- King Bitcoin shows fatigue and needs to consolidate current levels.
- Ethereum has room to advance but its time is running out.
- XRP stays in full bullish mode and can roll the bullish dice one more time.
Cryptos extend the consolidation process of the critical levels conquered in the last weekend
Markets have favored Ethereum over Bitcoin but the rises have finally proved insufficient to reach the next resistance level in the ETH/BTC pair. The most likely option right now is that the crypto market will see price drops in the next few hours or days.
Also, other Altcoins have seen sharp increases, highlighting the bullish persistence in Litecoin and EOS, both boasting excellent returns in the year.
The market is feeling strongly bullish but it is not risk-free. BTC/USD barely has room to fall without jeopardizing the support of the upper trend line of the long term bearish channel.
ETH/BTC 4 Hours Chart
The ETH/BTC pair is currently trading at 0.0310, supported by the EMA50 that is needed to surpass the SMA100 and the SMA200 to reach a clear zone. The key level it needs to exceed is 0.035.
Above the current price, the first resistance level is at 0.0316 (price congestion resistance), then the second resistance level is a quadruple confluence formed by the SMA100, SMA200 and immediately after, plus a price congestion resistance and a parallel bullish line. Finally, the third resistance level for the ETH/BTC pair is at 0.035 (price congestion resistance and second upper parallel bullish line).
Below the current price, the first support level is the EMA50 at 0.0309, so the second support level is at 0.030 (price congestion support). The third support level for the ETH/BTC pair is at 0.0295 (lower parallel bullish trend line).
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The MACD on the daily chart shows a special profile, completely flat and with the lines very close together. The standard output of this type of configuration is explosive, usually rising.
The DMI on the daily chart shows bulls leading the market despite decreasing trend strength. The bears retreat at the same time as the bulls, and both remain above the ADX line. This structure gives freedom of movement for both sides.
BTC/USD Daily Chart
BTC/USD is currently trading at the $8,529 price level and is irretrievably heading towards the $8.200 level.
Above the current price, the first resistance level is at $8,800 (price congestion resistance), then the second resistance level is at $9,140 (price congestion resistance). The third resistance level in the BTC/USD pair is at $9,650 (price congestion resistance).
Below the current price, the first support level is at $8,400 (price congestion support), then the second support level is at $8,200 (price congestion support and upper trend line of the long term down channel). The third level of support for the BTC/USD pair is already in the risk zone and back into the long term bear channel at $8,000 (price congestion support).
The MACD on the daily chart shows an exhausted structure that will tend to downward price movements. The current extreme bullish sentiment may hold the price somewhat while moderating the technical extremes, but in any case, the BTC/USD will tend to fall.
The DMI on the daily chart shows bulls dominating the asset, although bears are increasing the level of trend strength in recent hours.
ETH/USD Daily Chart
ETH/USD is currently trading at $267 and is unable to move above resistance at $280.
Above the current price, the first resistance level is at $280 (price congestion resistance and relative maximum), then the second resistance level is $290 (price congestion resistance). The third resistance level for ETH/USD is at $308 (price congestion resistance).
Below the current price, the first support level is at $260 (price congestion support), then the second support level is at $250 (price congestion support). The third level of support for ETH/USD is at $235 (price congestion support).
The MACD on the daily chart clearly shows the depletion of the bullish strength. The most likely scenario is bearish, although, as in the case of BTC/USD, a strong general bullish sentiment can sustain the price despite the technical deterioration.
The DMI on the daily chart shows how bulls retain a comfortable advantage over bears. The selling side gives no reaction signals and does not rely on significant declines.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.437 after reaching the $0.46 level yesterday.
Above the current price, the first resistance level is $0.445 (price congestion resistance), then the second resistance level is $0.47 (price congestion resistance). The third resistance level for XRP/USD is $0.505 (price congestion resistance).
Below the current price, the first support level is $0.435 (price congestion support), then the second support level is $0.43 (price congestion support). The third level of support for XRP/USD is $0.412 (price congestion support).
The MACD on the daily chart shows an excellent bullish profile, which even seems to be accelerating. The line spacing is considerable, so according to this technical indicator, the upward movement can continue.
The DMI on the daily chart shows bulls leading the asset, albeit below the ADX line. The bears fall to the lows and do not consider another leg down.
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