BTCUSD and XRPUSD Technical Analysis – 14 th JUNE 2022
Updated
BTCUSD – Bearish Harami Pattern Below $28300
Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today.
The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin.
Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years.
We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels.
We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend.
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.
Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels.
Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages.
All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500.
Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum.
Bitcoin Bearish Continuation seen Below $28300.
STOCHRSI is Indicating OVERSOLD Levels.
The price is now trading just Below its Pivot Levels of $22739.
All of the Moving Averages are giving a STRONG SELL market signal.
Bitcoin Bearish Continuation Seen Below $28300
The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today.
We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000.
The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions.
Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session.
The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared.
In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors.
The Week Ahead
The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500
The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK.
We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775.
The prices of BTCUSD will need to remain above the important support levels of $21000 this week.
Weekly outlook is projected at $21500 with a consolidation zone of $20500.
Technical Indicators:
Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL.
Ultimate Oscillator: It is at 44.05 indicating a SELL.
Rate of Price Change: It is at -4.05 indicating a SELL.
Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level.
Bitcoin continues its bearish momentum from last week and plunged below the $21000 handle touching a low of 20850 in the European Trading session today.
The global investor sentiments are weak and the continuation of the selling pressure across the global cryptocurrency exchanges is causing the massive slide in Bitcoin.
Bitcoin entered into a Major Bearish trend channel below the $28300 handle and continued to decline below the $21000 handle today, the lowest level seen in 2 years.
We can see a very weak demand for the Bitcoin in the medium-term range and the prices are expected to fall further towards the $20000 levels.
We can clearly see a Bearish Harami Pattern Below the $28300 handle which is a Bearish reversal pattern because it signifies the end of an Uptrend and a shift towards a Downtrend.
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.
Relative Strength Index is at 40 indicating a WEAK demand for the Bitcoin at the current market levels.
Bitcoin is now moving Below its 100 hourly Simple Moving average and its 200 hourly Simple Moving averages.
All of the Major Technical Indicators are giving a SELL Signal, which means that in the immediate short term we are expecting targets of 21000 and 20500.
Average True Range is indicating LESS Market Volatility with a Strong Bearish Momentum.
Bitcoin Bearish Continuation seen Below $28300.
STOCHRSI is Indicating OVERSOLD Levels.
The price is now trading just Below its Pivot Levels of $22739.
All of the Moving Averages are giving a STRONG SELL market signal.
Bitcoin Bearish Continuation Seen Below $28300
The prices of Bitcoin nosedived below the $21000 handle today, after which we can see a move towards the consolidation channel above the $22000 handle in the European Trading session today.
We can see the formation of a Falling Trend channel below the $27900 handle and now we are looking at the projected levels of $21000 and $20000.
The immediate short-term outlook for Bitcoin is Strong Bearish, Medium-term outlook has turned as Bearish, and the long-term outlook remains Neutral under present market conditions.
Bitcoin continues to consolidate above its important support levels of $22000 and further decline in its prices is expected in the US Trading session.
The price of BTCUSD is now facing its Classic support levels of 21775 and Fibonacci support levels of 22293 after which the path towards 21000 will get cleared.
In the last 24hrs BTCUSD has declined by 7.49% by 1808$ and has a 24hr trading volume of USD 67.482 Billion. We can see an Increase of 18.28% in the Trading volume as compared to yesterday, which is due to the selling by the medium-term investors.
The Week Ahead
The prices of Bitcoin are moving in a Strong Bearish momentum and the immediate targets are $21000 and $20500
The Daily RSI is printing at 23 which means that the medium range demand continues to be WEAK.
We can see that the prices of Bitcoin have stabilized above the $22000 handle and now we are looking at the important support levels of $21000 and $21775.
The prices of BTCUSD will need to remain above the important support levels of $21000 this week.
Weekly outlook is projected at $21500 with a consolidation zone of $20500.
Technical Indicators:
Moving Averages Convergence Divergence (12,26): It is at -694 indicating a SELL.
Ultimate Oscillator: It is at 44.05 indicating a SELL.
Rate of Price Change: It is at -4.05 indicating a SELL.
Commodity Channel Index(14days): It is at -10.55 indicating a NEUTRAL level.
Note
Disclaimer: 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.