Market Overview

Cryptos Ignore The News: Ripple Travels Alone To The Upside

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Cryptos Ignore The News: Ripple Travels Alone To The Upside
  • The BTC/USD maintains price levels, numb to news.
  • The ETH/USD remains weak but with some reason for hope.
  • Ripple decouples from the market and goes up.

Wednesday dawns with a different market tone. Ripple is rising against its competitors and technical indicators are turning upside down.

The main momentum indicator, ETH/BTC, continues maintaining the downtrend, so the time has not yet come for a generalized bullish reaction. As you can see from the chart, the chances of breaking are high but a confirmation is needed.

Two pieces of the news stand out today. The first is the announcement that Google will lift the ban on Crypto advertising, under prior review by the company and only for its audience in the USA and Japan. It seems good news. However, I consider that the during months in which the tech giant maintained the ban, the market has matured and this change of policy is quite minor.

A much more interesting development that has a much bigger potential future impact on the industry is what came out of JP Morgan. The banking heavyweight and 75 financial multinationals will adapt their Cryptographic Quorum project as a platform for the development of the financial business.

Quorum runs over the Ethereum network. So, on one hand, it gives a boost of confidence to the existing technology and guarantees its survival. But on the other hand, it eliminates the chances of other industry proposals to become technology providers of any of these financial giants. Among the corporations that have joined the project sponsored by JPMorgan are Goldman Sachs, Societe Generale, Santander or Pfizer Pharmaceuticals.

BTC/USD 240-Min.

The BTC/USD is currently trading at a price level of $6,441, just below the SMA100. The scenario is typical of environments where the market is in a swing phase, with moving averages in ever narrower price ranges. This configuration loosely provides the volatility needed for future breakout movements. Both upward and downward movements are possible.

Above the current price, the first resistance for the BTC/USD at the price level of $6.458 (SMA100), followed immediately by the second resistance at $6.524 (EMA50), then at $6.562 (Congestion resistance) and as an absolute judge, the SMA200 awaits with a completely horizontal profile at $6.649.

There is nothing more to watch than this narrow price range. Above the SMA200, we potentially see a very bullish scenario. In the meantime, there is nothing to write home about.

Below the current price, we can get to a similar bipolar situation. The first support is at $6,390 (price congestion support). The second support is at $6,200 (price congestion support) and as the absolute judge on this side of the market, the trend from the yearly lows is at $6,190. Below, the pandora box would open and panic would make a presence. Yet also here, there is nothing to see.

btc_usd260918-636735531730258542.png

The MACD at 240-Min shows us a profile with an upward cutting potential, although it is likely the appearance of the pattern of a "MACD failure". It is not worrying and is only a useful procedure to buy at the right time. The scenario also has a possible bearish resolution as the indicator is below the zero line.

The DMI at 240-Min shows bears losing strength and falling below the ADX. The typical pattern demands a touch of the ADX from below by the D-. In this case, the movement would be parallel to that of the MACD pattern. The bulls for their part have been slightly increasing their activity without exceeding the level 20 of the indicator.

ETH/USD 240-Min

The ETH/USD is currently trading at the $212 price level. In contrast to the BTC/USD which has all three averages above it, the Ether has managed to pass the SMA100 and now fights to stay above it. So, point advantage for the ETH/USD.

The Crypto market needs a strong Ether more than ever.

Above the current price, three key levels for the future await not only in the short term but also far beyond. Resistance is at $223 (EMA50 and price congestion resistance), followed by a second resistance at $240 (SMA200) and as a crucial level, the long-term bearish trend line from highs awaits at $250. Above that level everything is possible. Below, it means more anxiety for the market.

Below the current price, the situation is just as closed. The first support in the immediate term is the SMA100 at $212. If it loses this support, the Ether would find the second support in the $195 price level (price congestion support). As a critical level, support is at $170 (year low). Above that, we can expect more agony and doubt. Below, it’s a sell-off.

eth_usd260918-636735532546538570.png

The MACD at 240-Min shows a similar profile to the BTC/USD. Both up and down possibilities are open, although higher ones point to a price increase.

The DMI at 240-Min also shows a scenario similar to the BTC/USD, but in this case, the bulls do not believe much in the rises and are not reacting to events such as the conquest of the SMA100. The bears are below the ADX and should follow the pattern and seek a touch from below with the ADX.

XRP/USD 240-Min

The XRP/USD is currently quoted at the $0.524 price level. Ripple is above all averages and that helps a lot when money comes into the sector. The technical aspect of the Ripple is very different from that of its analyzed peers. We can say that it has been decoupled from the general market and that although it impacts on the price when the segment falls, this cryptocurrency is ready to rise to the occasion when money reappears in the market.

Above the current price, the real reference is at the recent high of $0.766. Up to that price level, there are many resistances although as we saw last week, they are not very resistant to an XRP/USD that is "on fire". These resistance levels (all from price congestion) are at $0.545, then at $0.58, $0.60, $0.635, $0.66, $0.68 and finally $0.71.

Below the current price, the margin is much narrower. The first support for the XRP/USD is at the $0.505 price level (price congestion support), the second support awaits at $0.466 (EMA50) and key level at $0.458 (medium and long-term trends). Below this critical level, a second chance is at yesterday's lows of $0.443. If the XRP/USD were to lose this level, everything would become very complicated and the bullish momentum would be lost altogether.

xrp_usd260918-636735532968739619.png

The MACD at 240-Min is about to cross upward. The indicator moves on the positive side of the indicator, so the signal potential is much higher on the upside.

The DMI at 240-Min shows bulls with control of the market after complying with the pattern of fast crossing and backward movement typical of strong trends. Once the bears have returned below the bulls they continue to lose strength and do not seem to want to increase their activity.

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Posted-In: Bitcoin BTC/USD ETH/USD EthereumCryptocurrency News Forex Markets Best of Benzinga

 

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