BTCUSD and XRPUSD Technical Analysis – 29th MAR 2022

BTCUSD: Bullish Engulfing Pattern Above $42,000

We can see continuous appreciation in the price of BTCUSD from last week, and today it has managed to cross the $47,000 handle in the European trading session.

Due to increased buying pressure, the price of bitcoin has been rising for 7 consecutive days, and the upwards growth also suggests that we are aiming for the level of $50,000.

The strong wave of this bullish trend continues, with the price of bitcoin trading above the $47,500 mark in the European trading session today.

We can clearly see a bullish engulfing pattern above the $42,000 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 57 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 exponential MA.

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 46,000 and 48,000.

The average true range is indicating LESSER market volatility with a strongly bullish momentum.

• A bullish continuation pattern is seen above $42,000

• The StochRSI is indicating an OVERSOLD level

• The price is now trading just below its pivot levels of $47,585

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

Bitcoin: Bullish Continuation Pattern Seen Above $42,000

Bitcoin continues to move in a strong bullish momentum with an upwards projection towards the level of $48,000 in the European trading session today.

In the immediate short term, we are expecting a continuation of this bullish trend with the price ranging between $46,000 and $49,000 as it is due to enter into a consolidation phase.

We can see optimism among bitcoin traders, as it has managed to continue its upwards trend in the short-term range.

The immediate short-term outlook for bitcoin is strongly bullish, the medium-term outlook is bullish, and the long-term outlook remains neutral under present market conditions.

The price of BTCUSD is now facing its classic resistance level of 47,668 and Fibonacci resistance level of 47,726, after which the path towards 48,000 will get cleared.

We can see that the daily RSI is printing at 70 which indicates that in the medium-term prices are expected to appreciate further.

In the last 24hrs BTCUSD has gone UP by 1.39% with a price change of 653$, and has a 24hr trading volume of USD 35.173 billion. We can see an increase of 2.78% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is due to enter a consolidation phase below the level of $48,000. We can see some range-bound movement in its levels between $46,000 to $48,000.

On January 24th bitcoin touched a low of $32,950, after which it has managed to rise by more than 41% to its current market level of $47,456.

In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing its levels above the $48,000 handle this week. The price of BTCUSD will need to remain above the important support level of $45,000.

The weekly outlook is projected at $49,000 with a consolidation zone of $46,500.

Technical Indicators:

The relative strength index (14-day): at 56.33 indicating a BUY

The average directional change (14-day): at 29.23 indicating a BUY

Bull/Bear power(13-day): at 72.28 indicating a BUY

The moving averages convergence divergence (12,26): at 275.90 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis – 31st MAR, 2022

ETHUSD: Bullish Engulfing Pattern Above $3,100

Ethereum continues its bullish momentum from last week and has managed to touch the $3,400 handle in the European trading session today.

Ethereum touched an intraday high of 3,423 and an intraday low of 3,372 in the early Asian trading session today.

We can clearly see a Bullish engulfing pattern above the $3,100 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 3,400 and is moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,407 and Fibonacci resistance level of 3,411, after which the path towards 3,500 will get cleared.

The relative strength index is at 54 indicating a NEUTRAL demand for Ethereum and the move towards the consolidation phase.

Both the Stoch and RSI are indicating a neutral level which means that the prices are due to enter into a consolidation zone.

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

All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,500 to $3,600 in the short-term range.

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

• Ether continues its bullish momentum above the $3,100 mark

• The short-term range appears to be strongly BULLISH

• The daily RSI is above 50 at 72 indicating a BULLISH market

• The average true range is indicating LESSER market volatility

Ether Continues Bullish Momentum Above $3,100

ETHUSD is now moving in a strongly bullish momentum with the prices trading above the $3,300 handle in the European trading session today.

We can see the Ichimoku bullish crossover pattern in the 1-hour timeframe which further validates the bullish momentum.

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 $3,461 and $3,508, after which we will see a linear progression towards the level of $3,600.

The key support levels to watch are $3,351 and $3,229, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish trend.

ETH has gained 0.08% with a price change of 2.61$ in the past 24hrs, and has a trading volume of 14.183 billion USD.

