BTCUSD and XRPUSD Technical Analysis – 23rd AUG 2022
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BTCUSD: Double Bottom Pattern Above $20798
Bitcoin was unable to sustain its bearish momentum and after touching a low of 20794 on 20th Aug, it has entered into a consolidation channel above the $21000 handle today in the European trading session.
We can see that bitcoin failed to clear its resistance zone located at $25500 for the fourth time this month.
After touching a high of $25195, we can see some downwards correction in the prices towards the $20798 levels.
We can clearly see a double bottom pattern above the $20798 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 20909 in the Asian Trading session, and an intraday high of 21510 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 57 indicating a strong demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and below the 200 hourly simple moving average.
All of the major technical indicators are giving a strong buy signal, which means that in the immediate short term, we are expecting targets of 22500 and 22000.
The average true range is indicating less market volatility with a strong bullish momentum.
Bitcoin: Bullish Reversal seen Above $20798
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The price of bitcoin dipped to a low of 20909 after which we can see some buying support and a move towards the consolidation phase in the markets above the $21000 handle.
The BTCUSD is attempting an upside break as the moving averages convergence divergence (MACD) has crossed its moving average in the 1-hourly time-frame.
The parabolic SAR Indicator is giving a bullish reversal signal in the 1-hourly time-frame.
We can see that the aroon indicator is giving a bullish trend signal in the 1-hourly time-frame indicating the underlying bullish nature of the markets.
The immediate short-term outlook for bitcoin is 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 $20000, and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 21549 and Fibonacci resistance level of 21642 after which the path towards 22000 will get cleared.
In the last 24hrs, BTCUSD has increased by 0.90% by 190$ and has a 24hr trading volume of USD 32.135 billion. We can see an increase of 27.24% in the trading volume compared to yesterday, which appears to be normal.
The Week Ahead
The price of bitcoin is moving in a consolidation zone above the $21000 level. The US Fed monetary policy and its effects on the strength of the US dollar continues to weigh on the prices of bitcoin which is being sold out by the medium-term investors.
The daily RSI is printing at 38 which indicates a weak demand from the long-term investors.
This continued downfall in the prices of bitcoin is being referred to as the start of crypto winter by some analysts.
The long-term trendline in hold is indicating that the next target for bitcoin is $28000 in the coming weeks, which is also confirmed by the super trend indicator.
The price of BTCUSD will need to remain above the important support levels of $20000 this week.
The weekly outlook is projected at $23000 with a consolidation zone of $22500.
Technical Indicators:
The average directional change (14): at 32.84 indicating a BUY
The ultimate oscillator: at 52.16 indicating a BUY
The rate of price change: at 1.52 indicating a BUY
The commodity channel index (14 days): at 100.44 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog
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BTCUSD: Double Bottom Pattern Above $20798
Bitcoin was unable to sustain its bearish momentum and after touching a low of 20794 on 20th Aug, it has entered into a consolidation channel above the $21000 handle today in the European trading session.
We can see that bitcoin failed to clear its resistance zone located at $25500 for the fourth time this month.
After touching a high of $25195, we can see some downwards correction in the prices towards the $20798 levels.
We can clearly see a double bottom pattern above the $20798 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 20909 in the Asian Trading session, and an intraday high of 21510 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 57 indicating a strong demand for bitcoin at the current market levels and the continuation of the buying pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and below the 200 hourly simple moving average.
All of the major technical indicators are giving a strong buy signal, which means that in the immediate short term, we are expecting targets of 22500 and 22000.
The average true range is indicating less market volatility with a strong bullish momentum.
- Bitcoin: bullish reversal seen above $20798
- The Williams percent range is indicating an overbought level
- The price is now trading just below its pivot level of $21430
- Most of the moving averages are giving a BUY market signal
Bitcoin: Bullish Reversal seen Above $20798
[You must be registered and logged in to see this image.]
The price of bitcoin dipped to a low of 20909 after which we can see some buying support and a move towards the consolidation phase in the markets above the $21000 handle.
The BTCUSD is attempting an upside break as the moving averages convergence divergence (MACD) has crossed its moving average in the 1-hourly time-frame.
The parabolic SAR Indicator is giving a bullish reversal signal in the 1-hourly time-frame.
We can see that the aroon indicator is giving a bullish trend signal in the 1-hourly time-frame indicating the underlying bullish nature of the markets.
The immediate short-term outlook for bitcoin is 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 $20000, and the prices continue to remain above these levels for the continuation of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 21549 and Fibonacci resistance level of 21642 after which the path towards 22000 will get cleared.
In the last 24hrs, BTCUSD has increased by 0.90% by 190$ and has a 24hr trading volume of USD 32.135 billion. We can see an increase of 27.24% in the trading volume compared to yesterday, which appears to be normal.
The Week Ahead
The price of bitcoin is moving in a consolidation zone above the $21000 level. The US Fed monetary policy and its effects on the strength of the US dollar continues to weigh on the prices of bitcoin which is being sold out by the medium-term investors.
The daily RSI is printing at 38 which indicates a weak demand from the long-term investors.
This continued downfall in the prices of bitcoin is being referred to as the start of crypto winter by some analysts.
The long-term trendline in hold is indicating that the next target for bitcoin is $28000 in the coming weeks, which is also confirmed by the super trend indicator.
The price of BTCUSD will need to remain above the important support levels of $20000 this week.
The weekly outlook is projected at $23000 with a consolidation zone of $22500.
Technical Indicators:
The average directional change (14): at 32.84 indicating a BUY
The ultimate oscillator: at 52.16 indicating a BUY
The rate of price change: at 1.52 indicating a BUY
The commodity channel index (14 days): at 100.44 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog