- Ethereum is willing to start looking up.
- Bitcoin needs to move down and find solid support levels.
- XRP escapes massive sales.
The weekend has left some moves that have generated quite a stir. Bitcoin finally gave way to bass development and took advantage of Sunday to go in search of the EMA50 around the area of $10,000.
The Altcoins take the worst part with significant but typical falls in the Cryptocurrencies market. The market enters the final phase of the consolidation process after the first bullish stretch from the December lows.
The process is going to be slower than one might wish, but it needs to be that way. Long-term moving averages on the daily chart still move at levels well below the spot price in the case of Bitcoin and Ethereum.
A process that gives time to the SMA200 to approach current levels will provide reliable technical support for new upward impulses to new fresh highs.
The market continues to sell Ethereums against Bitcoin, even openly considering the end of much of the Altcoins. Statistics do not support this theory, but it is true that at some point the Cryptocurrencies market will have to choose between viable projects and those that do not add value nor have acquired the category of value stores.
ETH/BTC Daily Chart
The ETH/BTC pair fell sharply yesterday, leaving today's low below the 0.02189 level, although in the European morning it recovers and touches the 0.022 level.
In this pair, the situation concerning its moving averages is inverse and it is well above the current price. At some point, both must coincide soon, so the scenario of rises at least to around 0.031 continues.
The ETH/BTC pair has a little margin on the downside of the chart, with a first price congestion support at 0.020 that if not resists will move to the next level at 0.0158 (double price congestion support). Below this level of support, the most catastrophic view of the Crypto segment would gain clear options to become a reality.
Above the current price, the first resistance level is at 0.0229 (price congestion resistance), then the second at 0.0272 (EMA50 and double price congestion resistance) and the third one at 0.0298 (SMA100 and double price congestion resistance).
The MACD on the daily chart shows a profile that does not show the amplitude of the drop in the last two days. In the last few weeks, there have been two attempts to cross bullish, which suggests an underlying bullish trend of interest.
The DMI on the daily chart shows bears controlling and expanding their control over the pair. The bulls, on the other hand, maintain a good level despite the magnitude of the falls, which reinforces the underlying bullish interest in the ETH/BTC pair.
BTC/USD Daily Chart
The BTC/USD is currently trading at $10,170 after leaving the day's low of $9,843 and finding support at the EMA50.
Below the current price, the first support level is at $10,026 (EMA50), then the second is at $9,680 (price congestion support) and the third one at $9,150 (price congestion support).
Above the current price, the first resistance level for the BTC/USD pair is at $10,650 (price congestion resistance), then the second at $11,290 (price congestion resistance) and the third one at $14,000 (price congestion resistance and relative maximums).
The MACD develops the bearish profile and increases inclination and openness between lines. The current pattern is going to take quite some time to develop fully.
The DMI on the daily chart shows the bears above the bulls for the first time since early June. On that occasion, they spent 10 days leading the BTC/USD pair.
ETH/USD Daily Chart
The ETH/USD pair is trading at $222.67 after dropping to a daily low of $202.8.
The ETH/USD has pierced the SMA100 and was mid-morning today on the SMA200 moving at $180.
The bass development of the Ethereum is much ahead of the Bitcoin.
Below the current price, the first level of support is at $215 (price congestion support), then the second at $206 (price congestion support) and the third one at $200 (price congestion support).
Above the current price, the first resistance level is at $232 (SMA100 and price congestion resistance), then the second at $250 (price congestion resistance) and the third one at $260 (EMA50 and price congestion resistance).
The MACD on the daily chart shows a bearish profile at an advanced stage of development. If it were to start turning bullish, it would not be surprising by the pattern shown.
The DMI on the daily chart shows bears clearly dominating the ETH/USD pair. They go to levels not seen since the December lows. On the other hand, the bulls remain at quite high levels and do not seem convinced of the possibilities of the bearish to continue leading the pair.
XRP/USD Daily Chart
The XRP/USD is trading at $0.380 after dropping below the $0.30 low yesterday.
Today it is recovering and is the strongest of the components of the Top 3.
Below the current price, the first support level is at $0.308 (price congestion support), then the second at $0.30 (price congestion support) and the third one at $0.295 (double price congestion support).
Above the current price, the first resistance level is at $0.32 (double price congestion resistance), then the second at $0.328 (price congestion resistance) and the third one at $0.334 (price congestion resistance).
The MACD on the daily chart shows a bearish profile at an advanced stage of development. From the current pattern, the beginning of an upside phase is likely.
The DMI on the daily chart shows bears clearly dominating the XRP/USD pair. Bulls retreat to levels not seen since last March. These extreme levels also favor a possible bullish turn.
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