BTCUSD and XRPUSD Technical Analysis – 19th APR 2022

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BTCUSD – Bullish Engulfing Pattern Above $38500

Bitcoin was not able to sustain its bullish momentum last week and after touching a high of 41491 on 14th April, started to decline against the US Dollar.

The bearish momentum in Bitcoin continues, which managed to push down its prices below the $39000 handle this week.

After forming a Bearish Triangulation pattern, the prices started to enter into a consolidation phase and staged a recovery above the $38500 handle in the European Trading session today.

We can see a Bullish Engulfing Pattern above the $38500 handle, which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

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 62 indicating a STRONG demand for Bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly Simple Moving average and its 200 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 42000 and 43500.

Average True Range is indicating LESS Market Volatility with a Strong Bullish momentum.

  • Bitcoin Bullish Reversal is seen Above $38500.
  • StochRSI is indicating OVERSOLD Levels.
  • The price is now trading just Above its Pivot Levels of $40695.
  • All of the Moving Averages are giving a BUY market signal.

Bitcoin Bullish Reversal is Seen Above $38500

Bitcoin has moved out of the falling trend seen in the last week and now continues to consolidate its gains above the $40000 handle in the European Trading session.

The recent decline in the prices of Bitcoin was due to the weak global investor sentiment which pushed down the prices of all Cryptocurrencies.

When Bitcoin recovers from its losses and trades above the important psychological support levels of $40000 new investors are also willing to enter the markets.

Some short selling is expected at the levels of 40702 and 40741 as indicated by the MA5 and MA10 crossover patterns.

The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook has turned Bullish, and the long-term outlook remains Neutral under present market conditions.

The price of BTCUSD is now facing its Classic resistance levels of 40852 and Fibonacci resistance levels of 40967 after which the path towards 42000 will get cleared.

In the last 24hrs, BTCUSD is UP by 4.45% by 1732$ and has a 24hr trading volume of USD 31.487 Billion. We can see an increase of 24.43% in the Trading volume as compared to yesterday, which is due to the buying seen by the medium-term Investors.

The Week Ahead

The prices of Bitcoin touched an Intraday High of $41252 after which we can see some correction below the $41000 handle.

We can see the formation of the Demand zone above the $38500 and the continuation of the bullish trend in the markets.

The On-chain analysis is predicting a short-term Rally at the prices of Bitcoin towards the $45000 handle this week.

The current market condition is suitable for entering into a BUY position with targets of $44000 and $45500 in the next week.

The prices of BTCUSD will need to remain above the important support levels of $41000 this week.

The weekly outlook is projected at $44000 with a consolidation zone of $43500.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 176.50 indicating a BUY.

Average Directional Change(14days): It is at 38.75 indicating a BUY.

Bull/ Bear Power(13days): It is at 217.06 indicating a BUY.

Relative Strength Index: It is at 62 indicating a BUY.

XRPUSD – Bullish Engulfing Pattern Above 0.7000

Ripple was unable to sustain its bullish momentum last week and after touching a high of 0.7995 on 16th April started to decline to touch a low of 0.7588 today in the European Trading session.

For a long time, the prices of Ripple have remained subdued because of its ongoing lawsuit with the US-SEC. Now some leading analysts have predicted a positive outcome of the case in the favor of Ripple Labs.

This is expected to push the prices of Ripple above the $1.00 handle and set the stage for a Rally towards the $1.25 level.

We can see a Bearish Engulfing Pattern above the 0.7000 handle which signifies the end of a Downtrend and a shift towards an Uptrend.

The Short-term outlook for Ripple has turned into a Strong Bullish, the Medium-term outlook is Bullish, and the Long-Term outlook is Neutral under present market conditions.

The relative Strength Index is at 58 which signifies a STRONG demand for the Ripple at the current market prices and the continuation of the Bullish momentum.

All of the Moving Averages are giving a STRONG BUY Signal at the current market levels of 0.7694

Ripple is now trading Above its Pivot levels of 0.7667 and is now facing its Classic Resistance levels of 0.7746 and Fibonacci Resistance levels of 0.7785 after which the path towards 0.8000 will get cleared.

  • All of the Major Technical Indicators are giving a STRONG BUY Signal.
  • Ripple Bullish Reversal is seen Above the 0.7000 levels.
  • Stoch and StochRSI are indicating a NEUTRAL level.
  • The average True Range indicates LESS Market Volatility.

Ripple Bullish Reversal seen Above 0.7000

Ripple is now moving into a Strong Bullish momentum above the 0.7500 levels in the European Trading session today.

We can see Bullish Harami Pattern above 0.7200 levels which further validates the Bullish outlook for Ripple in the Medium-term range.

We can see that XRP touched a High of 0.7763 in the Asian Trading session after which the prices corrected but continue to remain above the $0.7500 handle.

The price of XRPUSD is UP by 4.14% with a price change of $0.03055 in the past 24hrs and has a trading volume of 1.975 Billion USD.

We can see an increase of 3.97% in the Trading volumes of Ripple as compared to yesterday, which appears to be Normal.

This Week Ahead

The prices of XRPUSD are now moving into a Strong Bullish Momentum above the 0.7500 handles and the next visible targets are 0.8200 and 0.8500

The prices of Ripple are now about to cross its 100day SMA at 0.7692 and enter into a consolidation zone at 0.7700 levels.

We can see that the Bullish trend in place will continue in the next week with the possibility of a Rally mode.

The weekly outlook for Ripple is projected at 0.8200 with a consolidation zone of 0.8000.

Technical Indicators:

Moving Averages Convergence Divergence (12,26):  It is at 0.002 indicating a BUY.

Ultimate Oscillator: It is at 51.63 indicating a BUY.

Commodity Channel Index (14days): It is at 84.21 indicating a BUY.

Bull/Bear Power(13days): It is at 0.0100 indicating a BUY.

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