BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022

BTCUSD: Bearish Engulfing Pattern Below $44,300

Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February.

The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar.

We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.

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 relative strength index is at 38 indicating a WEAKER demand for bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly simple moving average, and below its 200 hourly exponential moving average.

All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000.

The average true range is indicating a lesser market volatility with a strong bearish momentum.

• A bearish reversal below $44,300 is seen in bitcoin

• The Williams percent range is indicating OVERBOUGHT levels

• The price is now trading just below its pivot level of $36,876

• All of the moving averages are giving a STRONG SELL market signal

Bitcoin: Bearish Reversal Seen Below $44,300

Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000.

In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now.

On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings.

The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish.

We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards,

The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared.

We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further.

In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets.

The Week Ahead

The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000.

The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down.

In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle.

In the event of a pullback, the upside projection is at the 50-day SMA of $38,179.

The price of BTCUSD will need to remain above the important support level of $35,000 this week.

The weekly outlook is projected at $35,000 with a consolidation zone of $36,000.

Technical Indicators:

The relative strength index (14-day): at 34.53 indicating a SELL

The average directional change (14-day): at 30.37 indicating a SELL

The rate of price change: at -16.29 indicating a SELL

The moving averages convergence divergence (12,26): at -807.20 indicating a SELL

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ETHUSD and LTCUSD Technical Analysis – 24th FEB, 2022

ETHUSD: Bearish Engulfing Pattern Below $2,900

Ethereum failed to clear its resistance level of $3,200 last week and started moving into a bearish channel which continues today, pushing the price below the $2,500 handle in the European trading session.

Ethereum markets are witnessing a strong bearish phase with the investors selling their holdings in the wake of Russia attacking Ukraine.

We have seen that the safe haven status of the USD holds, which continues to push down the prices of ETHUSD in the medium-term scenario.

We can clearly see a bearish engulfing pattern below the $2,900 handle, which signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just above its pivot level of $2,352 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,235 and Fibonacci resistance level of $2,320 after which the path towards $2,100 will get cleared.

The relative strength index is at 27 indicating a WEAKER demand for Ethereum and the continuation of selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2,200 to $2,100 in the short-term range.

ETH is now trading below both the 100 hourly and 200 hourly simple moving averages.

• A bearish reversal seen below the $2,900 mark

• The short-term range appears to be strongly BEARISH

• The daily RSI is below 50 at 32 indicating a BEARISH market

• The average true range is indicating LESS market volatility

Ether: Strong Bearish Momentum Seen Below $2,900

ETHUSD is now moving into a strong bearish momentum with the prices trading below the $2,400 handle in the European trading session today.

Both the Williams percent range (daily) and StochRSI (daily) is indicating an OVERSOLD market, which means that a pullback in the level of Ethereum is expected soon.

We can see that the bearish trend line has extended, and now a move below $2,200 is expected in the short-term.

The prices of ETHUSD need to remain above the $2,100 handle for any bullish reversal in the markets.

At present, we are looking for immediate targets of $2,200 after which it is expected to enter into a consolidation and correction phase.

The key support level to watch is $2,100, and the key resistance level is $2,500 for this week.

ETH has declined -12.29% with a price change of -332.72$ in the past 24hrs, and has a trading volume of 20.564 billion USD.

We can see an increase of 36.99% in the total trading volume in the last 24 hrs due to the broad-based selling in the crypto markets globally.

The Week Ahead

Ethereum is now moving into a consolidating level above $2,200 which if completed will give the buyers a chance to pull back its level towards an important resistance zone located at $2,500.

The ongoing Russia-Ukraine war crisis is also affecting the global cryptocurrency markets including Ethereum because the investors are unwilling to hold Ethereum in view of the market liquidity crunch in Europe and Russia.

If the prices of ETHUSD continue to remain above the $2,000 handle as seen today, it will start the next leg of its bullish move towards $2,500 handle next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned NEUTRAL; and the long-term outlook for Ether is BULLISH towards the $3,000 handle.

This week, Ether is expected to move in a range between the $2,000 and $2,500, to trade at levels above $2,500 next week.

