- ETH/BTC breaking up and putting the market on pre-warning.
- BTC/USD falls behind, playing its role in primary bullish moments.
- XRP/USD is willing to put its volatility at the disposition of the pump.
We arrive at the last day of the week, and the headlines of the leading media covering the industry speak of the announcement made by the CBOE that it will stop offering the contract on Bitcoin from the end of this month of March. The reason given by the American operator is that the low average trading volume makes it infeasible to continue trading.
A year ago CBOE and CME launched their futures on Bitcoin amidst many uncertainties about the viability of the initiative. The competition between both platforms has been fierce and today the CME, in its quarterly report announces that the volume of negotiation on its future on Bitcoin is growing 16% in Q1 2019 compared to Q4 2018, negotiating so far in the quarter 4,784 contracts, for a value equivalent to 21,000 Bitcoins.
ETH/BTC 240 Minute Chart
Yesterday a short term triangle vertice was reached, and the price was indicated on the charts with generalized Long-Legged Dojis that brought nervousness to the market.
The ETH/BTC pair came out of the triangle on the bullish side but without any euphoria. The direction cannot be considered consolidated, but now we have new levels of security in the short term.
In the case of the ETH/BTC pair, this security level is at the price level of 0.034 Bitcoins per Ethereum.
ETH/BTC trades at the price level of 0.0347, and the first resistance level is at 0.035. The second resistance level is at 0.0367, and the third resistance level is at 0.0381.
The MACD on the four-hour chart manages to return to life, and its averages gain amplitude and tilt slightly higher. Moving averages are still driving in the negative zone of the market.
The DMI on the four-hour chart also reflects the bullish tone and the bulls are positioned above the bears with a bit of an advantage. Much more important is that the bears pierce the ADX downwards and initiate a very positive downward pattern for the price.
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3,859 price level after exiting the practically flat technical figure. It is undoubtedly the King's role now since the Ethereum's power in its direct relationship with Bitcoin is a necessary condition to maintain a crypto board on the rise.
Above the current price, the first resistance level for the BCT/USD pair is at the price level of $3,893 (price congestion resistance), then the second resistance level is at $4,050 (price congestion resistance), and the third resistance level is at $4,190 (price congestion resistance).
Below the current price, BTC/USD has the first support level at the price level of $3,852 (EMA50), then the second support level is at $3,831 (SMA100), while the third support level is at $3,787 (SMA200). It should be noted that the structure of moving averages is fully bullish.
The MACD on the 4-hour chart manages to gain a little bit of uptrend but with barely any space between the lines, reflecting the narrow range of prices seen on this pair in recent days.
The DMI on the 4-hour chart shows the bears dominating the situation, while the bulls continue to decrease in strength and move clearly below the ADX. This setup must be reversed to be able to see the Bitcoin looking for new annual highs.
ETH/USD 240 Minute Chart
The ETH/USD pair quotes at the $134.3 price level. The Ethereum has not yet managed to get out of the triangular figure, a particular situation that right now separates this lateral and deadly dull market from a long-awaited raise.
Above the current price, all the critical resistances and those that prevent to see significant increases converge in only 70 cents of a dollar in the first resistance level, with the EMA50 in $134.34, the SMA200 in $134.94 and the SMA100 in $134.96. This critical resistance level is completed with the top line of the triangle at $134.96. The second resistance level is at the price level of $142.2 (price congestion resistance), while the third resistance level is at $150.6 (price congestion resistance).
Below the current price, the first support level for the ETH/USD pair is at $130.7 (price congestion support), then the second support level is at $120 (price congestion support), and the third support level is at $115.
The MACD on the 4-hour chart shows an interesting bullish profile with increasing line spacing. It moves through the negative zone of the indicator, but if it breaks this triangle upwards, it can move quickly into the positive zone.
The DMI on the 4-hour chart shows how the bears retreat quickly and move below the ADX line. If the pattern continues to develop in this direction, the bullish moment will come shortly. The bulls, on the other hand, take control of the market with clarity.
XRP/USD 240 Minute Chart
The XRP/USD pair is currently trading at the $0.315 price level. XRP/USD is still moving within the triangle figure, although in the case of the XRP there is another upper range triangle that formed during the late 2018 rises.
Above this price level, the first bullish target for the XRP/USD pair is at the price level of $0.316 (upper triangle trend), reinforced by a price congestion resistance of $0.317. The second resistance level is at the price level of $0.328 (price congestion resistance). The third resistance level is at $0.0335 (price congestion resistance), a level that would indicate entry into the bullish phase.
Below the current price, the XRP/USD pair has solid support at the confluence of the EMA50 at $0.313, the SMA200 at $0.3143 and the SMA100 at $0.3145. This first level of support is excellent. The second support level is at $0.308 (price congestion support), while the third support level is at the price level of $0.30 (price congestion support).
The MACD on the 4-hour chart shows a very flat profile with no line spacing. On a positive note, the lines move through the bullish zone of the indicator.
The DMI on the 4-hour chart shows bears dominating the market versus bears that lost their joy two days ago. Both remain well above the ADX so that any movement can pick up strength quickly.
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