- BTC/USD recovers and moves away from the most dangerous levels.
- ETH/USD accompanies Bitcoin on the rise but without much conviction.
- XRP/USD is still very active and has recovered 10% since yesterday.
A new day and new opening session here in Europe. After yesterday's falls, the technical damage is reduced to those operators who use short time ranges saw their protection stops jump. Key technical levels were not broken, and for now, everything stays the same. This is not to say that the disaster has been avoided, only that irreparable damage has not yet occurred.
Do you want to know more about my technical setup?
BTC/USD 240-Min.
The BTC/USD at 240-minutes is currently trading at the $6,224 price level. It is positive that the long-term bearish channel base trend has been respected at the close. The BTC/USD managed to regain support at $6,200, but the natural range could bring it back to $6,125 without jeopardizing the scenario.
Above the current price, there are obvious targets in the three moving averages. First the EMA50 at $6,444 followed by the SMA200 at $6,486 and finally the SMA100 at the $6,517 price level. The confirmation of the movement seen yesterday having no more effects would come with the BTC/USD recovering to $6,560 (congestion resistance of the price).
Below the current price, the situation is delicate. First support level is at $6,200 (price congestion support). This support level is the last before the critical baseline of the bearish channel. This trend line is currently passing through the $6,125 price level. A close below this line would most likely wipe out the bullish possibilities for the last quarter of the year.
The MACD at the 240-minute chart is halfway through developing the typical pattern. The pattern would continue with slight rises in the very short-term and then fall again, although not necessarily with the same force seen in the first tranche.
The DMI at the 240-minute chart shows the bears with absolute control of the situation although close to being below the ADX, which would imply the beginning of the final phase of the movement.
ETH/USD 240-Min.
The ETH/USD at the 240-minutes chart is currently trading at the $196 price level. After yesterday's drop, it has not managed to recover to the $200 level at year-end. Nor has it made any attempt to revisit the year's lows. Despite differences in intraday price ranges with the BTC/USD, the technical timing of the ETH/USD is similar to that of the BTC/USD.
Above the current price, the first target is one of the three main moving averages. These averages are compressed into a very narrow range. First resistance level for ETH/USD at $216 (EMA50) and $217 (SMA200), followed immediately afterward by resistance at $222 (SMA100 and price congestion resistance). Above this last price level, the target is $270.
Below the current price first support at the $194 price level (price congestion support), the second support at $170 (relative minimum and price congestion support). Below this price, the ETH/USD would go into free fall.
The MACD at the 240-minute chart is in an intermediate phase that should lead the ETH/USD to slight rises in the short term and then fall again, although not necessarily with the same force as in the first downtrend.
The DMI at the 240-minute chart shows us the bears with absolute control of the situation. The red line that distinguishes the sellers is about to be placed below the ADX, first step towards completion of, at least, this phase of price decline.
XRP/USD 240-Min.
The XRP/USD is currently trading at the $0.425 price level, almost 10% above yesterday's lows of $0.37. It doesn't manage to recover everything that fell yesterday so that it would keep the current rise in quarantine. In this type of environment any weakness, and not recovering all that fall is a sign of weakness, would be very harmful for the asset.
Above the current price the XRP/USD has the first resistance at the price level of $0.426 (price congestion resistance), then second resistance level at $0.436 (SMA200) and as a final objective close above the price level at $0.458 (yesterday's highs and secondary down channel ceiling).
Below the current price, the chances of getting into trouble for the XRP/USD is immense. First support at the price level of $0.413 (price congestion support), a significant support level since below it would only leave the channel base and the current low at $0.376.
The MACD at the 240-minute chart is at a more advanced stage than Bitcoin or Ethereum. The profile should cause a downward bounce and then turn up again and definitively.
The 240-minute chart DMI also shows an advanced development. The bears move clearly below the ADX giving a sign of weakness. On the other hand, the bulls increase their strength a lot and get closer to the level of the bears, being possible a meeting between both sides of the market during the European session.
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