Top 3 Price Prediction Bitcoin, Ethereum, XRP: Cryptos in search of fresh funds after tripping lower
|- XRP tests the bullish scenario and clings strongly to the upside.
- ETH/BTC consolidates in the bullish zone and prepares its ascent to the skies.
- Bitcoin and Ether move away from the combat zone in search of new upward forces.
Last week, the ETH/BTC pair managed to escape the bearish scenario that has kept it depressed since Christmas 2017.
Many analysts were expecting this breakout as a sign of change in the market – and it is finally happening. The evolution of the top ten altcoins against Bitcoin has been spectacular in the past few days – a basket of these assets would have improved its valuation in Bitcoin by around 25%.
Today the dominant color is red after the top three cryptocurrencies have reached the upper limits of the bearish scenario in which they run.
Well, maybe not all three. XRP managed to break the long term bearish channel upwards on Friday and is currently playing with the trend line, losing its support when writing these lines.
The magnitude of the decline is negligible compared to the previous gains. Reliable support is far away for Bitcoin and Ether, while XRP is rewarded after the upward breakout and could find very consistent support just 5% below.
ETH/BTC Weekly Chart
ETH/BTC is currently trading at 0.01906, down from 0.020 on Saturday. The presence of the SMA200 and SMA100 at that level already indicated that a breakout would be very difficult on the first attempt.
Above the current price, the first resistance level is at 0.020, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.0188, then the second at 0.018 and the third one at 0.017.
The DMI on the daily chart shows bulls still above the ADX line – a situation that indicates the bullish trend is intact. The bears are losing some of their downward momentum, but continue to be at infrequent levels.
BTC/USD Weekly Chart
BTC/USD is currently trading at $8,635.5 after Sunday’s attempt to break the long term downward trend. At the intraday high, the presence of the SMA200 helped the trend line to hold.
The first significant support is at $8,000, although BTC/USD may not reach it due to the presence of buy positions between $8,400 and $8,500.
Above the current price, the first resistance level is at $8,800, then the second at $9,150 and the third one at $9,550.
Below the current price, the first support level is at $8,500, then the second at $8,150 and the third one at $8,000.
The DMI on the daily chart shows the bulls losing support from the ADX line, which cancels the upward movement and leads to a lateral bullish scenario. The bears react to the bullish move and confirm the weakness in the BTC/USD price.
ETH/USD Weekly Chart
ETH/USD is currently trading at $164.5 after failing to cross the SMA200 in a big way. The failure was so clear that the Ether did not even touch the long term moving average.
Above the current price, the first resistance level is at $170, then the second at $180 and the third at $190.
Below the current price, the first support level is at $160, then the second at $155 and the third one at $150.
The DMI on the daily chart shows the bulls below the ADX line, cancelling out the pure uptrend and indicating a proper rise from the exhausted trend. The bears are not reacting to the upward movement and do not appear to be confident of taking control of the pair in the near term.
XRP/USD Weekly Chart
XRP/USD is currently trading at $0.2308 and is clinging to the upper line of the long term bearish channel that now acts as support. If XRP gets a close above it, it will send a strong bullish message to the market.
Above the current price, the first resistance level is at $0.2422, then the second at $0.253 and the third one at $0.267.
Below the current price, the first support level is at $0.222, then the second at $0.214 and the third one at $0.197.
The DMI on the daily chart shows that the bulls are unable to break the ADX line, but maintain control of the pair with this unfavorable setting. Bears also see it that way, as they remain at low levels and barely react to the upward movement.
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