- Trump goes after crypto technology and calls for the financial regulation of Libra.
- Opera implements a crypto wallet in its browser for Android.
- Markets doubt Altcoins season and approach a counter-reaction.
As the week draws to an end, it seems that the market is arguing with itself about the importance of President Donald Trump’s tweets.
The multi-faceted president has fiercely defended f the U.S. dollar and its dominance on a global scale. He also attacked the tech giants and their recent maneuvers for the creation of banking structures. He made it very clear to them that if they wanted to enter the banking business, they would have to comply with national and international legislation and regulation.
On the positive news side, Opera has just announced that its new browser for Android devices incorporates portfolio functionalities for Cryptocurrencies – one more step on the road to mass adoption of new value storers.
ETH/BTC Daily Chart
Today’s second theme is Altcoins' “no season”. In the short history of the crypto market, the bull structures have worked based on levers between Bitcoin and Altcoins – but what about this time?
In the present bullish movement of the crypto market, Ethereum has reacted to rises seen on December 15 and May 14. Yet in the latest uptrend, this reaction has yet to come. However, the chart suggests there is a high probability that it can occur in the coming days.
The pair is trading at 0.02367 and support at 0.023 appears to be working well, keeping buyers interested at quite high levels.
Above the current price, the first resistance level is at 0.0268 (price congestion resistance), then the second at 0.0275 (price congestion resistance and EMA50) and the third one at 0.0292 (price congestion resistance and SMA100).
Below the current price, the first level of support is at 0.0229 (price congestion support), then the second at 0.020 (price congestion support) and the third one at 0.0158 (double price congestion support).
The MACD on the daily chart continues to show a potentially bullish structure – which can be triggered upwards at the slightest hint of buyer money flow.
The DMI on the daily chart shows how the bulls maintain appropriate levels despite the bearish trend. The bears, on the other hand, have not increased their trend strength and seem unable to be confident that the bearish trajectory can continue.
BTC/USD Daily Chart
BTC/USD is trading at $11,634 and continues to show its strength one more day. It remains above the last resistance of $11,500 and reflects the market's desire to buy Bitcoins.
Above the current price, the triad of price congestion resistances of $14,000, $17,000 and $19,690 remains intact. Above the last obstacle level, we may witness a free rise – with the Moon as the target.
Below the current price, the first level of support is at $11,500 (price congestion support), then the second at $10,670 (price congestion support) and the third one at $9,700 (EMA50 and price congestion support).
The MACD on the daily chart hints at the possibility that we are going to make multiple cross attempts, in a sort of overbought coven of the uncertain end. The structure is pessimistic in the short term.
The DMI on the daily chart is bearish. Buyers performed the lower test of the ADX line two days ago, and according to the pattern they should now cross down with the bears.
ETH/USD Daily Chart
ETH/USD is currently trading at the $275.4 price level and is momentarily above the EMA50.
Ethereum is the candidate to give a second impulse to the market by taking over from Bitcoin, but for now, it is doing little to play its role.
Above the current price, the first resistance level is at $290 (price congestion resistance), then the second at $307 (price congestion resistance) and the third one at $318 (price congestion resistance).
Below the current price, the first level of support is at $260 (price congestion support), then the second at $250 (price congestion support) and the third one at $238 (price congestion support and SMA100).
The MACD on the daily chart shows an ambiguous profile. With the current structure, both sides of the market have their opportunity, a fact to take into account if we look at the situation of the ETH/BTC pair.
The DMI on the daily chart shows bears leading the market but with minimal advantage. Bulls have a chance to reverse the scenario if capital flows with buying power.
XRP/USD Daily Chart
XRP/USD is trading at $0.3433 and faces price congestion resistance at that price level. The SMA200 is in that zone, which adds extra difficulty to the price recovery.
Above the current price, and beyond the resistance already mentioned, the next resistance level is $0.368 (double resistance for price congestion and SMA100), then the second at $0.39 (resistance for price congestion and EMA50) and the third one at $0.41 (resistance for price congestion).
Below the current price, the first support level is $0.334 (price congestion support), then the second at $0.328 (price congestion support) and the third one at $0.32 (double price congestion support).
The MACD on the daily chart shows a clear bearish structure. The opening between the lines is so large that it is possible for an upward movement to occur simply by regressing to the average.
The DMI on the daily chart does not give room for optimism. Bears are at high levels and well above the ADX line. The bulls, on the other hand, go to shallow levels and in the opposite direction of the ADX line. Both configurations are strongly bearish.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.