BTCUSD and XRPUSD Technical Analysis – 29th NOV 2022

FXOpen

BTCUSD: Bullish Engulfing Pattern Above $15510

Bitcoin was unable to sustain its bearish momentum and after touching a low of 15510 on 21st Nov, the price started to correct upwards against the US dollar crossing the $16500 handle today in the European trading session.

The price of bitcoin continues to rise after the recent crash and now we are looking to cross the $17000 handle soon.

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

The CCI indicator is giving a bullish divergence signal in the daily time frame.

We can clearly see a bullish engulfing pattern above the $15510 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 16124 in the Asian trading session and an intraday high of 16536 in the European 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 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 simple moving average and 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 17000 and 17500.

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

  • Bitcoin: a bullish reversal seen above $15510
  • The Williams percent range is indicating an overbought level
  • The price is now trading above its pivot level of $16509
  • All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $15510

We can now see that the price of Bitcoin is moving in a strong bullish momentum and we are expecting more upside waves this week.

The Williams percent range indicator is back over -50 indicating a bullish scenario in the daily time frame.

The MACD has crossed UP its moving average in the 4-hour time frame indicating bullish trends.

We can see the formation of a bullish price crossover pattern with an adaptive moving average AMA100 in the 4-hour time frame.

The price of bitcoin is ranging near the support of the channel in the 15-minute time frame indicating a bullish trend.

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 $16155 which is a 14-3 day raw stochastic at 20%.

The price of BTCUSD is now facing its classic resistance level of 16536 and Fibonacci resistance level of 16550 after which the path towards 17000 will get cleared.

In the last 24hrs, BTCUSD has increased by 1.92% by 310$, and has a 24hr trading volume of USD 26.099 billion. We can see an increase of 3.95% in the trading volume compared to yesterday, which appears to be normal.

The Week Ahead

The price of Bitcoin is expected to enter the super bullish zone above the $17000 handle. There is an ascending channel forming with current support at $15510 on the hourly chart of BTCUSD.

We can see that the MACD indicator is back over zero in the 2-hour time frame indicating the bullish scenario present in the markets.

The daily RSI is printing at 41 which indicates a weaker 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 $17113 which is a 14-3 day raw stochastic at 50%.

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

Technical Indicators:

The moving averages convergence divergence, MACD (12,26): is at 48.30 indicating a BUY

The commodity channel index, CCI (14): is at 93.27 indicating a BUY

The rate of price change, ROC: is at 1.537 indicating a BUY

The bull/bear power (13): is at 217.36 indicating a BUY

XRPUSD: Bullish Harami Pattern Above 0.3492

Ripple was unable to sustain its bearish momentum and after touching a low of 0.3492 on 21st Nov, the prices started to correct upwards against the US dollar crossing the $0.4000 handle in the European trading session today.

The price of Ripple is moving in a strongly bullish zone and we are now heading towards the $0.4500 level.

We can see the formation of a bullish harami cross pattern in the 2-hour time frame.

We can clearly see a bullish harami pattern above the 0.3492 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 0.3828 in the Asian trading session and an intraday high of 0.3933 in the European trading session today.

The relative strength index is at 58.38 which signifies STRONG demand for Ripple at the current market prices and a shift towards the buying phase in the markets.

Most of the moving averages are giving a STRONG BUY signal at the current market levels of 0.3931.

Ripple is now trading above its pivot level of 0.3915 and facing its classic resistance level of 0.3930 and Fibonacci resistance level of 0.3939 after which the path towards 0.4500 will get cleared.

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

  • Ripple: bullish reversal seen above the 0.3492 level
  • The average directional index is indicating a neutral level
  • The average true range indicates LESS volatility
  • Ripple gains bullish bias against the US dollar

Ripple: Bullish Reversal Seen Above 0.3492

We can see that the price of Ripple continues to remain in a bullish zone formation above the $0.3500 handle and fresh upsides are projected at $0.4000 and $0.4500.

We can see bullish trend reversal signals with the adaptive moving averages AMA20, AMA50 and AMA100 in the 4-hour time frame.

The Williams percent range indicator is back over -50 in the 15-minute time frame.

The parabolic SAR indicator is giving a bullish reversal signal in the 15-minute time frame.

Both the STOCH and STOCHRSI are indicating overbought levels, which means that prices are expected to decline in the short term.

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 3.03% with a price change of $0.01156 in the past 24hrs and has a trading volume of 1.061 billion USD.

We can see an increase of 5.14% in the trading volumes of Ripple compared to yesterday, which appears to be normal.

This Week Ahead

The price of Ripple is moving in a strongly bullish momentum against the US dollar and bitcoin. There is a connecting bullish trendline formation with a support located at $0.3492 levels.

The prices of Ripple are expected to correct higher towards the $0.4000 handle and have already broken the resistance levels of $0.3890 which is a 14-3 day raw stochastic at 70%.

We can see a continuous progression of a bullish trend line formation from $0.3492 towards the $0.4195 levels.

The resistance zone is located at $0.4360 which is a 50% retracement from a 4-week high/low.

The weekly outlook for Ripple is projected at $0.4500 with a consolidation zone of $0.4300.

Technical Indicators:

The relative strength index, RSI (14):  is at 58.38 indicating a BUY

The commodity channel index, CCI (14): is at 93.06 indicating a BUY

The ultimate oscillator: is at 61.25 indicating a BUY

The bull/bear power (13): is at 0.0043 indicating a BUY




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