Top 3 Price Prediction Bitcoin, Ether, Ripple: Bullish pattern in play on the crypto board
- Indian Supreme Court upholds people's right to access the benefits of Blockchain technology.
- Hedge candle pattern was drawn on Monday, triggering a bullish pattern that is still in play.
- Top 3 are solid against declines in other markets.
The Supreme Court of India has declared illegal the banning by the Royal National Bank of India of any cryptocurrency-related activity in the country.
India, a country with a population of 1.375 million people, is a perfect model for the implementation of this technology.
In 2019, India reached 80% of the population covered by banking services, leaving around 280 million people outside the financial system.
The business potential is enormous if the projects manage to bring the services based on Blockchain technology to approximately 40% of the population that has access to Smartphones.
Simplifying things, we could say that around 100 million people have access to the Internet but likely do not have banking services in their environment, or do not have access to them due to socioeconomic issues.
The crypto board recovers today from the slight falls seen yesterday, far removed from the panicky moments seen in equities, bonds and commodities.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.0256 after developing a technical pin bar pattern.
The price is now moving in the support levels of the consolidation range. A close below the 0.0254 level could take the price as high as 0.023.
Above the current price, the first resistance level is at 0.027, then the second at 0.0277 and the third one at 0.029.
Below the current price, the first support level is at 0.0254, then the second at 0.025 and the third one at 0.0237.
The MACD on the daily chart continues the trend of the last few days, while the moving averages are moving towards the support level in the neutral zone of the indicator.
The DMI on the daily chart provides much more information than the MACD. Here we can see how the bears and bulls are still tied, adding almost ten days to this uncertain situation. This pattern is very unusual and might require a lot of attention.
BTC/USD Daily Chart
BTC/USD is currently trading at the price level of $8738 and continues to build on the bullish return picture drawn on Monday.
This bullish Doji and hedge figure will remain bullish as long as the price does not close below the $8700 level. Above the $8920 level, the signal will move up to express its upward potential.
Above the current price, the first resistance level is at $9131, then the second at $9650 and the third one at $10400.
Below the current price, the first support level is at $8700, then the second at $8400 and the third one at $8150.
The MACD on the daily chart decreases the bearish profile and continues the process of turning to a neutral position.
The DMI on the daily chart shows bears still below the ADX line, confirming the loss of downward momentum. Today's bulls are losing strength but staying within striking distance of the bear's position.
ETH/USD Daily Chart
ETH/USD is currently trading at the price level of $223.4 and is playing dangerously close to a support level that would invalidate the bullish pattern activated on Monday at $223.5.
Above the current price, the first resistance level is at $230, then the second at $238.5 and the third one at $250.
Below the current price, the first support level is at $223.5, then the second at $215 and the third one at $205.
The MACD on the daily chart maintains the bearish trend of the past few days and is now at the neutral level. If a shift does not begin at these levels, the short term scenario could worsen.
The DMI on the daily chart shows the same tie-break situation that we saw on BTC/USD. Both sides of the market are close to the 20 level, which gives the signal for the ongoing trend.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.234 and relies on the SMA100 as a last resort to avoid a ride at $0.22.
Above the current price, the first resistance level is at $0.24, then the second at $0.253 and the third one at $0.252.
Below the current price, the first support level is at $0.233, then the second at $0.227 and the third one at $0.22.
The DMI on the daily chart shows that both sides of the market watching each other while the bears keep the control.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
