BTCUSD and XRPUSD Technical Analysis – 21st FEB 2023

FXOpen

BTCUSD: Three WHITE Soldiers Pattern Above $22079

Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $22079 the price started to correct upwards against the US dollar, touching a high of $25093 today in the Asian trading session.

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

We can clearly see the three white soldiers pattern above the $22079 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 24681 and an intraday high of 25093 in the Asian trading session today.

We can see that the MACD indicator is back over zero in the weekly time frame indicating bullish trends.

We can see a bullish price crossover with moving average MA50 in the weekly time frame indicating bullish trends.

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 resistance of the channel is broken in the daily time frame indicating a bullish scenario.

The relative strength index is at 62.08 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 25000 and 27500.

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

  • Bitcoin: Bullish reversal seen above $22079.
  • The Williams percent range is giving an overbought signal.
  • The price is now trading just below its pivot level of $25005.
  • The short-term range is strongly BULLISH.

Bitcoin: Bullish Reversal Seen Above $22079

The price of bitcoin is marching ahead of the $25000 levels amid improving consumer sentiments and a shift towards a high demand market.

The momentum indicator is back over zero in the 15-minute time frame indicating a bullish outlook.

The MACD crosses up its moving average in the 15-minute time frame.

We can see that the prices have entered into a supper bullish zone and now we are heading towards the $26000 and $27500 levels.

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 $23074 at which the price crosses 18-day moving average stalls, and $23315 which is a pivot point 2nd support point.

The price of BTCUSD is now facing its classic resistance level of 25077 and Fibonacci resistance level of 25120 after which the path towards 26000 will get cleared.

In the last 24hrs, BTCUSD has increased by 2.14% by 524.45$ and has a 24hr trading volume of USD 27.875 billion. We can see a decrease of 2.34% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin needs to continue its bullish moves this week, which will further validate the end of the crypto winter and the start of a bullish run for Bitcoin which was long overdue.

There is an ascending channel forming with the current support at $23165 at which the price crosses the 18-day moving average.

The daily RSI is printing at 66.97 which indicates a VERY 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 $22079 towards the $25265 level.

The price of BTCUSD is now facing its resistance zone located at $25890 which is a pivot point 2nd resistance level and $26017 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $27000 with a consolidation zone of $26000.

XRPUSD: Three Inside Up Pattern Above $0.3645

Ripple was unable to sustain its bearish momentum last week and after touching a low of $0.3645 on 14th Feb, the prices started to correct upwards against the US dollar touching a high of $0.4089 on 20th Feb.

The momentum indicator is back over zero in the weekly time frame indicating bullish trends.

The Aroon indicator is giving a bullish trend signal in the weekly time frame.

We can clearly see a three inside up pattern above the $0.3645 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 high of 0.4015 and an intraday low of 0.3907 in the European trading session today.

The momentum indicator is back over zero in the weekly time frame indicating bullish trends.

The relative strength index is at 55.34 which signifies a STRONG demand for Ripple at the current market prices and the continuation of the bullish phase in the markets.

Most of the moving averages are giving a buy signal at the current market level of 0.3918.

The STOCHRSI is indicating a neutral level, which means that the prices are expected to enter into a consolidation phase now.

Ripple is now trading just below its pivot level of 0.3956 and facing its classic resistance level of 0.3975 and Fibonacci resistance level of 0.4008 after which the path towards 0.4200 will get cleared.

Most of the major technical indicators are giving a buy signal.

  • Ripple: bullish reversal seen above the 0.3645 level.
  • The STOCHRSI is indicating a NEUTRAL market.
  • The average true range indicates LESS volatility.
  • Ripple gains bullish bias against the US dollar.

Ripple: Bullish Reversal Seen Above 0.3645

We can see that Ripple is moving in an uptrend within a zigzag pattern formation which further validates the fact that we are now looking to move into a breakout zone soon.

We can see the formation of a bullish harami pattern in the 1-hour time frame.

The commodity channel index continues to give neutral signals which also means that now we are looking to enter into a sub-consolidation zone.

As we can see that the previous candle closed over the bollinger bands which is indicating that at present we are in a neutral tone in the markets.

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 increased by 0.90% with a price change of $0.003597 in the past 24hrs and has a trading volume of 1.339 billion USD.

We can see an increase of 35.68% in the trading volumes of Ripple compared to yesterday, which is due to the buying seen at lower levels.

This Week Ahead

Ripple has started an upwards correction which if continues will enable it to reach the next visible targets located at $0.4000 and $0.4500.

Now we are heading towards the $0.4000 handle this week with an upside focus.

There is a major bullish trend line formation with the support located at $0.3438 at which the price crosses the 9-40 day moving average.

We can see a continuous progression of a bullish trend line formation from $0.3645 towards the $0.4108 levels.

The support zone is located at $0.3884 at which the price crosses the 9-day moving average.

The weekly outlook for Ripple is projected at $0.4400 with a consolidation zone of $0.4200.




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