- The crypto market rises with Ethereum assuming leadership.
- The BTC/USD consolidates the gains within a very narrow range.
- The XRP/USD moves in another scenario and will wait for its moment.
A new week in the Crypto market starts following the script foreseen in Friday's analysis. I predicted on Friday the appearance of a bullish window of opportunity, and the window has appeared. Within the forecast, I claimed the need for Ethereum to assume the leadership of the movement as indispensable for the search for higher levels, and for now, there is the Ether at the forefront of the big moves.
For now, in the timeframe of 12 Hours only a little progress has been made, but if we move on to the 4-hour graph we see that important moving averages have been conquered.
But once the initial premise has been fulfilled, we analyze the charts again to see in detail what may happen in the next few hours and whether the bullish traction will be achieved in the upper timeframes.
BTC/USD 240-Min.
The BTC/USD at 240 Min exceeded yesterday the main moving averages of this Setup (SMA200, SMA100 and EMA50). The increase left the maximum in the price level of $6,464 and since then it is following a typical consolidation structure.
In this consolidation process, the degree of reversal can provide us with information on the authenticity of the previous bullish movement. The first support to take into account is the SMA200 at the price level of $6,397. If the price decline is contained here it would be an important strength signal.
The next level of support is indicated by the SMA100 at $6,370. This would be the most common level and would also indicate significant strength. A little lower at $6.355, the 50-period Exponential Average is left as a "red line" that should not be pierced downwards as it would undo the gains and lose the Momentum.
On the bullish side, the crucial level to overcome is $6,860 as it would mark a definitive entry into bullish territory. Up to that price level, the obstacles to beat are at the levels of, from lowest to highest price, $6,493 (price congestion resistance), $6,565 (price congestion resistance) and finally $6,757 (price congestion resistance).
-636770089143549747.png)
The MACD at 240-Min is placed above the zero line and maintains a bullish profile despite the current price decline. The structure allows the BTC/USD to continue rising at any time.
The DMI at 240-Min shows us that the Bulls are in a situation of dominance and with upside potential ahead. The Bears have withdrawn to levels not seen since early October. The ADX accompanies the reaction of the Bulls and adds bull potential.
ETH/USD 240-Min.
The ETH/USD is for me the keystone of the current situation. As I have said several times, there has been no consistent rise without Ethereum behaving better than Bitcoin. And for now, it has. It's just a step, but it's a step in the right direction.
It is because of this correlation that I will summarize the ETH/USD analysis so that I can also analyze the ETH/BTC graph.
The ETH/USD at 240-Min has a similar structure to the BTC/USD but it enjoys slightly more favorable conditions. Ether rose strongly against the Dollar, leaving the high at $218.25 and is now consolidating in an orderly fashion. Supports at the price levels of $207 (SMA200), $205.5 (price congestion support) and as a key support at $201.8 (EMA50 and SMA100).
-636770090131231363.png)
On the bullish side, the reference level is at $248 (price congestion resistance). On average, the ETH/USD will have to overcome price congestion resistance by $215, $223 and $235.
The important chart for me is this, the ETH/BTC in the daily range.
-636770090793904430.png)
In it we can see how Ether manages to break up a trend that was born at the beginning of September and that should allow it to improve its relative behavior against Bitcoin in a substantial way.
The target levels are 0.042 ETH/BTC in the first term, being the primary objective the uptrend line lost in the month of August and that would be around 0.05 ETH/BTC. The critical support level is at the price level of 0.0306.
The 1-Day MACD is open to the upside but should be above the indicator's zero line. This is the weak point, from a technical point of view.
The 1 Day DMI is much clearer than the MACD and if it shows us that the Bulls are taking control of the situation and that the ADX is accompanying them. Bears retreat below level 20. This is very positive for the market.
Do you want to know more about my technical setup?
XRP/USD 240-Min.
The XRP/USD has been playing on a different terrain for weeks, and now it's its turn not to be the protagonist and it's lagging behind Bitcoin and Ethereum. It's true that the upward movement has taken the XRP/USD over the SAM200, but it was very close and needed little effort to overcome it. I don't detract from the fact, but Ripple was already in an upward phase and could have done more.
After September's rise, the XRP/USD's bullish target is at the $0.77 price level. Until that relative high is breached, Ripple would continue to consolidate.
On the support side, the critical level is at $0.44. As long as the XRP/USD remains above this barrier, the background bullish phase would remain intact.
-636770091818461906.png)
The MACD at 240-Min increases its uptrend and separates from the zero line. It increases the bullish potential.
The DMI at 240-Min shows us the Bulls with doubts about continuity, the same doubts that the Bears present regarding possible price falls. The ADX continues to rise and indicates strength for the next move.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?