- BTC/USD barely moves on another likely soporific day.
- Speculation continues on Tether's degree of reliability (USDT).
- Ripple could be at the gates of another bullish swing despite the general atony.
Another day without any technical novelty for the Bitcoin against the US dollar. In the midst of the storm unleashed by what appears to be a controlled liquidation of the USDT at the same time as the launch of other anchoring instruments, the relationship between the Bitcoin and the US Dollar remains firm and does not reflect any substantial change in value. The controversy has not affected Bitcoin at all, which has been in the same range for weeks, but it has punished and much the perception of reliability about Tether. A controversy that has grown at the same time that other options appeared in the market with the aim of sharing a very appetizing business exchange.
The usefulness of these instruments for the trader would be based on acting as a shield against instabilities in the Crypto market, "sterilizing" the portfolio but without really leaving the system. A great idea, great but very dangerous if we cannot have absolute confidence in the robustness and capacity of the instrument to maintain parity with the currency issued by the Federal Reserve of the United States.
Whether called Tether (USDT), TrueUSD (TUSD), Circle´s USDCoin (USDC), Gemini Dollar(GUSD) or Paxos (PAX), their validity is based on their ability to faithfully transmit and preserve the value relationship between the American currency and the Crypto universe.
After the brief commentary, we now move on to a quick analysis of the Top 3 of the Crypto board by capitalization.
Do you want to know more about my technical setup?
BTC/USD 240-Min
The BTC/USD is currently trading at the $6,394 price level, sliding below the SMA100 and EMA50 averages. These averages tilt downwards and point us in the direction of the price for the next few hours. The fact that this is the direction does not mean that the price is going to follow it without any possible remedy, but that it is going to tend to move downwards.
The MACD at 240-Min is totally horizontal and rests on the equilibrium line of the indicator. Zero information on this side. For its part, the DMI at 240 Min shows an absolute tie between bears and bulls being both groups above level 20, so any movement, whether up or down, will have development potential.
Below the current price first support at the price level of $6,211 (price congestion support). The second support at $5,873 is the last guarantee not to see new annual lows soon.
Above the current price, first resistance level between the price level of $6,399 and $6,400 (SMA100 and EMA50). Then, next resistance at $6,482 (SMA200) and third resistance at $6,588 (price congestion resistance). The BTC/USD will not enter a bullish scenario until it sees a close above the $6,850 price level.
ETH/USD 240-Min
The ETH/USD already moves below their moving averages. The main averages continue their downward trajectory and widen the distance between them. Only the horizontality of the SMA200 supports the whole structure in a demonstration of delicate balance.
The MACD at 240-Min is also, as in the case of the Bitcoin, totally flat although in the case of the ETH/USD it is below the zero line. The DMI at 240-Min also shows an absolute tie between bears and bulls, although below indicator level 20.
Below the current price, first support for ETH/USD at the $195 price level (price congestion support). Second level support at $170 (annual lows), and as the third support level, at $155 (price congestion support) and gateway to setting new annual lows consistently.
Above the current price, three clear objectives for ETH/USD in the three moving averages area. The EMA50 at $205, the SMA100 at $209 and finally the SMA200 at $217. Above these averages, clear target level at closing above the resistance level at $270.
XRP/USD 240-Min
The XRP/USD is just above the trend line that was surpassed in the middle of the month. It is currently trading at the $0.454 price level. If it were not for the general sluggishness of the market I would declare this level as an optimal entry point, since we have a very clear Stop level at $0.443.
The MACD shows a flat profile and above the zero level of the indicator. The structure is typically bullish. The DMI at 240-Min shows the bulls a little above the bears and both above the 20 level of the indicator. An optimal profile to see volatility increases following price action.
Below the current price, the first support at the above-mentioned trend line price level of $0.448. Second support at the EMA50 at $0.443 (EMA50) and, a third, critical support level at $0.366.
Above the current price, the first target at the price level of $0.50 (price congestion resistance), followed immediately by a second resistance at $0.51 (SMA200). Overcoming this second resistance could result in an immediate move to the price level of $0.77.
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