BTCUSD and XRPUSD Technical Analysis – 18th OCT 2022

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BTCUSD: Bullish Engulfing Pattern Above $18237

Bitcoin was unable to sustain its bearish momentum and after touching a low of 18280 on 13th Oct, it started to correct upwards touching a high of 19893 on 14th Oct.

The price of bitcoin has bounced back from its lows due to heavy buying pressure seen below the $19000 levels.

We can see the formation of an ascending channel pattern above the support level of $19000 on the hourly chart of BTCUSD.

We can clearly see a bullish engulfing pattern above the $18237 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 19475 in the Asian trading session and an intraday high of 19694 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 56 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 200 hourly exponential moving averages.

Some of the major technical indicators are giving a STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 20500 and 21000.

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

  • Bitcoin: bullish reversal seen above $18237
  • The STOCHRSI is indicating an oversold level
  • The price is now trading just below its pivot level of $19651
  • Some of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal seen Above $18237

The long-term bullish phase has now resumed and the price of bitcoin is expected to become super bullish above the $20000 level.

We can see that any dips below the $19000 level remain well supported. We are now heading towards the important resistance level of $20000 which if broken will pave the way towards $22000.

We can see the formation of a bullish harami pattern in the 30-minute time frame.

The Adaptive Moving Average AMA20 is giving a Bullish signal in the daily timeframe.

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 $19326 the ichimoku baseline, and the prices need to remain above this level for continuation of bullish reversal in the markets.

The price of BTCUSD is now facing its classic resistance level of 19731 and Fibonacci resistance level of 19785 after which the path towards 20500 will get cleared.

In the last 24hrs, BTCUSD has decreased by 1.36% by 262$ and has a 24hr trading volume of USD 29.008 billion. We can see an increase of 42.42% in the trading volume compared to yesterday, due to increased buying seen in the global crypto markets.

The Week Ahead

The price of bitcoin is moving in a strongly bullish zone above the $19000 level. Further upsides are projected at $20500 and $21000 as the immediate targets.

We can see the formation of bullish engulfing lines in the weekly time frame. The price of bitcoin is back over the pivot point which indicates a bullish scenario in the weekly time frame.

The daily RSI is printing at 50 which indicates a neutral level and a move towards the consolidation phase in the markets.

The prices of BTCUSD will need to remain above the important support level of $19000 this week.

The weekly outlook is projected at $21000 with a consolidation zone of $20500.

Technical Indicators:

The MACD (12,26): is at 96.10 indicating a BUY

The ultimate oscillator: is at 51.65 indicating a BUY

The rate of price change: is at 2.053 indicating a BUY

The bull/bear power (13): is at 366.28 indicating a BUY

XRPUSD: Death Cross Pattern Below 0.5120

Ripple was unable to sustain its bullish momentum and after touching a high of 0.5120 on 14th Oct, the prices started to decline touching a low of 0.4654 on 17th Oct.

The ichimoku price is under the cloud in the 1-hour timeframe.

The parabolic SAR indicator is giving a bearish reversal signal in the 2-hour time frame.

We can see an opening gap in the markets which is down indicating a bearish nature of the markets.

We can clearly see a death cross pattern below the 0.5120 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 high of 0.4839 in the Asian trading session and an intraday low of 0.4683 in the European trading session today.

We can see that the momentum indicator is back under zero indicating a bearish scenario on the daily time frame.

The relative strength index is at 43 which signifies a very weak demand for Ripple at the current market prices and the continuation of selling pressure in the markets.

All of the moving averages are giving a STRONG SELL signal at the current market level of 0.4814.

Ripple is now trading below its pivot level of 0.4744 and facing its classic support level of 0.4670 and Fibonacci support level of 0.4727 after which the path towards 0.4500 will get cleared.

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

  • Ripple: bearish reversal seen below the 0.5120 level.
  • The Williams percent range is indicating an oversold level.
  • The average true range indicates LESS volatility.
  • Ripple gains bearish bias against the US dollar.

Ripple: Bearish Reversal Seen Below 0.5120

We can see that the price of Ripple continues to decline against the US dollar and has broken the support level of 0.4800. We are now heading towards the 0.4500 level.

The price of Ripple continues to remain in a bearish trend and further declines are expected. The price remains at a risk of more losses below the 0.4700 level.

The parabolic SAR indicator is giving a bearish reversal signal on the 2-hour time frame.

The super trend indicator is also giving a bearish reversal signal in the 1-hour time frame.

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.

We can see that the near resistance of the channel is broken in the 15-minute time frame.

The price of XRPUSD has decreased by 0.57% with a price change of $0.002655 in the past 24hrs and has a trading volume of 1.390 billion USD.

We can see a decrease of 2.81% in the trading volume of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

Ripple is unable to gain pace against the US dollar as the selling pressure continues and we are now heading towards the 0.4500 level.

The price of Ripple is poised for extended declines below the 0.4500 level.

We can see a continuous progression of a bearish trendline formation from 0.5120 towards the 0.4446 level.

The weekly outlook for Ripple is projected at 0.4600 with a consolidation zone of 0.4500

Technical Indicators:

The relative strength index (14): is at 43.01 indicating a SELL

The MACD (12,26): is at -0.001 indicating a SELL

The bull/bear power (13): is at -0.0088 indicating a SELLThe rate of price change: is at -7.16 indicating a SELL

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