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22.04.2021
07:22 PM


Short-term analysis on USDJPY

USDJPY has declined from 111 to 108 as expected after breaking out of the bullish channel. Price has stopped the decline right at the 38% Fibonacci retracement and key short-term support. A bounce towards 109-110 is justified at this point in time. Price might make a new lower low towards 107.70 before bouncing higher.

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Red line - support

Green lines - Fibonacci retracement

Yellow rectangle -pull back target

USDJPY has a lot of chances of a move higher back inside the yellow rectangle. Price is at the 38% Fibonacci retracement and very close to the red trend line resistance. If price breaks below 107.70-107.50 then we should expect a deeper correction towards the next major Fibonacci retracement at 106 (61.8% retracement).

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
07:00 PM


Short-term technical analysis on Gold for April 22, 2021

Gold price is trading around $1,781. Price remains inside the bullish channel since $1,677 and continues making higher highs and higher lows. Our bullish target as we mentioned in previous posts is now at $1,806 and next at $1,820-25 area.

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Green lines -bullish channel

For this to come true Gold price must remain inside the bullish channel. Support by the channel is now found at $1.770. Below this level we find our next support at $1,720-25 area. In the 4 hour chart as shown above we also saw our first bearish divergence while the RSI was not following price to a new higher high. This is not a reversal signal but a warning. Usually we need at least two bearish divergence signals before any reversal, so I believe we should see a move towards $1,805-$1,810 tomorrow or early next week.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
06:55 PM


Bitcoin shows signs of weakness using the Ichimoku cloud indicator.

Bitcoin is trading near $53,000 price level after making a high last week around $64,760. We have warned several times before that despite price making higher highs, the RSI was giving bearish divergence signals by making lower highs. Today we have confirmation by the Ichimoku cloud indicator that Bitcoin is expected to start a correction soon.

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In our previous analysis using the Ichimoku cloud indicator we warned bulls that they need to defend the cloud. Price has been trading above the cloud since it was back at $11,000. By breaking inside the cloud trend changes to neutral from bullish. This increases the chances of a move lower towards the lower cloud boundary around $49,300. A break below this level will increase chances even more for a deeper correction towards $40,000 and lower.

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On a weekly basis price is about to close below the tenkan-sen (red line indicator). When this is the case, price usually pulls back towards the kijun-sen (yellow line indicator). The kijun-sen is now at $38,745. Bulls need to be very cautious as the next few weeks could be bad for Bitcoin and we might see a deep correction towards $35,000-$40,000 area.The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
04:05 PM


April 22, 2021 : EUR/USD daily technical review and trade recommendations.

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By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found. Since then, the current downtrend has been initiated.

The price zone around (1.1990) corresponds provided some temporary buying pressure.

However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.

Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 which failed to hold for a while.

Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.

Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure. Now, the price zone of 1.1990 stands as a prominent SUPPORT-Zone for the EURUSD pair.

Currently, as long as the ongoing breakout above 1.1990 is maintained, more upside movement is expected to pursue towards 1.2100 where price action should be watched cautiously.

Otherwise, any breakdown to the downside below 1.1990 brings SELLING Pressure onto the market for more downside movement towards 1.1900 and probably 1.1840.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
03:58 PM


April 22, 2021 : EUR/USD Intraday technical analysis and trade recommendations.

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In late February, a recent bullish spike has pursued towards 1.2150 - 1.2200 (backside of the broken channel limit) where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1850. Both levels got broken to the downside, soon enough to enable further bearish decline afterwards.

Initially, a Short-term sideway movement was demonstrated above 1.1850 enabling a bullish movement to take place towards 1.1970-1.2000 which constituted a prominent Supply Zone.

Shortly after, the EURUSD pair has launched the current bearish decline below 1.1820. Further bearish continuation was expected to pursue towards 1.1690.

Around 1.1690, a high probability bullish trade could be taken, a bullish pullback has been initiated since then.

This recent bullish pullback towards the price zone of 1880 failed to find sufficient SELLERS. That's why, more bullish advancement was demonstrated towards 1.2050.

