Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Support lines should be reworked prior to major new climbs

• Consolidation movements threaten the BTC/USD due to its proximity to key levels.

• The ETH/USD rises but does not convince the market that its time has come.

• The XRP/USD remains in the high range of movement and has room to consolidate.

 

A new week begins with the Crypto market in red. The drop in prices is broad-based and nothing technically indicates that it is more than a normal process of consolidation.

These movements are very interesting because they allow us to know at what level prices can stabilize in order to get back to the bullish trend. In the case of Ripple, the decline can be of considerable magnitude, according to the daily ranges seen in last week's price increases.

In the case of Ethereum and especially Bitcoin, the margin available for this consolidation is narrower and "delicate" levels can be reached.

The rotation towards Crypto assets that add beta to the portfolios continues and the segment enjoys fresh money at every new upside of the market.

From a quick analysis of the ETH/BTC cross, I can extract that the process is going to be a long one because for the moment the Ethereum will still need several days to acquire the necessary profile to face seriously King Bitcoin.

BTC/USD 240-Min.

The BTC/USD is currently trading at the price level of $6.665, just above the SMA200 at 4H. Last Friday the BTC/USD managed to escape from its range since the beginning of the month. It is important that it can stay in the current range and not move below the $6.570 price level again. If the BTC/USD moves below this level again, the market could enter a sideways phase again.

Above the current price, the first resistance is at $6.760 (price congestion resistance), then the second resistance awaits at $6.850 (price congestion resistance). The third bullish target appears some distance from the second target, already at the price level of $7,100 (price congestion resistance).

Below the current price, the main focus is on moving averages. The first support is at $6,651 (SMA200), a level that has been perforated in today's session and which is likely to become temporary resistance. Then, the important level of support is at $6,565, where the EMA50 meets a level of support for price congestion. In the unlikely event that this second support level is lost, the BTC/USD will find support at $6,441 (SMA100).

 

The MACD at 240-Min shows a slightly downwardly cut profile with little inclination. The lines move comfortably on the bullish side of the indicator and there is a margin so that the falls do not harm the development in the medium term. This is a Bearish Lateral Trend.

The DMI at 240-Min shows us how the bears have increased their positions in the last few hours although they are still below the level of the bulls. These bulls, for their part, pierce the ADX and point to a possible tie with the bears. The exit from this equilibrium situation will be clarifying for the short term.

ETH/USD 240-Min

The ETH/USD fails to beat the SMA200 in 4H and loses a very good opportunity to change the underlying tone. After trying several times since last Friday, it gives up and starts a price decline in search of levels that will attract new money again.

The ETH/USD is currently quoted at the price level of $235. Above the current price, the first objective is a very important one in the SMA200. There is another reason why this level is critical, since immediately thereafter Ether should confirm its bullish strength with resistance at $270 (price congestion resistance) and at the very important bearish channel ceiling which would be at $272 (long-term bearish channel ceiling).

Below the current price, the first support is at $227 (EMA50). As a second support, we see the level that has contained at the price since early September: $223 (support for price congestion) and finally, the third support at this time at $210 (SMA100).

 

The MACD at 240-Min also shows a cut-down profile. It has plenty of space up to the zero line of the indicator. The development of the figure can make it necessary to consume more time than desirable until its resolution. The bearish trend is lateral.

The DMI at 240-Min shows a profile similar to the one seen in the BTC/USD. The bears are activated in the last hours, while the bulls lose strength and head towards the level of the bears. How the encounter turns out will give us the price keys for the medium term.

XRP/USD 240-Min

The analysis of the XRP/USD for today makes us look at what happened at the end of last week. The XRP/USD was on a roll and reached in its bullish vortex to hit the price level of $0.76 (price congestion resistance). It is moving around the Fibonacci %38.2 of the retracement system. We can easily expect a visit to the 50% retracement level or even the 61.8 %.

None of these levels would damage the technical aspect in the medium term and appear as possible buying levels, especially the 61.8% retracement level at $0.46.

The XRP/USD is currently trading at the price level of $0.554. Above the current price, a clear bullish reference is at last Friday's high, but there are quite a few resistance levels to overcome. The first resistance is at $0.583 (price congestion resistance), and it is closely followed by the second one at $0.600 (price congestion resistance) and the third resistance on its way up is at $0.628 (price congestion resistance).

Below the current price, the first support is at $0.505 (price congestion support and the Fibonacci 50% retracement level from lows). The second level of support is at a triple technical confluence around $0.455 (EMA50, 61.8% Fibonacci retracement level and long-term base channel base). This is a very solid technical support line that the XRP/USD should not lose in any case.

The MACD at 240-Min also shows a bearish cross and there is a lot of space to the zero line of the indicator, so the consolidation process can take time. This is yet another bearish lateral trend.

The DMI at 240-Min shows us how in the case of the XRP/USD the bears are not as convinced as in the case of the Bitcoin or the Ether. Ripple has shown signs of strength and few should dare to put money against them. The bulls, on the other hand, descend lightly but continuously although they enjoy a lot of margin before reaching the levels of the bears.

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