Market Overview

Cryptos: Gains Do Not Reach Secure Positions And The Fall-Off Risk Continues

Share:
Cryptos: Gains Do Not Reach Secure Positions And The Fall-Off Risk Continues
  • BTC/USD has a small downside margin and needs to bump up at any cost.
  • ETH/USD needs to move forward in order to exploit all of its stored bullish power.
  • XRP/USD poses a less explosive but more consistent bullish trajectory.
  • In the article published yesterday, I focused on a window of upside opportunity. The market took advantage of this opportunity but without reaching the necessary price levels to be able to pose a new fully bullish scenario.

    Today the situation is not as clear since in the ranges of 12 hours and 1 day have reached technically important levels that will require time to resolve. Bitcoin surpassed Bollinger's midline and today should confirm it before resuming the rise. Ethereum, on the other hand, was just below Bollinger's middle line, so today it will have to try to overcome this level. This situation is mirrored in the case of the XRP.

    In yesterday’s European afternoon, I began receiving alerts about strange prices of cryptocurrencies that we were showing on the web. The origin of the problem was Bitfinex, which was sending absurd prices for a few minutes and generated serious distortions in the consolidated price feed that feeds our servers. Today you will still be able to see effects in our graphics that we hope to solve soon.

     

    BTC/USD 240 Minute Chart

     

    BTC/USD is currently trading at the $3.828 price level, moving just below the SMA100, the same technical hurdle that halted the rally yesterday.

    Above the current price, the first resistance level for the BTC/USD pair is $3.840 (SMA100). Then, the second one awaits at $3.895 (price congestion resistance), a negligible but necessary level to attack a more significant obstacle at the third resistance level at $4.050 (price congestion resistance).

    Below the current price, the first support level for the BTC/USD pair is at $3,795 (EMA50), then the second support level is at $3,680 (price congestion support and SMA200), and finally, the third support level is at $3,600 (price congestion support).

    btc_usd_95-636874650807373167.png

    The MACD on the 4-hour chart shows a clear bullish profile, with a good overture between lines and a good inclination, although the situation is complicated by being in full transition between the negative and positive zones of the indicator.

    The DMI on the 4-hour chart clearly shows that yesterday's rise did not change the existing scenario to a more bullish one. The bulls move below the ADX line, a failure that can have disastrous consequences. The bears lost level 20, so they are also not in the best position to lead the price movement.

    ETH/USD 240 Minute Chart

    The ETH/USD is currently trading at the $137.90 price level, just below the SMA100 at the $140.50 price level. Above this first resistance level, the second resistance level for the ETH/USD pair is at the price level of $142.5 (price congestion resistance), and the third resistance level is at $150.5 (price congestion resistance).

    Below the current price, the first support level for the ETH/USD pair is at $134.9 (EMA50), then the second support level is at $130.5 (price congestion support). The third level of support is at $127.7 (SMA200), technical support that already sustained the Ethereum price in the latest short term bearish trend.

    eth_usd_78-636874651221456553.png

    The MACD on the 4-hour chart shows a very uptrend profile. As in the case of Bitcoin, the fact of being in the intermediate area between the bullish side and the bearish side reduces its potential. If it crosses to the upside, the price can fly higher.

    The DMI on the 4-hour chart shows that the bulls are increasing their trend strength but still far from the level at which the bears are moving, which is why they are leading at the moment.

    XRP/USD 240 Minute Chart

    The XRP chart is the most damaged by yesterday's incident. During the event, the XRP/USD quote moved erroneously between a negative value and more than $500.

    The XRP/USD trades now at the $0.3150 price level, just above the supporting EMA50. The first resistance level for the XRP/USD pair is $0.3170 (price congestion resistance and SMA100), a formidable hurdle. The second resistance level is at $0.3280 (price congestion resistance), and the third resistance level is at $0.3340 (price congestion resistance).

    Below the current price, the first support level is at  $0.3150 (EMA50). The second support level is at $0.3110 (SMA200), and the third support level for the XRP/USD pair is at $0.305 (price congestion support).

    xrp_usd_83-636874651707104423.png

    The MACD on the 4-hour chart shows a profile with less upside potential in the short term but which may provide surprises in the medium term. The indicator has less inclination and openness between lines than those seen on Bitcoin or Ethereum, but its development can be extended further in time by taking longer to reach extreme deviations. It is also in transition between the bullish and bearish areas of the indicator, a fact that subtracts potential from the rise.

    The 4-hour DMI is entirely out of configuration, and it is not possible to perform a proper analysis.

Posted-In: Cryptocurrency Fintech News Eurozone Forex Global Markets General

 

Related Articles

View Comments and Join the Discussion!

Ambarella Analysts See Long-Term Opportunity In Computer Vision

Global Professional Skincare Products Market Growth By CAGR of 5.2% the projected period of 2018-2028