BTCUSD and XRPUSD Technical Analysis – 12th APR 2022
Updated
BTCUSD: Double Bottom Pattern Above $39,000
Bitcoin was unable to continue its last week’s bullish momentum and started to decline after touching a high of $47,184 on April 5th.
Bitcoin broke the $40,000 support and touched a low of $36,210 in today’s Asian trading session.
The selloff continues across the crypto markets, and the global investor sentiments are low due to the continuation of the Russia-Ukraine war and its emerging impacts on the prices of energy and stock markets.
After falling below the $40,000 handle, bitcoin found support and has entered a mildly bullish channel in today’s European trading session.
We can clearly see a double bottom pattern above the $39,000 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.
The Stoch and the Williams percent range 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 43 indicating a WEAK demand for bitcoin at the current market levels.
Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly exponential moving average.
Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of $41,000 and $43,000.
The average true range is indicating LESSER market volatility with a mild bullish momentum.
Bitcoin: Bullish Reversal Seen Above $39,000
Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of $41,000 in the European trading session today.
In the immediate term, we are expecting a continuation of this bullish trend with the price of bitcoin ranging between the levels of $42,000 and $44,000 as it has entered into a consolidation phase now.
The drop in the level of BTCUSD that we saw last week was due to the profit-taking by the short-term investors.
The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook is neutral; and the long-term outlook remains neutral under present market conditions.
The price of BTCUSD is now facing its classic resistance level of $40,336 and Fibonacci resistance level of $40,454, after which the path towards $41,000 will get cleared.
We can see that the daily RSI is below 50 printing at 38 which indicates that in the medium-term prices are expected to decline further.
In the last 24hrs, BTCUSD has gone down by 3.17% with a price change of -$1319, and has a 24hr trading volume of USD 36.665 billion. We can see an Increase of 60.52% in the trading volume as compared to yesterday, which is due to the selling by the long-term Investors.
The Week Ahead
The price of bitcoin is now moving in a consolidation phase above the level of $40,000. We can see some range-bounded movements between $41,000 and $43,000.
If the prices of bitcoin continue to remain above the important psychological support level of $40,000, next week, we may see some correction in the midrange upwards towards the $42,000 handle.
In the immediate short term, bitcoin’s mildly bullish momentum is expected to continue pushing to above the $41,000 handle this week.
The price of BTCUSD will need to remain above the important support level of $40,000 this week.
The weekly outlook is projected at $42,000 with a consolidation zone of $41,500.
BTC Market Cap
Due to the weak global investor sentiments coupled with the ongoing Russia-Ukraine war and the rising inflation, the BTC market cap has fallen down below $800 billion.
The present total market capitalization of bitcoin stands at $764 billion.
Technical Indicators:
The average directional change (14-day): at 44.90 indicating a BUY
The ultimate oscillator: at 62.26 indicating a BUY
Bull/Bear power (13-day): at 227.32 indicating a BUY
The rate of price change: at 0.88 indicating a BUY
Bitcoin was unable to continue its last week’s bullish momentum and started to decline after touching a high of $47,184 on April 5th.
Bitcoin broke the $40,000 support and touched a low of $36,210 in today’s Asian trading session.
The selloff continues across the crypto markets, and the global investor sentiments are low due to the continuation of the Russia-Ukraine war and its emerging impacts on the prices of energy and stock markets.
After falling below the $40,000 handle, bitcoin found support and has entered a mildly bullish channel in today’s European trading session.
We can clearly see a double bottom pattern above the $39,000 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.
The Stoch and the Williams percent range 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 43 indicating a WEAK demand for bitcoin at the current market levels.
Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly exponential moving average.
Most of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of $41,000 and $43,000.
The average true range is indicating LESSER market volatility with a mild bullish momentum.
- Bullish reversal seen in bitcoin above $39,000
- The StochRSI is indicating an OVERSOLD level
- The price is now trading just above its pivot level of $40,236
- Some of the moving averages are giving a BUY market signal
Bitcoin: Bullish Reversal Seen Above $39,000
Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of $41,000 in the European trading session today.
In the immediate term, we are expecting a continuation of this bullish trend with the price of bitcoin ranging between the levels of $42,000 and $44,000 as it has entered into a consolidation phase now.
The drop in the level of BTCUSD that we saw last week was due to the profit-taking by the short-term investors.
The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook is neutral; and the long-term outlook remains neutral under present market conditions.
The price of BTCUSD is now facing its classic resistance level of $40,336 and Fibonacci resistance level of $40,454, after which the path towards $41,000 will get cleared.
We can see that the daily RSI is below 50 printing at 38 which indicates that in the medium-term prices are expected to decline further.
In the last 24hrs, BTCUSD has gone down by 3.17% with a price change of -$1319, and has a 24hr trading volume of USD 36.665 billion. We can see an Increase of 60.52% in the trading volume as compared to yesterday, which is due to the selling by the long-term Investors.
The Week Ahead
The price of bitcoin is now moving in a consolidation phase above the level of $40,000. We can see some range-bounded movements between $41,000 and $43,000.
If the prices of bitcoin continue to remain above the important psychological support level of $40,000, next week, we may see some correction in the midrange upwards towards the $42,000 handle.
In the immediate short term, bitcoin’s mildly bullish momentum is expected to continue pushing to above the $41,000 handle this week.
The price of BTCUSD will need to remain above the important support level of $40,000 this week.
The weekly outlook is projected at $42,000 with a consolidation zone of $41,500.
BTC Market Cap
Due to the weak global investor sentiments coupled with the ongoing Russia-Ukraine war and the rising inflation, the BTC market cap has fallen down below $800 billion.
The present total market capitalization of bitcoin stands at $764 billion.
Technical Indicators:
The average directional change (14-day): at 44.90 indicating a BUY
The ultimate oscillator: at 62.26 indicating a BUY
Bull/Bear power (13-day): at 227.32 indicating a BUY
The rate of price change: at 0.88 indicating a BUY
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
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