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BTCUSD and XRPUSD Technical Analysis – 17th MAY 2022 | Forex Trading Blog | Online Trading Blog

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BTCUSD: Bullish Harami Pattern Above $28,600

Bitcoin was not able to sustain its bullish momentum last week, and after touching a high of $31,437 on 16th May, started to decline heavily against the US dollar.

The short selling continued pushing down the price of BTC below the $30,000 handle, touching a low of $29,169 after which we can see some consolidation.

We can see a pullback in the markets at a level above $30,000, which is expected to continue towards $33,000.

We can clearly see a bullish harami pattern above the $28,600 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

Both the Stoch and StochRSI are indicating an overbought level 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 level.

Bitcoin is now moving above its 100 hourly simple and 200 hourly simple MAs.

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 32,000 and 33,500.

The average true range is indicating LESSER market volatility with a mildly bullish momentum.

  • Bitcoin: bullish reversal seen above $28,600
  • The Williams percent range is indicating an OVERBOUGHT level
  • The price is now trading just above its pivot level of $30,443
  • All of the moving averages are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $28,600

Bitcoin continues to move into a consolidation channel above the $30,000 handle in the European trading session today.

The bounce that we have seen above the $30,000 handle is expected to continue this week, and we are now looking at the targets of $32,000 and $33,500 in the medium-term range.

The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook has turned neutral; and the long-term outlook remains neutral under present market conditions.

Bitcoin continues to consolidate above its important support level of $30,000, and with increasing demand zone formation the immediate target is $31,500

The price of BTCUSD is now facing its classic resistance level of 30,533 and Fibonacci resistance level of 30,653, after which the path towards 32,000 will get cleared.

In the last 24hrs, BTCUSD has increased by 3.17% by 939$, and has a 24hr trading volume of USD 31.059 billion. We can see an increase of 1.58% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is moving in a mildly bullish momentum, and the immediate targets are $31,000 and $31,500

The daily RSI is printing at 35 which means that the medium-range demand continues to be weak.

The current market condition is suitable for entering into a BUY position with targets of $32,000 and $33,500 next week.

The price of BTCUSD will need to remain above the important support level of $30,000 this week.

The weekly outlook is projected at $32,000 with a consolidation zone of $31,500.

Technical Indicators:

The moving averages convergence divergence (12,26): at 121.40 indicating a BUY

THe average directional change (14-day): at 43.83 indicating a BUY

The rate of price change: at 3.529 indicating a BUY

The ultimate oscillator: at 65.16 indicating a BUY

XRPUSD: Bullish Engulfing Pattern Above 0.3950

Ripple was unable to sustain its bullish momentum last week, and after touching a high of 0.5368 on 10th May started to decline touching a low of 0.3384 on 12th May, after which we can see some pullback action in the markets.

We can see the formation of a bullish trend line, which is expected to push its price above the level of 0.4700 this week.

We can clearly see a bullish engulfing pattern above the 0.3950 handle which signifies the end of a downtrend and a shift towards an uptrend.

The short-term outlook for Ripple has turned mildly bullish; the medium-term outlook is neutral; and the long-term outlook is neutral under present market conditions.

The relative strength index is at 53 which signifies a NEUTRAL demand for Ripple at the current market price, and a shift towards the consolidation phase.

Some of the moving averages are giving a BUY signal at the current market level of 0.4321.

Ripple is now trading above its pivot level of 0.4300, and is facing its classic resistance level of 0.4322, Fibonacci resistance level of 0.4350 after which the path towards 0.4700 will get cleared.

Some of the major technical indicators are giving a BUY signal

  • Ripple: bullish reversal seen above 0.3950
  • The commodity channel index is indicating a NEUTRAL level
  • The average true range indicates LESSER market volatility
  • The ultimate oscillator is indicating a NEUTRAL level

Ripple: Bullish Reversal Seen Above 0.3950

After declining below 0.4000, Ripple is now moving into a consolidation channel above the 0.4200 level in the European trading session today.

We can see an EMA10 crossover pattern located at 0.4304 which further validates the bullish scenario for Ripple.

We can see a recovery in the levels of Ripple, and this continues to hold its price above the level 0.4000.

We can see that XRP touched a low of 0.4193 in the Asian trading session and an intraday high of 0.4375 in the European trading session today.

The price of XRPUSD has increased by 3.93% with a price change of $0.01634 in the past 24hrs, and has a trading volume of 1.708 billion USD.

We can see an increase of 2.14% in the trading volume of Ripple as compared to yesterday, which appears to be normal.

This Week Ahead

The price of XRPUSD is now moving in a consolidation channel above the handle of 0.4100, and the next visible targets are 0.4300 and 0.4500.

Ripple is now entering a bullish zone formation and this is expected to continue next week.

Next week, Ripple is expected to enter a consolidation channel above the 0.4300 handle.

The weekly outlook for Ripple is projected at 0.4500 with a consolidation zone of 0.4300.

Technical Indicators:

The Stoch (9,6): at 68.24 indicating a BUY

The moving averages convergence divergence (12,26): at 0.002 indicating a BUY

Bull/Bear power (13-day): at 0.0012 indicating a BUY

The rate of price change: at 1.793 indicating a BUY

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