Crypto analysis: BTC/USD bullish above $15000, XRP/USD might follow up

BTC/USD preparing for possible bullish moves in the short term, ETH/BTC backing that kind of scenario
Bitcoin still in an upwards trend in the mid and long terms

Tomas Salles FXStreet

Bitcoin needs to break $15000 to start a new bullish ride

Bitcoin price is still into the corrective move it started in mid-December. BTC has corrected from overbought territory and now has room for new rises in the short-term. Indicators in the short-term, still very extreme, are supporting such possible bullish action for the main cryptocurrency.

BTC/USD is trading inside a bearish channel, with a ceiling around $15800 levels. A breakout above this level would give the price wings to fly up to new highs.

BTC/USD 4H chart

Bitcoin technical outlook

MACD in the 4h chart shows better mid-prices in the last trading sessions and is prepared for new bullish rides. The first challenge is getting above current equilibrium area.

Directional Movement Index doesn't give clear inputs right now, just signalling that sellers have lost some steam

In the daily chart, MACD is resting above zero, avoiding a reach to the negative area

ETH/BTC showing strength during the first trading sessions of 2018

Ethereum/Bitcoin cross broke out in mid-December on the bullish side and triggered the current Ethereum rise, as ETH has clearly outperformed BTC in the last month. Price action in the main cryptocurrency cross might be swinging again, and it might be Bitcoin's turn now to run the Crypto bulls show again.

ETH/BTC 4H chart

MACD shows divergence in its last bullish ride. An ETH/BTC dip to 0.65 looks fairly reasonable. This kind of structure backs the foreseen bullish scenario for the Bitcoin.

Directional Movement Index shows that bulls are losing steam. Buyers still remain in control, but are now moving below ADX, a clear trend swing signal.

XRP/USD showing parallelisms to Bitcoin's technical structure

Ripple is resting around $1.80 levels and, such as Bitcoin, is showing now a favorable structure to future rises in the short-term. Below, the $1.60 mark is an important support. In case of a breakout, XRP would not find support until the $1 area.

XRP/USD 4H chart

MACD is showing in the 4H chart a bullish outlook in the short term. If broken, the trendline coming from early-2018 highs, now up to the $2 area, would set up the start of a new bullish ride.

Directional Movement Index shows a rising amount of buyers during the last week, with sellers being quite stable.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.

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