BTCUSD and XRPUSD Technical Analysis – 05th APR 2022

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BTCUSD: Double Bottom Pattern Above $44,000

Bitcoin touched a high of $48,164 on March 28th , after which we saw some correction that pushed its price below the $45,000 handle.

We can see fresh buying pressure coming back into the markets, and bitcoin is trading above the $46,000 handle in the European trading session today.

We can see a rising trend channel in the medium term, which is expected to push the prices of BTCUSD towards the $50,000 handle.

We can clearly see a double bottom pattern above the $44,000 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

The Stoch and the Williams percent range are indicating an overbought level, which means that in the immediate short term, a decline in the price is expected.

The relative strength index is at 55, indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple Ma, and its 200 hourly exponential MA.

All of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 48,000 and 50,000.

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

  • A bullish reversal is seen in bitcoin above $44,000
  • The StochRSI is indicating an OVERSOLD level
  • The price is now trading just below its pivot level of $46,663
  • All of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal Seen Above $44,000

Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of 48,000 in the European trading session today.

In the immediate short term, we are expecting a continuation of this bullish trend, with the prices of bitcoin ranging between $48,000 and $49,000 as it has entered into a consolidation phase now.

The drop in the level of BTCUSD that we saw last week happened due to the profit-taking by short-term investors.

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

The price of BTCUSD is now facing its classic resistance level of 46,735, and Fibonacci resistance level of 46,802, after which the path towards 48,000 will get cleared.

We can see that the daily RSI is also printing at 62 which indicates that in the medium-term, the prices are expected to appreciate further.

In the last 24hrs, BTCUSD has gone UP by 1.51% with a price change of $692, and has a 24hr trading volume of USD 30.612 billion. We can see an increase of 8.03% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is now moving into a consolidation phase below $48,000. We can see some range-bound movements in the levels between $46,000 to $48,000.

The hourly RSI has also confirmed the rising trend channel which indicates that in the medium-term, prices are expected to move closer to the level of $50,000.

The on-chain metrics are also suggesting that after the present consolidation phase is over, we are aiming towards crossing the $50,000 handle.

In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing above the $49,000 handle this week.

The prices of BTCUSD will need to remain above the important support level of $47,500 this week.

Weekly outlook is projected at $50,000 with a consolidation zone of $48,500.

Technical Indicators:

The rate of price change: at 10.13 indicating a BUY

The ultimate oscillator: at 51.55 indicating a BUY

Bull/Bear power(13-day): at 2289 indicating a BUY

The moving averages convergence divergence (12,26): at 1490 indicating a BUY

XRPUSD: Bearish Engulfing Pattern Below 0.8700

Ripple was unable to sustain its bullish momentum, and after touching a high of 0.9120 on March 28th, the prices started to decline touching a low of 0.8000 on March 31st.

After entering into a consolidation channel above the $0.8000 handle, the price has started to decline further in the European trading session today.

We can see a formation of a bearish descending channel which has managed to push the price below the $0.8300 handle.

We can clearly see a bearish engulfing pattern below the 0.8700 handle which signifies the end of an uptrend and a shift towards a major downtrend.

The short-term outlook for Ripple has turned bearish; the medium-term outlook remains bearish; and the long-term outlook is neutral.

The relative strength index is at 49 which signifies a NEUTRAL demand for Ripple at the current market prices and a move towards the consolidation phase.

All of the moving averages are giving a SELL signal at the current market levels of 0.8248.

Ripple is now trading just below its pivot level of 0.8267, and is now facing its classic support level of 0.8169 and Fibonacci support level of 0.8244 after which the path towards 0.8000 will get cleared.

  • Most of the major technical indicators are giving a SELL signal
  • A bearish reversal is seen in Ripple below the level of  0.8700
  • The Williams percent range is indicating a NEUTRAL level
  • The average true range indicates LESSER market volatility

Ripple: Bearish Reversal Seen Below 0.8700

Ripple is now moving in a mildly bearish momentum below the 0.8300 handle in today’s European trading session.

We can see that the bearish momentum is building up in Ripple which will lead to a further decline in its price towards 0.8000 and 0.7500.

We can see that XRP touched a high of 0.8304 in the Asian trading session, after which the prices corrected and a low of 0.8220 was formed in the European trading session.

The price of XRPUSD has gone down by 0.04% with a price change of $0.0003719 in the past 24hrs, and has a trading volume of 1.783 billion USD.

We can see an increase of 21.46% in the trading volume of Ripple as compared to yesterday, which is due to the increased selling seen across crypto markets.

This Week Ahead

The prices of XRPUSD are now moving in a mildly bearish channel below the 0.8300 handle, and the next targets are 0.8000 and 0.7800.

Next week, we are looking at targets close to $0.7500 and $0.7100. We have also detected an evening star pattern which further validates the bearish move and the continuation of the downtrend.

This week, the price of Ripple needs to remain above the crucial support level of $0.7000. after which we may see a progression of the bullish momentum.

The weekly outlook for Ripple is projected at 0.7500 with a consolidation zone of 0.8000.

Technical Indicators:

The moving averages convergence divergence (12,26):  at -0.002 indicating a SELL

Stoch (9,6): at 34.00 indicating a SELL

The commodity channel index (14-day): at -7.93 indicating a NEUTRAL level

Bull/Bear power(13-day): at -0.0008 indicating a SELL

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