish channel, trading below the $50,000 handle. We can clearly see a head-and-shoulders pattern below the $50,000 handle which signifies a fall in the price of Bitcoin and a continuation of the bearish downtrend. At present, the price of bitcoin has entered a consolidation phase below the $48,000, and this is expected to continue in the US trading session. Both the Stoch and StochRSI are indicating an OVERBOUGHT level, which means that in the immediate short-term, a decline in the price is expected. Bitcoin is moving below its both 100 hourly simple and exponential moving averages. The average true range is indicating a lesser market volatility, which means that markets will be entering a consolidation phase soon. Bitcoin trend reversal is seen below $50,000 Stoch is indicating an OVERBOUGHT level The price is now trading just above its pivot level of $46,895 All the moving averages are giving a SELL signal at current market level of $47,146 Bitcoin: Bearish Momentum Below $50,000 Confirmed BTCUSD is struggling to keep itself above the $50,000 mark, and we can see a mild bullish channel which suggests that a further decline can be expected. Some of the major technical indicators are giving a SELL signal, which means that the price will fall below $45,000 soon. In the European trading session, the price of BTCUSD is trading above its classic support level of $46,708 and Fibonacci support level of $46,594. In the last 24hrs, BTCUSD has gone DOWN by 3.74% with a price change of $1,830, and has a 24hr trading volume of USD 33.547 billion. Compared to yesterday, there was a 41.25% increase in the trading volume. This increase happened thanks to the increased selling pressure, as well as liquidation of bitcoin holdings by investors. The Week Ahead Bitcoin continues tumbling down from its Nov 30th all-time high of $59,119. A further decline will push it below the $45,000 handle. The medium to long-term outlook remains BULLISH for bitcoin, with a target of $55,000. At present, the markets are giving a SELL signal, so it would be best to enter into short positions. The relative strength index of 42 is indicating a bearish channel, and fresh selling is expected in the markets at any time. This is also due to the renewed fears related to the Omicron coronavirus variant, and many countries shutting down their international borders. Technical Indicators: Stoch (9,6): at 98.95 indicating an OVERBOUGHT level Average directional change (14-day): at 42.60 indicating a SELL Rate of price change: at -0.837 indicating a SELL Moving averages convergence divergence (12,26): at -447.70 indicating a SELL Read Full on FXOpen Company Blog...

Get Ready For December’s Most Important Trading Week The most important trading week of the month has started, and traders are preparing for a sharp increase in volatility. No less than four central banks are expected to announce their monetary policy decisions, which will raise the currency market’s volatility. Moreover, the moves may be exacerbated by lower liquidity levels typical for December. After all, December is known for most of the investment houses decreasing their market activity in light of the end-of-the-year holidays. Inflation pressures central banks to tighten the monetary policy sooner than they would have wanted too. Last week, the US November inflation data showed that the prices of goods and services increased by 6.8% YoY, a rate not seen in the last 39 years. Therefore, the pressure on the Fed and other central banks increases to normalize their policies. What to expect from the FOMC meeting on Wednesday The Fed is due to announce its decision on Wednesday. The risk is that it will have a more hawkish tone than the markets expect as higher inflation is threatening the Fed’s mandate of price stability. A couple of weeks ago, the Fed’s chair, Jerome Powell, announced that it is time to stop describing inflation as “transitory”. The problem with higher inflation in the States is that it will be exported to other parts of the world due to global trade partnerships, and also to the fact that the US is the largest economy in the world. Three central banks to announce policy decisions on Thursday One day after the Fed’s decision, three central banks will announce their monetary policy stance: the Swiss National Bank, the Bank of England, and the European Central Bank. Out of the three, the focus will be on the BOE and the ECB, because the Swiss National Bank is not expected to change its policy. In the UK, while no rate hike is expected, the market participants will focus on the MPC asset purchase facility votes. Just like in the case of the Fed, the risk is that the BOE will be hawkish. Finally, the ECB is facing a tough decision. The euro was weak all year, reflecting the bank’s dovishness. On the one hand, it does not plan to hike in 2022, in sharp contrast with the Fed. On the other hand, higher inflation forces its hand to taper asset purchases, a move that may be perceived as hawkish by financial markets. This is what makes this trading week the most important in December. After Friday, volatility will decline as investors prepare for the end of the year festivities and holidays. FXOpen Blog

