The quotes of WTI Crude Oil have been trading for the second month within a wide lateral range of 111 - 95 and cannot yet determine the direction of further movement.

Market uncertainty is supported by two main factors. The possible introduction of an embargo on Russian oil supplies to EU countries contributes to the growth, a decision on this is being worked out, but has not yet been agreed due to the extreme dependence of a number of European countries on supplies from Russia. On the other hand, the strengthening of the exchange rate is hindered by the outbreak of the coronavirus pandemic in China, the world's largest exporter of "black gold". The deterioration of the epidemiological situation in the country can seriously undermine demand.

Recent statements by the International Energy Agency (IEA) and OPEC are also holding back growth. The head of the IEA, Fatih Birol, announced the possibility of bringing additional volumes from reserves to the market if necessary. The cartel's management has again lowered its forecast for the growth of global oil demand this year, citing the impact of the Ukrainian crisis, rising inflation and the development of a pandemic in China. This year, demand may reach 3.36M barrels per day, which is 20K barrels lower than the previous forecast. This situation practically guarantees that OPEC and its allies will maintain the previous insignificant rates of production growth. Nevertheless, despite a number of negative factors for the oil market, fears of the EU's refusal to supply Russian "black gold" still dominate.

[

The price has risen above the mark of 106.25 (Murray [1/8]), supported by the middle line of the Bollinger Bands, and may continue to rise to the levels of 112.50 (Murray [2/8], Fibo retracement of 23.6%) and 118.75 (Murray [3/8]). The key level for the "bears" is at 100 (Murray [0/8]). If consolidated below it, a decline to 93.75 (Murray [-1/8]) and 87.50 (Murray [-2/8], Fibo retracement of 61.8%) may begin.

Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the MACD histogram is at the zero line, its volumes are insignificant, and the Stochastic is directed upwards.

Resistance levels: 112.50, 118.75, 125 | Support levels: 100, 93.75, 87.5

The ETHUSD pair continues to decline within the framework of a long-term downtrend and last week fell to the lowest values since March last year around 1700.

The decline affected the entire cryptocurrency sector and was a consequence of the collapse of the UST stablecoin and the LUNA token. Currently, the quotes are trying to recoup some of the losses, but for serious corrective growth they need to break out the 2187.5 mark (Murray [3/8]). In this case, the price will be able to rise to the level of 2500 (Murray [4/8], the middle line of the Bollinger Bands, Fibo retracement of 50.0%). The key for the "bulls" is the level of 1875.00 (Murray [2/8]). Consolidation of the price below it will give the prospect of further decline to 1562.50 (Murray [1/8]) and 1250 (Murray [0/8]). The downtrend continues, which is confirmed by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone. The Stochastic is directed upwards, which creates the probability of attempts at corrective growth, but is unlikely to lead to a reversal of the current trend.

Resistance levels: 2187.5, 2500, 2812.5 | Support levels: 1875, 1562.5, 1250

Last week, the price reached the year's lows around 0.3825, then recovered part of the position, but now it is falling again. The cryptocurrency sector is under pressure from two main factors: the tightening of monetary policy in the United States and the fall of the UST and LUNA currencies. Yesterday, the head of the US Federal Reserve, Jerome Powell, confirmed officials' determination to raise rates until inflation reaches the target of 2.0%. It means that the strengthening of the US dollar against alternative assets will continue. The collapse of the algorithmic stablecoin UST and its associated LUNA token has also eroded investor confidence in digital currencies, causing sell-offs across the sector. To remedy the situation, the developers of the Terra blockchain proposed to fork, create a new blockchain and additionally distribute 1B tokens among interested participants but experts believe that these plans are doomed to failure.

As for the ADA token itself, its position can be supported by the Vasil hard fork scheduled for June. According to Cardano founder Charles Hoskinson, the fork should lead to a significant increase in network performance due to the launch of the data pipeline function. It will optimize the network for the needs of the growing volume of applications in the DeFi market.

The price is testing the level of 0.4882 (Murrey [1/8]), which breakdown allows a decline to 0.3906 (Murrey [0/8]), 0.2929 (Murrey [–1/8]). The consolidation above the middle line of Bollinger bands and 0.6835 (Murrey [3/8]) allows growth to 0.7812 (Murrey [4/8]) and 0.8789 (Murrey [5/8]). This movement variant seems less likely since the indicators point to the continuation of the downward trend: the Bollinger bands and Stochastic are directed downwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 0.6835, 0.7812, 0.8789 | Support levels: 0.4882, 0.3906, 0.2929.

