BTCUSD – Rising Uptrend Channel Above $60000
Bitcoin continues to consolidate its gains after touching an all-time high of $66967 last week. The price of bitcoin is now moving in a rising uptrend channel, indicating more upsides in the coming days.
Bitcoin is holding above the 100 hourly simple and exponential moving averages. The bearish correction that we saw last week after the price of BTC crossed $65000 seems to be well-supported above $60000.
Bitcoin has started its next leg of upward movement and is now expected to cross the 63500 handle in the US trading session today.
The short- to medium-term outlook for bitcoin remains bullish, and a rally is expected towards $65000 levels.
- Bitcoin recovered from its losses last week and is now trading above its support levels of $62061
- High relative strength index indicates a strong positive momentum in the short-term range
- The price is now trading above its pivot level of $62404
- All the moving averages are giving a STRONG BUY signal at current market level of $62972
Bitcoin Fresh Rally Towards $64000 Confirmed
BTCUSD is oscillating between 63271 and 62213, and needs to clear its immediate resistance levels of 63750. The price of BTCUSD has just cleared its Fibonacci resistance level of $62714 and classic resistance level of $62900 in the European trading session.
In the last 24hrs, BTCUSD has gone UP by +0.36% with the price change of +225$, and has a 24hr trading volume of USD 32.248 billion.
Bitcoin To Hit $80000 In 2021
The price of bitcoin has appreciated by more than 50% since last month. Bitcoin was trading at $41034 on 29th Sep, 2021, and with the current market price of $62850, we can see an appreciation of 53%. Many companies have been adopting bitcoin leading to a higher demand for BTC on the cryptocurrency exchanges worldwide.
Walmart is installing 200 bitcoin ATMs across the US. Bitcoin ETFs are gaining investor confidence. Twitter has enabled sending and receiving bitcoins via the Lightning network. Some crypto analysts say that the price of bitcoin will touch $80000 before the end of 2021.
The Week Ahead
The price of BTCUSD is holding above the important psychological level of $60000, and a positive momentum is observed in the short-term range. It is crucial for the price to hold above the $60000 handle for the next bitcoin rally towards $64000.
This week, BTCUSD is expected to cross 63500 and aim for upsides of 64000 to 64500. The short-term bearish correction phase seems to have ended, and the dips remain well-supported above 61000.
Both the medium-term and long-term outlook remain positive. Next week, we could witness BTC printing above the $64500 mark.
Technical Indicators:
Commodity channel index (14-day): at 28.51 indicating NEUTRAL
Average true range (14-day): indicating less volatility
Moving averages convergence divergence (12,26): at 190.30 indicating a BUY
Relative strength index (14-day): at 57.96 indicating a BUY
XRPUSD: Bullish Engulfing Pattern Above $1.0700
Ripple is currently trading above its 100 hourly simple and exponential moving averages. The price of XRPUSD is moving in a bullish engulfing pattern above $1.0700, suggesting more upsides in the coming days.
Last week we saw Ripple touching a high of 1.1604 and a low of 1.0528, after which the price has continued to range above the 1.05 handle this week. XRPUSD is giving a bullish imprint now ready for a fresh rally towards the 1.3500 levels.
The price of Ripple is now consolidating. Any dips remain well-supported in the European trading session. Ripple is now facing its immediate resistance levels of $1.2400 after which the path towards $1.3000 will get cleared.
- The price remains above 100 hourly exponential moving averages
- Average true range (14-day) indicates high volatility
- All the moving averages are giving a STRONG BUY signal
- Short-term to medium-term range appears positive
Ripple Ready for Next Rally Towards 1.3500
The price of Ripple is trading below its Fibonacci resistance level of 1.12804 and classic resistance level of 1.13454.
The price of XRPUSD has gone UP by +2.55% with a price change of -$0.02788 in the past 24hrs, and has a trading volume of 3.315 billion USD.
This Week Ahead
If the price of Ripple remains above $1.0700 handle, we may see a bullish move towards the $1.2000 level this week. Since the pullbacks remain well-supported, we could witness a fresh rally coming into the markets pushing the prices of XRPUSD towards the 1.3500 handle.
High market volatility suggests that the prices are in a consolidation phase, after which we may see an upwards move in the coming days.
All the major technical indicators are giving a STRONG BUY signal at the current market prices.
Technical Indicators:
Relative strength index (14-day): at 62.01 indicating a BUY
Ultimate oscillator: at 51.73 indicating a BUY
Rate of price change: at 2.455 indicating a BUY
Average direction change (14-day): at 38.73 indicating a BUY
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