BTCUSD and XRPUSD Technical Analysis – 14 th JUNE 2022

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BTCUSD – Bearish Harami Pattern Below $28300

Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today.

The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin.

Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years.

We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels.

We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend.

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.

Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels.

Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages.

All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500.

Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum.

  • Bitcoin Bearish Continuation seen Below $28300.
  • STOCHRSI is Indicating OVERSOLD Levels.
  • The price is now trading just Below its Pivot Levels of $22739.
  • All of the Moving Averages are giving a STRONG SELL market signal.

Bitcoin Bearish Continuation Seen Below $28300

The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today.

We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000.

The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions.

Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session.

The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared.

In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors.

The Week Ahead

The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500

The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK.

We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775.

The prices of BTCUSD will need to remain above the important support levels of $21000 this week.

Weekly outlook is projected at $21500 with a consolidation zone of $20500.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL.

Ultimate Oscillator: It is at 44.05 indicating a SELL.

Rate of Price Change: It is at -4.05 indicating a SELL.

Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level.

XRPUSD – Bearish Engulfing Pattern Below 0.4100

Ripple continues its bearish momentum this week and its prices declined below the 0.3200 handle in the European Trading session today.

We can see that Ichimoku Cloud in the 30 minutes time frame, the prices are below the cloud indicating that the trend is down.

We can see that the prices of Ripple continue to remain under pressure, now trading below the 0.3200 handle in the European Trading session today.

We can clearly see a Bearish Engulfing Pattern Below the 0.4100 handle which signifies the end of an Uptrend and a shift towards a Downtrend.

The Short-term outlook for Ripple has turned as Strong Bearish, Medium-term outlook is Neutral, and the Long-Term outlook is Neutral under present market conditions.

Relative Strength Index is at 46 which signifies a WEAK demand for the Ripple at the current market prices and the continuation of the Downtrend this week.

All of the Moving Averages are giving a STRONG SELL Signal at the current market levels of 0.3134

Ripple is now trading Below its Pivot levels of 0.3144 and is now facing its Classic Support levels of 0.3041 and Fibonacci Support levels of 0.3120 after which the path towards 0.3000 will get cleared.

ALL of the Major Technical Indicators are giving a SELL Signal.

  • Ripple Bearish Continuation seen Below the 0.4100 levels.
  • The Commodity Channel Index is indicating NEUTRAL levels.
  • Average True Range indicates LESS Market Volatility.
  • The Daily RSI is Below 50 at 25 indicating BEARISH trends.

Ripple Bearish Continuation Seen Below 0.4100

We can see that the prices of Ripple have entered into a consolidation channel above the 0.3000 handle in the European Trading session today.

We can see that the Adaptive Moving Average AMA50 is indicating a Bearish trend in the 15 minutes time frame.

We can see that XRP touched a Low of 0.2935 in the Asian Trading session and an Intraday High of 0.3224 in the European Trading session today.

The price of XRPUSD has declined by 0.32% with a price change of $0.001016 in the past 24hrs and has a trading volume of 2.437 Billion USD.

We can see an Increase of 18.45% in the Trading volumes of Ripple as compared to yesterday, which is due to the selling by the medium-term investors.


This Week Ahead

The prices of XRPUSD are now moving into a Consolidation Channel above the 0.3100 handle and the next visible targets are 0.3000 and 0.2800

We can see that Doji is indicating a Neutral market in the 1 hour and 2-hour time frames. We can see the formation of MA10 crossover pattern located at 0.3128 indicating that after touching these levels a potential rise in the levels of Ripple is expected.

In the next week Ripple is expected to enter into a fresh wave of selling below the 0.3100 handle

The weekly outlook for Ripple is projected at 0.3100 with a consolidation zone of 0.3000


Technical Indicators:

Moving Averages Convergence Divergence (12,26):  It is at -.004 indicating a SELL.

Average Directional Change(14days): It is at 21.83 indicating a SELL.

Bull/ Bear Power(13days): It is at -0.0028 indicating a SELL.

Ultimate Oscillator: It is at 44.90 indicating a SELL.

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