BTCUSD: Rising Uptrend Channel Above $48k
Bitcoin is gaining traders sentiment and inching towards $50k in the London trading session. BTC is moving in a rising uptrend channel formation currently trading above its 100 hourly moving averages of $47914. The medium to long term outlook for bitcoin remains bullish with immediate targets for today at $52900.
Relative strength index (14-day) and ultimate oscillator are both indicating a BUY at the current market levels of $49488.
- A bullish momentum is seen above the levels of 47801. The price is expected to remain above these levels.
- BTCUSD is expected to touch an intraday high of $52500 in the US trading session.
- Simple and exponential moving averages indicate a strong BUY.
- Average true range (14-day) indicates less volatility.
Bitcoin Medium-Term Bullish Trend
Bitcoin saw a bullish tone this week and has since continued to rise aiming towards the $50k mark. It is now facing classic resistance levels of $50083 after which the path towards $52000 will get cleared.
In the last 24 hrs BTCUSD has risen by +3.50% to reach +2020$ and has a 24hr trading volume of USD 33.36 billion.
Bitcoin Demand Continues
The year 2021 has been a turnaround year for bitcoin after its widespread adoption and usage. Since the recent ban by China, BTCUSD has gone through a short selling phase. But the recent comments from the Fed Chair Powell indicated that the United States has no plans to follow China or ban crypto. Bitcoin is witnessing a steady increase in prices today in the European trading session.
Bitcoin is witnessing a continuous buying pressure across the major cryptocurrency exchanges worldwide, leading to a continuous surge in prices.
XRPUSD – Ripple Above Major Resistance
Ripple is currently trading above its 100 hourly moving averages and classic support levels. The price is gaining momentum after crossing the Fibonacci resistance levels of 1.0463 in the European trading session today.
This week, Ripple touched an intraday low of 1.0060 and is holding above these levels with fresh buying support seen today. Today, the price is expected to cross the Woodie’s resistance levels of 1.0627 and clear its path towards the $1.15-1.50 handle. Both the 100 hourly and 200 hourly moving averages are indicating a BUY.
- Ripple is indicating a bullish momentum with the commodity channel index of 14 days.
- Continuous buying pressure is seen above 1.019 levels.
- Staying above both its classic and Fibonacci support levels.
- The pair is expected to cross $1.10 handle this week.
Ripple Continues Bullish Momentum
Ripple price is moving in a strong bullish momentum, and all the major technical indicators are giving a BUY signal.
XRP has gained +2.03% with a price change of +$0.02324 in the past 24hrs, and has a trading volume of 2.99 billion USD.
This Week Ahead
Ripple started the week on a mild bearish note, after which the pullback in its prices was attributed to the fresh buying demand seen above the $1.019 level.
The bullish trend line formation indicates that the prices of XRPUSD will continue to rise this week.
This week, XRPUSD is expected to close above the $1.115, and a short-term correction is expected once the prices reach these levels.
Technical Indicators:
Average true range (14-day): at 0.0106 indicating less market volatility
StochRSI (14-day): at 100.00 indicating overbought
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