technical resistance

Crypto Industry News: Peter Schiff, a well-known economist and investor, has supported blockchain and NFT technology. Given his previous positions on digital assets, Schiff unexpectedly expressed his enthusiasm on Twitter for a new art project.   Schiff expressed his excitement about collaborating with Market Price on a joint work that would combine conventional elements of art with blockchain. The goal of these efforts is a unique work of art called "Golden Triumph".   Art lovers and collectors will also be able to purchase a set of prints that have been permanently stored on the Bitcoin blockchain. Given Schiff's long-standing distrust of this technology and cryptocurrencies, this news came as a shock to many. His support for Bitcoin shows how his views on the convergence of art, technology and investing are changing. Schiff has repeatedly said that Bitcoin is a "bubble" with no intrinsic value that will soon burst.   The economist claimed that Bitcoin and most cryptocurrencies are not real currencies and are too volatile. Schiff's recent tweets on blockchain and NFT seem to contradict his earlier position. In 2021, he questioned the value of owning a digital NFT image. The fact that Schiff is now involved in a work of art using blockchain technology is proof that he appreciated the unique features of this technology and its practical applications.   Technical Market Outlook: The ETH/USD pair has broken below the short-term technical resistance located at the level of $1,865 and made a local high at the level of $1,928. The local low was made at the level of $1,874, but the market is still under the bullish pressure.   The momentum is strong and positive on the H4 time-frame chart, however, the bulls hit the extremely overbought level, so a pull-back is welcome. The bigger time frame trend remains down.

Technical Market Outlook: The EUR/USD pair has been seen getting away from the swing low located at the level of 1.0636 and the recent local high was made at the level of 1.0780, just above the technical resistance seen at 1.0761.   The immediate technical support is seen at the level of 1.0747. On the other hand, the next target for bears is seen at the level of 1.0623 and the down move should resume as soon as the pull-back is done. There is no indication of the down trend to terminate or reverse yet. The market participants await the NFP-Payrolls data release that might trigger an increase in volatility.     Weekly Pivot Points: WR3 - 1.07387 WR2 - 1.07284 WR1 - 1.07229 Weekly Pivot - 1.07181 WS1 - 1.07126 WS2 - 1.07078 WS3 - 1.06975   Trading Outlook: Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.  

On Thursday, the GBP/USD pair grew "out of nowhere" again. And it was an impressive one at that. Take note that there was no significant news from the UK this week. If, for example, the Bank of England had made hawkish statements, the movement would have been understandable.   However, all the data that influenced the market came from overseas, and many of them favored the dollar. The situation with the euro is slightly different, which explains its growth. After all, yesterday and the daybefore that, several important reports were released in the EU, two speeches by European Central Bank President Christine Lagarde took place, and the ECB minutes were published. But it is very difficult to say why the pound is rising again.       However, we did experience a good intraday trending movement yesterday, which made the trading signals strong and profitable. Initially, the pair consolidated below the range of 1.2429-1.2445 and managed to move down by about 20 pips, allowing for setting a stop loss at breakeven and leaving the trade without losses when the pair consolidated above the mentioned range. Based on the buy signal, long positions should have been opened, and the price subsequently surpassed the nearest target level of 1.2520.   The trade should have been manually closed in the evening, resulting in a profit of about 75 pips, which is quite good. But let's reiterate: it is convenient to trade when there is a strong and trend-driven movement. It is necessary to avoid flat markets.     According to the latest report, non-commercial traders closed 8,100 long positions and 7,100 short ones. The net position dropped by 1,000 but remained bullish. Over the past 9-10 months, the net position has been on the rise despite bearish sentiment. The pound is bullish against the greenback in the medium term, but there have been hardly any reasons for that. We assume that a prolonged bear run has begun. COT reports suggest a bullish continuation. However, we can hardly explain why the uptrend should go on.   Both major pairs are in correlation now. At the same time, the positive net position on EUR/USD shows the end of the uptrend. Meanwhile, the net position on GBP/USD is neutral. The pound has gained about 2,300 pips. Therefore, a bearish correction is now needed. Otherwise, a bullish continuation would make no sense even despite the lack of support from fundamental factors. Overall, non-commercial traders hold 57,600 sell positions and 69,200 long ones. We do not see the pair extending growth in the long term.     In the 1-hour time frame, the pair has started an upward movement, surpassing all the lines of the Ichimoku indicator. The pound doesn't exactly have grounds to buy the pound, which remains heavily overbought. However, take note that the market has the right to trade regardless of the fundamental and macroeconomic backdrop. The only thing I can say is that the movement doesn't correspond to the nature of the reports and news.   On June 2, trading levels are seen at 1.2269, 1.2349, 1.2429-1.2445, 1.2520, 1.2589, 1.2666, 1.2762. Senkou Span B (1.2550) and Kijun-sen (1.2375) lines may also generate signals when the price either breaks or bounces off them. A Stop Loss should be placed at the breakeven point when the price goes 20 pips in the right direction. Ichimoku indicator lines can move intraday, which should be taken into account when determining trading signals.   There are also support and resistance which can be used for locking in profits. Today, the event calendar is empty in the UK.   On the other hand, the United States will release its highly anticipated Nonfarm Payrolls and unemployment reports. We have no doubt that the market will react to them, and the reaction could be practically anything - it is currently impossible to predict the values of the reports. Indicators on charts:   Resistance/support - thick red lines, near which the trend may stop. They do not make trading signals. The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines moved to the hourly timeframe from the 4-hour timeframe. They are also strong lines. Extreme levels are thin red lines, from which the price used to bounce earlier. They can produce trading signals. Yellow lines are trend lines, trend channels, and other technical patterns. Indicator 1 on the COT chart is the size of the net position of each trader category. Indicator 2 on the COT chart is the size of the net position for the Non-commercial group of traders.  

