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Learn from the Mistakes of Others Top 10 Chart Patterns Understand in Details and Get the Answers from the Experienced Forex Traders and FXOpen Forum Members. Learn Forex Trading with FXOpen Forum- 116 replies
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
AUD/USD and NZD/USD Could Eye Fresh Increase AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 level. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar. There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone. There was a move above a major bearish trend line with resistance near 0.6335 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone. There was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low. AUD/USD Hourly Chart The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level. The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level. On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low. A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220. Read Full on FXOpen Company Blog... -
official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022 ETHUSD – Bearish Doji Star Pattern Below $1834 Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar. We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today. We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets. The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today. We can clearly see a Bearish Doji Star Pattern Below the $1834 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase in the markets. ETH is now trading below its Pivot levels of 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared. Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets. The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range. ALL of the of the Technical indicators are giving a STRONG SELL market Signal. Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range. ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages. Ether Bearish Reversal seen Below the $1834 mark. Short-term range appears to be Strongly BEARISH. Bearish Harami Pattern seen in the 15minutes timeframe. Average True Range is indicating LESS Market Volatility. Ether Bearish Reversal Seen Below $1834 ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today. We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal. After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range. The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal. ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD. We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets. The Week Ahead The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week. The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision. The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions. In this week Ether is expected to move in a range between the $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels. Technical Indicators: Average Directional Change(14days): It is at 39.83 indicating a SELL. Williams Percent Range: It is at -74.96 indicating a SELL. Ultimate Oscillator: It is at 39.15 indicating a SELL. Commodity Channel Index(14days): It is at -91.04 indicating a SELL. Read Full on FXOpen Company Blog... -
official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
EUR/USD and EUR/JPY Eye Steady Recovery EUR/USD started a fresh decline and traded below 1.0500. EUR/JPY is recovering higher and might correct above the 141.20 resistance zone. Important Takeaways for EUR/USD and EUR/JPY The Euro started a major decline from the 1.0780 and 1.0800 resistance levels. There is a key bearish trend line forming with resistance near 1.0445 on the hourly chart. EUR/JPY formed a base near 139.40 and started an upside correction. There is a major bearish trend line forming with resistance near 141.20 on the hourly chart. EUR/USD Technical Analysis The Euro failed to clear the 1.0780 resistance against the US Dollar. The EUR/USD pair started a major decline below the 1.0650 and 1.0600 support levels. There was a clear move below the 1.0550 level and the 50 hourly simple moving average. The pair even settled below the 1.0500 level. A low was formed near 1.0397 on FXOpen and the pair is now consolidating losses. EUR/USD Hourly Chart On the upside, the pair is facing resistance near the 1.0445 level. There is also a key bearish trend line forming with resistance near 1.0445 on the hourly chart. The next major resistance is near the 1.0485 level. It is near the 23.6% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low. A clear break above the 1.0485 resistance could push EUR/USD towards 1.0540. If the bulls remain in action, the pair could revisit the 1.0585 resistance zone in the near term. The 50% Fib retracement level of the downward move from the 1.0773 swing high to 1.0397 low is near the 1.0585 level. On the downside, the pair might find support near the 1.0420 level. The next major support sits near the 1.0400 level. If there is a downside break below the 1.0400 support, the pair might accelerate lower in the coming sessions. Read Full on FXOpen Company Blog... -
Changes in Trading Hours for the US Juneteenth Holiday, Monday June 20 Dear Traders, Due to the forthcoming US Juneteenth Holiday, trading hours will be changed on June 20. Read Full on FXOpen Company News...
