- A bearish “squeeze” for the BTC/USD ends with the bulls taking control of the situation.
- ETH/USD loses momentum and accommodates above $200.
- XRP/USD consolidates as it prepares a movement of continuity.
Dawn hits Europe as the main actors of the Crypto board are moving at levels similar to those seen at yesterday’s close. It may seem like nothing happened, but that's just appearances.
During my years of trading futures on indices, the most complicated moments of the market have been the days when the market was only pending a key economic data.
The price movements in the previous days and the lack thereof in the previous hours, manage to take the operator to a state of significant anxiety. The Crypto market has always been negatively conditioned by regulatory issues and the simple possibility that the authorities grant licenses to one or multiple ETFs on the Bitcoin conditions the market as a whole.
The Bitcoin graph shows this, as it has been in the same range since the beginning of September. Key support and resistance levels were clear, and just the day before the rules change.
Tonight news broke about an attack on "Zaif" one of Japan's most important exchanges on September 14. Bitcoin bears took advantage of the moment to set a new relative low after which it returned to previous levels.
The event occurred on September 14th but it came out only on the 19th. What is going on?
Was this a total coincidence? How many stops were placed just below the previous recent low? Will those who had placed these stops to cover their bullish bet with their eyes on the SEC decision, repeat the bet again? Is it a coincidence that after the movement, the bulls have taken the reigns and led the price higher?
This type of movement within hours of such an important decision is the right ingredient to elevate tensions to extreme levels. Apply your strategies, redraw your charts and look for safe stop points. But above all, do not be carried away by your impulses because, in that, the market will always beat you.
Have a plan and execute it, and keep in mind that the positions that a trader can take in an asset are three; bullish, bearish or out of the market (neutral).
BTC/USD 240-Min.
The BTC/USD is currently trading at the price level of $6,390, just below the EMA50 and still just deciding what to do after the rapid movement of the Asian session.
Above the current price, the first level that the BTC/USD needs to overcome is around $6,400 (EMA50) and it almost immediately touches the next resistance level at $6,486 (SMA100). This moving average has also been the protagonist of the Asian session as the price moved upwards after marking a new relative low. Above this last resistance level, the BTC/USD would find itself with the next resistance level at $6.568 (price congestion resistance) and as a key target, the level of $6.622 (SMA200).
Below the current price, the first support for the BTC/USD is at the price level of $6,200 (price congestion support). Below this level, the next support level is $6,108 (new relative minimum). The crucial level to watch at the bearish end of the price at $5,600 (base of the long-term bearish channel).
The MACD at 240-Min is gaining amplitude and is showing a more bullish profile today than yesterday. The nearness of the indicator's 0 line can be an obstacle to the upside. All in all, it is a positive indicator for the price.
The DMI at 240-Min leaves us with important information. The downward movement during the Asian session has caused the bulls to outnumber the bears! Yes, ladies and gentlemen, a panic move is used by the bulls to increase their positions and overcome the bears in intensity. They are good, they are very good at doing this kind of thing. Who? The ones who make money.
ETH/USD 240-Min
The ETH/USD for its part has hardly reacted to the negative event of the day. It has left no new lows and has made no attempt to rise either. Nor, as if we have seen in the BTC/USD analysis, have the bears taken advantage of the movement to take positions. It seems that the Ether is not in this war.
The ETH/USD is currently trading at the $209 price level. Above the current price, the first resistance level is at $215.9 (SMA100). The next resistance level for the Ether is at $224 (price congestion resistance) and as a key target in the current scenario, the third resistance awaits at $250 (SMA200).
Below the current price, the first immediate support is at the price level of $208.50 (EMA50). If you lose support for this exponential average, the next level of support is at the $194 level (price congestion support) after which, if defeated, only $167 (annual minimum) would remain as a very important key support in the annual lows.
The MACD at 240-Min shows a completely flat profile and on the same line of 0. This type of configuration is very neutral and does not indicate greater probabilities in either direction.
The DMI at 240-Min shows us the bears taking control since the middle of yesterday's session. Sellers move slightly above level 20 while bulls move slightly below. Because of the closeness between the two positions, the tables could turn quite easily. It should be noted that both move above the ADX line, a situation that increases the potential for future movement, in whatever direction.
XRP/USD 240-Min
The XRP/USD continues the consolidation of recent highs and continues in its technical drawing of continuity.
The XRP/USD is currently trading at the price level of $0.325. Above the current price, the first level to exceed the relative high by $0.336, from where it would move up to the next resistance at $0.3454 (price congestion resistance). From this level, and with the key scenario target at $0.46, resistances at $0.368 and $0.414 (price congestion resistances).
Below the current price, the first support is at $0.32 (price congestion support), next at $0.3111 (SMA200) and the key support level at $0.30 (EMA50 and price congestion support).
The MACD at 240-Min shows us a low cutting profile that is difficult to achieve because it is exaggerated. The pattern suggests another upward movement that would keep the indicator at high levels.
The DMI at 240-Min shows the bulls progressively decreasing their activity, while the bears still do not react and do not believe in imminent price decreases. The ADX continues to rise so the upward continuity movements may be enhanced.
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