Top 3 Price Prediction Bitcoin, Ripple, Ethereum: When the fire comes, even dead cats jump
- The latest declines lead the market to a clear bearish scenario.
- Short-term bullish structures are seen in response to sharp downturns.
- XRP holds the moment well and avoids disaster.
After a few days of isolated rest from the graphics, the return couldn't be more disappointing. The loss of the bullish trend in the ETH/BTC destroys the possibilities of gains in the short term and leads us back to a scenario of falls and consolidations, of accumulation and nerves.
ETH/BTC Daily Chart
The ETH/BTC is currently trading at the 0.03069 price level after falling a full range to the October 2018 levels. The historical lows for this pair are far away at the 0.026 ETH/BTC price level. The loss of the trend line conquered last December dramatically complicates the situation in the short term and calls for a strong bullish reaction as the only possible remedy to a few more months of a bearish trend.
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The MACD in the daily range loses the support of the 0 levels of the indicator and enters the negative zone with inclination and opening between the lines. There is no possibility of a short term reversal.
The DMI in the daily range shows bears controlling the situation and dragging the ADX with them, which gives strength to the bearish side of the market. The surprising thing is that bulls do not retreat in line with the fall, showing resistance to be defeated.
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BTC/USD 240 Minute Chart
The BTC/USD pair on the 4-hour chart is currently trading at the $3.417 price level. The drop has made more noise than damage to Bitcoin, with Ethereum suffering the most.
The first level of support Bitcoin has found in the drop is at $3,390 (support for price congestion). This level was perforated and later recovered, leaving the minimum movement at $3,341. The second level of support is at $3,320 (price congestion support), while the third level of support is at $3,243 (price congestion support).
Above the current price, the first resistance level for the BTC/USD pair is at $3,470 (price congestion resistance). The next level of price congestion resistance is at $3,600, but previously the price should exceed the EMA50 by $3,498 and the SMA100 by $3,560. Finally, at the $3,700 price level (price congestion resistance and SMA200 ) Bitcoin has the last hurdle to rise in the short term.
The most positive thing about the situation is the closeness between the obstacles to the rise, which would allow an upward rupture only a few hundred dollars of value.
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The MACD on the 4-hour chart shows an incipient bullish cross profile, caused more by the violent fall of those two days than by a favorable environment for the rises.
The DMI on the 4-hour chart shows bears with absolute control of the technical moment. The extremes reached by the rapid fall of the price now provoke a regulation, with the bears falling while the bulls recover.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at the $105.6 price level (congestion support), recovering from the lows of the $102.17 level.
Below the current price, the first support level is at $100 (weak price congestion support). The second level of support for Ethereum is at $97.83 (price congestion support). The third level of support is at $85 (price congestion support), although micro-supports are likely to be found at $95, $91.35 and $87.27.
Above the current price, the first resistance level for the ETH/USD pair is at the price level of $110 (price congestion resistance). The second resistance level is between $112 (EMA50), $115 (price congestion resistance) and $117 (SMA100). The last resistance level is $130 (price and SMA200 congestion resistance).
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The MACD on the four-hour chart shows an identical profile to that seen on the BTC/USD pair. There is a bullish cross that is very much conditioned by the speed of the fall these days.
The DMI in the range of four hours gives a little more information for the future. The bears have decreased their strength in recent days, while the bulls react to the rise. From the extremes reached we can see an upward reaction that will probably end when bears and bulls level out.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.29 price level, after leaving the recent low of $0.282 in the price congestion support level. It is the same support level that stopped the fall on December 15. The loss of this price level would open the door to new relative lows.
Below this line, the second support level is below $0.26, exactly at $0.258 (support for price congestion and relative lows). The third level of support for the XRP/USD pair is already at levels before December 2017, exactly $0.239 (price congestion support).
Above the current price, the first resistance level is $0.296 (price congestion resistance). The second resistance level is at $0.305 (price congestion resistance and EMA50). The third resistance level is at $0.32 (price congestion resistance and SMA100).
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The MACD on the 4-hour chart shows an aggressive bullish cut which, as in the case of Bitcoin and Ethereum, is heavily conditioned by previous heavy falls.
The DMI in the range of 4 hours shows as, in the case of the XRP, both bears and bulls have barely changed their position for previous days.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.
