- Patience and knowledge of the key levels, essential to properly manage the technical moment.
- Top 3 continue in bearish scenarios and arrive exhausted to the bullish breakout zone.
- The short term is configured upwards, contradicting what the medium-term charts convey, with a more sideways profile.
The crypto market opens the trading week by taking advantage of the momentum of the movement that started early Sunday morning.
As if it were an established rhythm, this week it is time to go up after going down the previous one, and up again the previous one.
Technically the bullish scenario in the short term was not the most probable. At the moment there are no changes in the medium term, although seeing how the Top 10 altcoins are rising, we can rule out a surprise bullish breakout.
The situation is perfect for waking up FOMO among investors and trigger impulse buying.
In this article, I will try to make clear the levels of change of scenario, hoping that it will help them make the right decisions.
ETH/BTC 4-Hours Chart
The ETH/BTC pair deserves all the attention because for investors focused on getting Bitcoins at all costs, it's a primary tool. The ETH/BTC pair managed to escape the long term bearish scenario two weeks ago.
Short-term technical analysis.
The ETH/BTC is currently trading at the price level of 0.01929.
Above the current price, the first resistance level is at 0.020, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.019, then the second at 0.0187 and the third one at 0.0183.
The MACD on the 4-hour chart is slightly tilted and rests comfortably on the 0 levels of the indicator. This setting does not provide any information.
The DMI on the daily chart shows that the pair is in a tight spot between the two sides of the market. Both bears and bulls tend to increase their trend force and increase the chances of an explosive exit to the current equilibrium situation.
BTC/USD 4-Hours Chart
The BTC/USD pair is moving above yesterday's highs but is losing some of the upward momentum we saw during the Asian session.
The Bitcoin needs to break above $9,000 to escape the current consolidation scenario. On the risk side, the situation will get worse with the loss of the $7,350 support level.
Short-term technical analysis.
The BTC/USD is currently trading at $8,578 and is in a bearish position after yesterday's gains. Following the opening of the Asian bullish trend, the chart shows a Doji and now a bearish candlestick. A close in this configuration would be harmful in the short term.
Above the current price, the first resistance level is at $8,800, then the second at $9,175 and the third one at $9,600.
Below the current price, the first support level is at $8,515, then the second at $8,400 and the third one at $8,200.
The MACD on the 4-hour chart shows a bullish cross has formed. The upward slope of the moving averages and the opening between the lines support the continuation of the upward trend.
The DMI on the 4-hour chart shows an active bullish pattern, with the bulls above the ADX line. As long as the bears move below the ADX line, the pattern will remain active.
ETH/USD 4-Hours Chart
The ETH/USD pair has slowed to the $170 resistance level and is far from the $185 level that marks the exit from the consolidation scenario and a new bullish phase. On the risk side, the $120 level marks the level at which the scene would mutate into a very negative one.
Short-term technical analysis.
The ETH/USD is currently trading at the price level of $166.6 and is retreating after an attempt to overcome price congestion resistance at $170.
Above the current price, the first resistance level is at $170, then the second at $176.5 and the third one at $180.
Below the current price, the first support level is at $160, the second at $155 and the third one at $150.
The MACD on the 4-hour chart shows an active bullish cross profile, with a significant upward slope and the opening between the lines. The current setup is potentially bullish in the short term.
The DMI on the 4-hour chart shows the bulls with an active bullish pattern. The buy-side moves smoothly above the ADX line and triggers a bullish pattern in the short term. The bears are not giving up and are trying at this time to dispute the control over the pair.
XRP/USD 4-Hours Chart
The XRP/USD pair managed to escape the long term bearish scenario with yesterday's rally but is risking it again today as soon as sales appear. The XRP would enter a new bullish phase above the $0.260 level, while the gates of hell are beyond the $0.17 level.
Short-term technical analysis.
The XRP/USD is currently trading at $0.227, and after the last few hours of gains, it is outperforming all the major moving averages.
Above the current price, the first resistance level is at $0.2366, then the second at $0.2535 and the third one at $0.265.
Below the current price, the first support level is at $0.225, then the second at $0.217 and the third one at $0.2120.
The MACD on the 4-hour chart shows a very bullish profile only limited by the presence of level 0, which separates the downward and upward sides. If the XRP/USD continues to move higher, the indicator will enter the bullish zone and take on more strength.
The DMI on the 4-hour chart shows the bulls and bears in a technical tie as they both move just below the ADX line. The side that manages to get above this line that measures the strength of the trend will activate a pattern that will give you control of the market.
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