May 20th - Forex & Crypto Market update Price Analysis - By Shivkumar
Cryptocurrency Analysis
BTC/USDT
Traders initiated short positions at higher levels may book profits.
Aggressive traders bulls may have purchased near the critical support at $28,850.
There has been strong buying on dips and from the current levels may not be easy because the bulls to rally.
The pair could consolidate in a large range between $28,850 and $44,000 for the next few days.
ETH/USDT
The biggest altcoin plummeted below $1,949.41 to hit an intraday low at $1,801.60.
Trader have been buying at the dips which has been a positive factor.
If the bulls can sustain the price above $ 2760 it could rally to $3,370.
We can expect some selling from the bears as the sentiment has turned negative.
If the price below $ 2760 the pair may drop to $1,801.60.
If this level holds, the pair could remain range-bound for a few days.
If the bears sink the price below $1,801.60, the down move may reach $1,289.09.
XRP/USDT
Bearish if the price turns down from $1.31and pair could drop to $0.88.
If the support holds, the pair may consolidate between $1.20 and $0.88 for a few days.
ADA/USDT
The downside resulted in a massive long liquidations by the bulls.
Bullish if the bulls can sustain the price above the $1.74.
The pair may then consolidate between $1.48 and $2 for a few days, if we see demand at lower level.
If the price turns down and breaks below $1.48, the pair could gradually drop to $1.
DOGE/USDT
Due to lack of demand at higher level the pair have not achieved strong rally.
Bullish if bulls can sustain the price above $0.35, and the pair could rise to $ 0.46.
We can see selling at $ 0.46 and the pair may then remain range-bound between $ 0.30 and $ 0.46 for few days.
Forex Analysis
EUR/USD
EUR/USD remains side-lined around multi-day high above 1.2200.
Markets remain indecisive after US Jobless Claims propelled risk-on mood.
Short term the pair could target Jan high of 1.2349 or see first support at 1.2150.”
GBP/USD
GBP/USD is trading close to 1.42, benefiting from upbeat UK Retail Sales.
Concerns over Brexit deadlock, UK reopening risks could cap the upside in the pound.
The momentum remains to the upside and daily high of 1.42 if broken we may see 1.4220 and 1.4240.Support is also seen at 1.4160, it is followed by 1.41 and then by 1.4075.
GOLD
Gold sees intraday losses and making a U turn from $1,870.44,pre-European session trading.
Traders consolidate gains earned in the last week while also ignoring the market sentiment earlier favored the bulls.
Traders switched the trade after Wednesday bloodbath from Crypto to Gold. Now crypto market is getting stabilized we see them getting back to crypto.
Traders are now looking for economic data for further rally in gold.
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