ETH/USD continues to traverse in a rather tight price range early this morning, giving speculators a chance to test their short term outlooks.

ETH/USD is trading near the 1085.00 vicinity in early trading this morning.  A rather consolidated price band has emerged in Ethereum taking into consideration its rather volatile conditions which have been self-evident the past week. The 1100.00 level technically looks like a close resistance level, and in the past handful of hours ETH/USD has not been able to sustain value above this mark. On the 21^st of June ETH/USD did enjoy a solid short term reversal higher and came within sight of the 1195.00 level.

However, ETH/USD certainly remains within a troubling lower value range. Speculators looking for the potential of upside momentum will likely want to keep their ambitions relatively conservative when looking for moves higher. If the 1100.00 value can be penetrated and sustained, some technical speculators may feel that it is tempting to look for 1125.0 to 1150.00 for take profit wagers.

Short-term trading in ETH/USD remains choppy, even though it is in a rather tight price mode. The broad cryptocurrency market continues to look rather fragile, particularly as the major digital assets: Ethereum and Bitcoin fail to puncture resistance levels which could signal a shift in sentiment. Until ETH/USD breaks above the 1200.00 level and maintains this juncture, and begins to demonstrate price velocity, skeptics will likely continue to command the trading environment.

The near term remains rather negative regarding outlook for ETH/USD.  Optimists will certainly argue this point, but traders looking for more downside price action to emerge cannot be faulted. If ETH/USD were to fall below the 1055.00 mark and not bounce higher, this would be a poor signal. ETH/USD has not been below the 1040.00 value since the 19^th of June with any sincere force, but if this support level is proven vulnerable speculators may want to target the 1025.00 level and lower.

The near term is likely going to remain choppy and traders will need to remain hyper vigilant.  Take profit orders are advised for traders who do not want to find themselves holding a position which needs to be held for long durations. If ETH/USD falters in the short term and current support levels cannot hold back nervous sentiment, trading conditions could become fast and dangerous and test the fortitude of all speculators.

Ethereum Short-Term Outlook

Current Resistance: 1130.00

Current Support: 1055.00

High Target: 1176.00

Low Target: 1011.00

The USD/JPY has created a whirlwind for Forex traders as they try to anticipate the gyrations of the Japanese Yen in fast and volatile conditions.

The USD/JPY touched values yesterday it had not traded since January of 2002. A high of nearly 134.540 was achieved before the Forex pair started to reverse off of this lofty height. Please note that the words all-time high were not used, because from May 1998 to September of 1998 USD/JPY traded above its current values. An apex of approximately 147.500 was hit in August of 1998.

While technical traders may not be interested in history lessons, what they are interested in are defined outlooks.  The current value of the USD/JPY is roaming extreme values as the U.S Federal Reserve has undertaken a hawkish monetary stance and contemplates higher interest rates, as the Bank of Japan appears ready to sit on their hands and not react.

However, the inactivity of the BoJ cannot be interpreted as doing nothing. The monetary goals the Bank of Japan has for the USD/JPY are complex, and certainly behind the scenes there must be talk about policy that is ongoing. In the meantime, financial institutions and speculators are left wondering what is going to happen next as the USD/JPY trades without any intervention.

A reversal off of highs yesterday has brought the USD/JPY below the 134.000 mark again. As of this writing the USD/JPY is trading near the 133.850 mark, but conditions are fast, and volatility is a constant threat. Speculators should remain conservative in this environment and choose their entry points to ignite trades carefully. Market orders may get a trader into a wager quickly, but there is a risk that prices fills could produce unexpected results.

The bullish trend of the USD/JPY is likely not over quite yet.  Determining the exact location when the USD/JPY will be overvalued remains difficult to guess. The U.S Federal Reserve is set to raise interest rates and make their pronouncement regarding their outlook for more hikes next week. Traders may get their best results by looking for support levels to be challenged and then launch buying positions to try and capture additional upside momentum.

The USD/JPY is certain to be choppy near term and speculators need to practice risk management. If the USD/JPY were to test the 133.750 to 133.600 levels it may be worthwhile to pursue a buying position that seeks a quick hitting trade upwards to capture a targeted take profit with a realistic goal.

USD/JPY Short-Term Outlook

Current Resistance: 134.150

Current Support: 133.570

High Target: 134.650

Low Target: 132.810

The price has room to rise to $33,445.