Currently, failing to apply sufficient bearish pressure around 1.2000, has favoured more bullish movement towards 1.2035.

More bullish advancement is expected to pursue towards 1.2100 - 1.2150 unless the EURUSD returns back below 1.2000 soon enough. If so, his would enhance a quick bearish decline towards 1.1885.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
03:48 PM


April 22, 2021 : GBP/USD Intraday technical analysis and trade recommendations.

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Recently, hort-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3820-1.3900 which corresponded to (61.8%-50%) Fibonacci zone.

However, the pair has recently failed to drop below the price level of 1.3670.

Previous bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.

Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600 where the lower limit of the depicted movement channel could be tested.

Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.

However, the GBPUSD pair was trapped above the ascending trend (1.3670) and below the key-level around 1.3850 before a temporary bullish breakout above 1.3945 took place this week.

This failed bullish spike above 1.3900 will probably lead to more bearish decline. Initial bearish target would be located at 1.3700 and 1.3550.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
03:06 PM


Trading Signal for Bitcoin BTC/USD, for April 22 - 23, 2021: Bearish outlook to 34,340

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The Bitcoin BTC/USD, in daily charts, the outlook is bearish, we notice a change of scenario given that the SMA of 21 (58640) is located above the trading price, and the support of the EMA of 200 is located at (34,339)

This daily analysis shows that Bitcoin could prepare for a medium-term correction that could fall to support levels of 34,339, the first reason being that it has broken its uptrend channel that began on January 27, 2021.

A consolidation below 59,000 and the psychological level of 50,000 in a short time could be expected, but the sharp break of some of these range points for a new move either bullish or bearish.

For now our recommendation is to sell below the SMA of 21, whenever there is a bounce to this zone, with objects at 50,000 and lower if this psychological level is broken.

On the contrary, in daily charts a consolidation above the 60,000 level, we could expect a new maximum levels of 70,000 and 76000 in the medium term, therefore the key is to watch the 59,000 area for any market scenario.

Support And Resistance Levels For April 22 - 30, 2021

Resistance (1) $56,376

Resistance (2) $58,141

Resistance (3) $59,279

Support (1) $52,637

Support (2) $49,572

Support (3) $43,068

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
02:40 PM


Short-term technical analysis on XRP/USD for April 22, 2021

XRP/USD is trading around $1.30. Short-term trend remains bearish as price is still below key resistance trend line. Since April 18th price is mostly moving sideways. Price has formed a triangle pattern. Traders need to keep a close eye on the triangle boundaries for additional signals.

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Green rectangles- horizontal resistance levels

Red rectangle - horizontal support level

Red lines -Fibonacci retracements

Blue line- lower triangle boundary

Black line - resistance trend line

XRP/USD will soon see volatility increase. Soon we will have either a sell off towards $1-$0.90 or a break upwards and a move at least towards $1.70-$1.80. Price has already retraced 61.8% of the upward move and break out from $0.55. The decline from $1.97 seems corrective. I expect in the medium- to long-term to see at least one more big upward move. Breaking above $1.40 could be the first sign of strength and first step of such a move. If however the triangle breaks to the downside I expect price to reach $1-$0.90 zone for the final low. As long as price is below the black trend line bears remain in control.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
02:35 PM


Trading Signal for Nasdaq 100 #NDX, for April 22 - 23, 2021: Key Level 13,900

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The Nasdaq at the opening of the American session on 4 hour charts, is trading at the key level of 13,898 zone of 7/8 of Murray and the SMA of 21, the eagle indicator is showing bearish signal.

On Tuesday there was a strong decline in the stock market in the United States and Europe, now Thursday investors are still somewhat uncertain. The increase in infections in Asia, especially in India, increases doubts about the global economic recovery and we could see a fall in the main index such as Dow Jones, Nasdaq...

During the pandemic, tech companies benefited the most from quarantines and telecommuting. The rise of the Nasdaq index and of some companies was so strong that some technology companies were even recording all-time highs.

