BTCUSD and XRPUSD Technical Analysis – 22nd NOV 2022

FXOpen

BTCUSD: Shooting Star Pattern Below $17110

Bitcoin was unable to sustain its bullish momentum and after touching a high of 17110 on 15th Nov, the prices started to decline against the US dollar touching a low of 15509 on 21st Nov.

The global demand for bitcoin continues to remain weak, and the prices are expected to break below the $15000 handle soon.

We can see the formation of bearish engulfing lines in the weekly time frame.

The RSI indicator is under 30 in the 4-hour time frame indicating the neutral signal and oversold markets.

We can clearly see a shooting star pattern below the $17110 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

Bitcoin touched an intraday low of 15524 and an intraday high of 15948 in the Asian 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 36 indicating a WEAK demand for bitcoin, and the continuation of the selling pressure in the markets.

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

Most of the major technical indicators are giving a STRONG SELL signal, which means that in the immediate short term, we are expecting targets of 15500 and 15000.

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

  • Bitcoin: bearish reversal seen below $17110
  • The Williams percent range is indicating an overbought levels
  • The price is now trading just above its pivot level of $15718
  • All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $17110

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

We can see that the support of the channel is broken in the daily time frame indicating bearish trends.

The price of bitcoin is ranging near a new record low of 1 month and 1 year’s time frame.

There is a descending channel forming which is expected to break the current support levels of bitcoin at $15716.

The immediate short-term outlook for bitcoin is strongly bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.

Bitcoin’s support zone is located at $15516 which is a 1-month and 1-year’s low point.

The price of BTCUSD is now facing its classic support level of 15583 and Fibonacci support level of 15682 after which the path towards 15500 will get cleared.

In the last 24hrs BTCUSD has decreased by 2.09% by 334$ and has a 24hr trading volume of USD 33.191 billion. We can see an increase of 12.91% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is moving near the 1-year low and has already broken the support levels of $15980 which is the last pivot point.

We can see a bearish trend reversal signal with the moving average MA50 in the 15-minute time frame.

The daily RSI is printing at 31 which indicates a weaker demand for bitcoin and the continuation of the selling pressure in the markets.

The price of BTCUSD will need to remain above the important support level of $14688 which is a 3–10-day MACD oscillator stalls.

The weekly outlook is projected at $15500 with a consolidation zone of $15000.

The Collapse of FTX

The cryptocurrency exchange FTX, valued at $26.5 billion last year, collapsed, which sent ripples through the crypto market and became the primary driving force for Bitcoin which is near the record lows of its 1 year.

FTX faced a liquidity crisis, and in the hours following, experienced a possible hack in which hundreds of millions worth of tokens were stolen.

FTX filed for bankruptcy on Nov. 11, 2022. The future of FTX as a cryptocurrency exchange is in serious jeopardy. As of mid-November 2022, withdrawals are disabled and a notice on the FTX website says the company “strongly advises against depositing.”

Technical Indicators:

The moving averages convergence divergence, MACD (12,26): is at -116.00 indicating a SELL

The commodity channel index, CCI (14): is at -75.95 indicating a SELL

The rate of price change, ROC: is at -0.140 indicating a SELL

Bull/Bear power (13): is at -141.77 indicating a SELL

XRPUSD: Bearish Engulfing Pattern Below 0.3976

Ripple was unable to sustain its bullish momentum and after touching a high of 0.3976 on 15th Nov, the price started to decline against the US dollar, touching a low of 0.3455 on 21st Nov.

The prices of Ripple are ranging near the resistance of the triangle in the weekly time frame indicating bearish trends.

We can see the formation of bearish engulfing lines in the daily time frame.

The price is back under the pivot point in the weekly time frame indicating a bearish scenario.

We can clearly see a bearish engulfing pattern below the 0.3976 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 0.3682 in the Asian trading session and an intraday high of 0.3510 in the European trading session today.

Both the commodity channel index and average directional index are indicating neutral levels.

The relative strength index is at 49.89 which signifies a NEUTRAL demand for Ripple at the current market prices and a shift towards the consolidation phase in the markets.

Most of the moving averages are giving a STRONG SELL signal at the current market levels of 0.3567.

Ripple is now trading just above its pivot level of 0.3559 and is now facing its classic support level of 0.3508 and Fibonacci support level of 0.3546 after which the path towards 0.3500 will get cleared.

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

  • Ripple: bearish reversal seen below the 0.3976 level
  • High/Lows are indicating neutral levels
  • The average true range indicates LESS volatility
  • Ripple gains bearish bias against the US dollar

Ripple: Bearish Reversal Seen Below 0.3976

We can see that the price of Ripple continues to remain in a bearish zone formation below the 0.3700 handle and fresh downsides are projected at 0.3500 and 0.3400.

The relative strength index is back under 50 indicating the bearish nature of the markets.

The prices of Ripple are back under the pivot point in the daily time frame.

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

The short-term outlook for Ripple has turned mildly bearish, 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 1.60% with a price change of $0.005601 in the past 24hrs and has a trading volume of 1.571 billion USD.

We can see a Decrease of 16.34% in trading volumes of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple is slowly moving down against the US dollar and bitcoin. There is a key bearish trendline formation with a resistance at 0.3976.

The prices of Ripple are expected to correct lower towards the $0.3500 handle and have already broken the support levels of $0.3594 which is a 14-3 day raw stochastic at 20%.

We can see a continuous progression of a bearish trendline formation from 0.3976 towards the 0.3436 levels.

The weekly outlook for Ripple is projected at 0.3500 with a consolidation zone of 0.3550.

Technical Indicators:

The STOCH (9,6):  is at 30.46 indicating a SELL

The MACD (12,26): is at -0.002 indicating a SELL

The ultimate oscillator: is at 46.22 indicating a SELL

The Williams percent range: is at -72.49 indicating a SELL




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