BTCUSD and XRPUSD Technical Analysis – 27th DEC 2022

FXOpen

BTCUSD: Three White Soldiers Pattern Above $16323

Bitcoin was unable to sustain its bearish momentum and after touching a low of $16387 on 20th Dec, the prices started to correct upwards against the US dollar and are now ranging above the $16500 handle in the European trading session.

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

We can clearly see a three white soldiers pattern above the $16323 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 16826 and an intraday high of 16970 in the Asian trading session today.

The prices are ranging near the support of the channel in the 1-hour time frame indicating a bullish tone of the markets.

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 51 indicating a NEUTRAL level for bitcoin, and the shift towards the consolidation phase in the markets.

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

Some of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17000 and 18000.

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

  • Bitcoin: bullish reversal seen above $16323
  • The STOCHRSI is indicating an oversold level
  • The price is now trading just below its pivot level of $16881
  • The short term range is mildly bullish

Bitcoin: Bullish Reversal Seen Above $16323

We can now see that the price of bitcoin is moving in a mildly bullish momentum and we are expecting moves towards the $17000 level before any market consolidation this week.

Some of the technical indicators are also giving a neutral tone of the markets.

We are now waiting for the next upwards leg above the $17000 handle which will push the price towards the $18000 levels.

We can see the formation of the bullish trend reversal pattern with adaptive moving averages AMA20 and AMA50 in the 30-minute time frame.

The price of bitcoin is ranging near the support of the triangle in the 1-hour time frame indicating a bullish trend.

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

Bitcoin’s support zone is located at $16374 which is a 3-10 day MACD oscillator stalls.

The price of BTCUSD is now facing its classic resistance level of 16902 and Fibonacci resistance level of 16912 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 0.08% by 14.24$ and has a 24hr trading volume of USD 12.985 billion. We can see an increase of 3.96% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

Bitcoin’s price is expected to remain in a consolidation phase before any major moves upwards due to the start of the holiday season, and trading volumes remain thin across the major cryptocurrency exchanges.

We are now looking for an upwards rally in the markets in 2023 with major targets at $20000 and $25000 levels.

The daily RSI is printing at 47 which indicates a NEUTRAL demand for bitcoin and the possibility of a shift towards the consolidation/correction phase for a short term in the markets.

The price of BTCUSD is now facing its resistance zone at $17175 which is a 50% retracement from a 4-week high/low and at $17765 at which the price crosses the 9-day moving average stalls.

The weekly outlook is projected at $17500 with a consolidation zone of $17000.

Technical Indicators:

The MACD (12,26): is at 6.40 indicating a BUY

The commodity channel index, CCI (14): is at -29.45 indicating a NEUTRAL

The rate of price change, ROC: is at 0.077 indicating a BUY

Bull/bear power (13): is at 2.02 indicating a BUY

XRPUSD: Bullish Engulfing Pattern Above 0.3321

Ripple was unable to sustain its bearish momentum and after touching a low of 0.3321 on 19th Dec, the price started to correct upwards against the US dollar crossing the $0.3700 handle today in the European trading session.

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

The RSI indicator is back over 50 in the daily time frame.

We can clearly see a bullish engulfing pattern above the 0.3321 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 0.3586 in the Asian trading session and an intraday high of 0.3728 in the European trading session today.

The relative strength index is at 71.60 which signifies a STRONG demand for Ripple at the current market price and the continuation of buying pressure in the markets.

Most of the moving averages are giving a STRONG BUY signal at the current market levels of 0.3706.

Ripple is now trading above its pivot level of 0.3704 and facing its classic resistance level of 0.3722 and Fibonacci resistance level of 0.3732 after which the path towards 0.3800 will get cleared.

All of the major technical indicators are giving a STRONG BUY signal.

  • Ripple: bullish reversal seen above the 0.3321 level
  • The Williams percent range is indicating an OVERBOUGHT level
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.3321

We can see that the price of Ripple has started to gather pace above the $0.3600 handle and is now poised towards crossing the $0.3800 level.

We can see the formation of a bullish price crossover pattern with the moving average MA20 in the daily time frame.

We can see the bullish trend reversal pattern with the adaptive moving average AMA20 in the daily time frame.

We have also seen the formation of the white gravestone/inverted hammer pattern in the 1-hour time frame indicating a neutral tone of the markets.

The short-term outlook for Ripple has turned mildly 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 5.57% with a price change of $0.01957 in the past 24hrs and has a trading volume of 1.020 billion USD.

We can see an increase of 129.57% in the trading volume of Ripple compared to yesterday, which is due to the buying seen at lower levels.

This Week Ahead

The price of Ripple is moving in a mildly bullish momentum against the US dollar and bitcoin. There is a major bullish trend line formation with a support located at $0.3472 which is 14-3 day raw stochastic at 20%

Ripple’s price is back in the bullish zone and might continue to move higher above the $0.3700 and $0.3800 levels this week.

We can see a continuous progression of a bullish trend line formation from $0.3321 towards the $0.3742 level.

The resistance zone is located at $0.3773 which is a 14-3 day raw stochastic at 70% and at $0.3929 at which the price crosses the 9-day moving average stalls.

The weekly outlook for Ripple is projected at $0.3800 with a consolidation zone of $0.3750.

Technical Indicators:

The MACD (12,26): is at 0.004 indicating a BUY

The commodity channel index, CCI (14): is at 119.66 indicating a BUY

The rate of price change: is at 0.536 indicating a BUYBull/bear power (13): is at 0.010 indicating a BUY

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