- A bullish opportunity may be confirmed in the next 48 hours.
- XRP is best placed to burst upwards.
- Bitcoin is lagging behind and keeps the $8,800 as an option.
At the start of the European session, we have been witnessing an attempt to continue the upward movements that began on Tuesday.
The technical configuration of Ethereum and XRP support the case for an upside breakout in both cryptocurrencies. In Bitcoin, the outlook has significantly improved and has begun showing a higher probability of a short-term change of direction.
The global financial environment may be helping this improvement in valuations since there are threats both in the currency sector and in the stock markets.
The latest messages from the leading central banks in favor of extending their Quantitative Easing (QE) programs support non-dilutive assets such as Bitcoin.
China's Center for Information and Industry Development has published its latest crypto rankings. In this ranking, the organization assesses the technological contribution, usefulness, and creativity of each project.
Technological innovation weighs around 60%, while utility and creativity are shared the other 40%.
It is surprising to see that following this criterion, EOS occupies the first position in the ranking, Ethereum the second, and Tron the third. Bitcoin stays out of the top ten and appears only at No. 11.
ETH/BTC Daily Chart
The ETH/USD pair is trading at 0.0218 and is losing ground in the presence of significant moving averages in the short-term time ranges.
A large part of the market is eagerly waiting for Ether to begin gaining ground against Bitcoin and moves decisively towards familiar levels to those of the King concerning its historical highs.
To match the $14,000 reached by BTC/USD in the spring, Ethereum should have been around $1,000.
Above the current price, the first resistance level is at 0.023 (price congestion resistance), then the second one awaits at 0.025 (EMA50 and price congestion resistance) and the third one at 0.0268 (price congestion resistance).
Below the current price, the first level of support is at 0.021 (price congestion support), then the second at 0.020 (price congestion support) and the third one at 0.015 (double price congestion support).
The MACD on the daily chart shows the bullish cross losing momentum, which makes today's move critical as it can change the structure and affect the short term.
The DMI on the daily chart shows bears about to hit the ADX line. This meeting is decisive in the short term. Most likely, the sellers will reject a downwards movement. If this pattern happens, it would be the perfect opportunity for bulls to take control and make all Altcoiners on the planet happy.
BTC/USD Daily Chart
BTC/USD is trading at $9,778 and tops the price congestion resistance at $9,650.
Above the current price beyond $10,000, the first resistance level is $10,800 (price congestion resistance), then the second at $11,300 (price congestion resistance) and the third at $14,000 (price congestion resistance and relative maximums).
Below the current price, the first level of support is at $9,150 (price congestion support), then the second at $8,800 (price congestion support) and the third one at $8,400 (price congestion support).
The MACD on the daily chart shows how the fast average begins to curve upward. The typical pattern in markets like Forex or Stocks would be a bearish rejection at the first attempt, but in Cryptos, I begin to give a 50% probability to successful cuts at the first attempt.
The DMI on the daily chart shows the bears losing the little advantage they had. The bulls move close, and both sides are fighting to stay above the ADX line. A change of leadership is possible as Bitcoin improves the price.
ETH/USD Daily Chart
ETH/USD is trading at $213.4 and is trying to keep up with Bitcoin.
Above the current price, the first resistance level is at $215 (price congestion resistance), then the second at $225 (price congestion resistance) and the third one at $235, formed by the critical confluence of the EMA50, SMA100, and a price congestion resistance.
Below the current price, the first level of support is at $207 (price congestion support), then the second at $200 (price congestion support) and the third one at $190, where the SMA200 and a price congestion support converge).
The MACD on the daily chart clearly shows the bullish cross. Both the slope and the opening are at minimum levels. It is an ambiguous structure and can cause problems in the short term.
The DMI on the daily chart confirms the problem, the bears that enjoy a significant advantage over bulls. Furthermore, the bullish side doesn't seem interested in trying to get close to the level of strength of the bears.
XRP/USD Daily Chart
XRP/USD is trading at the $0.32 price level and moves between two price barriers.
Above the current price, the first resistance level is at $0.32 (price congestion resistance), then the second at $0.328 (price congestion resistance) and the third one at $0.335 (price congestion resistance).
Below the current price, the first level of support is at $0.317 (price congestion support), then the second at $0.308 (price congestion support) and the third one at $0.30 (price congestion support).
The MACD on the daily chart shows a similar cross to the one we see on ETH/USD but is at a more developed stage. With today's move, you can increase the opening between lines, and if you keep two more days, the subsequent rises can be significant.
The DMI on the daily chart shows bears losing some strength. The selling side retains a decent advantage over the bulls – which although having improved in recent days – are far from disputing the leadership.
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