- Top 3 prices remain in range and contradict indicators pointing south.
- Mild "fear" sentiment is inconsistent with prices in the upper range of the upward movement.
- XRP may be the surprise of the week and bounce upwards for technical reasons.
The beginning of the week shows us a cryptography table in the same conditions as last Friday.
Red and green are continually alternating, punishing the emotional systems of the traders a little more.
The market sentiment scores 46 today and indicates that fear dominates among the participants.
This level of sentiment is surprising when almost all significant cryptographic assets move several multiples above the 2019 lows.
The extreme volatility of cryptographic assets and their devastating past collapses are still alive in the collective memory.
Today's whale alerts show significant movements in BTC ($4.9M), Ether ($21M) and EOS ($3.5M). All the asset movements are from wallet to wallet, so they seem to be preventive movements in the face of a possible need to move funds quickly.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.02745 and continues to build a flag figure on the daily chart. The technical picture has an element that threatens bullish options with a pin bar (A) on February 18.
Above the current price, the first resistance level is at 0.029, then the second at 0.030 and the third one at 0.0315.
Below the current price, the first support level is at 0.027, then the second at 0.025 and the third one at 0.023.
The MACD on the daily chart shows an active bearish cross even though it does not yet have any impact on the price. The probability of an upward bounce, as a rejection of the bearish cut, is high.
The DMI on the daily chart shows the bulls maintaining the level of the last few sessions. Bears are not reacting to the bearish cross on the MACD, which is doubtful of its effectiveness.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $9763 price level and remains for the third consecutive week in the range between the $10600 resistance level and the $9700 support level.
Above the current price, the first resistance level is at $10600, then the second at $11400 and the third one at $13820.
Below the current price, the first support level is at $9700, then the second at $9150 and the third one at $8800.
The MACD on the daily chart shows the continuity of the bearish pattern, although the underlying bullish force makes the impact on the price minimal.
The DMI on the daily chart shows that the bulls are positively resolving the encounter with the bears. A meeting between the two sides of the market will likely retake the place.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at $267 and has retained the momentum of the past two weeks. The upper limit of this price range is the $290 price level, while support is at $260.
Above the current price, the first resistance level is at $290, then the second at $310 and the third one at $320.
Below the current price, the first support level is at $260, then the second at $250 and the third one at $238.
The MACD on the daily chart continues to develop the bearish cross activated at the end of last week. The opening between the lines is tiny, and the slope is slight, which gives us information about the underlying bullish strength.
The DMI on the daily chart shows the bulls holding on to their previous levels, while the bears are losing strength over the weekend.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at the price level of $0.274 and is moving in the support range of the last two weeks.
Above the current price, the first resistance level is at $0.28, then the second at $0.29 and the third one at $0.30.
Below the current price, the first support level is at $0.27, then the second at $0.253 and the third one at $0.24.
The MACD on the daily chart shows an evolving bass cross that could move towards a significant upward rebound.
The DMI on the daily chart shows that the bulls are still leading the market but with a minimal advantage. Both sides of the market are watching closely, and any scenario is possible.
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