• The market's leading pair improves and is positioned to continue rising.
  • The weakness of Bitcoin favors the development of upward forces.
  • XRP continues to be in a fragile situation but does not influence the rest of the market.

 

The day starts in Europe with upbeat expectations for the crypto market if the bull candle that the ETH/BTC is drawing has continuity.

When the vast majority of headlines feed on Bitcoin's weakness and talk of possible visits to the $4,000 low, Ethereum reacts and improves its position vis-à-vis the King of Cryptos.

For now, this is only a possibility that awaits a confirmation if the closing in the ETH/BTC cross is above 0.03045. Should this happen, the chances are that the pair will continue to move up to the next resistance level at 0.0316.

 

 ETH/BTC 4 Hours Chart

 

As I write this article, ETH/BTC is trading at the price level of 0.0303, breaking above the price congestion resistance at 0.030. The commented signal level at 0.0345 is close and after the bullish break, the chances are that this signal will increase.

Above the current price, the first resistance level is at 0.0315 (price congestion resistance), then a little higher the second resistance level is at 0.032 (lower parallel bullish trend line). This second level, if the ETH/BTC pair can beat it, would return the pair to the bullish structure that guided the rises since December. The third resistance level is at 0.0332 (price congestion resistance).

 

Below the current price, the first support level for the ETH/BTC pair is at 0.030 (price congestion support), then the second support level is at 0.0275 (price congestion support). The third support level is at the price level of 0.0265 (price congestion support).

 

 

The MACD on the four-hour chart reacts to the upside after failing its bearish cross attempt but threatened by the close presence of the neutral line of the indicator, i.e., the zero level. It is not a robust structure, but it is undoubtedly a structure that points to an improvement in the price.

The DMI on the four-hour chart shows the bulls taking the lead and also standing above the ADX line, which reinforces the chances of seeing a consistent upward movement. On the downside, the bears remain at level 20, showing for now little conviction in the possibilities of the bulls.

 

 

BTC/USD 4 Hour Chart


 

The BTC/USD pair is currently trading at the $5,149 price level, continuing one more day in the narrow range between short-term moving averages above and price congestion support at $5,100.

Above the current price, the first resistance level is at $5,240 (EMA50 and SMA100), then the second resistance level is at $5,500 (price congestion resistance). The third resistance level for the BTC/USD pair is at $5,660 (price congestion resistance).

Below the current price, the first support level is at the price level of $5,100 (price congestion support), so the second resistance level for the BTC/USD pair is at $5,000 (SMA200). Should the BTC/USD pair lose support for this important moving average, it would not find support up to the price level of $4,600 (price congestion support).

 

 

The MACD on the four-hour chart shows an extremely flat profile with hardly any distance between the lines. It is a structure that favors sudden movements.

The DMI on the four-hour chart shows how both sides of the market maintain the same levels since April 26th. Bears dominate the market against bulls, and as we see from the ADX line, the bearish trend seems to want to accelerate.


 

ETH/USD 4 Hour Chart


 

The ETH/USD is currently trading at $159.6 and continues to approach the strong resistance level formed by the confluence of the $160 price congestion resistance level, the EMA50 at the same level and the sum of the SMA100 and the SMA200 at around $165.

Above the current price, the first resistance level beyond the above confluence is at $180 (price congestion resistance), then the second resistance level is at $190 (price congestion resistance). The third resistance level for the BTC/USD pair is at $200 (price congestion resistance).

Below the current price, the first support level is at the $150 price level (price congestion support), then the second support level is at $142.5 (price congestion support). The third level of support for the BTC/USD pair is at $131 (price congestion support).

 

 

The MACD on the four-hour chart shows an upwardly inclined profile and increasing openness between the lines that make up this indicator. As in the case of the ETH/BTC pair, the proximity of the indicator's neutral level poses a threat to short-term bullish aspirations.

The DMI on the four-hour chart shows how bears continue to command although they do so at lower levels than in past days. On the other hand, the bulls have improved in the last few hours and are above level 20, which indicates trend strength on the part of the bulls.



XRP/USD 4 Hour Chart



The XRP/USD is currently trading at $0.298. The XRP is enclosed between two levels of price congestion, below support at $0.293 and above resistance at $0.30. As we are accustomed to the XRP, the moment of rupture can bring with it a substantial increase in volatility and intraday range.

Above the current price, the first resistance level is $0.30 (price congestion resistance), so the second resistance level is a confluence of the EMA50 and a price congestion resistance between $0.305 and $0.307. The second resistance level is also formed by a confluence, in this case at the level of $0.317 and built by the confluence of the SMA100 and a price congestion resistance. The third resistance level for the XRP/USD pair is again a convergence at the $0.328 level and formed by the SMA200 and a price congestion resistance.

Below the current price, the first support level is $0.293 (price congestion support), then the second support level is $0.288 (price congestion support). The third level of support for the XRP/USD pair is $0.285 (price congestion support).

 

 

The MACD on the four-hour chart shows an upwardly inclined profile, but with minimum line spacing. The close proximity of the indicator's zero level augurs certain difficulties in the coming hours.

The DMI on the four-hour chart shows the bears in control of the situation, although they lose strength and fail to stay above the ADX line. The bulls, on the other hand, do not react to the upside and continue below the 20 level, which confirms the weakness of the buyer side.



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