Bitcoin & Ethereum price prediction: Looking to the upside after positive weekend

• The technical outlook of the main Cryptocurrencies draws very clear technical limits.

• Bitcoin does not have much room and will need to show its direction in the upcoming sessions.

• Current scenario demands avoiding pre-established ideas, favors quick reactions to the price action.

Quiet start to the week for the main Cryptocurrencies. Key levels have been recovered during the weekend, and after some nervous days, main Cryptos are trading just above the slight bullish trend that is ruling them right now. Long-term moving averages are nearing to the price, tightening its development and bringing closer the possible breakout that might set up a new technical scenario.

BTC/USD 240 Min

Bitcoin is currently trading around the $6.357 level, which was recovered over the weekend, and gives some steam to the bulls, as it diminishes the possibility of a downward break that would be bad in the medium term for bullish aspirations. In the 240 Min chart, the SMA100 crosses the SMA200 to the upside, while the EMA50 sticks to the price and will most likely follow the simple 100 upwards as the price moves upwards.

Bullish scenario:

The short-term objectives for the BTC/USD are clear and close. Break above the SMA200 at $6,400 and then it will immediately attack the SMA100 at $6455. This would give more bullish freedom and leave Bitcoin in the face of key resistance levels from price congestion.

The first of these is at the $6,566 level as an intermediate step to the $6,850 one, which if broken would take the BTC/USD out of the current risk zone.

Bearish scenario:

On the sellers side, the levels to be taken into account are also clear. First support at $6,318 and a sign of a possible resumption of the bearish trend. This scenario would not be confirmed until the price moved below $6.110 and had passed through support at $6.200. If these conditions are met, it would be a good level to open shorts with a primary target at $5.875 and extended to $5.740. Below this price, we should look for references at late 2017 levels to define bearish targets.

The MACD at the 240-Min chart is crossing upwards and narrowly crossing the zero level at this time. Following a normal pattern, the price would remain in the current range until both lines of the indicator move clearly above the zero line.

The Directional Movement Index at the 240-Min chart shows buyers more active than sellers but at low levels of activity. The ADX plummets and the recent bearish trend is almost over.

ETH/USD 240 min

The picture of ETH/USD is a textbook one, even without knowing the outcome yet. The cleanliness of the Japanese candlestick closures and the precision of the dojis highlight the importance of the recent uptrend line that was born on April 1.

At 240-Min, ETH/USD shows bullish activity, having already broken above the EMA50 and trying to breach a close SMA100 that points upwards with the clear objective of the SMA200 in the very short term.

Bullish scenario:

The Ethereum moves at $453.17, sandwiched between the EMA50 and the SMA100, both with a steep upward slope and a crossing trajectory over the SMA200 that moves at around $468. Prior to that important moment, the ETH/USD must breach the $460 level, extending second to the price congestion resistance at $485. Ethereum needs to close above $495.85 to end the bearish scenario.

Bearish Scenario:

As I explain in the introduction, the key level is the bullish trend that began on the first day of April at $431. A close below there, requires us to prepare for some selling, with confirmation if the close is below $418. First bearish target at $384 with extension at $370 and April lows at $358.

The MACD at 240 Min is crossed to the upside, with the fastest average already moving above the zero line. The signal line will cross today, without ruling out a possible downgrade. The skipper proposes a rest after the crossing, but the inclination is sufficient to continue upwards without rest.

The Directional Movement Index gives control to buyers with some significant levels, while sellers are retiring quickly. ADX considers the short-term bearish trend to be over and is beginning to follow the upward trend.