BTCUSD and XRPUSD Technical Analysis – 25th OCT 2022
Updated
BTCUSD: Bearish Engulfing Pattern Below $19685
Bitcoin was unable to sustain its bullish momentum and after touching a high of 19694 on 18th Oct, it started to decline touching a low of 18718 on 21st Oct.
We can see that bitcoin has made a failed attempt to cross the $20500 resistance on two separate occasions this month and is now back in the bearish zone.
We can see the formation of a bearish price crossover pattern with adaptive moving average AMA 20 and AMA 100 in the 4-hour time frame.
We can clearly see a bearish engulfing pattern below the $19685 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
Bitcoin touched an intraday low of 19252 in the Asian trading session and an intraday high of 19372 in the European trading session today.
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.
The relative strength index is at 44 indicating a WEAKER demand for bitcoin, and the continuation of the selling pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and above its 200 hourly exponential moving averages.
Some of the major technical indicators are giving a SELL signal, which means that in the immediate short term, we are expecting targets of 19000 and 18500.
The average true range is indicating LESS market volatility with a mildly bearish momentum.
Bitcoin: bearish reversal seen below $19685
The STOCHRSI is indicating an oversold level
The price is now trading just below its pivot level of $19355
Some of the moving averages are giving a SELL market signal
Bitcoin: Bearish Reversal Seen Below $19685
We can now see the progression of a falling trend channel in bitcoin as it is unable to hold onto its gains, and the increase in the selling pressure suggest we are now moving towards the $18000 handle.
The Aroon indicator is giving a bearish trend signal in the 1-hour time frame.
The MACD indicator is back under zero indicating the bearish trend in the 15-minute time frame.
The RSI indicator is also back under 50 indicating the weakness present in the markets.
The immediate short-term outlook for bitcoin is mildly bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.
Bitcoin’s support zone is located at $18577, the Camarilla support levels and the price needs to remain above this level for any potential of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic support level of 19303 and Fibonacci resistance level of 19343 after which the path towards 18500 will get cleared.
In the last 24hrs, BTCUSD has decreased by 0.03% by 5$ and has a 24hr trading volume of USD 26.294 billion. We can see a decrease of 4.13% in the trading volume compared to yesterday, which appears to be normal.
The Week Ahead
The price of bitcoin is moving in a mildly bearish zone below the $19500 level. Further downside is projected at $18500 and $18000 as the immediate targets.
We have seen a bearish opening of the markets which suggests that we are poised for further declines this week below the $19000 levels.
The daily RSI is printing at 48 which indicates a neutral level and a move towards the consolidation phase in the markets.
The price of BTCUSD will need to remain above the important support level of $18000 this week.
The weekly outlook is projected at $18500 with a consolidation zone of $18000.
Technical Indicators:
The moving Averages Convergence Divergence MACD (12,26): is at -5.20 indicating a SELL
The commodity channel index CCI (14): is at -80.22 indicating a SELL
The rate of price change ROC: is at -0.16 indicating a SELL
The bull/bear power (13): is at 3-38.49 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Bitcoin was unable to sustain its bullish momentum and after touching a high of 19694 on 18th Oct, it started to decline touching a low of 18718 on 21st Oct.
We can see that bitcoin has made a failed attempt to cross the $20500 resistance on two separate occasions this month and is now back in the bearish zone.
We can see the formation of a bearish price crossover pattern with adaptive moving average AMA 20 and AMA 100 in the 4-hour time frame.
We can clearly see a bearish engulfing pattern below the $19685 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
Bitcoin touched an intraday low of 19252 in the Asian trading session and an intraday high of 19372 in the European trading session today.
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.
The relative strength index is at 44 indicating a WEAKER demand for bitcoin, and the continuation of the selling pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and above its 200 hourly exponential moving averages.
Some of the major technical indicators are giving a SELL signal, which means that in the immediate short term, we are expecting targets of 19000 and 18500.
The average true range is indicating LESS market volatility with a mildly bearish momentum.
Bitcoin: bearish reversal seen below $19685
The STOCHRSI is indicating an oversold level
The price is now trading just below its pivot level of $19355
Some of the moving averages are giving a SELL market signal
Bitcoin: Bearish Reversal Seen Below $19685
We can now see the progression of a falling trend channel in bitcoin as it is unable to hold onto its gains, and the increase in the selling pressure suggest we are now moving towards the $18000 handle.
The Aroon indicator is giving a bearish trend signal in the 1-hour time frame.
The MACD indicator is back under zero indicating the bearish trend in the 15-minute time frame.
The RSI indicator is also back under 50 indicating the weakness present in the markets.
The immediate short-term outlook for bitcoin is mildly bearish, the medium-term outlook has turned bearish, and the long-term outlook remains neutral under present market conditions.
Bitcoin’s support zone is located at $18577, the Camarilla support levels and the price needs to remain above this level for any potential of the bullish reversal in the markets.
The price of BTCUSD is now facing its classic support level of 19303 and Fibonacci resistance level of 19343 after which the path towards 18500 will get cleared.
In the last 24hrs, BTCUSD has decreased by 0.03% by 5$ and has a 24hr trading volume of USD 26.294 billion. We can see a decrease of 4.13% in the trading volume compared to yesterday, which appears to be normal.
The Week Ahead
The price of bitcoin is moving in a mildly bearish zone below the $19500 level. Further downside is projected at $18500 and $18000 as the immediate targets.
We have seen a bearish opening of the markets which suggests that we are poised for further declines this week below the $19000 levels.
The daily RSI is printing at 48 which indicates a neutral level and a move towards the consolidation phase in the markets.
The price of BTCUSD will need to remain above the important support level of $18000 this week.
The weekly outlook is projected at $18500 with a consolidation zone of $18000.
Technical Indicators:
The moving Averages Convergence Divergence MACD (12,26): is at -5.20 indicating a SELL
The commodity channel index CCI (14): is at -80.22 indicating a SELL
The rate of price change ROC: is at -0.16 indicating a SELL
The bull/bear power (13): is at 3-38.49 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
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
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.