We can see a decrease of 27.33% in the total trading volume in the last 24 hrs. as Ethereum braces to enter into a consolidation zone.

The Week Ahead

At present, Ethereum bulls have managed to push the prices of ETHUSD above the level of $3,300. If the price of ETHUSD remains above these levels, we may see a linear progression towards the level of $3,500 and $3,600 this week.

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

This week, Ether is expected to move in a range between $3,300 and $3,500, and next week, Ether is expected to enter in a consolidation phase above $3,300.

Technical Indicators:

The commodity channel index (14-day): at 60.38 indicating a BUY

Bull/Bear power (13-day): at 14.53 indicating a BUY

The rate of price change: at 0.160 indicating a BUY

The Williams percent range: at -41.74 indicating a BUY

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GBP/USD and USD/CAD Face Key Hurdles

GBP/USD is struggling below the 1.3200 resistance. USD/CAD is rising, but it must clear 1.2530 to start a fresh increase in the near term.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3240 resistance zone.

• There is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.

• USD/CAD is rising and showing positive signs above the 1.2500 level.

• There is a major bullish trend line forming with support near 1.2505 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a strong decline from well above 1.3320 against the US Dollar. The GBP/USD pair gained bearish momentum after there was a break below the 1.3250 support.

The pair even broke the 1.3200 support level and the 50 hourly simple moving average. Finally, there was a move below the 1.3100 support. A low was formed near 1.3051 on FXOpen and the pair is now correcting losses.

GBP/USD Hourly Chart

The recent swing low was near 1.3086 and the pair is now consolidating. It is trading above the 23.6% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low.

An immediate resistance is near the 1.3130 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3175 swing high to 1.3086 low. Besides, there is a key bearish trend line forming with resistance near 1.3140 on the hourly chart of GBP/USD.

The next major resistance is near the 1.3150 level. 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 1.3050 support. If there is a downside break, GBP/USD might test the 1.3000 support. The next major support sits at 1.2950.

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BTCUSD and XRPUSD Technical Analysis – 05th APR 2022

BTCUSD: Double Bottom Pattern Above $44,000

Bitcoin touched a high of $48,164 on March 28th , after which we saw some correction that pushed its price below the $45,000 handle.

We can see fresh buying pressure coming back into the markets, and bitcoin is trading above the $46,000 handle in the European trading session today.

We can see a rising trend channel in the medium term, which is expected to push the prices of BTCUSD towards the $50,000 handle.

We can clearly see a double bottom pattern above the $44,000 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 price is expected.

The relative strength index is at 55, indicating a STRONG demand for bitcoin at the current market levels.

Bitcoin is now moving above its 100 hourly simple Ma, and its 200 hourly exponential MA.

All of the major technical indicators are giving a BUY signal, which means that in the immediate short term, we are expecting targets of 48,000 and 50,000.

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

• A bullish reversal is seen in bitcoin above $44,000

• The StochRSI is indicating an OVERSOLD level

• The price is now trading just below its pivot level of $46,663

• All of the moving averages are giving a BUY market signal

Bitcoin: Bullish Reversal Seen Above $44,000

Bitcoin continues to move in a mildly bullish momentum with an upwards projection towards the level of 48,000 in the European trading session today.

In the immediate short term, we are expecting a continuation of this bullish trend, with the prices of bitcoin ranging between $48,000 and $49,000 as it has entered into a consolidation phase now.

The drop in the level of BTCUSD that we saw last week happened due to the profit-taking by short-term investors.

The immediate short-term outlook for bitcoin is mildly bullish; the medium-term outlook is bullish; and the long-term outlook remains neutral under present market conditions.

The price of BTCUSD is now facing its classic resistance level of 46,735, and Fibonacci resistance level of 46,802, after which the path towards 48,000 will get cleared.

We can see that the daily RSI is also printing at 62 which indicates that in the medium-term, the prices are expected to appreciate further.

In the last 24hrs, BTCUSD has gone UP by 1.51% with a price change of $692, and has a 24hr trading volume of USD 30.612 billion. We can see an increase of 8.03% in the trading volume as compared to yesterday, which appears to be normal.

The Week Ahead

The price of bitcoin is now moving into a consolidation phase below $48,000. We can see some range-bound movements in the levels between $46,000 to $48,000.

