- The XRP/USD surges with a lot of force, even without a tendential force, and it is getting ready to turn its neck towards the sky.
- The ETH/USD picks up rhythm and has more room to the upside.
- The BTC/USD acts as an anchor and follows the movement from afar.
This is the third day of openly positive behavior in the Crypto market. Today, the initiative continues to be led by Ripple Lab's coin, XRP. Its evolution against the Dollar, Bitcoin, and Ethereum brings us back to the end of 2017 when those percentages were daily.
After many months of falling prices, the bulk of the market is cautious because it is not convinced that this is the right upward movement. So, you have to give time to the market as a whole. Really? From a technical analyst's point of view, yes. From a trader's point of view, today we are already late if we want to enter a low-risk position.
To trade is to take controlled risks whenever, as I said last Friday, a window of opportunity is opening.
The biggest difficulty of this market has always been and still is now, the radical changes that occur in the daily range. When Bitcoin, Ethereum, Ripple start the engines, they move away so quickly from the "reasonable" stop points that, when wanting to open a position, the vertigo is evident against the risk to assume. This is a market that requires a large dose of stress tolerance and risk management but that rewards those who know how to manage it properly.
Today I'm going to deal with the subject of entries to see what points of opportunity appear.
The BTC/USD at 240 Min is currently trading at the $6.412 price level. The risk level in case of a bullish entry is in this temporary range one cent below $6,388.53. Therefore, in a 1 Bitcoin investment, the risk to be assumed is around $24.
Above the current price the path appears quite clear until the first resistance at $6,492 (price congestion resistance). The next resistance is a bit above, at $6,564 and where I think the price could stop waiting for the moving average crosses that will occur in the next few days. If the resulting cross is conducive to continued bullishness, a jump in price to $6,760 is very likely.
Below the current price, the "Stop" level mentioned in the previous paragraph, at $6.564, is of the utmost importance. A loss of this price level in the short term would cancel the bullish scenario and would probably be fatal for the price in the medium term, with possible visits to annual lows.
The MACD at 240-Min shows how after the last few days' rise the lines have relaxed to overlap and now seem to be able to pick up some bullish momentum again.
The DMI at 240-Min shows us how the bulls want to get back above the ADX line, which would be a demonstration of strength. For their part, the bears continue to decrease their activity but without going to extremes that would result in corrections in the price. The ADX for its part confirms the strength of the trend and continues to increase the level.
The ETH/USD is currently trading at the price level of $214.87, beating the $212.5 highs at the close of the price movement and initiating a new bullish tranche. In the case of the ETH/USD the risk level is one cent below $208.17. The absolute risk for buying one Ethereum is above $6. An assumable amount although not as attractive percentage as the risk/capital invested ratio offered by Bitcoin.
On the bullish side, the ETH/USD has a first resistance level at $215.5 (price congestion resistance), which if consolidated would allow a quick move to the next resistance at the $223 price level (price congestion resistance).
On the downside, the first warning level on primary support is at $212 (price congestion support), followed by the aforementioned risk level at $208.17. Similar to the one already exposed in the BTC/USD analysis, losing this price level in the short term would probably lead to a turnaround in the medium term.
The MACD at 240-Min is in an ideal position for a second upward movement, with a good inclination and starting a new phase of opening between the lines.
The DMI at 240-Min shows us how the bulls want to get back above the ADX line, which would be very positive for the price. The bears are removed with force, so much so that they can cause a slight correction to standardize the deviation.
The XRP/USD is currently trading at the $0.546 price level, which was reached today after a leap of 12%. At this price level there is resistance that can be used by the XRP/USD to consolidate the gains made during the Asian session. In the case of the XRP/USD the risk level is a delicate issue. The valid level is below the price level of $0.448, which represents 12% against the current price. That's a lot of risk.
Above the current price, many resistances challenge the Ripple advance by $0.582, $0.60, $0.63, $0.66, $0.68 and $0.70. The first technical objective must be above the relative maximum at $0.77. From this price, it is difficult to make forecasts. The logical thing is to think of new highs, which would take us above $3.50. As we are accustomed to the XRP, it is very possible that in case of activating the "rocket" mode, all resistances will be pierced like butter by a hot knife.
Below the current price, first support level at the price level of $0.55 (price congestion support and SMA200). If this support fails, we would quarantine the bullish moment. The next support is at $0.454 (EMA50). As a maximum limit, there is a third support level at $0.439 (long term bearish trend line). Losing this level would force a liquidation of all positions in the XRP/USD.
The MACD in the daily range is seen looking at higher levels after many weeks of not showing signs of life. This is a positive profile that supports new highs in the next few sessions.
The DMI in the daily range shows a spectacular profile. Rarely can we see one side of the market gaining such explosive strength while the other side retreats without giving a fight. The Bulls are fired up and show a lot of momentum ahead. On the other hand, the bears come down without hesitating too much. The ADX also reacts strongly and is now approaching the 20 line of the indicator that indicates the existence of trend.
If we look at what the XRP/USD has gone up without going into trend mode, I can't wait to see what it can do at strong trend levels. However, the explosive mode may fall short.
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