BTCUSD and XRPUSD Technical Analysis – 17th MAY 2022
Updated
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
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
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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