BTCUSD: Bullish Engulfing Pattern Above $19552
Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $19552 on 10th March, the prices started to correct upwards against the US dollar, touching a high of $24800 today in the European trading session.
We have seen a bullish opening of the markets this week.
We can clearly see a bullish engulfing pattern above the $19552 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 high of 24800 in the European trading session, and an intraday low of 24005 in the Asian trading session today.
We can see the formation of bullish engulfing lines in the weekly time frame.
The price of bitcoin is ranging near a new record high of 1 month.
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 MACD indicator is giving a bullish divergence signal in the weekly time frame.
The relative strength index is at 68.46 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 24500 and 25000.
The average true range is indicating less market volatility with a bullish momentum.
- Bitcoin: bullish reversal seen above $19552.
- The STOCHRSI is indicating an oversold market.
- The price is now trading just below its pivot level of $24298.
- The short-term range is strongly BULLISH.
Bitcoin: Bullish Reversal Seen Above $19552
The price of bitcoin is now moving in a strongly bullish momentum above the $24000 handle. After some market consolidation, we can see fresh upsides in the ranges of $24500 to $25500.
The MACD indicator is back over zero in the weekly time frame indicating a bullish trend.
We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA 50 in the weekly time frame.
The MACD crosses up its moving average in the daily time frame indicating a bullish scenario.
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 $22460 which is a 14 day RSI at 50%, and at $23557 at which the price crosses the 9 day moving average stalls.
The price of BTCUSD is now facing its classic resistance level of 24381 and Fibonacci resistance level of 24426 after which the path towards 25000 will get cleared.
In the last 24hrs, BTCUSD has increased by 11.21% by 2462.33$ and has a 24hr trading volume of USD 46.508 billion. We can see an increase of 21.06% in the trading volume compared to yesterday, which is due to the buying seen at lower levels.
The Week Ahead
We have seen a Bullish correction in the prices of bitcoin and the resumption of a bullish trend which is expected to continue towards the $25000 levels.
With an increase in the global investor confidence, we can see an increase in the buying pressure and the trading volumes of bitcoin during the last 24hrs.
We can see the formation of a bullish doji star pattern in the 4-hour time frame.
The daily RSI is printing at 62.03 which indicates a 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 trend line from $19552 towards the $24780 level.
The price of BTCUSD is now facing its resistance zone located at $25238 which is a 13-week high and $25814 which is a pivot point 1st resistance point.
The weekly outlook is projected at $25500 with a consolidation zone of $25000.
XRPUSD: Bearish Harami Pattern Below $0.4012
Ripple was unable to sustain its bullish momentum last week and after touching a high of $0.4012 on 08th Mar, the prices started to correct downwards against the US dollar touching a low of $0.3483 on 12th March.
We have seen a bullish opening of the markets this week.
We can clearly see a bearish harami pattern below the $0.4012 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
Ripple touched an intraday low of 0.3653 and an intraday high of 0.3751 in the Asian trading session today.
The price of Ripple is ranging near a new record low of 1 month.
The relative strength index is at 47.74 which signifies a neutral demand for Ripple at the current market prices and the continuation of the bearish phase in the markets.
Most of the moving averages are giving a sell signal at the current market level of 0.3674.
The STOCHRSI is indicating an oversold level, which means that the price is expected to correct upwards in the short-term phase.
Ripple is now trading just above its pivot level of 0.3665 and facing its classic support level of 0.3640 and Fibonacci support levels of 0.3658 after which the path towards 0.3600 will get cleared.
Most of the major technical indicators are giving a sell signal.
- Ripple: bearish reversal seen below the 0.4012 level.
- The average directional index is indicating a neutral market.
- The average true range indicates less volatility.
- Ripple gains bearish bias against the US dollar.
Ripple: Bearish Reversal Seen Below $0.4012
We can see that Ripple has continued its downtrend and now we are looking to touch $0.3600 levels this week.
We can see that the price is back under the pivot point in the daily time frame.
We can see the formation of a bearish trend reversal pattern with the adaptive moving average AMA50 in the 4-hour time frame.
The Ichimoku price is under the cloud in the daily time frame indicating the bearish nature of the markets.
The RSI indicator is back under 50 in the 2-hour time frame indicating bearish trends.
The short-term outlook for Ripple has turned bearish, the medium-term outlook is neutral, and the long-term outlook is neutral under present market conditions.
The price of XRPUSD has increased by 2.12% with a price change of $0.007678 in the past 24hrs and has a trading volume of 1.399 billion USD.
We can see a decrease of 9.49% in the trading volumes of Ripple compared to yesterday, which appears to be normal.
This Week Ahead
Ripple continues to move in a range-bound motion between the $0.3500 and $0.3700 levels.
We can see a move towards the consolidation phase in the markets with some of the technical indicators giving a neutral tone present in the markets.
After the current phase of market consolidation gets over, we can see some correction in the prices of Ripple with a tendency to move into the bullish range.
We can see a continuous progression of a bearish trend line formation from $0.4012 towards the $0.3650 levels.
The support zone is located at $0.3566 which is a pivot point 1st support point, and at $0.3522 which is a 1-month low.
The weekly outlook for Ripple is projected at $0.3500 with a consolidation zone of $0.3600.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.