The hourly RSI has also confirmed the rising trend channel which indicates that in the medium-term, prices are expected to move closer to the level of $50,000.

The on-chain metrics are also suggesting that after the present consolidation phase is over, we are aiming towards crossing the $50,000 handle.

In the immediate short term, bitcoin’s bullish momentum is expected to continue pushing above the $49,000 handle this week.

The prices of BTCUSD will need to remain above the important support level of $47,500 this week.

Weekly outlook is projected at $50,000 with a consolidation zone of $48,500.

Technical Indicators:

The rate of price change: at 10.13 indicating a BUY

The ultimate oscillator: at 51.55 indicating a BUY

Bull/Bear power(13-day): at 2289 indicating a BUY

The moving averages convergence divergence (12,26): at 1490 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis – 07th APR, 2022

ETHUSD: Double Bottom Pattern Above $3,100

Ethereum failed to continue its bullish momentum last week, and after touching a high of 3578 on April 4th, has started to decline.

Ethereum touched an intraday low of $3,143 in the Asian trading session, and an intraday high of $3,233 in the European trading session today.

We can clearly see a double bottom pattern above the $3,100 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of $3,223 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of $3,235 and Fibonacci resistance level of $3,246, after which the path towards $3,400 will get cleared.

The relative strength index is at 44 indicating a WEAK demand for Ethereum and the move towards consolidation.

Both the StochRSI and the Williams percent range are indicating an overbought level which means that the price is due to decline further.

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

Some of the moving averages are giving a BUY signal, and we are now looking at the levels of $3,400 to $3,550 in the short-term range.

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

• A bullish reversal seen in Ether above the $3,100 mark

• The short-term range appears to be mildly BULLISH

• The daily RSI is near 50 at 53, indicating a NEUTRAL market

• The average true range is indicating LESSER market volatility

Ether: Bullish Reversal Seen Above $3,100

ETHUSD is now moving into a mildly bullish channel with the price trading above the $3,200 handle in the European trading session today.

We saw last week that the bullish move was invalidated above the $3,500 handle, and this week, we are looking at the level of $3,400. If ETH manages to cross and remain above these levels, then we can see $3,500 and $3,600 next week.

Ethereum is now slowly recovering against the US dollar, and we can see the formation of an ascending contraction triangle which means that the prices are due to break out upwards.

ETHUSD is now facing its immediate resistance levels of $3,337 and $3,417, after which we will see a linear progression towards $3,600.

The key support levels to watch are $3,175 and $3,153, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue.

ETH has lost -4.00% with a price change of -133.99$ in the past 24hrs, and has a trading volume of 22.874 billion USD.

We can see a 8.29% decrease in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Last week, we saw Ethereum decline from its highs of $3,579 to the low of $3,143, but now we can see that the prices have entered into a consolidation phase above $3,200.

If the price of ETHUSD remains above $3,200, we may see a linear progression towards the level of $3,400 and $3,500 this week.

The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned neutral; and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,200 and $3,400, and next week, Ether is expected to enter into a consolidation phase above the level of $3,400.

On-Chain Metrics

We can see that the number of active Ethereum addresses are increasing, and it also points to an increase in the price of ETH next week.

The simple moving average (14-day) of the active receiving addresses also suggests that more buyers are now coming back into the markets, which has led to an increase in the number of Ethereum transactions.

Technical Indicators:

The Stoch (9,6): at 74.29 indicating a BUY

The average directional Change (14-day): at 54.71 indicating a BUY

The commodity channel index (14-day): at 74.31 indicating a BUY

The ultimate oscillator: at 62.37 indicating a BUY

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GBP/USD Dives While GBP/JPY Aims More Upsides

GBP/USD started another decline from well above the 1.3120 level. GBP/JPY is rising and might gain pace above the 162.75 resistance zone

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound started a fresh decline after it failed near 1.3150 against the US Dollar.

• There is a key bearish trend line forming with resistance near 1.3030 on the hourly chart of GBP/USD.

• GBP/JPY started a fresh increase after it cleared the 160.00 resistance zone.