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
BTCUSD and XRPUSD Technical Analysis – 14 th JUNE 2022 BTCUSD – Bearish Harami Pattern Below $28300 Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today. The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin. Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years. We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels. We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend. Both the STOCH and Williams Percent Range are indicating Overbought levels which means that in the immediate short term a decline in the prices is expected. Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels. Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages. All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500. Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum. Bitcoin Bearish Continuation seen Below $28300. STOCHRSI is Indicating OVERSOLD Levels. The price is now trading just Below its Pivot Levels of $22739. All of the Moving Averages are giving a STRONG SELL market signal. Bitcoin Bearish Continuation Seen Below $28300 The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today. We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000. The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions. Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session. The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared. In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors. The Week Ahead The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500 The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK. We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775. The prices of BTCUSD will need to remain above the important support levels of $21000 this week. Weekly outlook is projected at $21500 with a consolidation zone of $20500. Technical Indicators: Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL. Ultimate Oscillator: It is at 44.05 indicating a SELL. Rate of Price Change: It is at -4.05 indicating a SELL. Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level. Read Full on FXOpen Company Blog... -
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
GBP/USD and GBP/JPY Reverse Gains, Bulls Struggle GBP/USD started a fresh decline from the 1.2600 resistance zone. GBP/JPY is declining and remains at a risk of more losses below 165.00. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline after it failed near 1.2600 against the US Dollar. There was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. GBP/JPY is gaining bearish momentum below the key 166.50 support zone. There was a break below a major bullish trend line with support near 167.35 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound attempted an upside break above the 1.2600 resistance against the US Dollar. The GBP/USD pair failed to gain bullish momentum and started a fresh decline from the 1.2580 zone. There was a sharp decline below the 1.2500 support and the 50 hourly simple moving average. Besides, there was a break below a declining channel with support near 1.2465 on the hourly chart of GBP/USD. The bears gained strength and the price declined below the 1.2350 support zone. GBP/USD Hourly Chart A low is formed near 1.2262 on FXOpen and the pair is now consolidating losses. On the upside, the pair is facing resistance near the 1.2300 level. The next major hurdle is near the 1.2320 level. It is close to the 23.6% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low. An upside break above 1.2320 could set the pace for a move towards the 1.2400 resistance zone. It is near the 50% Fib retracement level of the downward move from the 1.2517 swing high to 1.2262 low. If there is no upside break above 1.2320, the pair could start a fresh decline. An immediate support is near the 1.2260. The next major support is near the 1.2220 level. If there is a break below the 1.2220 support, the pair could test the 1.2150 support. Read Full on FXOpen Company Blog... -
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
Gold Price Remains At Risk and Oil Price Aims More Gains Gold price is struggling to clear the $1,855 resistance zone. Crude oil price is rising and might continue to gain pace above the $120.00 resistance. Important Takeaways for Gold and Oil Gold price struggled above $1,860 and corrected lower against the US Dollar. There was a break below a key bullish trend line with support near $1,850 on the hourly chart of gold. Crude oil price gained pace after it broke the $118 and $120 resistance levels. There is a major bullish trend line forming with support near $118.50 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a base above the $1,830 and $1,835 levels against the US Dollar. The price started a fresh increase after it broke the $1,840 resistance zone. There was a clear move above the $1,850 level and the 50 hourly simple moving average. The price even cleared the $1,855 level and traded as high as $1,859 on FXOpen. Recently, there was a downside correction below $1,855. Gold Price Hourly Chart The price declined below the 50% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. There was also a break below a key bullish trend line with support near $1,850 on the hourly chart of gold. The price also tested the 76.4% Fib retracement level of the upward move from the $1,837 swing low to $1,859 high. On the downside, an initial support is near the $1,840 level. The next major support is near the $1,835 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,810 support zone. On the upside, the price is facing resistance near the $1,850 level. The main resistance is now forming near the $1,860 level. A close above the $1,860 level could open the doors for a steady increase towards $1,875. The next major resistance sits near the $1,888 level. Read Full on FXOpen Company Blog... -
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FXOpen’s TOP-10 MAY 2022 PAMM Accounts Find below an overview of FXOpen’s May's PAMM accounts of those investors who prefer to continue investing during the summer period. This review will help you choose the PAMM managers worth paying attention to and, possibly, join their offer in the future. Let us remind you that our Money Managers contest ended on April 29, 2022 — the results can be found in the news section on the FXOpen website. The peculiarity of this contest is that one needs to demonstrate high trading activity with low risks and a drawdown not exceeding the threshold of 20%. By June 2022, 143 PAMM accounts were opened on the FXOpen platform for a total of 2,542,486.00 USD. Read Full on FXOpen Company News...
