- ETH/BTC is set up to rise in the short term.
- XRP can surprise and open up the Altcoin season.
- Bitcoin goes low and tests important levels.
A few minutes ago, Bitcoin pierced the $10,000 support and the news has jumped in all the specialized media around the world.
In the Crypto universe, the round numbers that have such an impact on other markets are usually a minor hurdle.
Although it has recovered for the time being, the BTC/USD pair has not finished the correction started at the end of June. Two medium-term scenarios are beginning to be drawn, which I will explain in the analysis dedicated to Bitcoin.
The yellow news of the day is the cancellation of the charity lunch between Warren Buffett and Sun Yuchen (TRON) because of some health issues concerning the Chinese entrepreneur. Other sources point to possible legal problems for Sun due to alleged accounting irregularities.
ETH/BTC Daily Chart
Today may be an important day for the Altcoin segment and by derivative, for the Crypto market as a whole. The pro bullish technical configuration continues to develop and it seems very likely that today it will enter the next bullish phase.
If we remain faithful to the historical behavior of the Crypto market, it is appropriate to expect better Ethereum behavior against Bitcoin in the consolidated upward phases.
The last time this happened was in mid-May and technically everything is ready for it to happen again. The biggest obstacle for this to happen may precisely be the obvious of the moment. If this were a shark market and not a whale market, I would expect a short-term bullish trap and substantial economic benefit for the big speculators.
Practical notes aside, the bullish moment is inevitable for the ETH/BTC pair.
Above the current price, the first resistance level for the ETH/BTC pair is at 0.0285 (price congestion resistance), then the second at 0.0255 (EMA50) and the third one at 0.0269 (double price congestion resistance).
Below the current price, the first level of support is at 0.020 (price congestion support), then the second at 0.015 (price congestion support).
The MACD on the daily chart is the most important of the entire Crypto market at the moment. Statistically, the short-term trend should be bullish, although it remains unknown which price should be reached and how long it will take.
The DMI in the daily chart gives us more information about the two unknowns that the MACD has left us.
The bulls have an excellent upward trajectory until they can reach the bears so that the uptrend can be active for at least a couple of weeks. If the trend strength represented by the ADX remains at current levels, the price range can also be significant.
BTC/USD Daily Chart
The BTC/USD is trading around $9,933 and is heading back towards the $10,000 level to deepen the decline. The EMA50 is now trading at $10,050 and may complicate a possible Bitcoin recovery in the short term.
The BTC/USD pair can fall as low as $8,400 without jeopardizing the medium-term bullish trend, although in that scenario times would be much longer and could move in this range for months.
Above the current price, the first resistance level is at $10,800 (price congestion resistance), then the second at $11,200 (price congestion resistance) and the third one at $14,000 (price congestion resistance and relative maximum).
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 accelerates again and is already moving below the neutral level of the indicator. In principle, it does not look like the move is going to be long-lasting, but it is still too early to say for sure.
The DMI on the daily chart shows a near tie but in detail shows bears ahead of bulls. The absence of trend force complicates a possible quick exit to the current situation so that the indecision may lengthen in time.
ETH/USD Daily Chart
The ETH/USD is currently trading at $210.3 and it is falling in line with general market sentiment.
Above the current price, the first resistance level is at $218 (price congestion resistance), then the second at $223 (price congestion resistance) and the third one at $238 (price congestion resistance and SMA100).
Below the current price, the first level of support is at $205 (price congestion support), then the second at $200 (price congestion support) and the third one at $195 (price congestion support).
The MACD on the daily chart shows a very flat profile, although the drop may take longer than a few days.
The DMI on the daily chart shows bears losing the ADX line, which triggers an end of the trend pattern. These do not mean that it will no longer fall, but rather than turning patterns come into action, such as increased volatility.
XRP/USD Daily Chart
The XRP/USD is trading at $0.310 and continues its upward trend after many weeks of declines. This bearish phase may last a few more days and see an increase in price volatility.
Above the current price, the first resistance level is at $0.32 (double price congestion resistance), then the second at $0.328 (price congestion resistance) and the third one at $0.335 (price congestion resistance).
Below the current price, the first level of support is at $0.305 (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 that can lead to sharp highs at any time. The least likely scenario is that of terminal type falls before a short-term trend-turn.
The DMI on the daily chart shows bears still mandating but already below the ADX line, indicating the end of the current bearish phase. The bulls are not losing ground and remain at levels reached with last week's gains.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.