Technical Indicators:

The moving averages convergence divergence (12,26): at -71.42 indicating a SELL

The commodity channel index (14-day): at -82.77 indicating a SELL

The rate of price change: at -9.82 indicating a SELL

The Stoch (9,6): at 20.89 indicating a SELL

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GBP/USD and GBP/JPY Could Resume Decline

GBP/USD started a fresh decline from well above 1.3640 and traded below 1.3400. GBP/JPY is also declining and trading below 135.00.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline from well above 1.3600 against the US Dollar.

• There is a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD.

• GBP/JPY also started a fresh decline after it failed to clear the 156.75 resistance.

• There was a break below a short-term contracting triangle with support near 154.65 on the hourly chart.

GBP/USD Technical Analysis

After facing resistance near 1.3620, the British Pound found started a fresh decline against the US Dollar. The GBP/USD pair gained pace below the 1.3500 support zone to enter a bearish zone.

There was also a break below the 1.3450 zone and the 50 hourly simple moving average. It traded as high as 1.3269 on FXOpen and is currently correcting losses. There was a minor recovery wave above the 1.3350 level.

GBP/USD Hourly Chart

The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

However, the pair faced a strong resistance near the 1.3450 level. There is also a key bearish trend line forming with resistance near 1.3450 on the hourly chart of GBP/USD. The trend line is near the 50% Fib retracement level of the downward move from the 1.3620 swing high to 1.3269 low.

The next major hurdle is near 1.3500, above which the pair could surge towards 1.3550 in the near term. If there is no upside break, the pair could correct lower below 1.3320.

The next major support is near the 1.3300 level. If there is a break below the 1.3300 support, the pair could test the 1.3250 support. If there are additional losses, the pair could decline towards the 1.3200 level.

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EUR/USD and EUR/JPY At Risk of More Downsides

EUR/USD started a fresh decline from the 1.1280 resistance. EUR/JPY is also declining and facing a string resistance near the 128.60 level.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro started a fresh decline after it failed to stay above 1.1320.

• There is key bearish trend line forming with resistance near 1.1180 on the hourly chart.

• EUR/JPY gained bearish momentum after it broke the 128.80 support zone.

• There is a major bearish trend line forming with resistance near 128.30 on the hourly chart.

EUR/USD Technical Analysis

The Euro faced sellers near the 1.1350 zone against the US Dollar. The EUR/USD pair started a fresh decline below the 1.1320 and 1.1300 support levels.

The pair traded below the 1.1280 pivot level and the 50 hourly simple moving average. Finally, the pair traded as low as 1.1089 On FXOpen and is currently consolidating gains. It corrected above the 23.6% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

EUR/USD Hourly Chart

On the upside, the pair is facing resistance near the 1.1150 level. It is near the 50% Fib retracement level of the recent decline from the 1.1232 high to 1.1089 low.

The next major resistance is near the 1.1180 level. There is also a key bearish trend line forming with resistance near 1.1180 on the hourly chart. A clear break above the 1.1180 resistance could push EUR/USD towards 1.1220.

If the bulls remain in action, the pair could rise above the 1.1220 resistance zone in the near term. On the downside, the pair might find support near the 1.1080 level.

If there is a downside break below the 1.1080 support, the pair might accelerate lower. The next major support sits near the 1.1020 level, below which there is a risk of a larger decline.

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AUD/USD and NZD/USD Aim Upside Break

AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar.

• There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.

• NZD/USD also climbed higher after forming a base above the 0.6650 level.

• There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347.

AUD/USD Hourly Chart

It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.

The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level.

The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450.

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EUR/USD Could Recover, USD/JPY Eyes More Upsides

EUR/USD declined heavily to 1.0800 before it started an upside correction. USD/JPY surged above 115.50 and now consolidating gains.

Important Takeaways for EUR/USD and USD/JPY

• The Euro declined heavily below 1.1200 before it found support near 1.0800.

• There was a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD.

• USD/JPY started a strong upward move above the 115.20 and 115.50 resistance levels.

• There is a major bullish trend line forming with support near 115.70 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro started a major decline from well above 1.1200 against the US Dollar. The EUR/USD pair declined heavily below the 1.1120 support zone.

The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0805 on FXOpen and the pair is now correcting higher. There was a move above the 23.6% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low.

EUR/USD Hourly Chart

There was also a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0935 level.

The next major resistance is near the 1.0970 level. The main resistance is near the 1.1020 level. It is near the 50% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. An upside break above 1.1020 could set the pace for a steady increase.