The ETHUSD pair is consolidating around 2000 for the second week in a row, being in a state of uncertainty under the influence of a number of opposite factors. The general pressure on the cryptocurrency sector has traditionally been exerted by the tightening of monetary policy in the USA: a sharp increase in rates strengthens the position of the US currency in relation to alternative assets.

On the other hand, a serious drop in asset quotes is hindered by the imminent transition of the Ethereum network to Proof-of-Stake (PoS), the preparation for which is nearing completion. The main Ropsten test network will be switched to the new algorithm on June 8, after which, in the absence of failures, the developers will announce the date of transition to PoS and the main Ethereum network. The approximate launch date, according to leading specialist Preston Van Loon, is considered to be August of this year. This information was also confirmed by the founder of Ethereum Vitalik Buterin. During the ETH Shanghai summit, he said that the network's transition to PoS could take place at the end of summer, but did not rule out a postponement to September-October in case of technical problems. It is assumed that after the transition of Ethereum to a new confirmation algorithm, the production of ETH, and after it, the supply of the token on the market will sharply decrease, which should lead to positive dynamics of the cryptocurrency. The most optimistic experts predict a price increase after switching to PoS to 5К dollars for one ETH coin.

The price of the ETHUSD pair continues to consolidate around 2000 (Fibonacci retracement of 61.8%). To start a serious growth, the quotes will have to consolidate above the middle line of the Bollinger Bands in the area of 2188. In this case, the growth will continue to the levels of 2500 (Murray [4/8], Fibonacci retracement of 50.0%) and 2812.5 (Murray [5/8]). If the level of 18750 (Murray [2/8]) breaks down, the quotes will fall to the level of 1562.5 (Murray [1/8], the lower line of the descending channel).

Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, which indicates the continuation of the downward trend, but the Stochastic is reversing upwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 2188, 2500, 2812.5 | Support levels: 1875, 1562.5

ADAUSD is trading within a downtrend; however, the price has been consolidating for the last two weeks in anticipation of new movement drivers. The cryptocurrency market is in a state of balance, as the consequences of further tightening of monetary policy in the United States are balanced by the possibility of a recession in the American economy, in which assets alternative to the dollar will again have a chance to ascend.

Currently, the token is testing the level of 0.4882 (Murray [1/8]), consolidation below which will give the prospect of further decline to the area of 0.3906 (Murray [0/8]), 0.2929 (Murray [-1/8]). If the center line of Bollinger Bands and the level of 0.5859 (Murray [2/8]) is broken out, the growth of quotations may resume to the levels of 0.6835 (Murray [3/8]), 0.7812 (Murray [4/8]). However, a further decline in the trading instrument seems to be preferable for now, since technical indicators confirm the continuation of the downtrend: Bollinger Bands and Stochastic are reversing downwards, and MACD histogram is stable in the negative zone.

Resistance levels: 0.5859, 0.6835, 0.7812 | Support levels: 0.4882, 0.3670, 0.2929, 0.1953

The ETHUSD pair started the week with growth and rose to the middle line of the Bollinger Bands in the area of 1960, where it is now.

ETH positions are still supported by the expectation of the imminent transition of Ethereum to the Proof-of-Stake (PoS) algorithm. Earlier, the lead developer Tim Beiko announced the beginning of the preparation of the main Ropsten test network for the transition to PoS, which should be completed on June 8. It will allow to analyze the process of merging the Ethereum and Ethereum 2.0 networks, identify technical problems, and assess how the upgrade will affect existing applications and customers. If successful, a date can be set for the transition to PoS and the main Ethereum network. Investors are looking forward to this moment, gradually reducing the number of free ETH on the market. Since the beginning of this month, the coin supply balance has corrected from 20.45M to 20.36M. On Monday, there was a threat of a market correction amid reports that the Singapore crypto-hedge fund Three Arrow Capital additionally brought 32K ETH to the market for a total of 60M dollars, as usually happens before the sale of an asset, but the overall fundamental picture continues to be positive for the coin.     

