BTCUSD and XRPUSD Technical Analysis – 11th OCT 2022
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BTCUSD: Triple Top Pattern Below $20441
Bitcoin was unable to sustain its bullish momentum and after touching a high of 20441 on 06th Oct, it started to decline touching a low of 18977 today in the early Asian trading session.
The prices of bitcoin continue to decline amid the selling pressure that is seen across the cryptocurrency markets globally.
We can see that the prices are ranging near a new record low of 1 month in the weekly time frame.
We can clearly see a triple top pattern below the $20441 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 high of 19282 and an intraday low of 18960 in the Asian 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 43 indicating a WEAK demand for bitcoin, and the continuation of the selling pressure in the markets.
Bitcoin is now moving below 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 18500 and 18000.
The average true range is indicating LESS market volatility with a mild bearish momentum.
Bitcoin: Bearish Reversal Seen Below $20441
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The fall in the price of bitcoin is in line with the three failed attempts at breaching the $20500 resistance level. We are now heading towards the important support level of $19000 which if broken will pave the way towards $18000.
We can see the formation of a bearish harami and bearish harami cross pattern in the 15-minute time frame.
The commodity channel index is giving a neutral level and the relative strength index is approaching the 50 level.
The immediate short-term outlook for bitcoin is mildly bearish, 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 $18656 and the prices need to remain above this level for a potential bullish reversal in the markets.
The price of BTCUSD is now facing its classic support level of 19028 and Fibonacci support level of 19087 after which the path towards 18500 will get cleared.
In the last 24hrs BTCUSD has decreased by 0.92% by 176$ and has a 24hr trading volume of USD 28.521 billion. We can see an increase of 45.40% in the trading volume compared to yesterday, due to increased selling pressure in the markets.
The Week Ahead
The price of bitcoin is moving in a mildly bearish zone below the $19500 level. Further downsides are projected at $18500 and $18000 as the immediate targets.
After the recent decline, bitcoin is staging for a recovery once it breaches down the important support level of $19000.
The average direction index and MA5, MA10 are indicating a bullish rebound in the price towards the $20000 level.
The daily RSI is printing at 43 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 $18500 this week.
The weekly outlook is projected at $19000 with a consolidation zone of $18800.
Technical Indicators:
The moving averages convergence divergence (12,26): is at -75.50 indicating a SELL
The ultimate oscillator: is at 44.42 indicating a SELL
The rate of price change: is at -0.661 indicating a SELL
Bull/Bear power (13): is at -10.73 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
[You must be registered and logged in to see this image.]
BTCUSD: Triple Top Pattern Below $20441
Bitcoin was unable to sustain its bullish momentum and after touching a high of 20441 on 06th Oct, it started to decline touching a low of 18977 today in the early Asian trading session.
The prices of bitcoin continue to decline amid the selling pressure that is seen across the cryptocurrency markets globally.
We can see that the prices are ranging near a new record low of 1 month in the weekly time frame.
We can clearly see a triple top pattern below the $20441 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 high of 19282 and an intraday low of 18960 in the Asian 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 43 indicating a WEAK demand for bitcoin, and the continuation of the selling pressure in the markets.
Bitcoin is now moving below 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 18500 and 18000.
The average true range is indicating LESS market volatility with a mild bearish momentum.
- Bitcoin: bearish reversal seen below $20441
- The Williams percent range is indicating an overbought level
- The price is now trading just below its pivot level of $19107
- Some of the moving averages are giving a SELL market signal
Bitcoin: Bearish Reversal Seen Below $20441
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The fall in the price of bitcoin is in line with the three failed attempts at breaching the $20500 resistance level. We are now heading towards the important support level of $19000 which if broken will pave the way towards $18000.
We can see the formation of a bearish harami and bearish harami cross pattern in the 15-minute time frame.
The commodity channel index is giving a neutral level and the relative strength index is approaching the 50 level.
The immediate short-term outlook for bitcoin is mildly bearish, 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 $18656 and the prices need to remain above this level for a potential bullish reversal in the markets.
The price of BTCUSD is now facing its classic support level of 19028 and Fibonacci support level of 19087 after which the path towards 18500 will get cleared.
In the last 24hrs BTCUSD has decreased by 0.92% by 176$ and has a 24hr trading volume of USD 28.521 billion. We can see an increase of 45.40% in the trading volume compared to yesterday, due to increased selling pressure in the markets.
The Week Ahead
The price of bitcoin is moving in a mildly bearish zone below the $19500 level. Further downsides are projected at $18500 and $18000 as the immediate targets.
After the recent decline, bitcoin is staging for a recovery once it breaches down the important support level of $19000.
The average direction index and MA5, MA10 are indicating a bullish rebound in the price towards the $20000 level.
The daily RSI is printing at 43 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 $18500 this week.
The weekly outlook is projected at $19000 with a consolidation zone of $18800.
Technical Indicators:
The moving averages convergence divergence (12,26): is at -75.50 indicating a SELL
The ultimate oscillator: is at 44.42 indicating a SELL
The rate of price change: is at -0.661 indicating a SELL
Bull/Bear power (13): is at -10.73 indicating a SELL
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.