- Ethereum reasserts itself against Bitcoin and claims a heroic role.
- Bitcoin joins the rally but lacks guarantees of continuity.
- XRP stays put and waits for its moment.
The crypto market is beginning to see the effects of the upswing among the main Altcoins.
Their gains against Bitcoin during the Asian session have been remarkable, giving us a taste of what may be their usual behavior for the coming weeks.
The upward turning process is going to take a few days, as in periods of less than a day prices have hit the main moving averages.
There are two scenarios on the analysis panel. First, the market reacts as a whole, rallying with the Altcoins consistently dragging Bitcoin’s performance. In the second scenario, Bitcoin and the majority of Altcoins continue to move downward but outperforming Crypto-King.
The unpleasant news of the day is the security breach in Crypto's YouHolder loan platform, which has exposed sensitive data from thousands of users.
ETH/BTC Daily Chart
The pair is currently trading at 0.022 and is down from Wednesday’s high of 0.0224. This pair has been in a more bearish trend since January 2018, so consolidating a change of direction may take quite some time.
Above the current price, the first resistance level is at 0.0228 (price congestion resistance), then the second at 0.0253 (EMA50) and the third one at 0.027 (double price congestion resistance).
Below the current price, the first level of support is at 0.020 (price congestion support), then the second at 0.0155 (double price congestion support). There is no notable third level of support, and drilling the second support down could bring the market to the brink of collapse.
The MACD on the daily chart shows a perfect bullish cross. It has a long way to go up without any obstacle, which augurs weeks, if not months, of bullish strength.
The DMI on the daily chart shows the bulls have not yet managed to take the lead from the bears. The meeting between both sides of the market will take place in the coming days and will provide clarity for the coming months.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $10.099 price level and is affected by the upward movements of the Altcoins.
Today's move has stopped at the level of the EMA50 while technical indicators continue to point downwards, so the chances of moving up the exponential average are low.
Above the current price, the first resistance level is at $10,090 (EMA50), then the second at $10,800 (price congestion resistance) and the third one at $11,250 (price congestion resistance).
Below the current price, the first level of support is at $9,650 (price congestion support), then the second at $9,150 (price congestion support) and the third one at $8,800 (price congestion support).
The MACD on the daily chart shows a bearish profile that fully enters the negative zone of the indicator. The most likely development is bearish continuity. This scenario will change if the indicator crosses higher and enters the positive region of the indicator.
The DMI on the daily chart shows bears with a small advantage over bulls — both sides of the market move above the ADX line, which increases the chances of increased volatility.
ETH/USD Daily Chart
ETH/USD is currently trading at $222.6 and is struggling with the price congestion resistance of $225 that it has managed to break earlier today.
As we will see later, Ethereum’s situation is typical of the moments before a bullish turn.
Above the current price, the first resistance level, beyond $225, is at $235 (SMA100 and price congestion resistance), then the second at $248 (EMA50 and price congestion resistance) and the third one at $260 (price congestion resistance).
Below the current price, the first level of support is at $215 (price congestion support), then the second at $207 (price congestion support) and the third one at $200 (price congestion support).
The MACD on the daily chart shows how the fast average goes straight to a bullish cross of the slow average. The first attempt will most likely fail, there will be a move to the low terminal, and then it will cross up and continue its way to new annual highs.
The DMI on the daily chart shows how bears still rule the pair. The bulls react well to today's highs and are on their way to snatch leadership from the selling side. The moment in which the two sides of the market meet is the ideal moment to generate volatility.
XRP/USD Daily Chart
XRP/USD is trading at $0.3179 and is struggling to overcome the double price congestion resistance of $0.32.
Above the current price, the first resistance level is at $0.329 (price congestion resistance), then the second at $0.334 (price congestion resistance) and the third one at $0.345 (SMA200 and price congestion resistance).
Below the current price the first level of support is $0.308 (price congestion support), then the second at $0.30 (price congestion support) and the third one at $0.295 (price congestion support).
The MACD on the daily chart shows a bullish cross profile at an early stage. The potential for bullish development is enormous, with the doubt remaining as to when it will occur, not whether it will.
The DMI on the daily chart shows bears leading but they are on a collision trajectory with bulls. This crossing process can take several days to complete.
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