BTCUSD and XRPUSD Technical Analysis – 15th NOV 2022

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BTCUSD: Double Bottom Pattern Above $15590

Bitcoin was unable to sustain its bullish momentum and after touching a high of 20877 on 07th Nov, the prices started to decline against the US dollar touching a low of 15622 on 10th Nov.

After this decline we can see some correction in the price of bitcoin which is now trading above the 16500 in the European Trading session today.

We can see the formation of a bullish harami pattern in both the 30-minute and weekly time frames.

The RSI indicator is back over 50 indicating the bullish scenario present in the markets.

We can clearly see a double bottom pattern above the $15590 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 16364 in the Asian trading session and an intraday high of 16968 in the European trading session today.

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 58 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.

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

Most of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 17000 and 18500.

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

  • Bitcoin: bullish reversal seen above $15590
  • The Williams percent range is indicating an overbought level
  • The price is now trading just below its pivot level of $16924
  • Most of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal Seen Above $15590

We can now see that the price of bitcoin is moving in a mildly bullish momentum and we are expecting more correction waves in this week.

We can see the formation of a three white soldiers pattern in the 4-hour time frame.

We can see a bullish trend reversal signal with adaptive moving average AMA50 in the 2-hourly time frame.

The price of bitcoin is now moving in an up-channel formation above the $16000 handle.

Some of the technical indicators are also giving a neutral stance of the markets.

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 $16447 which is a pivot point, and $16783 which is a 14-3 day raw stochastic at 20%.

The price of BTCUSD is now facing its classic resistance level of 17015 and Fibonacci resistance level of 17090 after which the path towards 21500 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.36% by 59$ and has a 24hr trading volume of USD 41.390 billion. We can see an increase of 5.45% in the trading volume compared to yesterday, which appears to be normal.The Week Ahead

The price of Bitcoin is moving in an ascending channel forming with support at $15850 on the hourly chart of the BTCUSD.

Both the MACD and RSI are now giving bullish divergence signals on the weekly time frame.

Now we are aiming for $17849 which is a 38.2% retracement from a 4-week low.

The daily RSI is printing at 36 which indicates a weaker demand for bitcoin and a shift towards the consolidation/correction phase in the markets.

The prices of BTCUSD will need to remain above the important support levels of $16000 this week.

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

Technical Indicators:

The moving averages convergence divergence, MACD (12,26): is at 90.80 indicating a BUY

The commodity channel index, CCI (14): is at 72.52 indicating a BUY

The rate of price change, ROC: is at 3.18 indicating a BUY

The bull/bear power (13): is at 201.98 indicating a BUY

XRPUSD: Bullish Engulfing Pattern Above 0.3157

Ripple was unable to sustain its bullish momentum and after touching a high of 0.4799 on 07th Nov, the prices started to decline against the US dollar touching a low of 0.3155 on 10th Nov.

After this recent decline we have seen some buying support which continues to push up the prices of Ripple above the 0.3700 handle in the European trading session today.

We can see the formation of a bullish harami pattern in the weekly time frame.

The resistance of the channel is broken in the 15-minute time frame indicating a bullish trend.

We can clearly see a bullish engulfing pattern above the 0.3157 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 0.3670 in the Asian trading session and an intraday high of 0.3890 in the European trading session today.

The pair is slowly moving upwards aiming to cross the 0.4000 handle today.

Both the STOCH and Williams percent range are indicating overbought levels.

The relative strength index is at 69 which signifies a very STRONG demand for Ripple at the current market prices and the continuation of the buying pressure in the markets.

Most of the moving averages are giving a BUY signal at the current market level of 0.3820.

Ripple is now trading below its pivot level of 0.3825, facing its classic resistance level of 0.3853 and Fibonacci resistance level of 0.3878 after which the path towards 0.4000 will get cleared.

Most of the major technical indicators are giving a STRONG BUY signal.

  • Ripple: bullish reversal seen above the 0.3157 levels
  • Uptrend formation on short-term basis
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.3157

We can see that the price of Ripple continues to remain in a bullish zone above the 0.3700 handle and fresh upsides are projected at 0.3900 and 0.4000.

The relative strength index is back over 50 indicating a bullish nature of the markets.

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

We can see a bullish price crossover pattern with moving average MA100 in the 2-hour time frame.

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

Some of the technical indicators are also giving a neutral stance of the markets.

The price of XRPUSD has increased by 10.10% with a price change of $0.03501 in the past 24hrs and has a trading volume of 2.247 billion USD.

We can see an increase of 26.57% in the trading volumes of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple has started a decent recovery against the US dollar and is now aiming to cross the 0.4000 handle this week. More upsides are projected at 0.4200 and 0.4500 levels.

The immediate support level is located at 0.3780 which is a 14-3 day raw stochastic at 30%.

We can see a continuous progression of a bullish trend line formation from 0.3157 towards the 0.4103 level.

The weekly outlook for Ripple is projected at 0.4200 with a consolidation zone of 0.4000.

Technical Indicators:

The STOCH (9,6):  is at 58.32 indicating a BUY

The moving averages convergence divergence, MACD (12,26): is at .008 indicating a BUY

The bull/bear power (13): is at 0.0233 indicating a BUY

The rate of price change, ROC: is at 8.47 indicating a BUY




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