• There is a major bullish trend line forming with support near 161.75 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound attempted a recovery wave above the 1.3120 level against the US Dollar. However, the GBP/USD pair failed to gain strength for a move above the 1.3150 resistance.

As a result, the pair reacted to the downside and traded below the 1.3100 level. There was a clear move below the 1.3050 support and the 50 hourly simple moving average. It even spiked below 1.3000 and traded as low as 1.2982 on FXOpen.

GBP/USD Hourly Chart

It is currently attempting an upside correction above 1.3000. There was a move above the 23.6% Fib retracement level of the recent decline from the 1.3106 swing high to 1.2982 low.

However, the pair is facing a major resistance near the 1.3040 and 1.3050 levels. There is also a key bearish trend line forming with resistance near 1.3030 on the hourly chart of GBP/USD. The 50% Fib retracement level of the recent decline from the 1.3106 swing high to 1.2982 low is also above the trend line.

The next major hurdle is near 1.3080, above which the pair could rise towards 1.3150 in the near term. If not, the pair might continue to decline below 1.3000.

The next major support is near the 1.2950 level. If there is a break below the 1.2950 support, the pair could test the 1.2880 support.

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BTCUSD and XRPUSD Technical Analysis – 12th APR 2022

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.

• 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

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ETHUSD and LTCUSD Technical Analysis – 14th APR, 2022

ETHUSD: Double Bottom Pattern Above $2,900

Ethereum failed to continue its bullish momentum last week, and started to decline after touching a high of 3,299 on April 8th.

It touched an intraday low of 3,093 in the Asian trading session, and an intraday high of 3,142 in today’s European trading session.

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

ETH is now trading just above its pivot level of 3,111 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,120 and Fibonacci resistance level of 3,128, after which the path towards 3,200 will get cleared.

The relative strength index is at 59 indicating a STRONG demand for Ethereum and the continuation of the bullish trend.

Both the average directional change and commodity channel index are indicating a neutral level which means that the prices are due to enter into a consolidation phase.

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

Most of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,300 to $3,350 in the short-term range.

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

• Bullish reversal seen in Ether above the $2,900 mark

• The short-term range appears to be mildly BULLISH

• The daily RSI is below 50 at 48 indicating a NEUTRAL market

• The average true range is indicating LESSER market volatility

Ether: Bullish Reversal Seen Above $2,900

ETHUSD is now moving in a mildly bullish channel with the price trading above the $3,100 handle in the European trading session today.

Ethereum is now slowly preparing for its next move against the US dollar. We can see the formation of a contraction triangle pattern, which shows price building energy, and we can see the A-C and B-D trendlines.

ETHUSD is now facing its immediate resistance levels of $3,128 and $3,300, after which we will see a linear progression towards the level of $3,400.

The key support levels to watch are $2,906 and $3,034, and the prices of ETHUSD need to remain above these levels for the bullish trend to continue.

ETH has gained 2.05% with a price change of $62.64 in the past 24hrs and has a trading volume of 15.476 billion USD.

We can see a decrease of 19.10% in the total trading volume in the last 24 hrs, which appears to be normal.

The Week Ahead

Last week, we saw Ethereum decline from its highs of 3,299 to the lows of 2,951, but now we can see that the prices have entered a consolidation phase above the level of 3,000.

If the price of ETHUSD remains above $3,000, we may see a linear progression towards the levels of $3,200 and $3,350 this week.

The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned neutral; and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,100 and $3,300, and next week, it is expected to enter a consolidation phase above $3,300.

Technical Indicators:

The Williams percent range: at -44.92 indicating a BUY

The moving averages convergence divergence (12,26): at 15.85 indicating a BUY

The rate of price change: at 0.332 indicating a BUY

Bull/Bear power (13-day): at 16.23 indicating a BUY

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GBP/USD Edge Lower While EUR/GBP Could Surge

GBP/USD started a fresh decline from well above the 1.3120 level. EUR/GBP is rising and might attempt an upside break above the 0.8300 resistance zone.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound started a fresh decline from well above 1.3120 against the US Dollar.

• There was a break below a key contracting triangle with support near 1.3060 on the hourly chart of GBP/USD.

• EUR/GBP formed a base above 0.8250 and is currently rising.

