Top 3 Price Prediction Bitcoin, Ethereum, XRP: Long-term upward transition
- Bitcoin recovers previous bullish scenario above $8000.
- Ethereum suffers to maintain the strong pace of Bitcoin, risks losing key supports.
- XRP tries to re-enter the game above the $0.20 level.
The weekend leaves us with significant gains in the main assets of the crypto market. Assets considered "advanced indicators" such as Litecoin, EOS or ETC have moved upward firmly.
Purchases have been widespread and only the less attractive projects have been left without their share of fresh money.
The better performance of Ethereum against Bitcoin has allowed the ETH/BTC pair to close above the ultra long-term downward trend line.
This positive technical achievement brings an upside potential not only to Ethereum but to the market as a whole since throughout the short history of the crypto segment this configuration has always been necessary to see a bullish market.
The most necessary resource at this time for long positions is patience. The next bullish phase may need two years to reach its climax according to technical patterns.
Today in the technical analysis, I will be using the weekly time range, although you can always click on the chart to access the daily range.
ETH/BTC Weekly Chart.
Long-term moving averages in the weekly range are moving well above the current price at the 0.040 (+120%) level. The "fast" moving average, the 50-week exponential one, is at 0.025.
The price finds support in the trend line that starts in December 2017, just before the bullish explosion. The risk of a breakout is very high, and ETH/BTC needs to change direction completely to avoid disaster.
The price is currently trading at the price level of 0.01769.
Above the current price, the first resistance level is at 0.022, then the second at 0.025 and the third one at 0.0265.
Below the current price, the first support level is at 0.015, then the second at 0.008 and the third one at 0.005.
The MACD on the weekly chart shows a similar profile to the one we can see in the daily range. The bullish pattern has disappeared and the moving averages have overlapped, making possible a bullish rebound like the one we have seen this weekend but taking much more time.
The DMI on the weekly chart shows how the bears fail to get back above the ADX line. This pattern usually proceeds with a change in the leadership of this trend-supporting indicator. The bulls are not showing any signs of improvement at the moment and the next two weeks may be crucial to price development for the rest of the year.
BTC/USD Weekly Chart.
BTC/USD is currently trading at the price level of $8,087, as it attempts to break out of the price congestion resistance at $8232.
BTC/USD has managed to rebound above the long-term bearish channel this week. It is also above the long term channel, which now works as a support and insurance, adding strength to the Bitcoin price.
Above the current price, the first resistance level is at $8232, then the second at $9600 and the third one at $11435.
Below the current price, the first support level is at $7890, then the second at $7180 and the third one at $6000.
The MACD on the weekly chart shows a pre-rally profile, similar to the pattern formed in early 2019. The development of the bullish cross, if it occurs, may take several weeks to be consummated.
The DMI on the weekly chart shows both sides of the market at similar levels but with a small advantage for bears. Both are moving above the ADX line, a setup that encourages a possible violent departure from the current equilibrium level.
ETH/USD Weekly Chart
ETH/USD is currently trading at $142.89, still well below the level of the leading moving averages. The average price in the weekly range is above $230. Only the 200-week moving average retains the bullish profile, which believes that a change in the uptrend will take some time to complete.
Above the current price, the first resistance level is at $145, then the second at $175 and the third one at $200.
Below the current price, the first support level is at $120, then the second at $112.5 and the third one at $95.
The MACD on the weekly chart is entirely flat while running below the level that separates the upside from the downside. The absence of tilt makes it impossible to establish future development scenarios.
The DMI on the weekly chart shows bears leading the pair with a slight downward trend. The bulls try to break the ADX line but fail and propose continuity of leadership on the sell-side.
XRP/USD Weekly Chart
XRP/USD is currently trading at $0.2109 and is back at the 20-cent level it lost three weeks ago.
Above the current price, the first resistance level is at $0.24, then the second at $0.28 and the third one at $0.30.
Below the current price, the first support level is at $0.19, then the second at $0.17 and the third one at $0.15.
The MACD on the weekly chart shows a flat profile moving in the negative zone of the indicator. It is not possible to extract reliable information from this setting.
The DMI on the weekly chart shows bears with an advantage over bulls. Bears and bulls have trend force in case of deciding a direction of movement.
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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. He expanded his technical training following the guidance of great experts on the financial markets.
