- Ripple stamps its authority and reminds us of the good times.
- Bitcoin seizes the moment and blows through its most important level of resistance.
- Ethereum has everything it needs to go up very hard and we'll see if it grabs the moment.
Dawn in Europe and the current situation is divided between the postponement of the decision on the VanEck BTC ETF and the resounding rise of Ripple that, beyond the numbers, achieves a technical milestone that is rarely seen. It recovers the ground lost on June 12th and erases weeks of doubts in just one night.
For its part, Ethereum continues to rise although at a much slower pace. The remarkable thing about Ether is that its relative improvement over Bitcoin brings us a little closer to the time when we could undoubtedly declare the entry in bullish mode for the Crypto board. For now, I continue to consider a technical floor scenario. It is very likely that in a few days, if not in hours we'll see......wow, BTC/USD won't even let me finish the sentence and overcomes the resistance at the $6,590 price level.
Regarding the delay of VanEck's ETF decision, the arguments are the same as always. Concerns about the possible manipulation of the underlying price (Bitcoin), transparency and other worries. They ask for more information. The Crypto market has ignored the news and continues with the good bullish tone of the last sessions.
BTC/USD 240-Min.
The BTC/USD is currently trading at the $6,690 price level, after surpassing the level that has exercised resistance since September 6 moments ago. The short-term BTC/USD target is at $7,200.
Above the current price, the first resistance awaits at $6,760 (price congestion resistance), followed immediately by the resistance level at $6,850 (price congestion resistance). $7,100 (price congestion resistance) is the last resistance level of this scenario.
Overcoming this resistance would make it possible for the BTC/USD to attack the bullish trend line that has governed the price since June. Exceeding it would end the bearish sentiment and turn the scenario to a tentatively bullish one.
Below the current price, the first support is at $6.436 (SMA200). If this level is lost, it would be disappointing for a market that has been waiting for the reaction of the BTC/USD, but technically it would not be significant. The next level of support at $6,590 (price congestion support).
Losing this level would be absolutely unpleasant as, below this level, the next support would remain at $6,200 and the entire bullish moment would be lost.
The MACD at 240-Min shows a clear bullish and primary phase profile. This means that there is room to continue climbing. Due to the increases in the averages, it has the potential to see significant rises.
The DMI at 240-Min confirms everything seen and shows the bulls in effervescence while the bears go to a minimum of two months. Supporting the movement we see an ADX that accelerates and confirms the possibilities of considerable rises.
ETH/USD 240-Min
The ETH/USD is currently trading at the $225 price level. It managed to get above the resistance line at $220 and for now, it is able to consolidate the gains.
Bitcoin does not follow on its bullish path but I see signs that it is only a matter of time before it does.
Above the current price, the first resistance is at $247 (SMA200) and the key level to overcome. This is the only hurdle before the next resistance at $270 (price congestion resistance).
Until the short-term target level above $320 is reached, the ETH/USD has resistance levels at $290 (price congestion resistance) and $310 (price congestion resistance and the ceiling of the major downstream channel).
Below the current price, the first level of support is at the commented level of $220. Losing this level would be discouraging to the Ether market. Below, we note important support formed by the EMA50 and the SMA100 at $212. In case this second support is lost, we could see a last-ditch attempt at $195, a critical level that could lead to a very dark future for the Ethereum.
The MACD at 240-Min shows a fully bullish profile even though the price does not reflect this. We should follow this situation closely so that we can identify which party is lying about the price.
The DMI at 240-Min shows us bulls with absolute control. They shoot upwards as the bears go down and lose all their strength. The ADX is moving up but not yet above level 20. It is possible that the moment of valid rises is indicated by this component above that level (20).
XRP/USD 240-Min
The XRP/USD is the protagonist of the day. Spectacular climbs that were already been hinted at yesterday at the last minute have crystallized during the late American and Asian morning session. With the surge, the XRP/USD enters the scene it lost at the beginning of August.
On the way, it has overcome no less than 7 levels of resistance. It is placed above the bullish trend line that comes from the end of June and also above the base of the bearish channel that is born from the late March highs. The message of strength is very clear.
Right now the XRP/USD seeks to consolidate the important level conquered. If XRP/USD does so, an absolute change of scenario with a medium-term bullish target at the price level of $0.80.
Above the current price, and up to the $0.80 target we see multiple resistance levels. The first three at $0.51 (price congestion resistance), $0.55 (price congestion resistance) and $0.58 (price congestion resistance).
Below the current price, yesterday's levels are already far away. All that is gained now is support. The first support is at the key level formed by the trend line and the channel base at $0.45. Losing this level would be quite detrimental. Below this support, the next level to watch is $0.441 (price congestion support) and the third support level is $0.429 (price congestion support).
The MACD at 240-Min is very open and inclined to the upside. A possible lateral movement to regulate it a little may be needed. However, the profile is absolutely bullish in the medium term.
The 240-Min DMI supports the idea of a certain calm in the coming periods. The bulls possess absolute control but are placed slightly below an ADX that indicates a touch at level 60. This implies the presence of a very strong trend. On the other hand, the bears hibernate and disappear from the scenario. The withdrawal of the bears is of such intensity that it favors the appearance of some selling which can confirm that they are still alive.
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