BTCUSD and XRPUSD Technical Analysis – 24th JAN 2023

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BTCUSD: Inverted Hammer Pattern Above $20671

Bitcoin continues its bullish momentum from last week and after touching a low of $20671on 19th Jan we can see a bull run which managed to push the prices of BTCUSD above the $23000 handle today in the early Asian trading session.

After touching a high of $23159 we can see that the prices are declining due to profit taking by the medium term investors.

The price of bitcoin is ranging near a new record high of 1 month.

We can clearly see an inverted hammer pattern above the $20671 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 high of 23159 in the Asian trading session and an intraday low of 22858 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 63.63 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 above its 200 hourly exponential moving average.

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 23000 and 24500.

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

  • Bitcoin: bullish continuation seen above $20671
  • The STOCHRSI range is indicating oversold levels
  • The price is now trading below its pivot level of $23066
  • All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Continuation Seen Above $20671

We can now see that the price of Bitcoin is moving in a correction phase after which the market consolidation will start above the $22500 handle.

The Aroon indicator is giving a bullish trend in the 1-hour time frame.

The momentum indicator is back over zero in the 30-minute time frame.

We can see the formation of the bullish harami cross pattern in the 15-minute time frame indicating bullish trends.

We have also detected a bullish price crossover pattern with the adaptive moving average AMA100 in the 15-minute time frame.

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 zones are located at $21017 at which the price crosses 9-day moving average, and at $21976 which is a 14-3 day raw stochastic at 80%.

The price of BTCUSD is now facing its classic resistance level of 23200 and Fibonacci resistance level of 23288 after which the path towards 24000 will get cleared.

In the last 24hrs BTCUSD has increased by 0.47% by 107$ and has a 24hr trading volume of USD 27.839 billion. We can see an increase of 15.92% in the trading volume compared to yesterday, which is due to the heavy buying pressure seen in the global markets.

The Week Ahead

The price of bitcoin has already entered into a super bullish zone above the $22000 and further upsides are located at $24000 and $25000 in the medium-term.

Bitcoin’s resistance zone is located at $23309 which is a 13-week high and at $24778 which is a 3-10 day MACD oscillator stalls.

There is an ascending channel forming with the current support located at $19977 which is a 14-3 day raw stochastic at 50%.

The weekly outlook is projected at $24500 with a consolidation zone of $24000.

Technical Indicators:

The moving averages convergence divergence, MACD (12, 26): is at 359.30 indicating a BUY

The commodity channel index, CCI (14): is at 56.65 indicating a BUY

The relative strength index, RSI (14): is at 63.63 indicating a BUY

Bull/bear power (13): is at 594.12 indicating a BUY

XRPUSD: Three White Soldiers Pattern Above $0.3783

Ripple continues its bullish momentum against the US dollar after touching a low of $0.3783 on 19th Jan, after which we can see an upswing in the price towards the $0.4200 handle.

We can see that the price of Ripple has already attempted to cross $0.4300 two times in the last 7 days.

The prices are ranging near a new record high of 1 month.

We can clearly see a three white soldiers pattern above the 0.3783 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 0.4182 in the Asian trading session and an intraday high of 0.4311 in the European trading session today.

We can see that the price of Ripple continues to remain above the 0.4200 handle amid bullish sentiments as we are now looking to cross the 0.4300 levels.

We can also see the formation of bullish engulfing lines in the 4-hour time frame.

The relative strength index is at 64.12 which signifies a strong demand for Ripple at the current market prices and the continuation of the buying pressure in the markets.

All of the moving averages are giving a buy signal at the current market level of 0.4231.

Ripple is now trading above its pivot level of 0.4218 and facing its classic resistance level of 0.4251 and Fibonacci resistance level of 0.4283 after which the path towards 0.4300 will get cleared.

All of the major technical indicators are giving a strong buy signal.

  • Ripple: bullish continuation seen above the 0.3783 level
  • The STOCHRSI is indicating an overbought level
  • The average true range indicates high volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Continuation Seen Above 0.3783

We can see that the price of Ripple is presently ranging into a consolidation phase above the 0.4200 handle, and after the market consolidation gets over we are looking to breach the 0.4400 level.

The Williams percent range indicator is back over -50 in the weekly time frame indicating bullish trends.

The relative strength index indicator is back over 50 in the weekly time frame.

We can see the formation of a bullish price crossover pattern with adaptive moving average AMA20 in the weekly time frame.

The MACD has crossed up its moving average in the 2-hour time frame.

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

The price of XRPUSD has increased by 0.75% with a price change of $0.003163 in the past 24hrs and has a trading volume of 1.632 billion USD.

We can see an Increase of 13.09% in the trading volumes of Ripple compared to yesterday, which is due to heavy buying pressure seen at lower levels.

This Week Ahead

The price of Ripple continues to correct higher against the US dollar and bitcoin. XRP/USD has started its major upside move from the $0.3671 swing low against the US dollar.

The immediate targets are located at 0.4400 and 0.4600 levels in the medium-term range.

The immediate support levels are located at 0.3704 at which the price crosses 9 day moving average stalls, and at $0.3740 which is a 50% retracement from a 4 week high/low.

We can see a continuous progression of a bullish trend line formation from 0.3783 towards the 0.4331 level.

The weekly outlook for Ripple is projected at 0.4500 with a consolidation zone of 0.4400.

Technical Indicators:

The STOCH (9, 6):  is at 70.57 indicating a BUY

The moving averages convergence divergence, MACD (12, 26): is at 0.007 indicating a BUY

Bull/Bear power (13): is at 0.0207 indicating a BUY

The rate of price change, ROC: is at 3.039 indicating a BUY



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