BTCUSD and XRPUSD Technical Analysis – 28th MAR 2023

FXOpen

BTCUSD: Bearish Engulfing Pattern Below $28781

Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $28781 on 22nd March, the price started to correct declining against the US dollar, touching a low of $26531 on 27th Mar.

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

We can clearly see a bearish engulfing pattern below the $28781 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 high of 27238 in the Asian trading session, and an intraday low of 26837 in the European trading session today.

The commodity channel index is giving a bearish divergence signal in the weekly time frame.

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 Ichimoku price is under the cloud in the weekly time frame indicating a bearish trend.

The relative strength index is at 38.03 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 above its 100 hourly exponential moving average.

Most of the major technical indicators are giving a sell signal, which means that in the immediate short term, we are expecting targets of 26000 and 25500.

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

  • Bitcoin: bearish reversal seen below $28781.
  • The RSI remains below 50 indicating a bearish market.
  • The price is now trading below its pivot levels of $26998.
  • The short-term range is strongly BEARISH.

Bitcoin: Bearish Reversal Seen Below $28781

The price of Bitcoin was unable to cross the $29000 handle and we can see a sharp drop in the price which is now ranging below the $27000 level.

We are expecting more downsides in the range of $26000 and $25500 after which some market consolidation can be seen.

We can see the formation of the moving average bearish crossover pattern with the adaptive moving averages AMA50 and AMA100 in the daily time frame.

We have also detected the formation of a bearish Harami pattern in the 1-hour time frame.

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 $25261 which is a 38.2% retracement from a 4-week high, and at $26013 which is a 14-3 day raw stochastic at 70%.

The price of BTCUSD is now facing its classic support level of 26880 and Fibonacci support level of 26966 after which the path towards 26000 will get cleared.

In the last 24hrs, BTCUSD has decreased by 3.75% by 1045.42$ and has a 24hr trading volume of USD 18.647 billion. We can see an increase of 28.44% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

We can see that bitcoin has changed tracks and is now moving under a continuous bearish pressure below the $27000 level.

The immediate target expected is $26000 after which we can see some consolidation in the zone of $25500 level.

The daily RSI is printing at 57.25 which indicates a neutral demand for bitcoin and the shift towards the consolidation phase in the medium-term range.

We can see the formation of a bearish trend line from $28781 towards the $26647 level.

The price of BTCUSD is now facing its resistance zone located at $27966 which is a 38.2% retracement from its 52-week low, and at $28029 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $26000 with a consolidation zone of $25500.

XRPUSD: Bullish Harami Pattern Above $0.3711

Ripple was unable to sustain its bearish momentum last week and after touching a low of $0.3711 on 20th Mar, the price started to correct upwards against the US dollar touching a high of $0.4929 on 21st March.

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

We can clearly see a bullish Harami pattern above the $0.3711 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 0.4667 in the Asian trading session and an intraday high of 0.4935 in the European trading session today.

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

The relative strength index is at 57.28 which signifies a strong demand for Ripple at the current market price 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 0.4840.

The STOCHRSI is indicating an oversold level, which means that the price is expected to correct upwards in the short-term phase.

Ripple is now trading just above its pivot level of 0.4825 and is now facing its classic resistance levels of 0.4841 and Fibonacci resistance level of 0.4870 after which the path towards 0.5000 will get cleared.

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

  • Ripple: bullish reversal seen above the 0.3711 level.
  • The price is above its pivot Level.
  • The average true range indicates less volatility.
  • Ripple gains bullish bias against the US dollar.

Ripple: Bullish Reversal Seen Above $0.3711

We can see that the price of Ripple continues to move in a bullish momentum and further upsides are located at 0.5000 and 0.5500.

We can see the formation of the bullish Harami pattern in the 2-hour time frame.

We can see the formation of a bullish price crossover pattern with the adaptive moving averages AMA20 and AMA50 in the weekly time frame.

The horizontal resistance is broken in the daily time frame indicating the bullish nature of the markets.

We can also see the formation of a Doji in the 15-minute time frame indicating a neutral level.

The short-term outlook for Ripple has turned 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 3.43% with a price change of $0.01607 in the past 24hrs and has a trading volume of 3.031 billion USD.

We can see an increase of 112.74% in the trading volumes of Ripple compared to yesterday, which is due to the buying seen at lower levels.

This Week Ahead

Ripple continues to move in a strongly bullish momentum above the 0.4800 levels. We are now looking for fresh upsides in the range of 0.5000 and 0.5500.

The resistance is located at $0.5197 which is a 3-10 day MACD oscillator stalls, and at $0.5237 which is a 38.2% retracement from a 52-week low.

We can see a continuous progression of a bullish trend line formation from $0.3711 towards the $0.4946 level.

The support zone is located at $0.4595 which is a pivot point and at $0.4638 which is a 14-3 day raw stochastic at 80%

The weekly outlook for Ripple is projected at $0.5500 with a consolidation zone of $0.5000.





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