Top 3 Price Analysis - Bitcoin, Ethereum, Ripple: In the eye of the storm, but the accident is waiting to happen
|- The BTC/USD threatens a new bearish stretch in the next few hours.
- The ETH/USD shows slightly better aspects than Bitcoin but is still at risk.
- The XRP/USD confirms its strength and maintains the price level.
We finished the week of analysis with the main actors of the sector going down. On the 4-hour charts, we see that there is still another downward stretch before completing the patterns on some important indicators.
According to the analysis, at the end of the day in Europe, a new downward movement can start and it should search for new relative lows. In the detailed analysis, I will try to define the price targets.
My work contemplates risking to foresee movements because if I fail, I would be an easy target of criticism.
The movement that shook the market on Wednesday has changed the scenarios to the worst ones for Bitcoin and Ethereum. Ripple continues at the same scenario although it has lost the bullish momentum.
Do you want to know more about my technical setup?
BTC/USD 240-Minutes.
The BTC/USD is currently traded at the $5.544 price level, remaining stable after the massive sell-off. The support zone coincides with an extension of the long-term bearish channel and is related to June’s lows.
Below the current price, the limit within the channel extension is at $5,450. It is quite likely that BTC/USD would lose it. In case of losing this first support level, the second support level is at $4,927 (price congestion support). The third support level is at $4,404 (price congestion support).
Above the current price, the first resistance is at $5.870 (price congestion resistance). The second resistance is at $5.595 (baseline of the bearish channel). If the BTC/USD is able to overcome this price level it will recover the current scenario and the bearish crisis could be considered over.
The MACD at 240-Minutes shows the indicator is ready to cross up the signal line. Statistics tell us that this never happens on the first attempt. It is one of the weighty arguments to expect a new downward movement.
The 240-Minute DMI shows us that bears are maintaining a high level of activity. The bulls barely react and remain at minimum levels. The ADX continues at strong trend levels and another downward momentum would accelerate rapidly.
ETH/USD 240-Minutes.
The ETH/USD is currently trading at $178.36. It has been in this range since Wednesday leaving the relative low at $170.
Below the current price, the first support at the $170 price level (price congestion support). The second support level is at $125 (price congestion support) would be a target for the foreseeable downward stretch that may occur in the next few hours. Losing this level of support would take ETH/USD to the third level of support around $98 (price congestion support).
Above the current price, the first resistance is at the $190 price level (price congestion resistance). The second resistance level is $194 (price congestion resistance). If the ETH/USD manages to regain this level, it would return to the previous scenario and the bearish crisis could be brought to an end. The third resistance level at $198.21 (50-period Exponential Moving Average).
The MACD at 240-Minutes shows a bullish cut profile. The pattern tells us that this cut does not occur at first so we could see a new stretch as a “low rejection fruit”.
The 240-Minute DMI shows the bears are at high and sustained levels. The bulls are kept at minimum levels and show no interest in increasing their level of activity. The ADX remains at very high levels and a downward movement would accelerate rapidly.
XRP/USD 240- Minutes.
The XRP/USD is currently trading at $0.469. Despite the strong downward movement on Wednesday, it managed to close above the trend line that governs the movement from the June lows. Yesterday it repeated the move and has been playing all day today with this same trend line which is at the price level of $0.481.
Everything will be defined by whether there is a close above or below this all-important.
Above the trend line, the XRP/USD would have everything necessary to resume the bullish process started in September, with price targets above the relative maximum of $0.75.
Below the trend line, the first support is at the price level of $0.444 (price congestion support). The second support level awaits at $0.429 (price congestion support). The critical level that would change the scenario to very bearish is $0.40 (bearish channel baseline).
The MACD at 240-Minutes crosses lower but above the zero line. The crossing has very little upside and for now, does not threaten major falls.
The 240-Minute DMI shows that the bears are in control of the situation. The bulls do not give up and keep the level above the level indicating trend existence. The ADX is indicating a slight trend.
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