The price is testing the middle line of the Bollinger Bands in the area of 1960 and, if consolidated above it, the growth will be able to continue to the levels of 2187.5 (Murray [3/8], Fibo retracement of 23.6%), 2500 (Murray [4/8]). The key for the "bears" is the 1750 mark (near the May lows), the breakdown of which will allow the quotes to continue moving to the levels of 1562.5 (Murray [1/8], the lower limit of the descending channel), 1250 (Murray [0/8]).

Resistance levels: 1960, 2187.50, 2500 | Support levels: 1750, 1562.50, 1250

Read more market news

$28800 prevents the asset from further decline
Over the past four weeks, sellers in the BTCUSD pair have been testing the key support level of 28800 but have not been able to consolidate below it. The "bearish" activity is probably gradually declining, and soon "digital gold" may start an upward movement with the first target around 34500.

The pressure on the cryptocurrency is exerted by the policy of the US Federal Reserve, aimed at raising interest rates and tightening monetary conditions. At the meeting on June 15, the "hawkish" policy of the financial authorities will continue, and the market expects the index to be corrected by at least another 50 basis points. The attention of investors towards the US currency switched towards the end of last year when bitcoin set an all-time high around 68200. However, the cryptocurrency continues to be popular with traders, especially against the backdrop of global instability, as it can serve as a hedge against inflation, which is accelerating in all developed countries.

From the standpoint of technical analysis, around 28800, the direction of the asset's dynamics is determined. If the level can be kept, the growth will continue with the targets at 34500 and 48050. Otherwise, the global trend will reverse to a downtrend with the target at 19200.

The medium-term trend is slowly turning upwards. Last week, the traders managed to break through the resistance level of 30650, and now the growth target is 32350. If it is overcome, the quotes will rush to the area of 34050. The key trend support is shifting to 28500.

Resistance levels: 30650, 34050, 37340 | Support levels: 28500, 26800

Read more market news

XRPUSD, H4
On the four-hour chart, there is a narrowing of the price in the side channel of 0.3572 – 0.4345, which indicates an imminent impulsive movement of quotes. The formation of a "bullish" candlestick analysis pattern Inverted Hammer above 0.3755 signals that the asset has reached a local low, while the Bullish Belt-Hold pattern emphasizes buyers' confidence. Most likely, the quotes of the token will head towards 0.4345, consolidation above, which will allow the XRPUSD pair to rise to the zone of 0.4751 – 0.5373. An alternative scenario will be relevant if the buyers fail to hold the key support level of 0.3572.

XRPUSD, D1
On the daily chart, there is a formation of a Symmetrical Triangle price pattern, after which the price can go either upwards or downwards. Considering that the instrument is currently trading at the bottom at a strong support level, then most likely, the movement will be upwards, which is confirmed by the formation of a series of "bullish" Hammer patterns. In the current situation, the most likely scenario is the growth of the asset to the area of 0.4345 – 0.5373.

Resistance levels: 0.4345, 0.4751, 0.5373 | Support levels: 0.3572, 0.3043, 0.2614

Read more market news

ETH USD, H4
On the four-hour chart, the Bear flag price pattern formed, which has completely completed its formation, reaching 1079.74. At this support level, sellers met resistance caused by forming a "bullish" Engulfing pattern, which included a reversal model of the Hammer candlestick analysis. In this situation, it is obvious that the asset is strongly oversold, and the "bulls" will be able to win back part of the lost positions successfully. After the breakout of the resistance level of 1429.97, the upward dynamics will continue to the area of 1746.30–2153.01. If the support level of 1079.74 is held, the quotes may go down to 898.98–565.22.

ETH USD, D1
On the daily chart, the Downwards triangle price pattern has completed its formation, and now there is the formation of a "bearish" Three black crows candlestick analysis pattern, which signals a continuation of the downtrend. At the support level of 1079.74, a Hammer reversal pattern is formed, indicating a possible reaching of the base price. After successfully forming this pattern, the scenario with an upward trend seems to be the most probable. Consolidating of the "bullish" positions above the resistance level of 1429.97 will allow the asset to head higher to the range of 1746.30–2153.01.

Resistance levels: 1429, 1746, 2153 | Support levels: 1079, 898, 565

Trust Scrode 4.8
Visit solidecn.com