If there is no break above 1.0935, the pair might start a fresh decline. An immediate support is near the 1.0880 and the 50 hourly simple moving average. The next major support is near 1.0820, below which the pair could drop to 1.0750 in the near term.

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ETHUSD and LTCUSD Technical Analysis – 10th MAR, 2022

ETHUSD: Head and Shoulders Pattern Below $2,700

Ethereum continued to move in a bearish phase last week, having touched a low of $2,448 on March 7th, after which the prices started to consolidate above the level of $2,500.

We can see ETHUSD moving in a bearish momentum because of the Russia-Ukraine war and its effects on the global investor sentiments.

Despite the fact that some correction was seen in the USD, the medium-term outlook for Ethereum remains bearish with a downside projection of $2,200.

We can clearly see a head-and-shoulders pattern below the $2,700 handle which is a bearish pattern signifying the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just below its pivot level of $2,588 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,558, and Fibonacci support level of $2,580 after which the path towards $2,300 will get cleared.

The relative strength index is at 34 indicating a WEAKER demand for Ethereum, as well as the continuation of the selling pressure in the markets.

All of the technical indicators are giving a STRONG SELL market signal.

All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2300 to $2200 in the short-term range.

ETH is now trading below both its 100 hourly and 200 hourly simple moving averages.

• A bearish reversal seen below the $2700 mark in Eth

• Short-term range appears to be strongly BEARISH

• The daily RSI is below 50 at 44 indicating a BEARISH market

• The average true range is indicating LESSER market volatility

Ether: Bearish Momentum Continues Below $2,700

ETHUSD is now moving in a strongly bearish momentum, with the prices trading below the $2,600 handle in the European trading session today.

Both the Stoch and StochRSI are indicating an OVERSOLD market, which means that a pullback in the levels of Ethereum is expected soon.

The Ethereum bulls have retracted, and we can see that the selling pressure has resumed which is expected to push down the prices below the $2,500 handle.

The prices of ETHUSD need to remain above $2,200 for any bullish reversal in the markets.

At present, we are looking for the immediate target of $2,300 after which it is expected to enter into a consolidation and correction phase.

This week, the key support level to watch is $2,200, and the key resistance level is $2,700.

ETH has declined -5.24% with a price change of -143.26$ in the past 24hrs, and has a trading volume of 13.621 billion USD.

We can see an Increase of 16.69% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Ethereum has already exhausted its consolidation channel and is now moving into its next bearish phase towards the level of $2,300.

The ongoing Russia-Ukraine war crisis is continuing to affect the prices of Ethereum, as new investors are not willing to enter into the market because of the global crisis scenario and the waning demand in the global cryptocurrency markets.

If the prices of ETHUSD continue to remain above $2,200 this week, we can expect a bullish reversal next week.

The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned bearish; and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week. Ether is expected to move in a range between $2,200 and $2,700, and next week, it is expected to enter into a consolidation phase above $2,500.

Technical Indicators:

The moving averages convergence divergence (12,26): at -16.78 indicating a SELL

The commodity channel index (14-day): at -117.12 indicating a SELL

The rate of price change: at -4.37 indicating a SELL

The average directional change (14-day): at 45.85 indicating a SELL

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GBP/USD Turns Red, USD/CAD Faces Key Resistance

GBP/USD started a major decline below 1.3200. USD/CAD is rising, but facing a major resistance near the 1.2800 zone.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3300 resistance zone.

• There is a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD.

• USD/CAD is rising and showing positive signs above the 1.2750 level.

• There are two key bearish trend lines forming with resistance near 1.2790 and 1.2820 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a strong decline from well above 1.3300 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3200 support.

The pair even broke the 1.3120 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3050 support. A low is formed near 1.3011 on FXOpen and the pair is now consolidating losses.

GBP/USD Hourly Chart

On the upside, an initial resistance is near the 1.3050 level. There is also a key bearish trend line forming with resistance near 1.3055 on the hourly chart of GBP/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low.

The next major resistance is near the 1.3100 level. It is near the 50% Fib retracement level of the recent decline from the 1.3194 swing high to 1.3011 low.

Any more gains could lead the pair towards the 1.3200 barrier in the near term. If not, the pair could continue to move down and might even break the 1.3000 support. If there is a downside break, GBP/USD might test the 1.2950 support. The next major support sits at 1.2880.

