BTCUSD and XRPUSD Technical Analysis – 14th MAR 2023BTCUSD: Bullish Engulfing Pattern Above $19552
Bitcoin was unable to sustain its bearish momentum last week and after touching a low of $19552 on 10th March, the prices started to correct upwards against the US dollar, touching a high of $24800 today in the European trading session.
We have seen a bullish opening of the markets this week.
We can clearly see a bullish engulfing pattern above the $19552 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 high of 24800 in the European trading session, and an intraday low of 24005 in the Asian trading session today.
We can see the formation of bullish engulfing lines in the weekly time frame.
The price of bitcoin is ranging near a new record high of 1 month.
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.
The MACD indicator is giving a bullish divergence signal in the weekly time frame.
The relative strength index is at 68.46 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 24500 and 25000.
The average true range is indicating less market volatility with a bullish momentum.
Bitcoin: Bullish Reversal Seen Above $19552
- Bitcoin: bullish reversal seen above $19552.
- The STOCHRSI is indicating an oversold market.
- The price is now trading just below its pivot level of $24298.
- the short-term range is strongly BULLISH.
The price of bitcoin is now moving in a strongly bullish momentum above the $24000 handle. After some market consolidation, we can see fresh upsides in the ranges of $24500 to $25500.
The MACD indicator is back over zero in the weekly time frame indicating a bullish trend.
We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA 50 in the weekly time frame.
The MACD crosses up its moving average in the daily time frame indicating a bullish scenario.
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 $22460 which is a 14 day RSI at 50%, and at $23557 at which the price crosses the 9 day moving average stalls.
The price of BTCUSD is now facing its classic resistance level of 24381 and Fibonacci resistance level of 24426 after which the path towards 25000 will get cleared.
In the last 24hrs, BTCUSD has increased by 11.21% by 2462.33$ and has a 24hr trading volume of USD 46.508 billion. We can see an increase of 21.06% in the trading volume compared to yesterday, which is due to the buying seen at lower levels.The Week Ahead
We have seen a Bullish correction in the prices of bitcoin and the resumption of a bullish trend which is expected to continue towards the $25000 levels.
With an increase in the global investor confidence, we can see an increase in the buying pressure and the trading volumes of bitcoin during the last 24hrs.
We can see the formation of a bullish doji star pattern in the 4-hour time frame.
The daily RSI is printing at 62.03 which indicates a strong demand for bitcoin and the continuation of the bullish phase present in the markets in the short-term range.
We can see the formation of a bullish trend line from $19552 towards the $24780 level.
The price of BTCUSD is now facing its resistance zone located at $25238 which is a 13-week high and $25814 which is a pivot point 1st resistance point.
The weekly outlook is projected at $25500 with a consolidation zone of $25000.Cryptocurrency CFDs are not available to retail clients in the UKDisclaimer: This Publication 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.
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