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
ETHUSD and LTCUSD Technical Analysis – 09th JUNE, 2022 ETHUSD: Double Bottom Pattern Above $1,725 Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar. We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today. We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets. The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today. We can clearly see a double bottom pattern above the $1,725 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets. ETH is now trading just above its pivot level of 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared. The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week. The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards in the short-term range. All of the technical indicators are giving a strong buy market signal. All of the moving averages are giving a strong buy signal, and we are now looking at the levels of $1,900 to $2,000 in the short-term range. ETH is now trading above the 100 hourly and exponential MAs. A bullish reversal seen above the $1,725 mark The short-term range appears to be strongly bullish The parabolic SAR is indicating a bullish reversal in the hourly time frame The average true range is indicating less market volatility Ether: Bullish Reversal Seen Above $1,725 ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today. We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets. The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets. The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal. ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD. We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets. The Week Ahead The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets. The immediate short-term outlook for Ether has turned strongly bullish, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is neutral in present market conditions. This week, Ether is expected to move in a range between $1,800 and $2,000, and next week, it is expected to enter into a consolidation phase above $2,000. Technical Indicators: STOCH (9,6): at 65.83 indicating a BUY The moving averages convergence divergence (12,26): at 3.66 indicating a BUY The ultimate oscillator: at 68.27 indicating a BUY The rate of price change: at 1.82 indicating a BUY Read Full on FXOpen Company Blog... -
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FXOpen Trader replied to FXOpen Trader's topic in Advertisement
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official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
EUR/USD Might Drop, USD/CHF Gains Bullish Momentum EUR/USD is slowly moving lower below 1.0750. USD/CHF is rising and might accelerate further higher above 0.9720 resistance zone. Important Takeaways for EUR/USD and USD/CHF The Euro failed to gain pace for a move above the 1.0780 resistance zone against the US Dollar. There is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. USD/CHF gained pace and was able to clear the 0.9700 resistance zone. There is a key bullish trend line forming with support near 0.9730 on the hourly chart. EUR/USD Technical Analysis The Euro gained pace above the 1.0700 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0720 resistance zone to move into a bullish zone. The pair attempted a clear move above the 1.0750 resistance, but the bears remained active. The recent high was formed near 1.0751 before the pair started a fresh decline. The price declined below the 1.0700 level and traded as low as 1.0651 on FXOpen. EUR/USD Hourly Chart There was a recovery wave above the 1.0680 level. It cleared the 50% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low. However, the pair faced sellers near the 1.0710 level and the 50 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. The 61.8% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low is also acting as a resistance. The next major resistance is near the 1.0750 level. A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0850. The next major resistance is near the 1.0920 zone. On the downside, an immediate support is near the 1.0650 level. The next major support is near the 1.0620 level. A downside break below the 1.0620 support could start another decline. Read Full on FXOpen Company Blog... -
official Daily Market Analysis By FXOpen
FXOpen Trader replied to FXOpen Trader's topic in Technical Analysis
BTCUSD and XRPUSD Technical Analysis – 07th JUNE 2022 BTCUSD: Bearish Doji Star Pattern Below $31,750 Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar. Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today. We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level. We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Both the Stoch and Williams percent range are indicating an overbought level which means that in the immediate short term a decline in the prices is expected. The relative strength index is at 29 indicating a WEAK demand for Bitcoin at the current market levels. Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs. All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500. The average true range is indicating LESS market volatility with a strong bearish momentum. Bitcoin: bearish reversal seen below $31,750 The StochRSI is indicating an OVERSOLD level The price is now trading just below its pivot level of $29,643 All of the moving averages are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Seen Below $31,750 Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today. We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000. The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook remains neutral under present market conditions. Bitcoin continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session. The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared. In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors. The Week Ahead The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500. The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL. The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range. The prices of BTCUSD will need to remain above the important support level of $29,000 this week. The weekly outlook is projected at $29,500 with a consolidation zone of $28,000. Technical Indicators: Moving averages convergence divergence (12,26): at -344 indicating a SELL The ultimate oscillator: at 44.88 indicating a SELL The rate of price change: at -5.92 indicating a SELL The commodity channel index (14 days): at -52.34 indicating a SELL Read Full on FXOpen Company Blog... -
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FXOpen Trader replied to andry777's topic in Forex General Discussion
We can start learning about the Forex market trends and how it will work using the Demo Trading accounts of the FXOpen -
We will need to learn doing our trades into the markets with the help of a Better trading based systems.