TOP 3 price prediction: Moving averages wrapping the price, providing a false sense of security

• Crypto prices moved another step upwards but failed to conquer significant technical levels.

• We can take nothing for granted until BTC/USD hits $7,790, targeting $9,500.

Cryptocurrencies have seen another slight rise and then a long price consolidation. Again, conservative behavior was seen yesterday among the main cryptocurrencies. The SMA200 has been too much of a barrier for now and any attempt to breach it has failed.

 

BTC/USD 240 Min

Yesterday, Bitcoin failed on its first attempt to convince investors that it was making a serious bullish run this time. BTC/USD was unable to close above the SMA200 in the 4H range, and the rejection has sent it to the starting point.

This downturn is not a vital defeat, but there is a certain degree of discouragement among investors, as an above-the-moving-average close would have been a significant boost to BTC.

Today, we can expect a bearish day. On this bearish side, first support for Bitcoin is located just below the current price of $6,565. Below this level, the EMA50 is the second support level at $6,425, and this should be the limit for today. If BTC/USD exceeds this lower limit, it would find support in the base of the technical channel that rules the movement, which now stands at $6,350.

On the upside, Bitcoin needs to overcome the SMA200 soon, not only to reaffirm its bullish aspirations but also to bring some peace of mind to the minds of investors. Therefore, the SMA200 at $6715 and, in what would be a good show of strength, the price congestion level at $6,861, are the bullish targets. It remains to be seen whether Bitcoin still has the upward rage we have seen in the past or whether it has lost it.

The MACD at 240 min is showing exhaustion and a clear, though slight downward trend. This is within normality and it is better in the longer run not to accumulate overbids or divergences, as they would burden the future development of the BTC/USD.

In the case of the Directional Movement Index, buyers continue to be in control, with sellers seeming to rely on further declines, increasing their positions with each new step up. This is a situation to watch.

ETH/USD 240 Min

Ethereum is in a similar scenario than Bitcoin, although in this case the moving averages are a little more separate, giving a bit more room to play. The SMA200 is far away from the current ETH/USD price action, which has not been able to test it as Bitcoin has done. At the bottom, the SMA100 is the current support level at $468, with the help of the EMA50 at $460. Also at this price level, support is being drawn on price congestion.

On the upside, Ethereum also has clear objectives. First resistance at $486 on price congestion, with the exact signal point being a close above $486.78. If ETH/USD conquers and consolidates this level, it must go straight for a test of the SMA200 and then beat it. We can validate this if it closes and stays above $516.

The MACD 240-min chart shows the same exhausted profile as Bitcoin, and therefore the considerations are the same. A short retreat would be the most technically advisable for Ethereum.

The Directional Movement Index at the 240-min chart shows different behavior in this case from the one of Bitcoin. In the case of Ethereum, the number of buyers has decreased in the last few hours, but so have the buyers. This technical pattern indicates that no one is quite clear on the matter and that the current scenario raises doubts.

XRP/USD 240 Min

Now let's get to Ripple. Its technical aspect is similar to that of Ethereum. Moving averages are showing a little off, with the SMA100 providing current support at $0.486. If this support does not hold, the next key level would be the EMA50 at $0.48. In an extreme bearish case, the support for price congestion at the $0.4666 level would be the following target.

On the other hand, the first clear bullish target for price congestion resistance is seen at $0.505, with a possible extension to the relative high of $0.52. A fundamental level to achieve and one that would completely change the medium-term forecast is the SMA200, at $0.5459.

The MACD at the 240-min chart is identical to those previously analyzed. Better odds for a downward lateral move.

The Directional Movement Index at the 240-min chart is similar to the one seen in the case of Ethereum, although in this case, buyers have more hope on the upside. The sellers are not clear about this and have not increased their activity even in the last few moves downwards.