BTCUSD and XRPUSD Technical Analysis – 01st NOV 2022
Updated
BTCUSD: Inverted Hammer Pattern Above $19187
Bitcoin was unable to sustain its bearish momentum and after touching a low of 19187 on 24th Oct, the prices started to correct upwards crossing the $20500 handle.
We can see continued appreciation in the price of BTCUSD which is now trading above the 20500 in the European trading session today.
We can see the formation of a bullish harami pattern in the 30-minute time frame.
The resistance of the channel is broken in the 1-hourly time frame indicating the bullish tone of the markets.
We can clearly see an inverted hammer pattern above the $19187 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 20379 in the Asian trading session and an intraday high of 20657 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 price is expected.
The relative strength index is at 53 indicating a NEUTRAL demand for bitcoin and a shift towards the consolidation phase in the markets.
Bitcoin is now moving above its 100 hourly exponential moving average and above its 200 hourly exponential moving averages.
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 21000 and 21500.
The average true range is indicating LESS market volatility with a mildly bullish momentum.
Bitcoin: bullish reversal seen above $19187.
The Williams percent range is indicating an overbought level.
The price is now trading just below its pivot level of $20607.
Most of the moving averages are giving a STRONG BUY market signal.
Bitcoin: Bullish Reversal Seen Above $19187
We can now see that the price of bitcoin rocketed higher recently towards the monthly high of 20969 on 29th Oct, and we can now witness the formation of an ascending channel in the markets.
Bitcoin’s price is super bullish against the US dollar and bitcoin and now we are aiming towards crossing the $21000 and $22000 levels soon.
The adaptive moving average AMA20 and AMA50 are giving a bullish trend reversal signal.
The price of bitcoin is back over the pivot point in the daily time frame indicating the bullish overtone present in the markets.
We have also seen a bullish opening of the markets this week.
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 $19637 which is a 50% retracement from a 4-week high/low and the price needs to remain above this level for the continuation of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 20628 and Fibonacci resistance level of 20667 after which the path towards 21500 will get cleared.
In the last 24hrs, BTCUSD has increased by 0.25% by 51$ and has a 24hr trading volume of USD 45.266 billion. We can see an increase of 39.05% in the trading volume compared to yesterday, which is due to the heavy buying pressure seen in the global markets.
The Week Ahead
The price of bitcoin is moving in a strongly bullish zone above the $20500 levels. Further upsides are projected at $21500 and $22000 as the immediate targets.
Now we are aiming for $21710 which is a 50% retracement from 13 week high/low.
The daily RSI is printing at 59 which indicates a strong demand for bitcoin and the continuation of the buying pressure in the markets.
The price of BTCUSD will need to remain above the important support level of $20000 this week.
The weekly outlook is projected at $21500 with a consolidation zone of $22000.
Technical Indicators:
The moving averages convergence divergence MACD (12,26): is at 6.20 indicating a BUY.
The commodity channel index CCI (14): is at 138.28 indicating a BUY.
The rate of price change ROC: is at 1.22 indicating a BUY.
Bull/bear power (13): is at 128.67 indicating a BUY.
Bitcoin was unable to sustain its bearish momentum and after touching a low of 19187 on 24th Oct, the prices started to correct upwards crossing the $20500 handle.
We can see continued appreciation in the price of BTCUSD which is now trading above the 20500 in the European trading session today.
We can see the formation of a bullish harami pattern in the 30-minute time frame.
The resistance of the channel is broken in the 1-hourly time frame indicating the bullish tone of the markets.
We can clearly see an inverted hammer pattern above the $19187 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 20379 in the Asian trading session and an intraday high of 20657 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 price is expected.
The relative strength index is at 53 indicating a NEUTRAL demand for bitcoin and a shift towards the consolidation phase in the markets.
Bitcoin is now moving above its 100 hourly exponential moving average and above its 200 hourly exponential moving averages.
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 21000 and 21500.
The average true range is indicating LESS market volatility with a mildly bullish momentum.
Bitcoin: bullish reversal seen above $19187.
The Williams percent range is indicating an overbought level.
The price is now trading just below its pivot level of $20607.
Most of the moving averages are giving a STRONG BUY market signal.
Bitcoin: Bullish Reversal Seen Above $19187
We can now see that the price of bitcoin rocketed higher recently towards the monthly high of 20969 on 29th Oct, and we can now witness the formation of an ascending channel in the markets.
Bitcoin’s price is super bullish against the US dollar and bitcoin and now we are aiming towards crossing the $21000 and $22000 levels soon.
The adaptive moving average AMA20 and AMA50 are giving a bullish trend reversal signal.
The price of bitcoin is back over the pivot point in the daily time frame indicating the bullish overtone present in the markets.
We have also seen a bullish opening of the markets this week.
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 $19637 which is a 50% retracement from a 4-week high/low and the price needs to remain above this level for the continuation of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 20628 and Fibonacci resistance level of 20667 after which the path towards 21500 will get cleared.
In the last 24hrs, BTCUSD has increased by 0.25% by 51$ and has a 24hr trading volume of USD 45.266 billion. We can see an increase of 39.05% in the trading volume compared to yesterday, which is due to the heavy buying pressure seen in the global markets.
The Week Ahead
The price of bitcoin is moving in a strongly bullish zone above the $20500 levels. Further upsides are projected at $21500 and $22000 as the immediate targets.
Now we are aiming for $21710 which is a 50% retracement from 13 week high/low.
The daily RSI is printing at 59 which indicates a strong demand for bitcoin and the continuation of the buying pressure in the markets.
The price of BTCUSD will need to remain above the important support level of $20000 this week.
The weekly outlook is projected at $21500 with a consolidation zone of $22000.
Technical Indicators:
The moving averages convergence divergence MACD (12,26): is at 6.20 indicating a BUY.
The commodity channel index CCI (14): is at 138.28 indicating a BUY.
The rate of price change ROC: is at 1.22 indicating a BUY.
Bull/bear power (13): is at 128.67 indicating a BUY.
Note
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.
Disclaimer
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