However, investors and markets in general have been very attentive lately to the current season of corporate results reporting, such as Netflix that its stock fell 8%, which will undoubtedly affect the Nasdaq.

On the technical level, we note a key level of 13,900, if the Nasdaq 100 #NDX, breaks this level and consolidates below, a fall to the support of 13545 could occur, and if the downward pressure continues to the 200 EMA located at 13287.

Our outlook is bearish given that the technology sector in the last quarter has shown mixed results, and there could be a correction of the Nasdaq 100 index for the next few days.

Support And Resistance Levels For April 22 - 23, 2021

Resistance (1) 13,933

Resistance (2) 13,983

Resistance (3) 14,062

Support (1) 13,811

Support (2) 13,750

Support (3) 13,606

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
02:34 PM


Short-term technical analysis on EURUSD for April 22, 2021

EURUSD is challenging today the short-term bullish channel it is in since 1.17. Price is very close to breaking out of the channel and if price closes the 4 hour candlestick below 1.20 we can have our first sign of weakness since the low of 1.17.

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Green lines - bullish channel

Red line -major resistance

Blue lines -Fibonacci retracement levels

EURUSD will pull back at least towards the 38% Fibonacci retracement level at 1.1935 if we see 1.20 break. Next important support is at 1.1845 and the 61.8% Fibonacci retracement level. If price goes all the way to 1.1850 then our thoughts of a head and shoulder pattern that were explained in a previous post, will have come true. It is still too early to talk about the right hand shoulder but it is a scenario worth keeping in mind in case sellers push price lower.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
01:52 PM


Trading Signal for EUR/USD for April 22 - 23, 2021: Sell Below 1.2050

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The EUR / USD pair before the American session, in 4 hours charts is trading above the SMA 21 and below the resistance of 1.2050, it still remains within the uptrend channel, showing exhaustion of the bullish force.

The US dollar, USDX, has been under pressure near multi-week lows amid expectations that the Fed will keep rates low for a longer period. This, in turn, has given the EUR / USD upward strength, to rise above the psychological level of 1.20. now a downward correction of the pair is likely in the next few hours.

In a few hours, traders will be attentive to the press conference of the president of the ECB, Christine Lagarde, These comments could infuse some volatility in the EUR / USD pair, we hope to be attentive.

On the technical level, you note that the EUR / USD pair is trading above the SMA of 21, with bullish force, although now it faces a strong top in the 1.2050 area, this level is key, if it is broken, the Next resistance is at 6/8 murray around 1.2085, at this level there could be a technical correction.

On the other hand, if the EUR / USD pair trades below 1.2050, there could be a retracement to the uptrend line and the Murray line of 5/8 located at 1.2023, if this level is broken, a fall of the pair to support of 1.1962.

The eagle indicator is showing an overbought signal, it is imminent that in the next few hours there will be a downward correction to support levels of 1.20.

The market sentiment report shows that there are 61.1% of operators who are selling the pair, this is a sign that a downward movement could occur since the percentage compared to yesterday's figure is a decrease, so the pair could suffer a correction movement in the coming days.

Support And Resistance Levels For April 22 - 23, 2021

Resistance (1) 1.2069

Resistance (2) 1.2095

Resistance (3) 1.2149

Support (1) 1.2026

Support (2) 1.2004

Support (3) 1.1978

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Trading tip for EUR/USD for April 22 - 23, 2021

Sell below 1.2050 (Strong resistance) with take profit at 1.20 and 1.1962, stop loss above 1.2085.

Sell if pullback 1.2085 (6/8 of murray) with take profit at 1.2040 and 1.1962(4/8), stop loss above 1.2120.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
01:40 PM


Trading Signal for GBP/USD for April 22 - 23, 2021: Sell Below 1.3916

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The GBP / USD pair before the opening of the American session, in 4-hours charts is trading below the SMA of 21 and below Murray's 4/8 which acts as a pivot point for the pair, the British pound. It is showing bearish signal supported by the eagle indicator.

