BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023

FXOpen

BTCUSD: Three Inside UP Pattern Above $16608

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today.

We have seen a bullish opening of the markets this week.

We can clearly see a three inside up pattern above the $16608 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 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today.

The price of bitcoin is back over the pivot point in the daily time frame.

The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily 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 relative strength index is at 55.92 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 100 hourly exponential moving averages.

Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500.

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

  • Bitcoin: bullish reversal seen above $16608
  • The average directional index is indicating a NEUTRAL level
  • The price is now trading just below its pivot level of $17261
  • The short-term range is strongly bullish

Bitcoin: Bullish Reversal Seen Above $16608

The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000.

There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls.

The Williams percent indicator is back over -50 indicating a bullish tone present in the markets.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame.

The immediate short-term outlook for bitcoin is strongly 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 $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point.

The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000.

The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.

The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low.

The weekly outlook is projected at $18500 with a consolidation zone of $18000.

Technical Indicators:

The MACD (12,26): is at 25.00 indicating a BUY

The commodity channel index, CCI (14): is at 135.50 indicating a BUY

The rate of price change, ROC: is at 0.232 indicating a BUY

Bull/Bear power (13): is at 24.49 indicating a BUY

XRPUSD: Bullish Engulfing Pattern Above 0.3300

Ripple was unable to sustain its bearish momentum and after touching a low of 0.3300 on 06th Jan, the prices started to correct upwards against the US dollar crossing the $0.3400 handle today in the European trading session.

The price of Ripple is ranging near a NEW HIGH record in the weekly time frame.

We can clearly see a bullish engulfing pattern above the 0.3300 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 high of 0.3523 and an intraday low of 0.3432 in the Asian trading session today.

We can see the formation of bullish engulfing lines in the 4-hour time frame.

The relative strength index is at 50.90 which signifies a NEUTRAL demand for Ripple at the current market prices and the shift towards a consolidation phase in the markets.

Some of the moving averages are giving a BUY signal at the current market levels of 0.3500.

Both the high/lows and commodity channel index, CCI, are indicating a NEUTRAL level.

Ripple is now trading above its pivot level of 0.3487 and facing its classic resistance level of 0.3496 and Fibonacci resistance level of 0.3504 after which the path towards 0.3600 will get cleared.

Some of the major technical Indicators are giving a STRONG BUY signal.

  • Ripple: bullish reversal seen above the 0.3300 level
  • The RSI is indicating a NEUTRAL level
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.3300

We can see that the price of Ripple has started a major upside move above the $0.3300 level and is moving in a strongly bullish momentum with upsides located at $0.3600 and $0.4000 levels.

The MACD has crossed UP its moving average in the weekly time frame indicating a bullish trend.

The momentum indicator is back over zero in the daily time frame.

We can see the formation of the bullish price crossover pattern with the adaptive moving average AMA50 in the 4-hour time frame.

The RSI indicator is back over 50 in the 1-hour time frame indicating the bullish tone of the markets.

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

The price of XRPUSD has decreased by 0.58% with a price change of $0.002044 in the past 24hrs and has a trading volume of 1.145 billion USD.

We can see an increase of 17.90% in the trading volume of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple has started a major upside move from the $0.3300 swing low against the US dollar.

There is a major bullish trendline formation with support located at $0.3276 which is a 14-3 day raw stochastic at 20%.

We can see a continuous progression of a bullish trend line formation from $0.3300 towards the $0.3549 level.

The resistance zone is located at $0.3587 at which the price crosses 9-day moving average stalls, and $0.3652 which is a 38.2% retracement from a 4-week high.

The weekly outlook for Ripple is projected at $0.3800 with a consolidation zone of $0.3700.

Technical Indicators:

The MACD (12,26):  is at 0.000 indicating a BUY

The ultimate oscillator: is at 59.72 indicating a BUY

The Williams percent range: is at -29.72 indicating a BUY

Bull/bear power (13): is at 0.0002 indicating a BUY



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