Top 3 Price Prediction Bitcoin, Ether, Ripple: Bulls honing their antlers for an upward attempt ahead
- The sense of extreme fear is divergent with the levels of the mathematical averages.
- Bitcoin dominance ratio moves at a structural pivot level and can lead to a trend change.
- XRP is the winner of the day, but far away from fleeing out of the bearish scenario that began in 2018.
The Crypto board dawns quietly, or at least that's what it looks like at first glance. While Bitcoin or Ether is still in the ranges of previous days, as we slide the crypto board, we see that in the Altcoin segment, there is significant buying activity. The beneficiaries of the growing buying interest are values within the Top 20 Altcoin, such as XRP, Ethereum Classic, Litecoin, Tron or Stellar Lumens.
From this level of dominance began the downtrend that caused the pump of late 2017, and also this level stopped the recovery of the Bitcoin against Altcoins from the dump of early 2018 and extended until late 2019.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the 0.02045 price level and is holding at a low level near the major moving averages. In the next few days, we will likely see a move towards the 0.022/0.023 range.
Above the current price, the first resistance level is at 0.021, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.018 and the third one at 0.017.
The DMI on the daily chart shows both bulls and bears seemingly numb. Both buyers and sellers are at the same level since the beginning of this week.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $6667, and it appears as if the price is consolidating before a long-term downward channel attack. The challenge is significant, as above the channel are the main moving averages acting as a second defensive wall. The BTC/USD pair has the potential for an upside price increase of 11.29%.
According to the MACD and DMI indicators, a significant attack could take place in the next few days.
Above the current price, the first resistance level is at $6850, then the second at $7150 and the third one at $7500.
Below the current price, the first support level is at $6575, then the second at $6350 and the third one at $6250.
The MACD on the daily chart continues to show a strong slope and proper line spacing, which should be accompanied by a strong price increase. The current pause in the upward movement is divergent with the indicator's positioning.
The DMI on the daily chart shows that the bulls are already within striking distance of the bears, a confrontation that may occur soon. The current setup, with both sides of the market slowly approaching, usually leads to a breakout movement.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at $136.2 and appears to be consolidating in anticipation of an attempt to break out of the $140 level. Above this resistance level, Ether has significant room to move up to the $175 level, a potential price increase of 22.48%.
Above the current price, the first resistance level is at $140, then the second at $150 and the third one at $155.
Below the current price, the first support level is at $130, then the second at $125 and the third one at $120.
The DMI on the daily chart shows that the bears and bulls are slowly approaching the oversold region. The bears are helping the most in this approach by losing strength at a higher rate than the bulls.
XRP/USD Daily Chart
XRP was the winner of yesterday's session with a gain of over 6% and managed to break through the price congestion resistance at $0.17. Today the price is back down a bit and will try to consolidate the price level. XRP is only one degree away from the long term bearish channel ceiling.
The Ripple token has not been able to break out of this bearish channel since December 2018, a very worrying situation.
Above the current price, the first resistance level is at $0.18, then the second at $0.19 and the third one at $0.20.
Below the current price, the first support level is at $0.17, then the second at $0.15 and the third one at $0.14.
The DMI on the daily chart shows the bulls moving fast towards the bears. The selling side of the market seems to be unconvinced of its strength and is moving significantly lower.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