In the last hours, we noticed that the GBP / USD pair has tried several times to break the 1.3950 level, leaving several indecision candles. At this moment, it is breaking the 21 SMA, thus showing strong downward pressure.

The GBP / USD pair, at the psychological level of 1.40, found strong resistance, from that level it continues to decline after yesterday it made a pullback to 1.3950. Now it is preparing for a new bearish wave.

The US dollar has remained weak near multi-week lows amid expectations that the Fed will keep interest rates low for a longer period. Initially this data gave GBP / USD upward force, which took it to the 1.40 level, however, the market sentiment is playing against the pair.

Our recommendation is to sell below the SMA of 21 located at 1.3937 and below the 5/8 of Murray located at 1.3916. Both levels are key for a fall of the pair to support levels of the EMA of 200 located at 1.3840.

Support And Resistance Levels For April 22 - 23, 2021

Resistance (1) 1.3952

Resistance (2) 1.3984

Resistance (3) 1.4019

Support (1) 1.3891

Support (2) 1.3855

Support (3) 1.3827

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Trading tip for GBP/USD for April 22 - 23, 2021

Sell below 1.3916 (4/8 of murray), with take profit at 1.3840, stop loss above1.3946.

Sell if pullback 1.3937 (SMA 21), with take profit at 1.3840 (EMA 200), stop loss above 1.3977.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
11:48 AM


BTC analysis for April 22,.2021 - Donwside continuation in play and potential for re-test of $50.640

Further Development

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Analyzing the current trading chart of BTC, I found that there is the consolidation period on the BTC after the drop in the background, which is normal reaction.

My advice is to watch for selling continuation towards the $50.635.

Middle Bollinger band is set at $55.350, which can be good zone for the re-selling...

Key resistance is set to $57.650

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
11:44 AM


Analysis of Gold for April 22,.2021 - Upside continuation adn potential test of $1.812

Eurostoxx futures +0.6% in early European tradingPositive tones observed in early tradesGerman DAX futures +0.5%UK FTSE futures +0.5%This builds on the gains from yesterday, as European equities are still clawing back the deep losses sustained on Tuesday. The more positive mood here also in part reflects some catch up to the surge in US equities - which closed at the highs.Further Development

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Analyzing the current trading chart of Gold, I found that buyers are in control and that there is potential for the test of the $1.812

My advice is to watch for buying opportunities on the dips with the upside target at the price of $1.812.

There is the test of the rising support line and the middle Bollinger band, which is good sign for further continuation....

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
11:40 AM


EUR/USD analysis for April 22 2021 - Completion of the downsdie correction and potential for test of 1.2100

UK April CBI trends total orders -8 vs 2 expected

Prior -5Trends selling prices 27Prior 20Of note, the quarterly optimism index jumps to 38 from -22 in March as UK manufacturers' expectations of a rebound rose to the highest in almost 50 years. The monthly reading for factory orders were less upbeat though as seen with the headline.Further Development

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Analyzing the current trading chart of EUR, I found that EUR reached our first upside target at 1.2025 and that is heading to test second target at 1.2080.

There is completion of the ABC downside correction and potential for the upside continuation.

Watch for buying opportunities on the pullbacks with the target at 1.2100.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
11:34 AM


Forecast for oil on April 22. Real reasons for drop in oil prices.

For two weeks in a row, the number of big players of Brent crude in the derivative market CME Group has been rising. According to the recent data from the Commodity Futures Trading Commission, during the previous week, Smart Money reduced the bullish activity by 1%.

Despite a rise in oil prices during the period from April 6 to April 13, institutional investors were closing their buy positions, following the insider information about a possible drop.

As a result, after the execution of May options, oil prices stopped growing. Moreover, the prices have been falling for the third day in row.

The main question is how deep oil could slide.

CRUDE OIL D1:

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The current market situation will help us to answer this question.

On Thursday, at the moment of opening of the European session, sellers of options lost more than $258 million.

