- Ether enjoying the best beginning of the year among the Top 3.
- XRP ignores Ripple Ltd selling, but not for long – possible falls ahead.
- The moving average structure indicates a weak market until the end of February.
Today's positive commentary comes from Tom Lee of Fundstrat Global Advisors, where he says that the Bitcoin could reach $40000 for this year.
The consolidation process continues in the crypto market.
The money is moving today towards the Ethereum Classic, positioned as the leader of net capital inflows with $4.89M in the last 24 hours. In the chapter on capital outflows, Bitcoin is the most affected with net outflows of $66.39M in the day.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.02256, moving in a very narrow range between resistances and supports. The upward movement of the ETH/BTC is proving to be a real picture of the overall market, faithfully signalling the upside and downside stretches.
The moving averages are crossing upwards and propose an upward trend for the medium and long term.
Above the current price, the first resistance level is at 0.023, then the second at 0.025 and the third one at 0.027.
Below the current price, the first support level is at 0.022, then the second at 0.020 and the third one at 0.019.
The MACD on the daily chart shows a loss of bullish momentum but retains the openness between the lines. The MACD on the daily chart shows a decline of upward momentum but keeps the opening between the lines.
The DMI on the daily chart shows the bulls are in a downward phase, although the bears are not reacting to the pair and remain at low levels of trend-line strength.
BTC/USD Daily Chart
BTC/USD is currently trading at the price level of $9790. After yesterday's bearish coverage figure in the daily candlestick, today we could expect a wide range drop if the first support level at $9650 is lost.
Above the current price, the first resistance level is at $10500, then the second at $11250 and the third one at $12800.
Below the current price, the first support level is at $9650, then the second at $9150 and the third one at $8800.
The MACD on the daily chart shows a depletion profile, losing the upward slope and the opening between the lines. The bullish forces driving the BTC/USD pair are capable of returning to the upside, no doubt, but this does not appear to be the case.
The DMI on the daily chart shows the bulls maintaining the trend line strength, while the bears are holding at shallow levels and do not appear to be a threat to the buy-side.
ETH/USD Daily Chart
ETH/USD is currently trading at $221.7 and is accelerating its decline from yesterday's lows on the daily chart's candlesticks.
Above the current price, the first resistance level is at $223, then the second at $228.5 and the third one at $233.
Below the current price, the first support level is at $223, then the second at $213 and the third one at $203.
The MACD on the daily chart shows how the fast average is losing its bullish profile even though the opening between the lines remains. The current structure allows the upside to continue also though it is depleting.
The DMI on the daily chart shows bulls defending the medium-term bullish trend, while bears are improving slightly and remaining at low levels.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at the price level of $0.2713 and is unaffected by the sales of XRP by Ripple Ltd.
Above the current price, the first resistance level is at $0.283, then the second at $0.288 and the third one at $0.30.
Below the current price, the first support level is at $0.253, then the second at $0.24 and the third one at $0.22.
The MACD on the daily chart is about to cross a bearish cross, at which point the fall could accelerate and look for the $0.24 level
The DMI on the daily chart shows the bears getting closer to the bulls' positions, confirming what the MACD announces and a search for lower price levels.
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