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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216576, member: 29339"] [B][SIZE=5]BTCUSD and XRPUSD Technical Analysis – 10th JAN 2023[/SIZE][/B] [img]https://i.postimg.cc/rFrfr2N4/btc.jpg[/img] [B][SIZE=5]BTCUSD: Three Inside UP Pattern Above $16608[/SIZE][/B] Bitcoin was unable to sustain its bearish momentum and after touching a low of $16608 on 03rd Jan, the price started to correct upwards against the US dollar and is ranging above the $17200 handle in the European trading session today. We have seen a bullish opening of the markets this week. We can clearly see a three inside up pattern above the $16608 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 17133 in the Asian trading session and an intraday high of 17277 in the European trading session today. The price of bitcoin is back over the pivot point in the daily time frame. The ichimoku is indicating a bullish crossover with tenkan and kijun in the daily time frame. 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 55.92 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 100 hourly exponential moving averages. Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 17500 and 18500. The average true range is indicating LESS market volatility with a strong bullish momentum. [LIST] [*] Bitcoin: bullish reversal seen above $16608 [*] The average directional index is indicating a NEUTRAL level [*] The price is now trading just below its pivot level of $17261 [*] The short-term range is strongly bullish [/LIST] [B][SIZE=5]Bitcoin: Bullish Reversal Seen Above $16608[/SIZE][/B] [img]https://i.postimg.cc/Dw3BQpxM/btcx.png[/img] The price of bitcoin continues to rise above the $17000 handle and after some consolidation we are expecting the immediate targets of $18000 and $19000. There is an ascending channel forming with the current support at $16521 at which the price crosses 9-day moving average stalls. The Williams percent indicator is back over -50 indicating a bullish tone present in the markets. We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 1-hour time frame. 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 $16802 at which the price crosses 18-day moving average, and $16926 which is a 1st Support point of the pivot point. The price of BTCUSD is now facing its classic resistance level of 17271 and Fibonacci resistance level of 17289 after which the path towards 18000 will get cleared. In the last 24hrs, BTCUSD has decreased by 0.08% by 14.08$ and has a 24hr trading volume of USD 15.993 billion. We can see an increase of 10.97% in the trading volume compared to yesterday, which appears to be normal. [B][SIZE=5]The Week Ahead[/SIZE][/B] Bitcoin’s price is expected to enter a super bullish zone after crossing the $18000 level with the next upwards targets located at $19000 and $20000. The daily RSI is printing at 60.20 which indicates a STRONG demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range. The price of BTCUSD is now facing its resistance zone located at $17429 which is a 3-10 day MACD oscillator stalls, and $17789 which is a 38.2% retracement from a 13-week low. The weekly outlook is projected at $18500 with a consolidation zone of $18000. [B][SIZE=5]Technical Indicators:[/SIZE][/B] The MACD (12,26): is at 25.00 indicating a BUY The commodity channel index, CCI (14): is at 135.50 indicating a BUY The rate of price change, ROC: is at 0.232 indicating a BUY Bull/Bear power (13): is at 24.49 indicating a BUY [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] 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.[/I] [/QUOTE]
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