- After days of stagnation, Ethereum more than 8% in just minutes.
- In the absence of a technical confirmation, we are on the verge of a new bull run.
- A failure now would be lethal and would bring the market to annual lows.
We are witnessing a bullish reaction on the Crypto board, with significant unconfirmed breaks at key levels in the first hour of trading. The signals should never be considered valid until the closing of the candles, but at least we already have half of the ingredients necessary to be able to declare a bullish stretch in the short term.
The Scenario I contemplate needs ETH/USD to be the first pair to take the initiative with a close above the $109 price level and above the EMA50 and the SMA100 serving as proof.
I am sharing the ETH/BTC chart, where you can see that a close above 0.03163 ETH/BTC would mark the exit from the lowest zone of these days and the entry into a very positive environment to see a second tranche upwards that would take it to the level of 0.040 ETH/BTC.
BTC/USD 240 Minute Chart
BTC/USD is currently trading at the $3,388 price level after reaching the $3,400 price congestion resistance. It is just a few cents away from the EMA50 that passes through the $3,406 price level. If it manages to close above the exponential average, the next target is between the SMA100 at $3.455 and the next price congestion resistance at $3.465. From here, BTC/USD would leave behind the recent lows and could enter a bullish mode again in the short term.
On the downside, the first support is at the $3,360 price level (congestion support). The second support level is at $3,315 (price congestion support), and the last support level before the baseline of the bearish channel that governs the movement of the BTC/USD at $3,250.
The MACD on the four-hour chart shows a very early upward cross. It will take several hours to validate the cross and its impact on the price.
The DMI on the 4-hour chart shows how after the current hike, the bulls have gone up directly to the bears’ level. Also in the case of this indicator, several hours will be necessary to make a correct assessment of the movement.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at $108.13, leaving the intraday high at $110.27. The early morning movement of the European session has allowed the Ethereum to surpass the EMA50 and for a moment the SMA100. This is an excellent demonstration of bullish strength.
If ETH/USD manages to close the current candle above the SMA100, the crucial next objective is at the $120 (SMA200) price level, as an intermediate level towards the third level of price congestion resistance at $131.
Below the current price, the first support level is at the EMA50 at $106.65, while the second support level is at $105.5 (price congestion support). The third level of support is at $103 (price congestion support).
The MACD on the 4-hour chart has gained momentum, although the opening between the lines is minimal. It is necessary to follow the evolution carefully to see if it can overcome the 0 levels of the indicator.
The DMI on the 4-hour chart looks much better than the BTC/USD pair. The bulls have managed to surpass the level of the bears and are shooting at levels not seen since late last December.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.2961 price level. It has passed the first resistance level at the price level of $0.2936 to go directly impact against the next resistance level at $0.2988 (EMA50 and price congestion resistance).
It is vital for the XRP's bullish aspirations that it exceeds this price level. When this occurs, the next resistance zone is between $0.304 (SMA100) and $0.308 (price congestion resistance). The third resistance level is at the price level of $0.321 (SMA200).
The MACD on the 4-hour chart shows a positive slope of the lines, which thanks to the recent upward movement have also increased the opening between them. There is still a long way to go to reach the 0 levels and enter a fully bullish zone.
The DMI on the 4-hour chart shows bulls outperforming bears but with less intensity than in the case of the ETH/USD pair. Bears sink below level 20, so they are no longer considered active.
BEST BROKERS TO TRADE CRYPTO
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