BTCUSD and XRPUSD Technical Analysis – 13th SEP 2022

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BTCUSD: Inverted Hammer Pattern Above $19025

Bitcoin was unable to sustain its bearish momentum and after touching a low of 18567 on 07th Sep, it started to correct upwards crossing the $22000 handle today in the European trading session.

The price of Bitcoin continues to correct upwards due to the increased buying pressure and more upsides are expected towards the $25000 levels.

We can see a bullish price crossover with the adaptive moving average AMA50 in the 15-minute time frame.

We have also seen a bullish opening gap underpinning the markets this week.

We can clearly see an inverted hammer pattern above the $19025 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 22067 in the Asian trading session and an intraday high of 22553 in the European trading session today.

Both the STOCH and Williams percent range 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 71 indicating a very strong demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets.

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

All of the major technical Indicators are giving a STRONG BUY signal, which means that in the immediate short term we are expecting targets of 24000 and 25000.

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

  • Bitcoin: bullish reversal seen above $19025.
  • STOCHRSI is indicating an oversold level.
  • The price is now trading just above its pivot level of $22332.
  • All of the moving averages are giving a STRONG BUY market signal.

Bitcoin: Bullish reversal seen above $19025

The price of bitcoin is forming an ascending channel, with the current price action indicating a move towards the consolidation phase above the $22000 handle.

We can see the formation of a bullish harami pattern in the 2-hourly time-frame indicating the underlying bullish nature of the markets.

We have also detected the formation of a bullish engulfing line in the 1-hourly time frame indicating the bullish scenario.

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

Bitcoin’s support zone is located at $21000 and the price continues to remain above these levels for the continuation of the bullish reversal in the markets.

The price of BTCUSD is now facing its classic resistance level of 22502 and Fibonacci resistance level of 22731 after which the path towards 23000 will get cleared.

In the last 24hrs BTCUSD has increased by 0.95% by 211$ and has a 24hr trading volume of USD 43.846 billion. We can see a decrease of 2.98% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is moving in a consolidation zone above the $22000 levels. At present the price is moving into a narrow range between the 22000 and 22500 levels.

We can see that the price of bitcoin is super bullish and we are heading towards the $30000 handle in the medium term range.

The daily RSI is printing at 61 which indicates a very strong demand from the long-term investors.

The price of BTCUSD will need to remain above the important support levels of $21000 this week.

The weekly outlook is projected at $25000 with a consolidation zone of $24500.

Technical Indicators:

The moving averages convergence divergence (12, 26): is at 564.30 indicating a BUY.

The ultimate oscillator: is at 57.64 indicating a BUY.

The rate of price change: is at 5.34 indicating a BUY.

The commodity channel index (14): is at 105.75 indicating a BUY.

XRPUSD: Piercing Line Pattern Above 0.3281

Ripple was unable to sustain its bearish momentum and after touching a low of 0.3126 on 07th Sep, it started to correct upwards against the US dollar and is now trading above the 0.3500 handle in the European trading session.

We can see that the moving average MA50 is giving a bullish trend reversal signal in Ripple.

We can clearly see a piercing line pattern above the 0.3281 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 0.3510 in the Asian trading session and an intraday high of 0.3573 in the European trading session today.

Both the Williams percent range and HIGH/LOWS are indicating neutral levels which means that in the immediate short term a range bound movement in the prices is expected.

The relative strength index is at 55 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 levels of 0.3539.

Ripple is now trading just above its pivot level of 0.3552 and facing its classic resistance level of 0.3593 and Fibonacci resistance level of 0.3617 after which the path towards 0.3800 will get cleared.

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

  • Ripple: bullish reversal seen above the 0.3281 level.
  • STOCHRSI is indicating oversold levels.
  • The average true range indicates LESS volatility.
  • Ripple gains bullish bias against the US dollar.

Ripple: Bullish Reversal Seen Above 0.3281

We can see that the prices of Ripple continue to consolidate upwards in the short term range and we are now looking for a rally into the markets.

We can see the formation of a bullish harami cross pattern in the 2-hour time frame indicating the underlying bullish nature of the markets.

The price continues to remain above the near term support levels of 0.3400 in three failed bearish attempts which further validated the bullish outlook for Ripple.

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

The price of XRPUSD has decreased by 0.10% with a price change of $0.0007596 in the past 24hrs and has a trading volume of 1.069 Billion USD.

We can see an Increase of 15.57 % in the trading volume of Ripple as compared to yesterday, which appears to be normal.

This Week Ahead

Ripple has entered into a consolidation zone above the 0.3400 handle and the prices are expected to surge above the immediate resistance levels of 0.3600 with the next visible targets of 0.3800 and 0.4000.

With the increase in the number of Ripple transactions the bullish outlook holds.

If this bullish trend continues we will be able to see ripple touching the levels of 0.4000 this week.

We can see a continuous progression of a bullish trend line formation from 0.3281 towards the 0.3633 levels.

The weekly outlook for Ripple is projected at 0.3900 with a consolidation zone of 0.3700.

Technical Indicators:

The relative strength index (14):  is at 55.59 indicating a BUY.

The STOCH (9, 6): It is at 56.33 indicating a BUY.

MACD (12, 26): It is at 0.004 indicating a BUY.

The ultimate oscillator: It is at 55.70 indicating a BUY.

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