Nike has entered into an agreement with the Chinese company AntChain to use its solutions based on blockchain. They are to be used to track shoes (and their users) that Nike equips with chips embedded in the sole For some time, however, some varieties of Nike shoes have been distinguished by chips in the sole, the purpose of which is to trace the origin of the shoes in order to be able to recognize and eliminate counterfeits at any time. It does not stop there.   Last Sunday, June 18, Nike announced a partnership with AntChain, a company belonging to the Alibaba group. The partnership is to use blockchain-based AntChain solutions to track Nike shoes. What's more, the chips in the soles are also supposed to contain dynamically encrypted NFC chips, so that tracking can be done remotely. Interestingly, Nike has its own blockchain solutions, but concentrates their use in other areas. AntChain, on the other hand, offers its blockchain in a spine-chilling formula called Traceability as a Service (TaaS). Given the state of privacy protection in the Middle Kingdom, it is not surprising that this company can be considered an expert in the field of tracking.         Technical Market Outlook: The ETH/USD pair hit the key technical resistance located at the level of $1,930 after a 19% rally from the last swing low. The intraday technical support is seen at the level of $1,777. The market conditions are extremely overbought on the H4 time frame chart, so please keep an eye on this level as the pull-back can haapen any time now.  

Bitcoin's over 24% increase in just 6 days is due to several significant events. Deutsche Bank's search for a crypto-license and the race to create a Bitcoin ETF fund are the main reasons why BTC began to climb again towards 30,000. USD. On June 15, BlackRock filed a Bitcoin Spot ETF application with the SEC, the United States Securities and Exchange Commission. Yes, to the same SEC that is pursuing cryptocurrency exchanges such as Binance or Coinbase.   It is worth noting that the SEC has definitively rejected such applications in the past, however, the latest attempt was made by the largest player in the asset management market. In reaction to these events, Invesco applied for the creation of such a fund many times in the past. The third applicant turned out to be WisdomTree, which also intends to apply for the creation of a cryptocurrency exchange fund ETF in the United States. An interesting event in the context of the increase in the value of Bitcoin is also WallStreet's support for new digital asset platforms - EDX Markets. Although there is still a long way to ATH, interest in the oldest cryptocurrency is still very high. The actions of the SEC did not scare off investors, which could have been suggested by the record transfer of BTC from crypto-miners.   Technical Market Outlook: The BTC/USD pair has been seen rallying over 24% from the low made at the level of $24,753, so the last local high made at the level of $30,777. The bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are extremely overbought on the H4 time frame chart and on a Daily time frame chart. The next target for bulls is still seen at the level of $32,350.  

Joseph O'Connor, also known as "Plugwalk Joe", was found guilty of running an advanced hacking campaign that involved hijacking the Twitter accounts of famous people and trying to defraud their followers. Barack Obama, Joe Biden and Elon Musk suffered in the case, for example, through whose accounts cryptocurrencies were extorted.   The perpetrator was sentenced to five years in prison. O'Connor was extradited from Spain to the US in April and pleaded guilty to the charges in May.   These included mass hacking of social media accounts, cybercrime and cyberstalking, among others. He and his associates carried out the attack in early 2020. They contacted some Twitter employees by phone and manipulated them into obtaining login details. This gave the hackers access to the website's internal administration tools.     They used this access to post a Bitcoin scam on over 130 celebrity Twitter accounts. According to the Department of Justice (DoJ), they also sold access to some accounts to third parties. In a separate case, O'Connor and his colleagues successfully used SIM swap attacks. This time to compromise three directors of a cryptocurrency company based in Manhattan.   They used the access they gained to divert digital funds currently worth $1.6 million from their wallets. Technical Market Outlook: The ETH/USD pair has been consolidating the recent gains in a narrow zone with an occasional dip to the level of $1,837 that now will act as the intraday technical support.   The bulls failed to break above the technical resistance located at the level of $1,930 and reversed lower again.The momentum turned into weak and negative after the failed breakout attempt, so now the short-term outlook is looking more bearish. The short-term technical support is seen at the level of $1,837 and $1,830 (100 MA).  

