BTCUSD and XRPUSD Technical Analysis – 04th OCT 2022

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BTCUSD: Three White Soldiers Pattern Above $18527

Bitcoin was unable to sustain its bullish momentum and after touching a high of 20328 on 27th Sep, it started to decline touching a low of 18525 on 28th Sep. After this decline, the prices have stabilized and we can see an uptrend in the markets.

The prices have crossed the $20000 mark in the European trading session today.

We can see that the price is back over the pivot point in the weekly time frame.

The price of bitcoin is ranging near the horizontal support levels in the weekly time frame.

We can clearly see a three white soldiers pattern above the $18527 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Bitcoin touched an intraday low of 19510 in the Asian trading session and an intraday high of 20099 in the European trading session today.

Both the STOCH and STOCHRSI are indicating overbought levels which means that in the immediate short term a decline in the prices is expected.

The relative strength index is at 74 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

Bitcoin is now moving above its 100 hourly simple moving average and above its 200 hourly exponential moving averages.

Most of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term we are expecting targets of 21000 and 22500.

The average true range is indicating LESS market volatility with a strong bullish momentum.

  • Bitcoin: bullish reversal seen above $18527
  • The Williams percent range is indicating an overbought level
  • The price is now trading just above its pivot level of $19931
  • All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $18527

The strong bullish rebound that is seen is expected to continue in the short-term range and now we are looking at $21000 and $22000 as the immediate targets.

The adaptive moving average AMA20 is giving a bullish crossover pattern in the daily timeframe.

The parabolic SAR indicator is giving a bullish reversal signal on the daily time frame.

We have also detected the ichimoku bullish crossover pattern on the 4-hour time frame.

The immediate short-term outlook for bitcoin is bullish, the medium-term outlook has turned bullish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $19005 and the prices continue to remain above this level for the continuation of the bullish reversal in the markets.

The price of BTCUSD is now facing its classic resistance level of 20007 and Fibonacci resistance level of 200048 after which the path towards 21000 will get cleared.

In the last 24hrs, BTCUSD has increased by 3.80% by 730$, and has a 24hr trading volume of USD 31.762 billion. We can see an increase of 28.33% in the trading volume as compared to yesterday, due to increased demand for bitcoin globally.

The Week Ahead

The prices of bitcoin are moving in a bullish zone above the $19900 level. Further upsides are projected at $21000 and $22000 as the immediate targets.

We have seen continued buying pressure at lower levels, as we can see the formation of an ascending price channel from $18527 towards the $20214 levels.

The daily RSI is printing at 52 which indicates a neutral level and a move towards the consolidation phase in the markets.

The price of BTCUSD will need to remain above the important support level of $19000 this week.

The weekly outlook is projected at $21000 with a consolidation zone of $20500.

Technical Indicators:

The moving averages convergence divergence (12,26): is at 142.70 indicating a BUY

The ultimate oscillator: is at 60.39 indicating a BUY

The rate of price change: is at 1.75 indicating a BUY

The average directional change (14): is at 52.40 indicating a BUY

XRPUSD: Hammer Pattern Above 0.4171

Ripple was unable to sustain its bearish momentum and after touching a low of 0.4170 on 28th Sep, the price started an upwards correction crossing the 0.5000 handle on 30th Sep.

After touching a high of 0.5012 we can see some downwards pressure in Ripple which is a short-term correction, touching a low of 0.4367 on 03rd Oct.

We can see that the price is ranging near the support of the triangle in the daily timeframe.

We can clearly see a hammer pattern above the 0.4171 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Ripple touched an intraday low of 0.4513 in the Asian trading session and an intraday high of 0.4641 in the European trading session today.

We can see that both the short-term and mid-term range are bullish.

The relative strength index is at 54 which signifies a neutral demand for Ripple at the current market prices and the continuation of the consolidation phase in the markets.

Some of the moving averages are giving a BUY signal at the current market level of 0.4612.

Ripple is now trading just below its pivot level of 0.4613 and facing its classic resistance level of 0.4650 and Fibonacci resistance level of 0.4678 after which the path towards 0.5000 will get cleared.

Some of the major technical indicators are giving a BUY signal.

  • Ripple: bullish reversal seen above the 0.4171 level
  • Consolidation pattern is seen above 0.4500 level
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.4171

We can see that the price of Ripple continues to consolidate upwards with the formation of an ascending channel above the 0.4500 level.

We can see that the parabolic SAR indicator is giving a bullish reversal signal in the 4-hour time frame.

The price is back over the pivot point indicating a bullish scenario.

The short-term outlook for Ripple has turned mildly bullish, the medium-term outlook is neutral, and the long-term outlook is neutral under present market conditions.

The adaptive moving average AMA20, AMA50, and AMA100 are showing a bullish trend reversal pattern in the 2-hour time frame.

The price of XRPUSD has increased by 4.50% with a price change of $0.01989 in the past 24hrs and has a trading volume of 1.794 billion USD.

We can see a decrease of 3.84% in the trading volume of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

Ripple has entered a consolidation zone above the 0.4500 handle and the price is expected to rise above the 0.4700 level.

The price of Ripple continues to correct higher against the US dollar which indicates that we are now testing the level of 0.5000 in the medium-term range.

We can see a continuous progression of a bullish trend line formation from 0.4171 towards the 0.4806 levels.

The weekly outlook for Ripple is projected at 0.5200 with a consolidation zone of 0.4800.

Technical Indicators:

The relative strength index (14):  is at 54.91 indicating a NEUTRAL

The average directional change (14): is at 21.60 indicating a BUY

The ultimate oscillator: is at 50.11 indicating a NEUTRAL

The rate of price change: is at 0.84 indicating a BUY




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