- Coinbase launches its OTC trading platform and opens the door to institutional investors.
- The Crypto board adopts an unexpected positive tone that can lengthen in time.
- The BTC and the ETH seem better positioned than the XRP to capitalize on the rises.
The day begins in green in today’s European session.
Today, Coinbase announced the launch of its OTC (Over The Counter) trading platform for Cryptocurrencies.
The OTC markets are traditionally used by institutional investors to trade without the problems of trading large orders. These institutions move huge volumes, and OTC transactions allow and certify large transactions between participants outside of Level 2 books.
An essential step in the process of institutionalization of investments in the Blockchain industry. Please take note; the professionals are opening considerable doors to the new market, they are not running away.
The technical news of the day is the bullish crossing of the indicators on the 12-hour chart in the Bitcoin and Ethereum. The case of the XRP is different, as now on the charts against the BTC and the ETH is bearish. The XRP is rising in price like them, but it will do relatively worse than these in the following days.
Do you want to know more about my technical setup?
BTC/USD 240-Minutes.
The BTC/USD trades at the $3,985 price level. It marked the day's high at $4,069. The BTC/USD manages to beat resistance at $3,925 and is very likely to now come down to test the validity of the bullish break. That price level may offer a good entry option for those who are thinking of doing so.
Above the current price, the first resistance is at $4,200 (EMA50). The second resistance level is at $4,400 (price congestion resistance).
In case the BTC/USD can overcome this second resistance level, the technical scenario would improve considerably in the short term, the Exponential Moving Average together with the support for price congestion would give substantial support from which to consider higher price levels.
The third resistance level at $4,920 (SMA100 and price congestion resistance) is the opportunity to change the mood of the market positively.
Below the current price, the first support level is $3,925 (price congestion support). A close below this price level would be lethal to bullish aspirations. Second level support at $3,650 (price congestion support). The third level of support at $3,270 (price congestion support) would set new annual lows and take market pessimism to the extreme.
-636789982340590638.png)
The MACD at 240-Minutes shows a bullish cross profile. The separation between lines and inclination is positive for the price. The barrier is the 0 level of the indicator. The way the BTC/USD resolves the encounter with this technical resistance will be decisive.
The 240-Minute DMI shows an absolute balance between bears and bulls. Both are slightly above level 20, so both show intention to continue with their trends — an indicator to follow in the next few hours.
XRP/USD 240-Minutes.
The XRP/USD trades at the $0.376 price level. It set the cycle low of $0.323 and from that level has recovered over 10%. The technical structure of the XRP/USD is favorable in the short term, but the XRP/BTC and XRP/ETH crosses both show us that Ripple is going to do relatively worse than these. This information is essential for those who consider in their operations the gains against Bitcoin or Ethereum and not only against the Dollar or the Euro.
Above the current price, the first resistance for the XRP/USD is $0.396 (EMA50). The second resistance level at $0.413 (price congestion resistance) is the gateway to an area densely populated by resistances. The third resistance level at $0.428 (price congestion resistance) is key to bringing strength and bullish conviction to the market.
Below the current price, the first support level is at $0.367. If the XRP/USD closes below, it would lose all bullish momentum and probably return to the scenario of new relative lows. The second support level is at $0.344 (price congestion support). The third support level is at $0.32 (price congestion support), it would set new relative lows and increase the chance of seeing new annual lows for the Ripple.
-636789983200612455.png)
The MACD at 240- Minutes shows a bullish profile similar to the BTC/USD. The inclination and opening of lines are favorable for the price. The proximity of the average range of the indicator at level 0 will be a challenge for the evolution of the price.
The 240-Minute DMI shows bears and bulls wholly tied. Both are a little above level 20 which indicates that there is an ongoing trend. It is an indicator to follow to see which of them will lead the market in the coming days.
ETH/USD 240-Minutes.
The ETH/USD is quoted at $115.23. It hit a high of $117.21 and is now retreating in search of support to confirm the $110 breakout of resistance.
Above the current price, the first resistance level is $124.4 (EMA50 and resistance in price congestion). If ETH/USD can conquer this price level, the medium-term structure would be much improved. The second resistance level is a bit far away at around $152 (SMA100 and price congestion resistance). The third resistance level is at $170 (price congestion resistance).
Below the current price, the first support level is at $110 (price congestion support). This price level is the only significant support before a possible fall to new annual lows. The second level of support awaits at the yearly lows of $100.85 is weak support, and the ETH/USD could pierce it easily. The third level of support awaits at $81 (price congestion support) is an extreme level but one that cannot be ruled out.
The MACD at 240 Minutes shows a profile similar to that of its fellow analysts. The indicator has an inclination and opening of lines positive for the price. The 0 level of the MACD indicator also threatens the evolution of the ETH/USD.
-636789984834872949.png)
The MACD at 240 Minutes shows a profile similar to that of its fellow analysts. The indicator has an inclination and opening of lines positive for the price. The 0 level of the MACD indicator also threatens the evolution of the ETH/USD.
The 240-Minute DMI shows a tie between bears and bulls. The bears have reacted as fast to the rises as the bulls, and both are at the level indicating the existence of a trend in progress.
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