Bitcoin, Ethereum and Ripple analysis: bearish day preparing for next week rises
|- ETH/BTC favors Ethereum against Bitcoin.
- BTC/USD keeps developing a head and shoulders bottom pattern.
- Check out Bicoin, Ethereum and Ripple's live price.
Yesterday was a day of widespread loses amongst the main cryptos. Important levels were broken downwards, and many assets lost momentum.
Bitcoin keeps developing the H&S bottom figure that has governed the price in the last weeks. The pattern is now entering the final phase and should develop a bearish stretch followed by heavy rises.
ETH/BTC 240 min
Ethereum has got over the downwards trend that restrained the pair and is now trying to consolidate the new setting. If it succeeds, it would enter a new bullish scenario with Ethereum outdoing Bitcoin. Those who could adopt long or short (through derivates) positions could take profits from this new setting.
The MACD confirms Ethereum's positive evolution against Bitcoin. The slope and openness of the indicator signal ETH's strength.
The Directional Movement Index shows the flow of money for Ethereum and also supports the new scenario.
Bitcoin enters the final phase of the technical pattern
BTC/USD lost the $10,000 level yesterday, although it is recovering and is at the time of writing at $10,046.
Bitcoin is still in the H&S bottom figure, and is drawing second shoulder's final stretch. It should solve in the next week.
At the moment, BTC/USD is trading inside a bullish channel, with is itself inside the bearish main channel. As we can see in the chart below, it should go down to $8,490 before going up to the bullish channel's roof at $13,200.
BTC/USD 240 min
The MACD keeps crossed to the down, and moving below 0, so loses are the most probable outcome in the short-term, as expected from the pattern.
The Directional Movement Index is favoring sellers, although the number of purchases is still high. The D- is above the ADX, again a signal of bearish potential.
Above, the first resistance is at $10,970, followed by $11,700. The third one is the upwards channel roof at $13,000.
Below, the first support is at $9,518, followed by $8,539. If this level is lost, the price could go down to $6,000.
XRP/USD 240 min
Ripple made an important minimum yesterday, and wakes up in the European session with a great rise of more than 7% that takes it to $0.956. The behavior around $1 will be key.
The MACD has an ideal shape for an upwards change, although its being around 0 could curb the progress.
The Directional Movement Index shows an important rise of purchases as sellers lose momentum.
Above, the first resistance is at $1.04, followed by $1.14. The third one is at $1.239.
Below, the final support is at $0.896, followed by $0.7309. If lost, it could go back to $0.5694.
Take-away
Today we'll see rises during the European session, but they are very likely to become loses during the American session in order to complete the current technical patterns and prepare to the next week, when most cryptos will try to rise heavily.
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