- BTC/USD makes it easy for bulls to do their thing.
- ETH/USD is more reluctant and hesitant between the two sides of the market.
- XRP/USD has strong upside potential but lacks leadership.
A new day on the balance wire is making its way into old Europe. The feeling of moving so close to disaster for so many days is torture. Above all, for those who cannot detach themselves for a moment from the screens and who, in their eagerness not to miss anything that happens, can end up being the ones who pay for the party of others.
The constant observation of prices exposes us to emotional tension, keeps us perpetually at the limit, weakens our decision-making capacity and usually ends up provoking an impulsive behavior at the worst moment. The trader loses her/his general vision and focuses their attention on a small box of fears, and phobias, until the unpleasant end.
Training to manage this kind of emotional trap properly is not easy to find. Trading journals, Mindfulness, Meditation on any of its variables are the limited tools commonly accepted. All are methods in which the aspiring Trader Yoda must link theory and practice in solitude.
So, the figure of the mentor comes in: an experienced person with a high capacity for empathy and who can understand the emotional situation of the aspirant at any time. He then offers the trader the right tool to return to balance, again and again, until he can integrate it into his trading.
In our education section, you can find material on this subject.
Do you want to know more about my technical setup?
ETH/BTC 240 Minute Chart
The ETH/BTC cryptocurrency pair found support at the price level of 0.0351 (price congestion support) and has a bit more margin below it with the presence of one of the bullish trendlines that have governed the movement since last December.
Above the current price, the critical level to overcome is at 0.0381 (price congestion resistance), then the next significant level is at the price level of 0.0415 (price congestion resistance). Above this point, the price rises in the crypto market could be significant.
-636876388456671223.png)
Below the current price, the level that is the most important to hold onto if you want to keep the options bullish is right here. Below the price level of 0.0349, the market would enter a consolidation zone that would lengthen the doubts for weeks.
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3,860 price level. Early in the day, the pair breached the $3,900 level (price congestion resistance), but the attempt was immediately thwarted.
Above the current price, the first resistance level is at $3,900 (price congestion resistance), then the second resistance level is at $4,050 (price congestion resistance). The third resistance level, at $4,190 (price congestion resistance), and it is the critical level that if exceeded would put the market into bullish mode again.
Below the current price, the first support level for the BTC/USD pair is just below the current price at $3,848 (SMA100). The second support level is at $3,816 (EMA50), while the third support level, a critical level that if the BTC/USD pair should not pierce, is $3,700 (congestion support and SMA200).
-636876385412769974.png)
The MACD on the 4-hour chart shows a very flat profile but resists crossing down, a structure that increases the chances of seeing a new bullish stretch anytime soon.
The DMI on the 4-hour chart also shows an improvement over yesterday's situation. The bears continue to hold back as the bulls try again to position themselves above the ADX line, an achievement that would undoubtedly push the price towards new relative highs.
ETH/USD 240 Minute Chart
The ETH/USD is currently trading at the $136.50 price level. Ethereum moves are compressed between the SMA100 at the $139.90 price level and the EMA50 at the $136.10 price level.
Above the current price, the ETH/USD has a first resistance level at $140, with the SMA100 at $139.90 and a price congestion resistance at $142.5. The second resistance level is $150.50 (price congestion resistance), while the third resistance level is at $161.5 (price congestion resistance).
Below the current price, the first support line is just below the current price of $136.1 (SMA100). The second support level is the most important for the ETH/USD pair and is at $130 (price congestion support and SMA200). If Ethereum loses this support, it will quickly move to the third support point at $120 (price congestion support).
-636876386528604771.png)
The MACD on the 4-hour chart does show a downward crossing of the lines. It is a minor difference from the one seen in the case of the BTC/USD pair, but it is data to take into account.
The DMI on the 4-hour chart also shows differences from Bitcoin. Here, the bears keep the tone and even improve their positions in the past few hours. The bulls, on the other hand, have a downward trajectory that takes them very close to the levels of the sell side of the market.
XRP/USD 240 Minute Chart
The XRP/USD pair is currently trading at the $0.313 price level. XRP is in a complex zone between moving averages that are very close together.
Above the current price, the first resistance level is between the price level of $0.315 (EMA50), the price level of $0.318 (SMA100), passing through the price level of $0.317 (price congestion resistance) as we see a critical resistance zone. The second resistance level for the XRP/USD pair is $0.3280 (price congestion resistance), while the third resistance level is $0.3340 (price congestion resistance).
Below the current price, the first support level is at $0.3110 (price congestion support), then the second support level for the XRP/USD pair is at the price level of $0.308 (price congestion support) and the third support level is at $0.30 (price congestion support).
-636876387521481194.png)
The MACD on the four-hour chart shows a cross profile in the downside but hints at a bullish cross in the short term. Both lines remain on the bullish side of the indicator.
The DMI on the 4-hour chart shows the bears retreating slightly today, while the bulls remain above the ADX and a return to a bullish market could provide a substantial boost to the price.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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 is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.