- XRP is in a decisive moment that will mark the way to the rest of cryptocurrencies.
- ETH/USD resists consolidating advances and may attempt a bullish escape.
- The BTC/USD is lagging further behind and yielding to bearish pressures.
Yesterday was a day of consolidation in the crypto sphere. This is good news as a broad segment of the market expected a bump to destroy the pump seen on Friday, but that did not happen.
Luckily for all those who go long what we are seeing is a consolidation in the upper end of the current price range. The negative data is that the pattern of behavior is not favorable to breaks when it is consolidating so close to the resistance.
According to the development phases, Ripple is the one that seems to be closer to reaching the resolution point, followed by Ethereum and finally by Bitcoin. If XRP fails, the rest will most likely fail as well.
In the quick analysis of the ETH/BTC pair, I see that it is also consolidating to a few points off the key level at 0.0338 ETH/BTC. Without this break, the market is not going to go higher. On the contrary, if the current consolidation process leads to a loss of bullish strength, we will see it with the loss of the support level at 0.0333 ETH/BTC.
The DMI on the 4-hour chart shows a structure that usually evolves towards an upward test of the ADX line by the dominant trend force. If this happens, we would see a bullish break that is probably very unstable.
BTC/USD 240 Minute Chart
The BTC/USD continues to weigh on the market as a whole with its lack of momentum. Late Monday, it lost the support level at the $3,600 price level and is now at $3,556.
Below the current price, the first support is at $3,550 (price congestion support). This level is reinforced by the presence of the SMA200 at $3.533 and the EMA50 at $3.525. If the BTC/USD pair cannot hold above these price levels, the third support level, the fall would accelerate, and we would quickly see price levels around $3.460, where congestion support and the SMA100 converge.
Above the current price, the first resistance is at $3,600 (price congestion resistance), followed by the trend line that acts as the ceiling for the downstream channel at $3,675. The presence of a price congestion resistance at $3,688 reinforces the strength and complicates the situation. Above this last level, a large gap would open until the next resistance at the $3,900 price level.
The MACD on the 4-hour chart shows a bearish cross profile but in the positive zone of the indicator. It is the typical consolidation setting that can be stretched over time longer than desirable.
The DMI on the 4-hour chart shows the bulls progressively losing ground, while the bears cheered up yesterday at the last minute and manage to move above the 20 levels of the indicator, which gives them considerable strength.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at the $120.22 price level, just above the $120 price congestion support level. The Ethereum is also in the full consolidation phase, although the development is different from what we have seen in Bitcoin.
Below the current price, the first support at the level is cited above is $120 (congestion support). The second level of support is at the price level of $115 and converges on the one level of the price congestion support, the SMA200, and the EMA50. With these components, it is quite complicated for the ETH/USD pair to pierce it quickly, but if it does, the third level of support is at $109.50 and is the confluence of a price congestion support and the SMA100.
Above the current price, the first resistance level is at the price level of $130 (price congestion resistance), then the second level at $140 (price congestion resistance) and the third resistance level at $150 (price congestion resistance).
The MACD on the 4-hour chart points down, but with very little inclination, so a bullish spread cannot be ruled out. However, if the objective of the averages is to reach the zero level of the indicator, the trajectory may take many days if it does not accelerate in the consolidation fall.
The DMI on the 4-hour chart shows the bulls resisting to give up positions, while the bears do not show much desire to dispute their leadership.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.299 price level. The XRP is one of the tees that shows the most advanced pattern. The resolution, in this case, will be seen in the next hours and will serve as an example of what we can see in Bitcoin and Ethereum in the following sessions.
Below the current price, the first support is $0.293 (support for price congestion). The second support level is $0.288 (price congestion support) while the third support level is $0.285 (price congestion support).
Above the current price, the first resistance level is at the $0.302 price level where the SMA100 and the EMA50 converge. The second resistance level is at $0.308 (price congestion resistance) which is reinforced by the presence of the SMA200 at $0.314. The third resistance level is $0.334 (price congestion resistance).
The MACD on the 4-hour chart has fully developed the consolidation pattern and already rests on the zero lines of the indicator. This level is the most common to start a new upward stretch.
The DMI on the 4-hour chart shows an absolute balance between bulls and bears, both slightly above level 20. Either side that wins the encounter will emerge strongly from the battle.
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