- Bitcoin as a target for money facing a new equity sell-off.
- The second failed attempt at $10000 boosts the relevance of the level and sets it up as the level to beat.
- Sentiment improves by 10% but is one step behind a volatile market
Yesterday, the Bitcoin attempted again to overcome the resistance in its market dominance chart and fails. Yesterday's technical indicators point out that the bullish move has run out of steam.
Today, those same indicators are moving close to completing a bearish pattern that would carry Bitcoin's dominance level. But the technical pattern is not yet complete, so there is still a chance for a triumphant end to the Bitcoin, with Ethereum's permission.
The Ethereum network now has a chance to make up lost ground and gain momentum ahead of the release of the 2.0 version of the network engineered by Vitalyk Buterin.
But the threat of another delay in the delivery of the new version is already on the table.
Mr Buterin – a Canadian citizen but born in Russia in 1995 – stated in a recent interview that the date for the launch of the new version was set for July, and was immediately replied by the tesnet coordinator for ETH 2.0, Afri Schoedon, questioning this date.
As it could not be otherwise in an open ecosystem and decentralized collaboration, other project collaborators have also appeared who maintain that the delivery date is feasible.
The Ethreum's dominance chart shows a fragile structure with few nearby supports. On the resistance side, the situation changes a lot, and the simple moving average of 200 days limits any upward movement.
Source: alternative.me
The sentiment indicator of the crypto ecosystem continues to wobble, and today is up 10% to level 44. The market mood is very volatile, a clear message of nervousness among all participants.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.0207.
During the Asian session, the price has risen sharply. At the opening of the European session, Ether is losing all gains, and now the dispute is over, back the opening level.
Above the current price, the first resistance level is at 0.0216, then the second at 0.022 and the third one at 0.0228.
Below the current price, the first support level is at 0.020, then the second at 0.0197 and the third one at 0.0188.
The MACD on the daily chart is losing steam but not enough to change the current downward trend.
The DMI on the daily chart shows that the bears have no strength to move away from the ADX line, while the bulls still show no interest in disputing the leadership of the ETH/BTC pair.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $9610. During the Asian session, the chart draws a bearish candlestick, but now in European time, the price is recovering and avoiding the bearish pattern for the time being.
The $10000 level resisted for the second time in a few days and is now at the resistance level critical to the development of the current uptrend.
Above the current price, the first resistance level is at $10000, then the second at $10650 and the third one at $11250.
Below the current price, the first support level is at $9600 then the second at $9150 and the third one at $8800.
The MACD on the daily chart could try today to undo the bearish cross or to move down again as it did last week. The indicator shows an ambiguous structure, and there is no visibility in the short term.
The DMI on the daily chart shows the bulls not having the strength to break the ADX line. Now they are moving down and confirm the bearish pattern that was triggered last week.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at the $199.7 price level, an essential price level for the Ether.
Above the current price, the first resistance level is at $200, then the second at $208 and the third one at $215.
Below the current price, the first support level is at $195 then the second at $190 and the third one at $185.
The MACD on the daily chart failed to attempt a new bullish cross, a weakness that can turn into a strength by avoiding a bearish rebound.
The DMI on the daily chart shows the bulls-side leading this asset, but close to the sell-side levels. The two sides of the market and the ADX line moves in a tiny space, which could lead to increased volatility.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at the price level of $0.201 and is giving good news as it is trading above the 50-day exponential moving line.
Above the current price, the first resistance level is at $0.213, then the second at $0.22 and the third one at $0.24.
Below the current price, the first support level is at $0.20 then the second at $0.19 and the third one at $0.18.
The MACD on the daily chart shows a very flat profile that rests on the neutral level of the indicator. From this point onwards it could bounce back upwards with a solid base.
The DMI on the daily chart shows bears controlling the XRP/USD pair, but not being able to break the ADX line and trigger a consistent bearish pattern. The bulls are gaining strength although they are still far from being able to contest the control of the pair on the sell-side.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.