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Market Picture The cryptocurrency market is up 0.1% over the past 24 hours, but a closer look reveals that the market has hit resistance at $3.50 trillion twice since the beginning of the week, pulling back to the current $3.46 trillion. While Bitcoin remains range-bound and unable to break through $100,000, it’s altcoin season, according […]

The post Altcoin Season Kicks off as Bitcoin Hits Ceiling appeared first on Action Forex.

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08/03/2024

EUR/USD Technical: At Risk of Minor Mean Reversion Decline as US NFP Looms

EUR/USD has evolved into a short-term uptrend phase as it traded back above its 20-day and 50-day moving averages in the past two days. Yesterday’s swift upmove of +89 pips ex-post ECB increases the risk of a minor mean reversion decline for the EUR/USD. The consensus estimate for today’s US NFP is pegged at a […]
31/05/2024

USDCAD Meets Uptrend Line Again and Again

USDCAD fails to climb above 1.3740 Momentum oscillators show contradicting signs USDCAD has been rebounding off the medium-term ascending trend line over the last couple of weeks, remaining in a positive territory. However, the pair is also finding strong resistance around the 1.3740 barricade with the short-term simple moving averages (SMAs) suggesting a potential bearish […]
31/07/2024

Gold Fights With 2,420 Level Within Ichimoku Cloud

Gold rebounds off 2,370 support Prices penetrate short-term downtrend line But momentum oscillators look overstretched Gold prices have been in a bullish corrective mode during the week, paring/reversing some of its losses from July 24. The price has now surpassed the short-term downtrend line and the simple moving averages (SMAs), testing the 2,420 level. Over the past week, the […]