• There is a major bearish trend line forming with resistance near 0.8290 on the hourly chart.

GBP/USD Technical Analysis

The British Pound struggled to settle above the 1.3120 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3080 support zone.

There was a clear move below the 1.3050 level and the 50 hourly simple moving average. The bears pushed the pair below the 50% Fib retracement level of the upward move from the 1.2972 swing low to 1.3146 high.

GBP/USD Hourly Chart

Besides, there was a break below a key contracting triangle with support near 1.3060 on the hourly chart of GBP/USD.

The pair is now trading near 1.3020. The next major support sits near the 1.3110 level. It is near the 76.4% Fib retracement level of the upward move from the 1.2972 swing low to 1.3146 high. Any more losses could lead the pair towards the 1.2975 support zone or even 1.2950.

On the upside, an initial resistance is near the 1.3040 level. The next main resistance is near the 1.3070 zone and the 50 hourly simple moving average. A clear upside break above the 1.3070 and 1.3100 resistance levels could open the doors for a steady increase in the near term.

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BTCUSD and XRPUSD Technical Analysis – 19th APR 2022

BTCUSD – Bullish Engulfing Pattern Above $38500

Bitcoin was not able to sustain its bullish momentum last week and after touching a high of 41491 on 14th April, started to decline against the US Dollar.

The bearish momentum in Bitcoin continues, which managed to push down its prices below the $39000 handle this week.

After forming a Bearish Triangulation pattern, the prices started to enter into a consolidation phase and staged a recovery above the $38500 handle in the European Trading session today.

We can see a Bullish Engulfing Pattern above the $38500 handle, which is a Bullish reversal pattern because it signifies the end of a Downtrend and a shift towards an Uptrend.

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 62 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 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 42000 and 43500.

Average True Range is indicating LESS Market Volatility with a Strong Bullish momentum.

• Bitcoin Bullish Reversal is seen Above $38500.

• StochRSI is indicating OVERSOLD Levels.

• The price is now trading just Above its Pivot Levels of $40695.

• All of the Moving Averages are giving a BUY market signal.

Bitcoin Bullish Reversal is Seen Above $38500

Bitcoin has moved out of the falling trend seen in the last week and now continues to consolidate its gains above the $40000 handle in the European Trading session.

The recent decline in the prices of Bitcoin was due to the weak global investor sentiment which pushed down the prices of all Cryptocurrencies.

When Bitcoin recovers from its losses and trades above the important psychological support levels of $40000 new investors are also willing to enter the markets.

Some short selling is expected at the levels of 40702 and 40741 as indicated by the MA5 and MA10 crossover patterns.

The immediate short-term outlook for Bitcoin is Strong Bullish, the Medium-term outlook has turned Bullish, and the long-term outlook remains Neutral under present market conditions.

The price of BTCUSD is now facing its Classic resistance levels of 40852 and Fibonacci resistance levels of 40967 after which the path towards 42000 will get cleared.

In the last 24hrs, BTCUSD is UP by 4.45% by 1732$ and has a 24hr trading volume of USD 31.487 Billion. We can see an increase of 24.43% in the Trading volume as compared to yesterday, which is due to the buying seen by the medium-term Investors.

The Week Ahead

The prices of Bitcoin touched an Intraday High of $41252 after which we can see some correction below the $41000 handle.

We can see the formation of the Demand zone above the $38500 and the continuation of the bullish trend in the markets.

The On-chain analysis is predicting a short-term Rally at the prices of Bitcoin towards the $45000 handle this week.

The current market condition is suitable for entering into a BUY position with targets of $44000 and $45500 in the next week.

The prices of BTCUSD will need to remain above the important support levels of $41000 this week.

The weekly outlook is projected at $44000 with a consolidation zone of $43500.

Technical Indicators:

Moving Averages Convergence Divergence (12,26): It is at 176.50 indicating a BUY.

Average Directional Change(14days): It is at 38.75 indicating a BUY.

Bull/ Bear Power(13days): It is at 217.06 indicating a BUY.

Relative Strength Index: It is at 62 indicating a BUY.

