FXOpen Trader
Active Member
BTCUSD and XRPUSD Technical Analysis – 18th OCT 2022
BTCUSD: Bullish Engulfing Pattern Above $18237
Bitcoin was unable to sustain its bearish momentum and after touching a low of 18280 on 13th Oct, it started to correct upwards touching a high of 19893 on 14th Oct.
The price of bitcoin has bounced back from its lows due to heavy buying pressure seen below the $19000 levels.
We can see the formation of an ascending channel pattern above the support level of $19000 on the hourly chart of BTCUSD.
We can clearly see a bullish engulfing pattern above the $18237 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 19475 in the Asian trading session and an intraday high of 19694 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 56 indicating a STRONG demand for bitcoin, and the continuation of the buying 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 STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 20500 and 21000.
The average true range is indicating LESS market volatility with a strong bullish momentum.
Bitcoin: Bullish Reversal seen Above $18237
The long-term bullish phase has now resumed and the price of bitcoin is expected to become super bullish above the $20000 level.
We can see that any dips below the $19000 level remain well supported. We are now heading towards the important resistance level of $20000 which if broken will pave the way towards $22000.
We can see the formation of a bullish harami pattern in the 30-minute time frame.
The Adaptive Moving Average AMA20 is giving a Bullish signal in the daily timeframe.
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 $19326 the ichimoku baseline, and the prices need to remain above this level for continuation of bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 19731 and Fibonacci resistance level of 19785 after which the path towards 20500 will get cleared.
In the last 24hrs, BTCUSD has decreased by 1.36% by 262$ and has a 24hr trading volume of USD 29.008 billion. We can see an increase of 42.42% in the trading volume compared to yesterday, due to increased buying seen in the global crypto markets.
The Week Ahead
The price of bitcoin is moving in a strongly bullish zone above the $19000 level. Further upsides are projected at $20500 and $21000 as the immediate targets.
We can see the formation of bullish engulfing lines in the weekly time frame. The price of bitcoin is back over the pivot point which indicates a bullish scenario in the weekly time frame.
The daily RSI is printing at 50 which indicates a neutral level and a move towards the consolidation phase in the markets.
The prices of BTCUSD will need to remain above the important support level of $19000 this week.
The weekly outlook is projected at $21000 with a consolidation zone of $20500.
Technical Indicators:
The MACD (12,26): is at 96.10 indicating a BUY
The ultimate oscillator: is at 51.65 indicating a BUY
The rate of price change: is at 2.053 indicating a BUY
The bull/bear power (13): is at 366.28 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
BTCUSD: Bullish Engulfing Pattern Above $18237
Bitcoin was unable to sustain its bearish momentum and after touching a low of 18280 on 13th Oct, it started to correct upwards touching a high of 19893 on 14th Oct.
The price of bitcoin has bounced back from its lows due to heavy buying pressure seen below the $19000 levels.
We can see the formation of an ascending channel pattern above the support level of $19000 on the hourly chart of BTCUSD.
We can clearly see a bullish engulfing pattern above the $18237 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 19475 in the Asian trading session and an intraday high of 19694 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 56 indicating a STRONG demand for bitcoin, and the continuation of the buying 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 STRONG BUY signal, which means that in the immediate short term, we are expecting targets of 20500 and 21000.
The average true range is indicating LESS market volatility with a strong bullish momentum.
- Bitcoin: bullish reversal seen above $18237
- The STOCHRSI is indicating an oversold level
- The price is now trading just below its pivot level of $19651
- Some of the moving averages are giving a BUY market signal
Bitcoin: Bullish Reversal seen Above $18237
The long-term bullish phase has now resumed and the price of bitcoin is expected to become super bullish above the $20000 level.
We can see that any dips below the $19000 level remain well supported. We are now heading towards the important resistance level of $20000 which if broken will pave the way towards $22000.
We can see the formation of a bullish harami pattern in the 30-minute time frame.
The Adaptive Moving Average AMA20 is giving a Bullish signal in the daily timeframe.
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 $19326 the ichimoku baseline, and the prices need to remain above this level for continuation of bullish reversal in the markets.
The price of BTCUSD is now facing its classic resistance level of 19731 and Fibonacci resistance level of 19785 after which the path towards 20500 will get cleared.
In the last 24hrs, BTCUSD has decreased by 1.36% by 262$ and has a 24hr trading volume of USD 29.008 billion. We can see an increase of 42.42% in the trading volume compared to yesterday, due to increased buying seen in the global crypto markets.
The Week Ahead
The price of bitcoin is moving in a strongly bullish zone above the $19000 level. Further upsides are projected at $20500 and $21000 as the immediate targets.
We can see the formation of bullish engulfing lines in the weekly time frame. The price of bitcoin is back over the pivot point which indicates a bullish scenario in the weekly time frame.
The daily RSI is printing at 50 which indicates a neutral level and a move towards the consolidation phase in the markets.
The prices of BTCUSD will need to remain above the important support level of $19000 this week.
The weekly outlook is projected at $21000 with a consolidation zone of $20500.
Technical Indicators:
The MACD (12,26): is at 96.10 indicating a BUY
The ultimate oscillator: is at 51.65 indicating a BUY
The rate of price change: is at 2.053 indicating a BUY
The bull/bear power (13): is at 366.28 indicating a BUY
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.