- It's time for the Ethereum to play hardball.
- Ending upward structures are developing.
- XRP follows the market but does not relate to it.
We reach the end of a week can be characterized as a week of transition.
After the strongly bullish days of the beginning of the month, cryptos have reached critical levels of resistance that mark the border between the technically bullish zone and the current one – the change of tendency and the resurgence of the bulls.
King Bitcoin has spent the last ten days circling the wall and for now, has not found the key to allow the transition. BTC/USD shows a trend exhaustion profile, so if there is a final attack on this critical resistance level, it will have a vast epic and risk component.
The market mood has changed from exaggerated pessimism to an anesthetic mode in which even Binance's security problems have not shaken current thinking.
So what is the current thinking? Well, as an example, AT&T, the giant of telephony in the USA, founded in 1983, announced yesterday that its users would be able to pay their bills with Bitcoin. The adoption of Bitcoin as a means of payment has reached a mainstream company.
ETH/BTC 4 Hours Chart
The ETH/BTC pair, which I consider to be a leading indicator of the market mood, reacts to the rise early in Europe. After relying on the lower parallel bullish trend line yesterday, it resurfaces today and is already moving at 0.03162 BTC per ETH.
Above the current price, the first resistance level for the ETH/BTC pair is at 0.03165 (price congestion resistance), then the second resistance level is at 0.033 (upper parallel bullish trend line and price congestion resistance). The third resistance level is at 0.0345 (second upper parallel bullish trend line).
Below the current price, the first support level is at 0.0308 (lower parallel trendline), then the second support level is at 0.0300 (price congestion support, SMA100, and SMA200). The third support level is at 0.0291 (price congestion support).
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The MACD on the four-hour chart shows a sweet landing above the 0 levels of the indicator, with a flat profile and hardly any opening between the lines. Both sides of the market can take advantage of the current setup.
The DMI on the four-hour chart shows bears dominating the pair but for very little. The highlight is that the low volatility has sunk the ADX and allowed the bulls to cross it upwards, which is an advantage.
BTC/USD Daily Chart
BTC/USD is currently trading at $7,953, staying below the pre-wall resistance level of $8,190 today.
Above the current price, the first resistance level is at $7,960 (price congestion resistance), then the second resistance level for BTC/USD is $8,190 (upper parallel line of the medium-term bear channel). The third resistance level is already beyond the wall at $8,400 (price congestion resistance).
Below the current price, the first support level is $7,850 (price congestion support), then the second support level is at $7,750 (price congestion support). The third level of support for BTC/USD awaits at $7,600 (price congestion support).
The MACD on the daily chart shows an exhaustion profile of the bullish trend that can easily drift into a new bullish range.
The DMI on the daily chart shows the bulls still ahead of the bears, but on a collision trajectory for the next few days.
ETH/USD Daily Chart
ETH/USD is trading at $251, surpassing the price congestion resistance level of $250. Ethereum should do better than the Bitcoin in the coming trading days.
Above the current price, the first resistance level is at $260 (price congestion resistance), then the second resistance level is at $280 (price congestion resistance). The third resistance level for the ETH/USD pair is at $290 (price congestion resistance).
Below the current price, the first support level is at $250 (price congestion support), then the second support level is at $235 (price congestion support). The third level of support is at $224 (price congestion support).
The MACD on the daily chart shows a possible new bullish stretch. As commented in the introduction to the article, the movement would be of a terminal type.
The DMI on the daily chart shows bulls dominating the market and with a clear advantage over bears. The selling side does not see an option to take control of the market.
XRP/USD Daily Chart
The XRP/USD is trading at the $0.386 price level, after a first attempt on the day to break above the $0.39 level (price congestion resistance).
Above the current price, the first resistance level beyond the one already quoted is $0.412 (price congestion resistance), then the second resistance level is $0.43 (price congestion resistance). The third resistance level for the XRP/USD pair is $0.438 (price congestion resistance).
Below the current price, the first support level is $0.37 (price congestion support), then the second support level is $0.345 (price congestion support, SMA200, and EMA50). The third level of support in XRP/USD is $0.335 (price congestion support).
The MACD on the daily chart shows a profile of the next bearish cut but could become a new bullish stretch.
The DMI on the daily chart shows how the bulls are ahead of the bears quite clearly. The most likely development is a cross in the next few days.
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