BTCUSD and XRPUSD Technical Analysis – 31st MAY 2022
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BTCUSD: Bullish Pennant Pattern Above $28,000
Bitcoin was not able to sustain its bearish momentum this week, and after touching a low of 28,009 on 26th May, started to move upwards due to the formation of demand zones above these levels.
Bitcoin entered into a consolidation channel above the $28,000 handle and then corrected upwards touching a high of 32,192 in the European trading session today.
The global investor sentiment has improved from last week, leading to fresh buying by the long-term investors and now we are looking at levels of $32,500 and $35,000.
We can clearly see a bullish pennant pattern above the $28,000 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 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 68 indicating a STRONG demand for bitcoin at the current market levels.
Bitcoin is now moving above its 100 hourly simple and 200 hourly simple MAs.
ALL 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 LESS market volatility with a strongly bullish momentum.
Bitcoin: bullish reversal seen above $28,000.
The StochRSI is indicating an OVERSOLD level.
The price is now trading just above its pivot level of $31,545.
All of the moving averages are giving a STRONG BUY market signal.
Bitcoin: Bullish Reversal Seen Above $28,000
Bitcoin continues to move into a consolidation channel above the $31,500 handle in the European trading session today.
We can see the formation of a rising trend channel above the $28,000 handle, and now we are looking at the projected levels of $33,000 and $35,000.
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 continues to consolidate above its important support level of $31,000 and with increasing demand zone formation the immediate target is $32,500
The price of BTCUSD is now facing its classic resistance level of 31,614 and Fibonacci resistance level of 31,653, after which the path towards 32,000 will get cleared.
In the last 24hrs, BTCUSD has increased by 3.05% with a price change of $937, and has a 24hr trading volume of USD 37.468 billion. We can see an Increase of 39.80% in the trading volume as compared to yesterday, which is due to the fresh buying seen at lower levels.
The Week Ahead
The price of bitcoin is moving in a strongly bullish momentum, and the immediate targets are $32,000 and $33,500.
The daily RSI is printing at 50 which means that the medium range demand continues to be NEUTRAL.
We are now looking at a fresh rally into the markets with targets of $33,500 and $35,000 next week.
The prices of BTCUSD will need to remain above the important support levels of $31,000 this week.
The weekly outlook is projected at $33,500 with a consolidation zone of $32,000.
Technical Indicators:
The moving averages convergence divergence (12,26): at 390 indicating a BUY
The average directional change (14 days): at 45.56 indicating a BUY
The rate of price change: at 3.12 indicating a BUY
The commodity channel index (14 days): at 45.18 indicating a NEUTRAL level
Bitcoin was not able to sustain its bearish momentum this week, and after touching a low of 28,009 on 26th May, started to move upwards due to the formation of demand zones above these levels.
Bitcoin entered into a consolidation channel above the $28,000 handle and then corrected upwards touching a high of 32,192 in the European trading session today.
The global investor sentiment has improved from last week, leading to fresh buying by the long-term investors and now we are looking at levels of $32,500 and $35,000.
We can clearly see a bullish pennant pattern above the $28,000 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 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 68 indicating a STRONG demand for bitcoin at the current market levels.
Bitcoin is now moving above its 100 hourly simple and 200 hourly simple MAs.
ALL 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 LESS market volatility with a strongly bullish momentum.
Bitcoin: bullish reversal seen above $28,000.
The StochRSI is indicating an OVERSOLD level.
The price is now trading just above its pivot level of $31,545.
All of the moving averages are giving a STRONG BUY market signal.
Bitcoin: Bullish Reversal Seen Above $28,000
Bitcoin continues to move into a consolidation channel above the $31,500 handle in the European trading session today.
We can see the formation of a rising trend channel above the $28,000 handle, and now we are looking at the projected levels of $33,000 and $35,000.
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 continues to consolidate above its important support level of $31,000 and with increasing demand zone formation the immediate target is $32,500
The price of BTCUSD is now facing its classic resistance level of 31,614 and Fibonacci resistance level of 31,653, after which the path towards 32,000 will get cleared.
In the last 24hrs, BTCUSD has increased by 3.05% with a price change of $937, and has a 24hr trading volume of USD 37.468 billion. We can see an Increase of 39.80% in the trading volume as compared to yesterday, which is due to the fresh buying seen at lower levels.
The Week Ahead
The price of bitcoin is moving in a strongly bullish momentum, and the immediate targets are $32,000 and $33,500.
The daily RSI is printing at 50 which means that the medium range demand continues to be NEUTRAL.
We are now looking at a fresh rally into the markets with targets of $33,500 and $35,000 next week.
The prices of BTCUSD will need to remain above the important support levels of $31,000 this week.
The weekly outlook is projected at $33,500 with a consolidation zone of $32,000.
Technical Indicators:
The moving averages convergence divergence (12,26): at 390 indicating a BUY
The average directional change (14 days): at 45.56 indicating a BUY
The rate of price change: at 3.12 indicating a BUY
The commodity channel index (14 days): at 45.18 indicating a NEUTRAL level
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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.
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