BTCUSD and XRPUSD Technical Analysis – 07th FEB 2023

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BTCUSD – Bullish Harami Pattern Above $22658

Bitcoin continues its bullish momentum from last week and after touching a low of $22658 on 07th Feb, the prices started to correct upwards against the US dollar and are now ranging above the $23000 handle in the European trading session today.

The price is back over the pivot point in the daily time frame indicating bullish trends.

We can clearly see a bullish Harami pattern above the $22658 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 22658 in the Asian trading session and an intraday high of 23037 in the European trading session today.

The momentum indicator is back over zero in the 4-hourly time frame indicating a bullish scenario.

The MACD indicator is giving a bullish divergence signal in the 1-hourly time frame.

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 RSI indicator is back over 50 in both the 30-minutes and 1-hourly time frame indicating bullish trends.

The relative strength index is at 58.15 indicating a strong demand for Bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a BUY signal, which means that in the immediate shor-term we are expecting targets of 23500 and 24500.

The average true range is indicating less market volatility with a mild bullish momentum.

  • Bitcoin: bullish continuation seen above $22658.
  • The Williams percent range is indicating an overbought level.
  • The price is now trading just above its pivot level of $22887.
  • The short-term range is mildly bullish.

Bitcoin: Bullish Continuation Seen Above $22658

The price of Bitcoin witnessed a downwards correction after crossing the $24000 levels. Now the markets are ranging into a consolidation channel above the $22500 handle.

After the consolidation phase is over, we are expecting upside moves in the range of $23500 to $24500 levels.

We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA20 in both the 30-minutes and 1-hourly time frames.

The immediate short-term outlook for Bitcoin is mildly 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 $22342 which is a 14-3 Day Raw Stochastic at 50% and at $22581 which is a 3-10 Day MACD Oscillator Stalls.

The price of BTCUSD is now facing its classic resistance level of 23053 and Fibonacci resistance level of 23352 after which the path towards 23500 will get cleared.

In the last 24hrs BTCUSD has increased by 0.84% by 190.97$ and has a 24hr trading volume of USD 24.800 billion. We can see an increase of 13.07% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin has reached its highest level this month at $24209 which was last seen on 20th Aug, 2022. We are now looking to cross the $25000 level this month.

The daily RSI is printing at 62.55 which indicates a very strong demand for Bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

We can see the formation of a bullish trendline from $22658 towards the $24118 level.

The price of BTCUSD is now facing its resistance zone located at $23406 which is a 14-day RSI at 70% and at $23594 at which the price crosses 9-day moving average stalls.

The weekly outlook is projected at $25000 with a consolidation zone of $24000.

XRPUSD: Tweezer Bottom Pattern Above 0.3901

Ripple was unable to sustain its bearish momentum and after touching a low of 0.3901 on 07th Feb, the price started to correct upwards against the US dollar crossing the $0.3950 handle today in the European trading session.

The price is back over the pivot point in the daily time frame indicating bullish trends.

We can clearly see a tweezer bottom pattern above the 0.3901 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 0.3901 in the Asian trading session and an intraday high of 0.3981 in the European trading session today.

The price is ranging near the support of the channel in the daily time frame indicating bullish trends.

The relative strength index is at 56.64 which signifies a strong demand for Ripple at the current market prices and the continuation of the bullish phase in the markets.

Most of the moving averages are giving a BUY signal at the current market level of 0.3980.

The STOCHRSI and Williams percent range are indicating an overbought level, which means that the prices are expected to decline in the short-term range.

Ripple is now trading just above its pivot level of 0.3999 and facing its classic resistance level of 0.3999 and Fibonacci resistance level of 0.4080 after which the path towards 0.4200 will get cleared.

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

  • Ripple: bullish reversal seen above the 0.3901 level.
  • The RSI is indicating a BUY signal.
  • The average true range indicates less volatility.
  • Ripple gains bullish bias against the US dollar.

Ripple: Bullish Reversal Seen Above 0.3901

We can see that the Ripple has made a failed attempt at crossing the $0.4200 handle and is now on its way to cross the $0.4000 handle after which the next visible targets are located at $0.4200 and $0.4500 levels.

The momentum indicator is back over zero in the 30-minutes time frame indicating bullish trends.

We can see the formation of a bullish price crossover pattern with adaptive moving average AMA100 in the 30-minute time frame.

The MACD indicator is back over zero in the 15-minute time frame indicating a bullish scenario.

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

The price of XRPUSD has increased by 0.25% with a price change of $0.0009798 in the past 24hrs and has a trading volume of 0.963 billion USD.

We can see a decrease of 2.61% in the trading volumes of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple is moving in a consolidation phase after two failed attempts at crossing the $0.4200 level in the last 7 days. This is an indication of the medium-term targets located above the $0.4500 levels.

There is a major bullish trendline formation with a support located at $0.3889 which is a 14-3 day raw stochastic at 30%.

We can see a continuous progression of a bullish trendline formation from $0.3901 towards the $0.4196 level.

The resistance zone is located at $0.4186 at which the price crosses 9-day moving average stalls and at $0.4214 which is a 3-10-16 day MACD moving average stalls.

The weekly outlook for Ripple is projected at $0.4500 with a consolidation zone of $0.4300.

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