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The new falls on Crypto board send a wave of panic to the market.
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Technical indicators are holding up well in the short term.
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In the long term, only a miracle will prevent new yearly lows.
The early hours of BlackChain Friday are resulting in a race to the bottom with discount rates on the Crypto Board. The bullish attempt has failed abruptly in the face of strong bearish inertia.
The graphs today leave a complex and opposite structure. Before you throw your rotten tomatoes at me, I want to tell you that charts are fractal structures. Imagine a Matryoshka doll. Inside one with a terrible face, there can be one with a radiant smile and vice versa. They are contradictory, but they coexist and share the same destiny.
In the 240 minute chart, today's declines are the result of the rejection of the bullish cut. Bitcoin does not hit new relative lows. The structure of the indicators maintains an upbeat profile.
Ripple lost support at $0.413, and its technical indicators follow an upward turning pattern. Ethereum set new annual lows, and also its technical indicators do not look promising.
The charts in the daily range have a very different history. Bitcoin and Ethereum are very bearish. No excuses. I am fond of these crazy people, but they are going through difficult times.
The Ripple does not present such a negative aspect for the future, but it has lost vitality. It can get into serious trouble if it does not correct the course.
Trading and investment are so extraordinarily complex because of these things. The human mind is not prepared to manage hope and fear at the same time space and make a decision about it.
Do you want to know more about my technical setup?
BTC/USD 240-Minutes.
The 240 Minute BTC/USD shows the digital currency hit a daily low at $4,091. It loses the support level of $4,400 (price congestion support) and will probably continue to drop to the next support at $3,920 (price congestion support). Below this level of support, the next level at $3,250 would mean an additional 20% drop.
Above the current price, the first target at $4,400 (price congestion resistance). The second resistance is at $4,922 (price congestion resistance and EMA50). The third resistance at $5,330 (price congestion resistance and long-term bear channel base) is strategic. Recapturing it would return the BTC/USD to a more favorable long-term scenario.
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The MACD at 240 Minutes continues to cross up despite today's falls. The profile is surprisingly favorable to price hikes.
The 240 Minute DMI does not show a remarkable increase in bear activity. The bulls do diminish their strength a little more and seem convinced that the time has not come to get going.
XRP/USD 240-Minutes.
The 240 Minute XRP/USD has left the day's lows at the $0.397 price level, losing support at $0.413 (price congestion support). At the time of writing this article, it is trying to regain this strategic level. The second level of support is at $0.366 (price congestion support). The third support level is at $0.345 (price congestion support).
Above the current price, the first resistance is at $0.413 (price congestion resistance). The second resistance is at $0.429 (price congestion resistance). From there, the XRP/USD could attack the zone between $0.44 and $0.46, where a price congestion resistance and the uptrend line from annual lows converge. Recovering it would be boost confidence in the long term.
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The MACD at 240 Minutes perfectly illustrates the rejection of the bullish cross. The lines continue to cross downwards, and there should be a second attempt that statistically would have a better chance of success.
The DMI at 240 Minutes shows how the bears have tried to get back above the ADX line and have failed. This movement is a typical pattern of behavior before a turn-up.
ETH/USD 240-Minutes.
The ETH/USD at 240 Minutes trades at the price level of $124.10. It has pierced the support level down at $125. Right now it is trying to regain the level. If the ETH/USD fails, the next support level of $94.5 (price congestion support) awaits you. The third support level is at $80. If the ETH/USD reaches this support, it will complicate the long-term scenario a lot.
Above the current price, the first resistance is at the price level of $125 (price congestion resistance). The second resistance is between $153 and $155, an area where the EMA50 and a price congestion resistance converge. The second resistance is at $170 (price congestion resistance). If the ETH/USD achieves this level, an attempt at the $180 price zone, where congestion resistance and the SMA100 converge, would be feasible.
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The MACD at 240 Minutes continues to cross up even though today's falls have brought the averages together to the maximum. The profile continues to be positive in the short term.
The 240 Minute DMI shows how the bears have not increased activity despite this morning's declines. The bulls continue to retreat and do not show confidence that the falls will take a break in the short term.
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