Judging by the Commitments of Traders report, the US oil quotes will continue losing in value during the next week.

At the same time, the target for the decline on the daily time frame is the level of the minimum profitability of the market makers (58.00).

Institutional investors agreed to move in one direction during the week and simultaneously reduced the number of closed positions by 5%.

CRUDE OIL M30:

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If traders choose day trading, they should take into account that the nearest support level is limited by buyers (60.45).

A rise in the volume of mid-term positions worth $20.8 million may intensify the mentioned support level.

According to the main scenario, buyers may successfully test this level and move higher until the end of the US trade. The limit is located at 61.91.

The intermediate target of growth within the day is the option balance of the week (61.51).

If the price breaks and fixes below the level of limited buyers (60.45), the alternative scenario is likely to take place. In this case, the price will continue moving towards the long-term target on the daily time frame. Until the end of the week, the target will be located at 59.62.

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
11:17 AM


Technical Analysis of EUR/USD for April 22, 2021

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Overview :
  • The EUR/USD pair continues to move upwards from the level of 1.2000. Yesterday, the pair rose from the level of 1.2000 (the level of 1.2000 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.2053.
  • Today, the first support level is seen at 0.9866 followed by 0.9789, while daily resistance 1 is seen at 0.9990. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9866 and 0.9990; for that we expect a range of 124 pips (0.9990 - 0.9866).
  • On the one-hour chart, immediate resistance is seen at 1.2080, which coincides with a ratio of 100% Fibonacci retracement -last bullish wave, top.
  • Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50).
  • Therefore, if the trend is able to break out through the first resistance level of 1.2080, we should see the pair climbing towards the daily resistance at 1.2127 to test it.
  • The EUR/USD pair will demonstrate strength following a breakout of the high at 1.2000. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2080 with the first target at 1.2127.
  • Then, the pair is likely to begin an ascending movement to 1.2127 mark and further to 1.2148 levels. The level of 1.2148 will act as strong resistance.
  • It would also be wise to consider where to place stop loss; this should be set below the second support of 1.1975.
The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
10:58 AM


Bitcoin volume analysis for April 22, 2021

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1.How to make money on cryptocurrencies?

2. Analysis of Bitcoin futures volume on Chicago Mercantile Exchange

3. Trend analysis.

4. Japanese candlestick analysis.

5. Conclusion. Statistics.

1.How to make money on cryptocurrencies?

A competent money management system will help you make money on cryptocurrencies. However, a good money management system is just a complement to a competent trading system. Therefore, until you have a profitable trading system with several months of positive statistics on at least 100 transactions in the real market, you should not go into more complex money management systems. If you already have a trading system, you need to deal with money management that will help you increase profits.

Now let's consider what method of money management can be used after you have spent enough time trading with a minimum, standard lot.

The Multiple Lots method - multiple trades with one entry point. The core of this method is that using one trading signal, you open several positions rather than just one, for example, two trades. The goal of the first trade is to make a profit quickly, and it can be closed after the first profitable impulse. The goal of the second trade is to keep a position open for as long as possible to maximize profits.

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The figure shows an example of such a money management method. After the first trade is closed with gains, the second one can be moved to the break-even point. In this case, a trader is no longer risking anything. This method can be used for trending markets, including the cryptocurrency market. However, it is important to understand that the purpose of this method is to make a profit during strong movements. When the market is trading sideways, this method can only increase your losses, while amid strong rallies, they will be offset.

This money management method is conservative and can be applied by experienced traders.

2. Analysis of Bitcoin futures volume on Chicago Mercantile Exchange.

Bitcoin has entered a sideways correction again. One candlestick is within the other. Today, the price has already broken through yesterday's low. Therefore, a further downward movement is highly likely. Let's consider the levels of the maximum traded volumes based on the Chicago Mercantile Exchange. These indicators show the activity of major market players.

20.04.21 - The level of the maximum traded volume (POC - Point Of Control) - 56120

21.04.21 - The level of the maximum traded volume (POC - Point Of Control) - 56120

The POC has moved down, the price is below the maximum traded volume. The market is moving in a downward trend. In such a situation, according to the volume analysis, you can open short positions.

