- Bitcoin and Ripple are in a good technical situation for rallies.
- The state of Ethereum raises questions about a potential upswing.
- No bull market has been consolidated without Ether's participation.
Good morning from Europe, where the Crypto market dawns with a timid bullish reaction as opposed to the downward movements in prices at the beginning of the week. In a first observation, it is clear that the main players of the Crypto board remain in hibernation mode.
As we will see in the detailed analysis, there are some signs that something is cooking for the next few days. The market is currently pointing upwards, but a rejection of the still incipient movement would lead the market in the opposite direction. The time range where the possible change is most evident is 12 hours.
However, as I have already published on several occasions, the behavior pattern of the Crypto market as a whole requires that Ethereum starts outperforming Bitcoin so that we can declare that a new bull market has arrived.
Bitcoin is currently quoted at the price level of $6,348, just below the Exponential Average of 50 periods on the 12-hour timeframe. A little higher, at the price level of $6,450, we seethe SMA100 as a desirable level to start consolidating any attempt by the bulls to regain control. The clear objective is to get back above the SMA200 which is currently moving around $6,650. In between the two simple averages is a price congestion resistance level of $6,565.
In the event that the bears manage to maintain control and take advantage of the moment to cut short the bullish attempt, the alarm level would place it at the last support validated at the $6,200 price level (price congestion support). If this level were to be pierced downwards at the close of the candlestick, the bearish bets could rise sharply, and their expectations would be confirmed if they lost the $6,058 level (relative lows).
The MACD at 720-Min gives us a very explicit picture of the current moment. The indicator's profile shows us how the fast line is about to cross upwards but also how it is still below the zero line. The possible weakness of the moment, and also the doubts come from this data and from the natural tendency for the bullish cross to be rejected in the first moment.
The DMI to 720-Min also gives us good information, with some bulls taking control with enough authority but that for now is not being accompanied by the ADX. It is necessary that this trend indicator accompanies the buyers in order to consolidate a premature movement.
The ETH/USD is currently trading at the $199.06 price level. It is slightly above the $195 price congestion support.
In the case of the ETH/USD, the first upward reference is the EMA50 at the $205 and very close to the SMA100 at $214. Both levels are important and their conquest would reinforce bullish momentum.
The SMA200 is a long way from the $265 price level. Before reaching this key moving average in the Technical Analysis, the ETH/USD will have to overcome price congestion resistance by $223.
From this level, there is no obstacle until the SMA200, so it is likely that from there the trend will accelerate.
In the event that the bears do not allow this upward advance, the bearish signal levels are very clear. The first support is at $195 (price congestion support), followed by the relative low level at $169. Below this price, the ETH/USD fall would accelerate and the target could be below the hundred dollar mark.
The MACD at 720-Min is slightly crossed up but the minimum daily Ethereum range in recent weeks makes the signal not as powerful as it should be. It also has a lot of distance up to the zero level of the indicator, which raises many doubts about the upside potential of the ETH/USD.
The DMI at 720-Min is at a key point, with the bulls and bears tied and with the bulls coming from below. This gives them an advantage in the showdown but does not guarantee victory.
The XRP/USD is currently trading at the $0.4579 price level. Its structure is different from Bitcoin and Ethereum, and much more positive and close to a consistent new bullish move.
The XRP/USD is just above the EMA50 at $0.4576, but also just below the SMA100 at $0.4601. In the case of the Ripple, the SMA200 has already been surpassed and is now supported at the $0.403 price level.
If the XRP/USD can beat the SMA100, the first resistance is at $0.505 (price congestion resistance). From this level, many are the levels of resistance that are presented. However, the key level to overcome in order to see new highs is $0.60 (top of the down channel).
If the bullish momentum fails, the drops for Ripple have the first target at the SMA200, below which a bearish hole opens up to the support level at $0.359 (bearish channel floor). Below that panic would appear and a target around $0.300 could not be ruled out at all.
The MACD at 720-Min does show a profile similar to Bitcoin and Ethereum. It is also cut up and below the zero line. In the case of Ripple, the distance to this line that separates it from a bullish environment is minimal (-0.0021).
The DMI at 720-Min shows us that the bulls are in control of the situation, while the bears retreat but still at trend levels. The ADX seems to want to follow the bulls but it is still premature to take it for granted.
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