- The divergence of speed between active and inactive phases of the market erodes the traders’ confidence.
- XRP is best positioned for a new bullish phase.
- Ethereum loses strength despite Constantinople's arrival.
A new day begins in Europe, and the three main protagonists of the world of cryptocurrencies face the day with upward potential, a trend that can be frustrated by an environment of significant resistance.
After a few days of deep consolidations, everything is ready for valuations to increase and the graph continues to draw a medium and long term bullish turn. The upbeat moment came to a halt on Sunday when rapid declines plunged prices into the tangle of moving averages that now complicate the full development of the previous trend.
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3.813 price level as it approaches the first resistance level at the 50-period exponential moving average of $3.834. A bullish break of this popular average would clear up any doubts, and we could see a steady inflow of new money into the market.
The next bullish target for Bitcoin is $3,900 (price congestion resistance), then $4,050 (price congestion resistance) and finally the previous bullish movement high of $4,188 (price congestion resistance).
Below the current price the first support level is at $3,752 (SMA100), then at $3,690 (price congestion support) and finally the critical support of the moment at the $3,600 price level, where price congestion support and the 200-period simple moving average converge.
The MACD on the 4-hour chart shows an almost perfect bullish cost profile. Fine-tuned intuition suggests there has already been a slight downward rejection in the price, but it is a weak signal so we cannot rule out that the rejection pattern is yet to come.
The DMI on the 4-hour chart clearly shows that the ingredient needed for a possible upward break is not yet present. There is a slight increase in activity by the bulls, but the bears do not give up the moment of control they have now. An increase in volatility can be expected by the time both sides of the market meet.
ETH/USD 240 Minute Chart
The ETH/USD is currently trading at the $139.4 price level, after finding support in the 100-period simple moving average.
Above the current price, the first resistance level is marked by the exponential moving average of 50 periods at $141.3 and it is followed very closely by the price congestion resistance at $142. The second resistance level is at $150 (price congestion resistance), while the third is at the price level of relative highs at $166.5.
Below the current price, the first support level for the ETH/USD pair is at $135.7 (SMA100), then the second at $131 (price congestion support) and the third support level in the $120 zone (price congestion support) and reinforced by the presence of the SMA200 at $122.3.
The MACD on the 4-hour chart shows the same bullish cut profile we have seen on the Bitcoin. Sales may appear as resistance to the bullish cross.
The DMI on the 4-hour chart shows us in the case of the Ethereum how bulls react quickly to any upward movement while bears lose momentum continuously.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.32 price level and is the best of the day in the Top 3. It remains above the exponential moving average price level, which can be very beneficial if buyers appear in the market.
Above the current price, the first resistance level is at $0.328 (price congestion resistance), then the second at $0.334 (price congestion resistance). If XRP manages to overcome this second hurdle, it will enter a clean zone that could easily take it to the next level of resistance at $0.39 (price congestion resistance).
Below the current price, the first support level is $0.317 (price congestion support), then the second support level is $0.314 (SMA100), and the third support level is $0.308 (SMA200 and price congestion support).
The MACD on the 4-hour chart shows a bullish profile but at a more advanced stage than Bitcoin and Ethereum. In the case of XRP, the bullish cross has already occurred and now, after testing the cut, it is prepared for a new bullish section.
The DMI on the 4-hour chart shows how the bulls and bears already faced each other yesterday and for now, the bullish side manages to retain market leadership, albeit narrowly.
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