Previous BTC/USD Signal

My previous signal on 9^th May was not triggered, as there was no bullish price action at any of the key support levels I had identified when they were reached that day. Unfortunately, the price came close to $33,828 but never quite reached that level.

Today’s BTC/USD Signals

Risk 0.50% per trade.

Trades may only be entered prior to 5pm Tokyo time Wednesday.

Long Trade Ideas

• Go long after a bullish price action reversal on the H1 timeframe following the next touch of $28,607, $27,981, or $27,487.
• Put the stop loss $100 below the local swing low.
• Move the stop loss to break even once the trade is $100 in profit by price.
• Remove 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to ride.

Short Trade Ideas

• Go short after a bearish price action reversal on the H1 timeframe following the next touch of $33,445 or $33,828.
• Put the stop loss $100 above the local swing high.
• Move the stop loss to break even once the trade is $100 in profit by price.
• Remove 50% of the position as profit when the trade is $100 in profit by price and leave the remainder of the position to ride.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

BTC/USD Analysis

I wrote in my last piece on 9^th May that Bitcoin had fallen with strong bearish momentum after breaking down from a consolidating triangle chart pattern and entered what had historically been a very pivotal zone, from the support level at $28,607 to approximately $35k. I thought that if the price could get established below the support level at $28,607 it could quickly fall to $10k or even lower.

The price did get established below $28,607, but my call was not great as the price rebounded quite firmly and is now making a bullish consolidation above what is again the nearest key support level at $28,607.

I see Bitcoin’s recovery from the price area below $28,607 as technically significant, showing that buyers are still prepared to step in strongly when Bitcoin reaches long-term lows.

If the support level at $28,607 does not break down, I see the next likely price movement for Bitcoin as upwards to the next resistance level at $33,445.

I will be happy to take a long trade here if we get a retracement to $28,607 and a bullish bounce off that level.

Concerning the USD, there will be a release of Retail Sales data at 1:30pm London time.

SHIB/USD is trading near vital long-term support levels, and actually tested vital depths over the weekend which sparked a moderate reversal higher.

SHIB/USD is within a dangerous trading range which some speculators may find attractive, and others may choose to stay away from the potential volatility.  SHIB/USD tested depths this past Saturday which saw its value fall to lows seen in January as it briefly darted towards the 0.00001825 ratio. A reversal upwards did occur rapidly after this lower mark was challenged, and SHIB/USD is now seemingly acting in a consolidated manner near a price around 0.00002130.

SHIB/USD is an intriguing barometer regarding overall behavioral sentiment in the broad crypto market. The consideration that SHIB/USD continues to wrestle near important support levels needs to be acknowledged. SHIB/USD has not been able to produce a significant sustained move higher recently and this mirrors other major cryptocurrencies.

The test of lows this weekend, which had not been seen since January shows that a large amount of nervous sentiment may be boiling in the digital assets as speculators choose where to wager on their chosen risks. Day traders who are attracted to the potential of volatility in SHIB/USD not only have to consider the support levels which the cryptocurrency is bouncing along, but the notion that a rather consolidated mode is now being seen too.  Technically the fact that SHIB/USD remains in a magnet like grip near important lows needs to be interpreted.

If a trader remains skeptical about the broad cryptocurrency market and believes current prices indicate more nervous sentiment will be displayed, then it may make sense to wager on SHIB/USD remaining weak and potentially testing lower depths again. The 0.00002100 level could prove very important, if it is broken lower near term, and the price of SHIB/USD cannot fight back above this mark that would be a negative signal.

Traders always need to keep in mind that SHIB/USD moves in fractional digits. Shiba Inu can produce huge swings in value depending on the amount of leverage a speculator is using within SHIB/USD. Small moves can cause big results for those who putting on big bets.

The door is open for speculators who enjoy wagering on cryptocurrencies to embrace the dangerous potentials of SHIB/USD. Traders who believe upside momentum is going to develop should keep their targets realistic and perhaps only aim for nearby resistance levels as take profit goals. Sellers of SHIB/USD should also be ready to cash out of winning positions quickly to avoid sudden reversals which are a frequent force within Shiba Inu.

 

 

Shiba Inu Coin Short Term Outlook:

Current Resistance: 0.00002176

Current Support: 0.00002112

High Target: 0.00002221

Low Target: 0.00002025

 

LUNA/USD has demonstrated considerable volatility the past five days of trading as it has tested short term lows, erupted higher and then reversed lower again.