Commission-free trading until 31st December: A Christmas gift from FXOpen Up until December 31st*, FXOpen clients will be able to enjoy commission-free trading on all their shares and indices trades as soon as their net deposit goes over $2,000/€2,000/£2,000. All they have to do to activate the promotion is to contact our Customer Support team right after their deposit is made. Are you already a client? Here is a reminder on how to fund your account: Log into the My FXOpen area >> select Add Funds. Fund your account now! Or find out more here. We at FXOpen hope to make this holiday season extra enjoyable and gainful. Don’t miss your chance to save on your trading costs when trading with FXOpen! FXOpen Company News

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Will We See Santa Rally This December? As this trading, pandemic-stricken year is nearing its end, the one thing left to emphasize is the stock market's rally. Not all market indices have rallied, for example, emerging markets: their indices performed poorer than developed markets by more than 20%. The strongest rally happened in the United States. All major indices, Dow Jones, Nasdaq 100, and S&P 500, are nearing their all-time highs. Nothing could deter their advance. For most of the year, the tapering of asset purchases had been the main reason to expect a correction. The Fed did announce tapering, a small correction did happen, but only for bulls to step in and buy the dip again. With the Fed's meeting looming large next week, is it possible for stocks to reach their new all-time highs? Also, is a Santa Rally possible even with the Fed turning hawkish? What is a Santa Rally — and what are the chances to see one This December? Stocks tend to rally later in December, hence the Santa Rally name. A close look at the chart above shows that the chances for a Santa Rally are quite high. Most rallies occur after December 20, and if, say, the S&P 500 goes up more than 20% YTD, as is the case this year, it will outperform the average December return. The performance record dates back to 1950, so it is fair to say the likelihood is high for the stock's rally going on. Furthermore, after this year’s negative November, December has delivered a positive return of 2.7% on average, with a probability of 86.3%. In other words, investors are betting on continuation of the economic recovery despite Omicron fears and the Fed's intentions to tighten the policy. All in all, a Santa Rally is not just a possibility but a probability; 86.3% is enough to keep buyers in control. FXOpen Blog

GBP/USD Aims Recovery While EUR/GBP Is Sliding GBP/USD is attempting a recovery wave above the 1.3220 resistance. EUR/GBP is declining and is gaining pace below the 0.8550 level. Important Takeaways for GBP/USD and EUR/GBP The British Pound is facing resistance near the 1.3280 and 1.3300 levels. There was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD. EUR/GBP started a fresh decline from well above the 0.8580 support level. There is a major bearish trend line forming with resistance near 0.8540 on the hourly chart. GBP/USD Technical Analysis The British Pound declined heavily below the 1.3300 level against the US Dollar. The GBP/USD pair formed a base above the 1.3265 level and recently started an upside correction. The pair recovered above the 1.3200 resistance level. There was a break above the 50% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low (formed on FXOpen). Besides, there was a break above a major bearish trend line with resistance near 1.3240 on the hourly chart of GBP/USD. The pair is now trading near the 1.3250 level and the 50 hourly simple moving average. It is close to the 76.4% Fib retracement level of the downward move from the 1.3289 high to 1.3163 low. On the upside, an initial resistance is near the 1.3265 level. If there is an upside break above the 1.3450 resistance and the 50 hourly SMA, the price could surpass 1.3280. The main resistance is near the 1.3300 zone. Therefore, a proper break above the 1.3300 resistance could open the doors for a steady increase. The next major resistance for the bulls could be 1.3350. If not, the pair could start a fresh decline below 1.3220. An immediate support is near the 1.3200 level. The first key support is near the 1.3180 level. Any more losses could lead the pair towards the 1.3150 support zone. The next major support sits near the 1.3080 level. Read Full on FXOpen Company Blog...