According to the latest study by software company ConsenSys, as many as 92% of people around the world have heard of cryptocurrencies. In a study conducted on a group of 15,158 people in 15 countries, it turned out that despite high awareness, understanding of blockchain technology is much lower.   This proves that digital currencies such as Bitcoin have become a household name. However, only 8% of respondents could confidently say that they knew the general concept of Web3, the decentralized Internet of the future. Although cryptocurrencies and blockchain have gained mainstream awareness, most people do not fully understand what it is all about and need to update their knowledge on the subject. The results of the study show that developing regions of the world show the greatest awareness and interest in cryptocurrencies. Nigeria, South Africa and Brazil lead on this issue. With 99% of Nigerian respondents showing crypto awareness and over 70% correctly defining what blockchain is.     Technical Market Outlook: The BTC/USD pair has made a new swing high at the level of $31,002, but the Doji candlestick pattern was made at the top of the move on the H4 time frame chart. The market reversed and is now back inside the trading range. The intraday technical support is seen at the level of $29,556 and the intraday technical resistance is located at $30,328.   Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.  

The Ministry of Foreign Affairs of Belarus is working on legal amendments to ban peer-to-peer (P2P) transactions in cryptocurrencies such as Bitcoin. On July 2, the ministry issued an official statement on Telegram regarding new regulations to ban individual P2P cryptocurrency exchanges.   The authorities cited the high level of cybercrime in Belarus, claiming that since January 2023, local prosecutors had suppressed the activities of 27 citizens who provided "illegal cryptocurrency exchange services." Their total illegal income amounted to almost 22 million Belarusian rubles ($8.7 million). The ministry argued that P2P cryptocurrency services are "in demand by scammers who withdraw and convert stolen funds and transfer money to organizers or participants in criminal schemes." To eliminate such illegal activity, the ministry will prohibit P2P transaction entities, only allowing them to exchange cryptocurrencies through exchanges registered in the Belarusian Technology Park (HTP).       Technical Market Outlook: The BTC/USD pair has made a new swing high at the level of $31,372 as the up trend has resumed and then pulled-back from the extremely overbought market conditions on the H4 time frame chart. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready to continue the up move. The next target for bulls is still seen at the level of $32,350.  

The EUR/USD pair has been rejected from the 50 and 100 MA located at 1.0886 and in the short-term the bulls are under pressure. Currently, the volatility on the market was subdued and the market participants await the fundamental trigger to increase the market movement.   The immediate technical resistance is seen at the level of 1.0883 (100 MA), but the key technical support is seen at 1.0836. Please notice, the momentum is back under the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the moving average dynamic resistance would change the outlook to more bullish. Weekly Pivot Points: WR3 - 1.09868 WR2 - 1.09389 WR1 - 1.09120 Weekly Pivot - 1.08910 WS1 - 1.08641 WS2 - 1.08431 WS3 - 1.07952   Trading Outlook: Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.2080 which is 61% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows. Read more: https://www.instaforex.com/forex_analysis/329986      

EUR/USD Euro failed to approach the target range of 1.1068/92 yesterday, in part due to the large distance to cover and the technical resistance on lower timeframes. Key economic reports also came out rather weak, with Germany's retail sales for June showing a decrease of 0.8%. Meanwhile, the Chicago Business Activity Index for July increased from 41.5 to 42.8, collectively offsetting the eurozone's GDP growth for the 2nd quarter by 0.6% y/y (0.30% q/q).     The political factor also intervened, as China decided to reduce the export of unmanned aerial vehicles to the US, citing national security reasons. Furthermore, the forecasts for key economic indicators in the US came out optimistic. Currently, the price approaches the target level of 1.0924, along which the MACD line also converges. There may be a breakout around the speculative buying range of July 6-7, or a correction from the entire decline since July 18.   On the four-hour timeframe, the balance indicator line capped yesterday's growth, pushing the price below 1.1012. The Marlin oscillator also fell under zero, showing a downward trend.    

Technical Market Outlook: The GBP/USD pair has bounced from the technical support located at the level of 1.2620 for the third time, so this level had been established as very important support level.   The recent momentum breakout into the positive territory on the H4 time frame chart supports the short-term bullish outlook for GBP, however, current momentum is neutral again. Only a strong reversal and a breakout above the local supply zone would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.2826 breakout (100 DMA level).     Weekly Pivot Points: WR3 - 1.27925 WR2 - 1.27651 WR1 - 1.27528 Weekly Pivot - 1.27377 WS1 - 1.27254 WS2 - 1.27103 WS3 - 1.26829   Trading Outlook: The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.   Read more: https://www.instaforex.eu/forex_analysis/336146