LUNA/USD is trading near the 89.7000000 mark as of this writing and is delivering speculators with plenty of trading opportunities as it moves fast and produces rapid changes in value. On the 25^th of April, LUNA/USD was near the 97.50000000 mark, but one day later Terra fell from a seemingly comfortable value above 96.00000000 to nearly 86.90000000 in a handful of hours.

The drop of more than 10% in value in such a short duration certainly caused some speculators pain, while others no doubt profited if they were short sellers at that time. Speculators have a dangerous decision to make now regarding their perceptions on the direction of LUNA/USD. It will be important for traders to use their risk taking tactics wisely. LUNA/USD is near important support, but still maintains a rather attractive price range compared to many of its major cryptocurrency counterparts.

Interestingly, the fall to nearly 86.90000000 on the 26^th of April did not come close to the one month low via technical charts.  A price of nearly 76.00000000 was tested on the 18^th of April; this price was a retest of lows seen in the first week of March. LUNA/USD while correlating to the broad marketplace; is actually still perhaps an outlier and speculators should be cautious with Terra based on this notion.

LUNA/USD can move fast and if support levels near 89.00000000 fail to hold and are proven vulnerable, a quick test of the 88.7500000 to 88.50000000 ratios could be seen.  If short term selling were to build momentum and the 87.00000000 mark were challenged than additional nervous sentiment could develop in LUNA/USD, particularly if long term holders of Terra decide they should cash in some of the profits they have made.

While the broad cryptocurrency market continues to reflect nervousness, LUNA/USD may find itself reacting to this overall weak behavioral sentiment abruptly. The thought of selling LUNA/USD may not appeal to its speculators over the mid-term, but consideration of short and near term prices may be more important for day traders who have enough courage to short Terra.

If LUNA/USD actually climbs and begins to test the 90.00000000 mark in the short term, then it is also logical short term traders may search for quick hitting profits upwards. LUNA/USD has delivered swift results the past week and traders should be extra cautious within its choppy waters.

Terra Short-Term Outlook

Current Resistance: 90.55000000

Current Support: 88.74000000

High Target: 94.9800000

Low Target: 84.93000000

ETH/USD has not been able to escape the clutches of a bearish trend, which has developed in a strong fashion the past week and a half.

As of this writing, ETH/USD is trading near the 3060.00 level, the cryptocurrency has come off lows seen yesterday when Ethereum approached the 2945.00 price realm. Yesterday’s high of nearly 3086.00 was achieved after the lowest values were tested, but the reversal upwards then ran into stiff headwinds. ETH/USD is now within the grasp of a dangerous price range, and day traders will have to make wise decisions if they plan on wagering.

ETH/USD lows yesterday brought it within sight of values not seen since the 23^rd of March. These values are still above the lows seen in the middle of March when ETH/USD traded near a value of 2500.00 before securing a strong bullish trend higher through the 2^nd to the 5^th of April, when ETH/USD traded above the 3500.00 juncture.

However, the current price of ETH/USD is floating pretty much between the lows seen around the 14^th of March and the highs seen on 3^rd of April. Traders now have to decide if the bullish demonstration achieved simply was a temporary phase and the long term bearish trend will resume in full force. Speculators can also take the view point that what has been experienced in the past week and half of trading has been profit taking and that ETH/USD will be able to climb higher again sooner rather than later.

The broad cryptocurrency market is displaying nervous sentiment.  The downward momentum has not been able to produce a sudden reversal higher with a substantial kick. Perhaps that is a sign of a maturing marketplace, but it also may be a sign that traders who have been burned pursuing upside may not be willing to put their money on the line quite yet. If ETH/USD sustains its current price range in the near term, it may be a signal additional lows will be seen.

Conservative traders may want to wait for momentum to lead the way. By placing a sell order below the current market price, below perceived support levels, speculators may want to simply try and follow the trend towards yesterday’s lower value depths. If the 3035.00 to 3025.00 levels are challenged and made to look vulnerable, pursuing short term trades with a target near the 3000.00 mark may prove to be a worthwhile wager for bearish speculators.

Ethereum Short-Term Outlook

Current Resistance: 3082.00

Current Support: 3032.00

High Target: 3152.00

Low Target: 2925.00