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EUR/USD and EUR/JPY Eye Steady Increase

EUR/USD started a recovery wave from the 1.0850 zone. EUR/JPY climbed higher steadily and might rise further above 130.00.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro is attempting an upside correction above the 1.0950 level.

• There is a key bullish trend line forming with support near 1.0940 on the hourly chart.

• EUR/JPY gained bullish momentum after it broke the 127.50 resistance zone.

• There is a major bullish trend line forming with support near 129.55 on the hourly chart.

EUR/USD Technical Analysis

The Euro found support near the 1.0850 zone against the US Dollar. The EUR/USD pair started a recovery wave and was able to climb above the 1.0900 level.

The pair even cleared the 1.0950 level and the 50 hourly simple moving average. Finally, the pair traded spiked to 1.1019 before it corrected gains. A low is formed near 1.0926 on FXOpen and the pair is now moving higher.

EUR/USD Hourly Chart

It moved above the 1.0950 level and tested the 50% Fib retracement level of the recent decline from the 1.1016 high to 1.0926 low.

On the upside, the pair is facing resistance near the 1.1000 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.1016 high to 1.0926 low. The next major resistance is near the 1.1020 level.

A clear break above the 1.1020 resistance could push EUR/USD towards 1.1050. If the bulls remain in action, the pair could rise above the 1.1100 resistance zone in the near term.

On the downside, the pair might find support near the 1.0950 level. There is also a key bullish trend line forming with support near 1.0940 on the hourly chart. If there is a downside break below the 1.0940 support, the pair might accelerate lower. The next major support sits near the 1.0925 level, below which there is a risk of a larger decline.

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AUD/USD and NZD/USD Eye Additional Upsides

AUD/USD started a fresh increase above the 0.7300 zone. NZD/USD is also showing positive signs and there was a clear move above the 0.6850 resistance.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a fresh increase after it cleared 0.7250 against the US Dollar.

• There was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

• NZD/USD also climbed higher after forming a base above the 0.6720 level.

• There was a move above a major bearish trend line with resistance near 0.6775 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7180 zone against the US Dollar. The AUD/USD pair traded as low as 0.71654 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7220 and 0.7250 resistance levels. The pair surged above the 0.7320 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

AUD/USD Hourly Chart

The pair even broke the 0.7380 resistance zone and traded as high as 0.7393. It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7345 level. The 23.6% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high is also near the 0.7245 level.

The next support could be the 50 hourly simple moving average or 0.7300. It is near the 50% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high.

If there is a downside break below the 0.7300 support, the pair could extend its decline towards the 0.7250 level. Any more downsides might send the pair toward the 0.7200 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7395 level. The next major resistance is near the 0.7400 level. A close above the 0.7400 level could start a steady increase in the near term. The next major resistance could be 0.7450.

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BTCUSD and XRPUSD Technical Analysis – 22nd MAR 2022

BTCUSD: Bullish Engulfing Pattern Above $38,000

Bitcoin’s bearish phase has ended after touching a low of $37,649 on March 14th. As of now, the price of BTCUSD is moving in a bullish momentum above the $40,000 handle.

A renewed interest in bitcoin is observed as an alternative means of currency in Russia after the global bans imposed against Russian banks. This is one of the reasons why many investors are now buying bitcoin at present market levels.

In today’s European trading session, the propagation of the bullish trend continues with bitcoin trading above $42,000.

We can clearly see a bullish engulfing pattern above the $38,000 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

The Stoch and 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 60 indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple moving average and its 200 hourly EMA.

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 $43,000 and $45,000.

The average true range is indicating HIGH market volatility with a strong bullish momentum.

• A bullish reversal is seen in bitcoin above $38,000

• The Williams percent range is indicating an OVERBOUGHT level

• The price is now trading just below its pivot level of $42,357

• All of the MAs are giving a STRONG BUY market signal

Bitcoin: Bullish Reversal Seen Above $38,000

Bitcoin continues its strong bullish momentum with an upwards projection towards the level of $43,000 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 $41,000 and $44,000 as it is due to enter into a consolidation phase.

The surge in the prices of bitcoin can also be explained by the optimism around the widespread usage of bitcoin in international cross border transactions between Russia and its trade partners.

The immediate short-term outlook for bitcoin is strongly 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 $42,703 and Fibonacci resistance level of $43,197, after which the path towards $44,000 will get cleared.

