BTCUSD and XRPUSD Technical Analysis – 19th APR 2022
ที่อัปเดต:
BTCUSD – Bullish Engulfing Pattern Above $38500
Bitcoin was not able to sustain its bullish momentum last week and after touching a high of 41491 on 14th April, started to decline against the US Dollar.
The bearish momentum in Bitcoin continues, which managed to push down its prices below the $39000 handle this week.
After forming a Bearish Triangulation pattern, the prices started to enter into a consolidation phase and staged a recovery above the $38500 handle in the European Trading session today.
We can see a Bullish Engulfing Pattern above the $38500 handle, which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.
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 62 indicating a STRONG demand for Bitcoin at the current market levels.
Bitcoin is now moving above its 100 hourly Simple Moving average and its 200 hourly Exponential Moving averages.
Most of the Major Technical Indicators are giving a BUY Signal, which means that in the immediate short term we are expecting targets of 42000 and 43500.
Average True Range is indicating LESS Market Volatility with a Strong Bullish momentum.
Bitcoin Bullish Reversal is seen Above $38500.
StochRSI is indicating OVERSOLD Levels.
The price is now trading just Above its Pivot Levels of $40695.
All of the Moving Averages are giving a BUY market signal.
Bitcoin Bullish Reversal is Seen Above $38500
Bitcoin has moved out of the falling trend seen in the last week and now continues to consolidate its gains above the $40000 handle in the European Trading session.
The recent decline in the prices of Bitcoin was due to the weak global investor sentiment which pushed down the prices of all Cryptocurrencies.
When Bitcoin recovers from its losses and trades above the important psychological support levels of $40000 new investors are also willing to enter the markets.
Some short selling is expected at the levels of 40702 and 40741 as indicated by the MA5 and MA10 crossover patterns.
The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook has turned Bullish, and the long-term outlook remains Neutral under present market conditions.
The price of BTCUSD is now facing its Classic resistance levels of 40852 and Fibonacci resistance levels of 40967 after which the path towards 42000 will get cleared.
In the last 24hrs, BTCUSD is UP by 4.45% by 1732$ and has a 24hr trading volume of USD 31.487 Billion. We can see an increase of 24.43% in the Trading volume as compared to yesterday, which is due to the buying seen by the medium-term Investors.
The Week Ahead
The prices of Bitcoin touched an Intraday High of $41252 after which we can see some correction below the $41000 handle.
We can see the formation of the Demand zone above the $38500 and the continuation of the bullish trend in the markets.
The On-chain analysis is predicting a short-term Rally at the prices of Bitcoin towards the $45000 handle this week.
The current market condition is suitable for entering into a BUY position with targets of $44000 and $45500 in the next week.
The prices of BTCUSD will need to remain above the important support levels of $41000 this week.
The weekly outlook is projected at $44000 with a consolidation zone of $43500.
Technical Indicators:
Moving Averages Convergence Divergence (12,26): It is at 176.50 indicating a BUY.
Average Directional Change(14days): It is at 38.75 indicating a BUY.
Bull/ Bear Power(13days): It is at 217.06 indicating a BUY.
Relative Strength Index: It is at 62 indicating a BUY.
Bitcoin was not able to sustain its bullish momentum last week and after touching a high of 41491 on 14th April, started to decline against the US Dollar.
The bearish momentum in Bitcoin continues, which managed to push down its prices below the $39000 handle this week.
After forming a Bearish Triangulation pattern, the prices started to enter into a consolidation phase and staged a recovery above the $38500 handle in the European Trading session today.
We can see a Bullish Engulfing Pattern above the $38500 handle, which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.
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 62 indicating a STRONG demand for Bitcoin at the current market levels.
Bitcoin is now moving above its 100 hourly Simple Moving average and its 200 hourly Exponential Moving averages.
Most of the Major Technical Indicators are giving a BUY Signal, which means that in the immediate short term we are expecting targets of 42000 and 43500.
Average True Range is indicating LESS Market Volatility with a Strong Bullish momentum.
Bitcoin Bullish Reversal is seen Above $38500.
StochRSI is indicating OVERSOLD Levels.
The price is now trading just Above its Pivot Levels of $40695.
All of the Moving Averages are giving a BUY market signal.
Bitcoin Bullish Reversal is Seen Above $38500
Bitcoin has moved out of the falling trend seen in the last week and now continues to consolidate its gains above the $40000 handle in the European Trading session.
The recent decline in the prices of Bitcoin was due to the weak global investor sentiment which pushed down the prices of all Cryptocurrencies.
When Bitcoin recovers from its losses and trades above the important psychological support levels of $40000 new investors are also willing to enter the markets.
Some short selling is expected at the levels of 40702 and 40741 as indicated by the MA5 and MA10 crossover patterns.
The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook has turned Bullish, and the long-term outlook remains Neutral under present market conditions.
The price of BTCUSD is now facing its Classic resistance levels of 40852 and Fibonacci resistance levels of 40967 after which the path towards 42000 will get cleared.
In the last 24hrs, BTCUSD is UP by 4.45% by 1732$ and has a 24hr trading volume of USD 31.487 Billion. We can see an increase of 24.43% in the Trading volume as compared to yesterday, which is due to the buying seen by the medium-term Investors.
The Week Ahead
The prices of Bitcoin touched an Intraday High of $41252 after which we can see some correction below the $41000 handle.
We can see the formation of the Demand zone above the $38500 and the continuation of the bullish trend in the markets.
The On-chain analysis is predicting a short-term Rally at the prices of Bitcoin towards the $45000 handle this week.
The current market condition is suitable for entering into a BUY position with targets of $44000 and $45500 in the next week.
The prices of BTCUSD will need to remain above the important support levels of $41000 this week.
The weekly outlook is projected at $44000 with a consolidation zone of $43500.
Technical Indicators:
Moving Averages Convergence Divergence (12,26): It is at 176.50 indicating a BUY.
Average Directional Change(14days): It is at 38.75 indicating a BUY.
Bull/ Bear Power(13days): It is at 217.06 indicating a BUY.
Relative Strength Index: It is at 62 indicating a BUY.
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Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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