3. Trend analysis.

The second step in this analysis is to determine the short-, medium-, and long-term trend. It is worth opening trades when the direction of all three trends coincides. Trend analysis is carried out with the help of an exponential moving average:

EMA 1152 (blue) shows the long-term trend on the H1 chart, which is similar to EMA 48 on the D chart;

EMA 288 (red) shows the medium-term trend on the H1 chart, which is similar to EMA 48 on the H4 chart;

EMA 48 (black) shows the short-term trend on the H1 chart.

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The price is below the short-term, medium-term, and long-term EMAs. The price has turned around. Apparently, a downward movement is beginning to develop in the market. Therefore, according to the trend analysis, it is possible to open short positions today.

4. Japanese candlestick analysis.

Market analysis with the help of Japanese candlesticks is the third step in this trading system. Let's analyze yesterday's daily candlestick:

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The candlestick has closed downwards, the candlestick is black. The extreme points are within the extreme points of the previous candlestick. The candlestick pattern is uncertain. According to the Japanese candlestick analysis, you can consider both buy and sell orders.

5. Conclusion. Statistics.

Volume analysis - SELL.

Long-term trend - SELL.

Medium-term trend - SELL.

Short-term trend - SELL.

Japanese candlestick analysis - BUY SELL.

Conclusion: On April 22, 2021, you can open both long and short positions on bitcoin in the short term as different types of analysis provide different forecasts.

To analyze the effectiveness of this trading approach, you should use statistics. Based on these forecasts, we track the data on completed transactions and open new deals in a separate account. Transactions are made on four instruments: Bitcoin, Ethereum, Litecoin, and BCHUSD. They are analyzed in the same way. Statement:

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We do not open new positions as the market situation is uncertain.

The risk is not more than 1% per trade, this approach is conservative. According to this system, a stop-loss order is placed beyond the daily low or high, depending on the direction of the trade. We do not set take-profit orders, enabling the price to grow without limits. We follow the trade, moving SL beyond the extreme points of the future sessions.

Since trading is carried out on the daily charts, this recommendation remains relevant throughout the day.

Trade along the trend and you will make a profit!

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
10:55 AM


Technical Analysis of GBP/USD for April 22, 2021

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Overview :

The GBP/USD pair continues to move upwards from the level of 1.3896. Today, the first support level is currently seen at 1.3896, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.3896, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

On the H1 chart. The level of 1.3896 coincides with 61.8% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend.

But, major support is seen at the level of 1.3896.

Furthermore, the trend is still showing strength above the moving average (100).

If the trend breaks the minor resistance at 1.3920, the pair will move upwards continuing the bullish trend development to the level 1.4008 in order to test the daily resistance 1.

Therefore, strong support will be found at the level of 1.3896 providing a clear signal to buy with a target seen at 1.4008.

The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.4008.

Accordingly, the pair is still in the uptrend from the area of 1.3896 and 1.4008. The GBP/USD pair is trading in a bullish trend from the first resistance line of 1.4008 towards the first resistance (2) level at 1.4060 in order to test it.

Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

At the same time, if a breakout happens at the support levels of 1.3784 and 1.3750, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

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22.04.2021
10:34 AM


Daily Video Analysis: CADJPY facing bearish pressure, potential for further drop!

Today we take a look at CADJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under descending trendline resistance, where we could see a reversal at sell entry level, in line with 78.6% Fibonacci retracement, and further downside towards take profit levels, which are in line with 61.8% Fibonacci retracement and horizontal swing low support respectively. Stochastics is also showing signs of bearish pressure as it has reversed from the upper level where it has reacted at before.

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22.04.2021
10:13 AM


GBPJPY reacting above ascending trendline support! Bounce incoming!