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ETHUSD and LTCUSD Technical Analysis – 21st APR, 2022

ETHUSD: Bullish Engulfing Pattern Above $2,800

Ethereum entered a consolidation channel last week, after which it started to decline touching a low of $2,883 on April 18th in the US trading session.

Ethereum touched an intraday low of $3,066 in the Asian trading session, and an intraday high of $3,108 in the European trading session today.

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

ETH is now trading just above its pivot level of 3,092 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 3,111 and Fibonacci resistance level of 3,121, after which the path towards 3,200 will get cleared.

The relative strength index is at 53 indicating a STRONG demand for Ethereum and the continuation of the bullish trend.

Both the StochRSI and Williams percent range are indicating an overbought level which means that the price is due to decline in the short term.

All of the technical indicators are giving a STRONG BUY market signal. All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $3,300 to $3,400 in the short-term range.

ETH is now trading above both the 100 hourly and exponential moving averages.

• A bullish reversal seen in Eth above the $2,800 mark

• The short-term range appears to be mildly BULLISH

• The daily RSI is below 50 at 49 indicating a NEUTRAL market

• The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $2,800

ETHUSD is now moving in a mildly bullish channel with the price trading above the $3,100 handle in the European trading session today.

Ethereum is slowly preparing for its next move against the US dollar. We can see the formation of a bullish harami pattern above the $3,000 handle, and further validates the bullish momentum present in the markets.

ETHUSD is now facing its immediate resistance levels of $3,146 and $3,216, after which we will see a linear progression towards the level of $3,300.

The key support levels to watch are $2,898 and $3,022, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend.

ETH has gained 0.07% with a price change of $2.31 in the past 24hrs, and has a trading volume of 16.372 billion USD.

We have seen an increase of 19.21% in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

This week, the price of Ethereum continues to remain above the 200-day SMA and is now poised towards the formation of a rally into the markets.

As ETH 2.0 is nearing, the projected outlook for Ethereum is close to $5,000 after the successful implementation of the upgrade.

If the price of ETHUSD remains above $3,000, we may see a linear progression towards $3,300 and $3,400 this week.

The immediate short-term outlook for Ether has turned mildly BULLISH; the medium-term outlook has turned neutral; and the long-term outlook for Ether is NEUTRAL in present market conditions.

This week, Ether is expected to move in a range between $3,100 and $3,300, and next week, Ether is expected to enter into a consolidation phase above $3,300.

Technical Indicators:

Stoch (9,6): at 57.06 indicating a BUY

The moving averages convergence divergence (12,26): at 2.19 indicating a BUY

The ultimate oscillator: at 54.11 indicating a BUY

Bull/Bear power (13-day): at 20.56 indicating a BUY

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GBP/USD Takes A Hit, USD/CAD Eyes More Gains

GBP/USD started a major decline below the 1.3000 support. USD/CAD gained bullish momentum for a move above the 1.2650 level.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound started a fresh decline from the 1.3100 resistance zone.

• There is a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.

• USD/CAD started a fresh increase from well below the 1.2550 zone.

• There was a break above a major bearish trend line with resistance near 1.2550 on the hourly chart.

GBP/USD Technical Analysis

After struggling to clear the 1.3100 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.3000 support level to move into a bearish zone.

The bears gained strength for a move below the 1.2900 level and the 50 hourly simple moving average. The pair even spiked below the 1.2800 level and traded as low as 1.2793 on FXOpen. It is now consolidating above the 1.2800 level.

GBP/USD Hourly Chart

An immediate resistance is near the 1.2820 level. There is also a short-term bearish trend line forming with resistance near 1.2820 on the hourly chart of GBP/USD.

The next key resistance is near the 1.2860 level. It is near the 23.6% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low. The first major resistance is near the 1.2940 level.

The 50% Fib retracement level of the downward move from the 1.3090 swing high to 1.2793 low is also near the 1.2940 level. If there is an upside break above the 1.2940 zone, the pair could rise towards 1.3000. The next key resistance could be 1.3050, above which the pair could gain strength.

On the downside, the first support is near the 1.2800 area. The first major support is near the 1.2750 level. If there is a break below 1.2750, the pair could extend its decline. The next key support is near the 1.2625 level. Any more losses might call for a test of the 1.2550 support.

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