We can see that the daily RSI is also printing at 56 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs, BTCUSD has gone UP by 2.45% with a price change of $1,009, and has a 24hr trading volume of 33.989 billion USD. We can see an  increase of 53.18% in the trading volume as compared to yesterday, which is due to its increased global demands.

The Week Ahead

The price of bitcoin is due to enter a consolidation phase below $43,000. We can see some range-bound movements in its levels between $41,000 and $44,000.

The on-chain metrics are also indicating a bullish outlook for bitcoin in the short-term range.

In the immediate short term this week, bitcoin’s bullish momentum is expected to continue pushing its levels above the $44,000. Also this week, the price of BTCUSD will need to remain above the important support level of $40,000.

The weekly outlook is projected at $44,000 with a consolidation zone of $42,500.

Technical Indicators:

The relative strength index (14-day): at 56.28 indicating a BUY

The average directional change (14-day): at 20.49 indicating a BUY

The rate of price change: at 9.16 indicating a BUY

The MA convergence divergence (12,26): at 420.80 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis – 24th MAR, 2022

ETHUSD: Double Bottom Pattern Above $2,800

Ethereum continues its upwards momentum from last week and has managed to cross the $3,000 levels in today’s European trading session.

The continued appreciation in the price of ETHUSD is a result of an increased demand for holding ETH amid its transition to ETH 2.0.

In today’s early Asian trading session, Ethereum touched an intraday high of $3,078 and an intraday low of $2,972.

We can clearly see a double bottom pattern above the $2,800 handle, which is bullish, and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just below its pivot level of $3,055 and moving within a bullish channel. The price of ETHUSD is testing its classic resistance level of $3,067 and Fibonacci resistance level of $3,079 after which the path towards $3,200 will get cleared.

The relative strength index is at 57 indicating a STRONG demand for Ethereum and the continuation of buying pressure in the markets.

All of the technical indicators are giving a STRONG BUY market signal.

All of the moving averages are giving a BUY signal, and we are now looking at the levels of $3,200 to $3,300 in the short-term range.

ETH is now trading above both its 100 hourly and 200 hourly simple moving averages.

• Ether continues its bullish momentum above the $2,800 mark

• The short-term range appears to be strongly BULLISH

• The daily RSI is above 50 at 61, indicating a BULLISH market

• The average true range is indicating LESSER market volatility

Ether Continues Bullish Momentum Above $2,800

ETHUSD has gained a strong bullish momentum with the price trading above the $3,000 handle in the European trading session today.

We can see continued gains in the prices of Ethereum since it touched a low of $2,171 on January 24th, which translates to a gain of 39% in 2 months.

Ethereum is now moving in a bullish continuation pattern which indicates further appreciation in the prices of ETHUSD this week.

ETHUSD is now facing its immediate resistance level of $3,070, after which we will see a linear progression towards $3,200.

This week’s key support level to watch is $3,000, and key resistance level is $3,100.

ETH has gained 3.06% with a price change of 90.27$ in the past 24hrs, and has a trading volume of 17.442 billion USD.

We can see a 25.59% increase in the total trading volume in the last 24 hrs. as more long-term investors are coming back into the markets.

The Week Ahead

At present, Ethereum bulls have managed to push the prices of ETHUSD above $3,000. If the price of ETHUSD remains above these levels, we may see a linear progression towards $3,200 and $3,300 this week.

The immediate short-term outlook for Ether has turned strongly BULLISH, the medium-term outlook has turned bullish, and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,000 and $3,200, and next week, Ether is expected to enter a consolidation phase above $3,200.

ETH 2.0

Ethereum is to enter into a proof-of-stake consensus mechanism which will eliminate the high energy mining requirements and also bring down the ETH transaction fees.

This Ethereum 2.0 upgrade will happen in phases. The final transition will reduce the total energy requirements by 99% and at the same time scale the network capacity by increasing the number of transactions to 100,000 transactions per second (TPS). In comparison, at present, the leading payment service network VISA can process up to 65,000 TPS.

Technical Indicators:

The moving averages convergence divergence (12,26): at 15.93 indicating a BUY

The ultimate oscillator: at 54.44 indicating a BUY

Rate of price change: at 2.514 indicating a BUY

The Williams percent range: at -31.74 indicating a BUY

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