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GBPJPY holding above long term descending trendline. A bounce above 1st support at 150.406 towards recent swing high and 1st resistance at 150.973 could be possible. RSI reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 150.406

Reason for Entry:

50% Fibonacci retracement, Ascending trendline support

Take Profit: 150.973

Reason for Take Profit:

-27.20% and 50% Fibonacci retracement

Stop Loss: 150.047

Reason for Stop Loss:

Graphical swing low

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22.04.2021
10:12 AM


USDCHF facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from horizontal pullback resistance, which is in line with 50% Fibonacci retracement and 100% Fibonacci extension. Prices might push down from 1st resistance towards 1st support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. If prices break 1st resistance, prices might face resistance from horizontal swing high resistance which is in line with 61.8% FIbonacci retracement and 50% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.91541

Reason for Entry:

Horizontal pullback resistance, 50% Fibonacci retracement, 100% Fibonacci extension

Take Profit:

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 0.91753

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci extension, 61.8% Fibonacci retracement

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
10:11 AM


EURAUD approaching 1st support, potential for a bounce!

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Price is approaching 1st support, which is in line with our 78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support. We could potentially see a bounce at this level and further rise up towards 1st resistance, which is in line with 61.8% Fibonacci retracement, 61.8%,161.8% Fibonacci extension and horizontal overlap resistance. Stochastics has also just bounced from the 11.71 level where it has reacted from before.

Trading Recommendation

Entry: 1.54737

Reason for Entry:

78.6% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support

Take Profit: 1.55670

Reason for Take Profit:

61.8% Fibonacci retracement, 61.8%,161.8% Fibonacci extension and horizontal overlap resistance

Stop Loss: 1.54298

Reason for Stop Loss:

78.6%, 161.8% Fibonacci extension and horizontal swing low support

The material has been provided by InstaForex Company - www.instaforex.com

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22.04.2021
09:39 AM


AUD/USD Hot Forecast for 22 April, 2021

  • Bank of Canada first major central bank to make tangible move to tighten policy
  • AUD/USD rises overnight but struggles against lingering level of resistance

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AUD/USD is off the lows, flirting with the 0.7750 barrier amid falling Treasury yields, which continue to make the aussie a more attractive higher-yielding asset. Despite the overnight move higher, AUD/USD bulls continue to struggle to decisively overcome the 0.7750 level, indicated by the red horizontal line on the chart below.

The technical outlook for AUD/USD rates appears relatively mixed, as price carves out a possible Head and Shoulders reversal pattern below a key range at 0.7800 round figure mark.

From a technical perspective, the recent swing low 0.7730 appears to be providing firm support to the downside, however. Price may continue to range between these two levels. A break on either side could see follow-through given the pair's multi-day consolidation.

A firm break above that resistance zone is needed to retest the daily highs at 0.7765. Further up, the 0.7800 round number could be probed. However, with the Relative Strength Index (RSI) back under 50.00, the upside attempts limited at the moment.Therefore, the bear could aim at the at 0.770 on a renewed selling wave, below which the 0.7700 mark would be eyed.

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22.04.2021
09:22 AM


XRP Price Prediction for 22 April, 2021

  • XRP price has flipped a crucial demand zone into supply after the recent slump.
  • An 18% drop to $1.04 could ensue if bulls fail to rescue Ripple here.
  • On-chain metrics hint at a semi-stable state that could flip bearish anytime.

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XRP price has been in a corrective phase for over a week and could retrace more before it begins to turn around. XRP price has recently sliced through a crucial area of demand that extends from $1.31 to $1.42. A failure to reclaim this level will result in bearish. Such a development could push the remittance token down by 18% to the subsequent demand zone's upper boundary at $1.04.

Additionally, the 4-hour chart shows the formation of a triangle, a breakdown of which could result in a steep correction. This technical formation contains an initial drop, which forms a flagpole, followed by consolidation between two converging trend lines.

Regardless of the short-term bearish outlook provided by the technical analysis and some on-chain metrics, a sudden spike in bullish pressure that results in a decisive close above $1.53 will invalidate the bearish thesis.In such a case, XRP price could surge 30% to retest the local top at $1.96.

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