Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Is the Crypto market in bullish mode or is it a trap?

• A soft climb may signal a trap along the way.
• The market moves along the edges and everything can change in a flash.
• XRP leaves signs of weakness that demand a close watch.

 

The question of the day is whether the rise and conquest of $4,000 by Bitcoin yesterday announces a new bullish leg or whether it is just a bullish trap. So, for now, it prefers the trap more than the upbeat party.

This setup can change quickly because the current technical situation moves along the boundaries between radically opposed scenarios. Moreover, between these two scenarios, there is an intermediate one, the current frontier scenario that is tendentially bullish.

 

ETH/BTC 240 Minute Chart

 

The trading battlefield is the ETH/BTC pair, and the thin red line located on the bottom side of the parallel bullish line marked as A in the bottom chart. The price may continue to rise against this line, giving the impression that the market is bullish, but in the background, the scenario is fragile and will not gain strength until it enters the segment above trend A.

It was seen yesterday. when the market entered a brief bullish phase that ended by the end of the US session when the ETH/BTC pair reached the A trend level and turned downwards.

 

 

The MACD on the 4-hour chart is already moving in an uptrend but lacks momentum and points to a confirmation of the neutral line in the short term.

The DMI on the 4-hour chart shows that the bulls are controlling the market by a narrow margin against bears that are trying to break out of the ADX line at this time. If the market is to fall, the first thing that will happen is that the bears will achieve its goal.

Do you want to know more about my technical setup?

 

BTC/USD 240 Minute Chart

 

The BTC/USD pair is currently trading at the $4.007 price level after peaking at $4.037.

Above the current price, the first resistance level is at $4,050 (price congestion resistance), then the second resistance level is at $4,200 (price congestion resistance). Above this price level, the rise should accelerate to the next resistance level of $4.560 (price congestion resistance).

Below the current price, the first support level is at $4,000 (price congestion support), then the next support level is formed by a confluence of moving averages and price congestion supports at $3,967 (EMA50), $3,950 (price congestion support), $3,945 (SMA100) and finally $3,900 (SMA200 and price congestion support).

 

 

The MACD on the 4-hour chart shows a significant bullish profile accompanied by wide line spacing. The setup is bullish in the short term.

The DMI on the 4-hour chart shows us how neither side of the market can beat the ADX line, so both have a hard time taking control of the market in the short term.

ETH/USD 240 Minute Chart

 

The ETH/USD is currently trading at the $138.6 price level after peaking yesterday at the $140.8 price level. Yesterday's highs allowed the pair to break above the moving averages but failed to continue the upward trend. Today, the bullish movement is losing strength and will probably seek the support it conquered yesterday.

Above the current price, the first resistance level is at $142 (price congestion resistance), then the next resistance level for the ETH/USD pair is at $150.5 (price congestion resistance) and the third resistance level is at $161 (price congestion resistance).

Below the current price, the first support level is at the exact confluence of the three moving averages at the $137 price level (SMA200, SMA100, and EMA50). Below this critical support, the second support level for the ETH/USD pair is at $130.5 (price congestion support), and the third support level is at $120 (price congestion support).

 

 

The MACD on the 4-hour chart is already moving in the positive territory. The crossing has forced a flattening in the lines, which lose inclination and opening between lines. This structure bets for the laterality in the short term.

The DMI on the 4-hour chart shows how bulls rule the market and more importantly, how they manage to escape the ADX weight while bears lose strength and are dragged down.

 

 

XRP/USD 240 Minute Chart

 

The XRP/USD is currently trading at $0.307. Yesterday XRP accompanied the general rise and managed at times to exceed the first moving average but with this decline has lost the gains.

Above the current price, the first resistance level is formed by the confluence of moving averages and price congestion resistances and starts at $0.308 (price congestion resistance), continues at $0.308 with the EMA50, then at $0.312 the SMA100, then at $0.314 the SMA200 and finally at $0.3175 with a price congestion resistance). The second resistance level for the XRP/USD pair is at the price level of $0.328 (price congestion resistance), and the third resistance level is at $0.334 (price congestion resistance).

Below the current price, the first support level is at $0.30 (price congestion support), then the second support level for the XRP/USD pair is at $0.293 (price congestion support) and the third support level is at $0.288 (price congestion support).

 

 

The MACD on the 4-hour chart fails to enter the bullish zone of the indicator. It is the only member of the TOP3 that doesn't make it. The inclination and opening are bullish, but not getting the cross to the bullish zone raises significant doubts in the short term.

The DMI on the 4-hour chart shows us even bears with control of the situation. In this, the XRP is also the only one of the TOP3. The bulls, on the other hand, react to the rise from the lows and surpass the level 20 which indicates the existence of trend force.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel