- ETH/USD shows the most positive profile, targeting $400.
- XRP/USD plays its options with an upside potential close to 100%.
- In the very short term, bulls and bears have a 50% chance to take the leadership in the market.
The Cryptocurrencies market has been resisting strong opposition from regulators and legislators since its inception. However, the decisions taken by them have had a diminishing effect on prices as time passed by.
In the technical analysis, the three protagonists of this article currently show ambiguous profiles. The probabilities of a new uptrend are a tad higher than those of a downtrend.
The current objectives for the medium term are:
BTC/USD: $9,500
ETH/USD: $400
XRP/USD: $0.98
ETH/BTC 4 Hours Chart
The market’s leading cryptocurrency pair, ETH/BTC, is currently trading at the price level of 0.0318 after finding reliable support at 0.0315. The a-b-c retracement structure appears complete on the 4-hour chart and seems to be attempting a new uptrend early in the European session.
Above the current price, the first resistance level is at 0.0328 (upper parallel bullish trend line), then the second resistance level at 0.0332 (price congestion resistance). The third resistance level for ETH/BTC is at 0.0344 (second upper parallel trend line).
Below the current price, the first support level is 0.0315 (price congestion support), then the second support level awaits at 0.0307 (EMA50 and lower parallel trendline). The third support level for the ETH/BTC pair is at 0.0301 (SMA200 and price congestion support).
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The MACD on the four-hour chart shows a cross profile on the downside that seems to indicate that there is a bullish cross attempt starting. Averages move slightly above the zero lines, a zone that always brings some volatility to the price.
The DMI on the four-hour chart shows how bulls narrowly outnumber bears and also outperform the ADX line. The bears lose the control they seemed to obtain on Monday, but they stay close and can quickly get back into battle.
BTC/USD Daily Chart
BTC/USD remains below the upper parallel line of the long term bearish channel. Yesterday it made its second attempt to cross but, but failed, feeding back the strength of the resistance, both psychologically and by the buys and sales and their corresponding stops.
Above the current price, the first resistance level is $8,200 (the upper trend line of the long term bearish parallel structure). Above this first resistance, BTC/USD would technically enter a bullish mode and finally break with the big bear market of 2018.
The second resistance level awaits at $8,400 (price congestion resistance), then the third resistance level is at $8,780 (price congestion resistance).
The first support level is at $7,870 (price congestion support), then the second support level is at $7,735 (price congestion support). The third level of support for BTC/USD is $7,600 (price congestion support).
The MACD on the daily chart continues to develop an exhaustion structure but may provide a bullish surprise that would take BTC/USD to the full-long territory.
The DMI on the daily chart shows the bulls holding the advantage over the bears, with both groups following a moderate downtrend. It may be that in the face of the uncertainty of bullish breakout, both sides have decided to retreat and avoid a confrontation for now.
ETH/USD Daily Chart
ETH/USD is currently trading at $251 price level. It appears that the reversal structure still has room for completion. The overall technical aspect continues to be quite bullish.
Above the current price, the first resistance level is $260 (price congestion resistance), opening a free space to the second resistance level at $290 (price congestion resistance). The third resistance level for ETH/USD is at $305 (price congestion resistance).
Below the current price, the first support level is $248 (price congestion support), then the second support level awaits Ethereum at $235 (price congestion support). The third level of support for ETH/USD is at $223 (price congestion support).
The MACD on the daily chart shows an openly bullish profile, albeit at a mature stage of development. The trend is a decreasing uptrend and opening between lines, but in today’s situation, the potential is to the upside.
The DMI on the daily chart shows bulls retaining many advantages over bears going back to minimum levels. The bulls lose the support of the ADX line, and that implies initiating a pattern of a gradual loss of bullish strength.
XRP/USD Daily Chart
XRP/USD is trading at the $0.395 price level and is also completing the a-b-c backward structure after the ups two weeks ago. The medium-term objective of the XRP/USD pair is in the unit of Dollar.
Above the current price, the first resistance level is $0.413 (price congestion resistance), then the second resistance level is $0.429 (price congestion resistance). The third resistance level for the XRP/USD is $0.437 (price congestion resistance).
Below the current price, the first support level is $0.39 (price congestion support), then the second support level is $0.365 (price congestion support). The third level of support is $0.346 (price congestion support and SMA200).
The MACD on the daily chart shows a bullish profile with a good opening between the lines but a slippery slope in the past few hours. It is a development that allows new rises, but probabilities are gradually falling.
The DMI on the daily chart shows that the bulls are dominating the market, although at this time they are crossing the ADX line downwards, which decreases the bullish potential. Bears remain at low levels, showing little conviction in severe downward movements.
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