- We could see the start of the biggest Crypto bull market in history this weekend.
- Bitcoin is only three resistances lines away from $14,000.
- XRP continues to sleep although there are positive signs as well.
In the early hours of Friday –which marks the beginning of summer in the northern hemisphere – the Crypto market gives us one of its most exciting days of the year.
The upbeat situation – with Bitcoin at the gates of $10,000 and Ethereum eyeing $300 – is encouraged by the bullish movement of the ETH/BTC crypto cross.
The Crypto market needs Altcoins to lead the charge of the bullish movement and right now – things are on the right track.
In recent days I have been asked several times if it was time to buy Bitcoin and the answer has not been easy. Back in December, I published an article in which I made it clear that it was time to buy, with Bitcoin at $3,150 and Ethereum at $85.
So now what? Technical analysis and trading techniques provide tools that enable taking positions, define stops, and target prices in almost any situation. Any position taken now must have a stop below the first line of the long term support – and the willingness to hold the position for months or years to reap extraordinary returns.
ETH/BTC Daily Chart
ETH/BTC is currently trading at 0.02964 after reaching the EMA50 line, where the movement has stopped. The primary objective is to exceed the recent peak of 0.0323, the medium term around 0.060 and the long term above 0.10 ETH/BTC. Make your calculations and act accordingly.
Above the current price, the first resistance level is at 0.0296 (EMA50), then the second one is at 0.0301 and the third awaits at the confluence of the SMA100 and SMA200 at 0.0306.
Below the current price, the first support level for ETH/BTC is at 0.0291 (price congestion support), then the second one is at 0.0275 (price congestion support) and the third awaits at 0.0268 (price congestion support).
The MACD on the 4-hour chart shows an evident bullish cross that has emerged after showing a clear divergence from the price. Technically, it is very bullish.
The DMI on the 4-hour chart shows how bears still dominate the pair, which would explain the EMA50's failure. It is possible that we will still see additional declines, but if that happens, it should not be relevant – up to the first support level.
BTC/USD Daily Chart
BTC/USD is currently trading at $9,805, and there is no technical impediment for it to jump to $10,000 after having overcome resistance – now support – at $9,620 (price congestion resistance).
Above the current price, the first considerable resistance level is at $10,600 (price congestion resistance). $10,000 served as resistance only in 2018 on the way down, but not in 2017 when the granddaddy of cryptocurrencies was surging. The second resistance level is at $11,400 (price congestion resistance), and the third resistance level is at $14,000! (price congestion resistance).
Below the current price, the first support level is at $9,200 (price congestion support), then the second one is at $8,800 (price congestion support) and the third one at $8,400 (price congestion support).
The MACD on the daily chart shows an acceleration in the bullish structure, with greater inclination and openness between lines. The outlook brightens next week.
The DMI on the daily chart shows bulls are in control of the situation and sharpening the bullish profile as bears continue their gradual decline.
ETH/USD Daily Chart
ETH/USD trades at $289.9 after touching the price congestion resistance level of $290 (price congestion resistance).
Above the current price and beyond $290, the next cap is at $308 (price congestion resistance), followed by $318 (price congestion resistance).
Looking down, the first level of support is at $260 (price congestion support), then the second one is at $250 (price congestion support) and the third one awaits $238 (price congestion support).
The MACD on the one-hour chart shows a minimal bullish profile, which becomes scarce for the magnitude of today's movement. If this potential continues, we are going to see an upward movement of those who fill the headlines.
The DMI on the daily chart shows the thrust of the bulls more clearly. They acquire a bullish profile and move in the zone of trend continuity.
XRP/USD Daily Chart
XRP/USD trades at $0.442 and plays the discordant note among the Top 3 in the Crypto market.
Above the current price, the first resistance level is at $0.443 (price congestion resistance), then the second one is at $0.468 (price congestion resistance) and the third one awaits at $0.505 (price congestion resistance).
Below the current price, the first support level is $0.436 (price congestion support), then the second one awaits $0.43 (price congestion support) and finally, the third one is at $0.412 (price congestion support).
The MACD on the daily chart shows a marginally bullish profile. It is likely that if there is an upward acceleration, it would be violent and vast in terms of the price range.
The DMI on the daily chart shows bulls leading the market but without boasting excessively. The upside potential is there, although seeing the bears maintain the level with a minimal decline plays against a very bullish scenario.
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