Top 3 Price Prediction Bitcoin, Ethereum, XRP: Market smells money and prepares for take-off
- The market is not in full-bullish mode yet, but it is clearly going for it.
- Paradoxically, the best-prepared crypto, Ethereum, is the one that is leaving the most doubts.
- XRP joins the market momentum and leaves aside the sluggishness.
The trading day in Europe starts in the best possible way for crypto market followers.
Bitcoin manages to break through the resistance upwards at $8400 and slides quickly past $8500. Altcoins joined this morning's celebration led by the Ethereum who stands in front of the resistance at $150 after rising +4.4%, Litecoin up +7.3%, XRP +3.2% or DASH up +20%.
The flow of capital into Bitcoin soars to $176 million, well above the daily average.
Ethereum receives $23.3m, well above the $3.2m flowing into the XRP.
The discussion now revolves around whether or not to declare the market in full-bullish mode. As I proposed yesterday, the market is leaning towards that status, where bulls will have full advantage.
As I will explain in the detailed analysis, the situation of each Top3 crypto is different, while the ETH/BTC pair plays on the wire without a safety net.
ETH/BTC Weekly Chart.
The ETH/BTC pair is currently trading at the price level of 0.01762. The price is holding above the long-term downward trend line that overtook yesterday.
After the breakout, I expected more joy, but it is clear that the market is resisting this upward signal.
The current situation is complicated and risky. A downward movement would be critical at this point, as it would bring the price back below the trend line and the negative impact on market sentiment would be significant.
Moving averages are tilted downwards and are heading towards the 0.018 level in the short term.
Above the current price, the first resistance level is at 0.018, then the second at 0.0185 and the third one at 0.020.
Below the current price, the first support level is at 0.017, then the second at 0.0155 and the third one at 0.013.
The DMI on the daily chart shows that the bears are still monitoring the ETH/BTC pair. Sellers are moving just above the ADX line and are in the range of a possible upward movement that could change the leadership.
BTC/USD Weekly Chart
BTC/USD is currently trading at $8483. The target for entering full-bullish mode is $9140, a level where price congestion resistance converges with the SMA200 and the long-term downward trend line. The resistance level is critical and it will be difficult for the Bitcoin to break it easily.
Above the current price, the first resistance level is at $8800, then the second at $9000 and the third one at $9140.
Below the current price, the first support level is at $8500, then the second at $8400 and the third one at $8200.
The MACD on the daily chart shows a firm bullish profile. Both the slope and the opening suggest a continuation of the uptrend in the short term.
The DMI on the daily chart shows bulls dominating the pair without opposition while bears are giving up and sinking to levels not seen since last June.
ETH/USD Weekly Chart
ETH/USD is currently trading at $149.48 and is struggling to break out of the $150 level.
Ethereum has already broken out of the downward trend from relative highs. Now, it is moving into full bullish territory, which would be entered when above the SMA200, now at $180.
Above the current price, the first resistance level is at $155, then the second at $160 and the third one at $170.
Below the current price, the first support level is at $140, then the second at $130 and the third one at $125.
The MACD on the daily chart shows a very positive slope and opening. The moving averages are in a positive range, indicating that the current movement is here to stay.
The DMI on the daily chart shows that the bulls are unable to get above the ADX line, a sign of weakness. The bears are not confident in this apparent weakness and are holding on to the downward slope.
XRP/USD Weekly Chart
XRP/USD is currently trading at the price level of $0.2202, above the EMA50 but still far from the target level for declaring full bullish mode. XRP must move above the $0.25 level to achieve this condition.
Above the current price, the first resistance level is at $0.24, then the second at $0.25 and the third one at $0.26.
Below the current price, the first support level is at $0.22, then the second at $0.19 and the third one at $0.18.
The MACD on the daily chart shows a positive slope and opening between the lines. The MACD on the daily chart shows a positive slope and opening between the lines. The moving averages are still in the neutral zone, so if the trend continues upwards, the upward momentum will accelerate.
The DMI on the daily chart shows the bulls taking control of the pair, but still far from the domain. The ADX line is still far out and is a prime target to be able to declare the XRP in full bullish mode.
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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.
