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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 214974, member: 29339"] [B][SIZE=5]BTCUSD and XRPUSD Technical Analysis – 15th NOV 2022[/SIZE][/B] [img]https://i.postimg.cc/VvtKj5DH/btc.jpg[/img] [B][SIZE=5]BTCUSD: Double Bottom Pattern Above $15590[/SIZE][/B] Bitcoin was unable to sustain its bullish momentum and after touching a high of 20877 on 07th Nov, the prices started to decline against the US dollar touching a low of 15622 on 10th Nov. After this decline we can see some correction in the price of bitcoin which is now trading above the 16500 in the European Trading session today. We can see the formation of a bullish harami pattern in both the 30-minute and weekly time frames. The RSI indicator is back over 50 indicating the bullish scenario present in the markets. We can clearly see a double bottom pattern above the $15590 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 16364 in the Asian trading session and an intraday high of 16968 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 prices is expected. The relative strength index is at 58 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets. Bitcoin is now moving above its 100 hourly exponential moving average and below 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 17000 and 18500. The average true range is indicating LESS market volatility with a mildly bullish momentum. [LIST] [*] Bitcoin: bullish reversal seen above $15590 [*] The Williams percent range is indicating an overbought level [*] The price is now trading just below its pivot level of $16924 [*] Most of the moving averages are giving a BUY market signal [/LIST] [B][SIZE=5]Bitcoin: Bullish Reversal Seen Above $15590[/SIZE][/B] [img]https://i.postimg.cc/2jL9pXrF/btcx.png[/img] We can now see that the price of bitcoin is moving in a mildly bullish momentum and we are expecting more correction waves in this week. We can see the formation of a three white soldiers pattern in the 4-hour time frame. We can see a bullish trend reversal signal with adaptive moving average AMA50 in the 2-hourly time frame. The price of bitcoin is now moving in an up-channel formation above the $16000 handle. Some of the technical indicators are also giving a neutral stance of the markets. 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 $16447 which is a pivot point, and $16783 which is a 14-3 day raw stochastic at 20%. The price of BTCUSD is now facing its classic resistance level of 17015 and Fibonacci resistance level of 17090 after which the path towards 21500 will get cleared. In the last 24hrs, BTCUSD has increased by 0.36% by 59$ and has a 24hr trading volume of USD 41.390 billion. We can see an increase of 5.45% in the trading volume compared to yesterday, which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] The price of Bitcoin is moving in an ascending channel forming with support at $15850 on the hourly chart of the BTCUSD. Both the MACD and RSI are now giving bullish divergence signals on the weekly time frame. Now we are aiming for $17849 which is a 38.2% retracement from a 4-week low. The daily RSI is printing at 36 which indicates a weaker demand for bitcoin and a shift towards the consolidation/correction phase in the markets. The prices of BTCUSD will need to remain above the important support levels of $16000 this week. The weekly outlook is projected at $18500 with a consolidation zone of $18000. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The moving averages convergence divergence, MACD (12,26): is at 90.80 indicating a BUY The commodity channel index, CCI (14): is at 72.52 indicating a BUY The rate of price change, ROC: is at 3.18 indicating a BUY The bull/bear power (13): is at 201.98 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I] [/QUOTE]
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