BTCUSD and XRPUSD Technical Analysis – 07th JUNE 2022
已更新
BTCUSD: Bearish Doji Star Pattern Below $31,750
Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar.
Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today.
We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level.
We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
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 29 indicating a WEAK demand for Bitcoin at the current market levels.
Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs.
All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500.
The average true range is indicating LESS market volatility with a strong bearish momentum.
Bitcoin: bearish reversal seen below $31,750
The StochRSI is indicating an OVERSOLD level
The price is now trading just below its pivot level of $29,643
All of the moving averages are giving a STRONG SELL market signal
Bitcoin: Bearish Reversal Seen Below $31,750
Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today.
We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000.
The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook remains neutral under present market conditions.
Bitcoin continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session.
The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared.
In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors.
The Week Ahead
The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500.
The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL.
The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range.
The prices of BTCUSD will need to remain above the important support level of $29,000 this week.
The weekly outlook is projected at $29,500 with a consolidation zone of $28,000.
Technical Indicators:
Moving averages convergence divergence (12,26): at -344 indicating a SELL
The ultimate oscillator: at 44.88 indicating a SELL
The rate of price change: at -5.92 indicating a SELL
The commodity channel index (14 days): at -52.34 indicating a SELL
Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar.
Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today.
We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level.
We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
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 29 indicating a WEAK demand for Bitcoin at the current market levels.
Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs.
All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500.
The average true range is indicating LESS market volatility with a strong bearish momentum.
Bitcoin: bearish reversal seen below $31,750
The StochRSI is indicating an OVERSOLD level
The price is now trading just below its pivot level of $29,643
All of the moving averages are giving a STRONG SELL market signal
Bitcoin: Bearish Reversal Seen Below $31,750
Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today.
We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000.
The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook remains neutral under present market conditions.
Bitcoin continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session.
The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared.
In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors.
The Week Ahead
The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500.
The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL.
The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range.
The prices of BTCUSD will need to remain above the important support level of $29,000 this week.
The weekly outlook is projected at $29,500 with a consolidation zone of $28,000.
Technical Indicators:
Moving averages convergence divergence (12,26): at -344 indicating a SELL
The ultimate oscillator: at 44.88 indicating a SELL
The rate of price change: at -5.92 indicating a SELL
The commodity channel index (14 days): at -52.34 indicating a SELL
註釋
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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