- ETH/BTC must improve and Bitcoin will suffer for it.
- XRP breaks critical supports.
- ETH/USD hardly has any margin on the sales side.
The markets open calmly today, a calm tinged with red after the losses of support lines that we saw at the beginning of the week. The market's leading pair reached the first support level at the 0.30 price level and for now, is clinging to that level waiting for an unexpected move to return it to the network of parallel bullish lines that has governed the bullish leg since December.
Bitcoin still holds above $5,100, although as we will see in the analysis dedicated to the BTC/USD pair, it is very likely that we will witness lower levels and also, excellent opportunities to buy at better prices.
The medium and long term trend continues to be bullish, although the reaction of the ETH/BTC cross can mean a critical change in the structure of the market and come to create a schism in the group behavior so far of the components of the Crypto board.
ETH/BTC 4 Hours Chart
ETH/BTC is currently trading at the price level of 0.03009 and maintains support at 0.030.
The risk of seeking support at the lower level is 0.0293 (price congestion support). If this occurs, the second support level for the ETH/BTC pair is at 0.027 (price congestion support), then the third support level is at 0.0265 (price congestion support).
Above the current price, the first resistance level is at 0.031 (price congestion resistance and parallel bullish trendline), then the second resistance level for the ETH/BTC pair is at 0.0332 (price congestion resistance and second higher bullish trendline). The third resistance level for the ETH/BTC pair is at 0.0345 (third upper trendline).
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The MACD on the four-hour chart shows a flat profile that may develop with a new downward slope as a rejection of the first attempt at a bullish cut.
The DMI on the four-hour chart shows us how the bears step on some of their strength and get below the ADX line, while the bulls continue at minimum levels. The most likely development is a downward confirmation of the bears and a progressive improvement on the side of the bulls.
BTC/USD 4 Hour Chart
The BTC/USD is currently trading at the $5,416 price level after losing the $5.500 support level. Bitcoin has now begun the pattern of reversals that the other leading members of the Crypto board have been experiencing for days.
Below the current price, the first support level is at $5,360 (EMA50), then the second support level for the BTC/USD pair is at $5,240 (SMA100), while the third support level is at $5,100 (price congestion support).
Above the current price, the first resistance level is at $5,500 (price congestion resistance), so the second resistance level for the BTC/USD pair is at $5,626 (maximum relative and very long term parallel bear trend line). The third resistance level is at $5,867 (price congestion resistance).
The MACD on the four-hour chart is crossed downward with a soft profile and average openness between the lines. Short-term development is lateral bearish with the possibility of accelerating falls with ease.
The DMI on the four-hour chart shows a tie between bears and bulls. As the bearish side comes from below, they will most likely get to the front of the market. The second most likely pattern is a false cross where the winning team would be the bulls.
ETH/USD 4 Hour Chart
The ETH/USD pair is currently trading at the $163 price level, moving between the main moving averages.
Below the current price, the first support level is $161.5 (price congestion support and SMA200), then the second support level for the ETH/USD pair is $150.7 (price congestion support). The third level of support is at $142 (price congestion support).
Above the current price, the first resistance level is at $169.5 (EMA50 and SMA100), so the second resistance level for the ETH/USD pair is at $180 (price congestion resistance). The third resistance level is at $187.5 (relative maximum).
The MACD on the four-hour chart shows a bearish profile, moving into a negative zone. It is a profile that corresponds to the final phase of the bearish leg.
The DMI on the four-hour chart shows bears leading the market at a significant advantage over bulls. It is likely that in the next few days the ADX line will cross downward, but the bears are practically sure to make it to next week even though they are still bidding on the ETH/USD pair.
XRP/USD 4 Hour Chart
The XRP/USD is currently trading at the $0.298 price level, losing the psychological level of $0.30 and opening the door to bearish continuity.
Below the current price, the first support level is $0.293 (price congestion support), then the second support level for the XRP/USD pair is $0.288 (price congestion support). The third support level is $0.285 (price congestion support).
Above the current price, the first resistance level is $0.30 (price congestion resistance), then the second resistance level is $0.308 (price congestion resistance). The third resistance level for the XRP/USD pair is at $0.317 (price congestion resistance).
The MACD on the four-hour chart shows a bearish profile in the final phase. The opening between the lines informs us that the turn is not going to be fast and that it is going to be a relatively long process.
The DMI on the four-hour chart shows us that the bears are dominating the market at a considerable advantage over bulls. The latter remain at very low levels and do not appear to intend to take the lead in the short term.
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