- The explosive upward motion of the XRP puts it back into orbit.
- Bitcoin and Ethereum miss the opportunity and seem to return to the dark side.
- The technical setup of the XRP is clearly bullish.
Just as I start typing on the computer and the tables turn to generalized red. It is clear that we are in a scenario of capitulation, where between acts appear " Dead Cat bounces " ready to hit the bulls and to attempt to get that idea out of their heads.
However, looking closely at the charts, there are different kinds of cats, and some are alive than others.
As we will see in the detailed analysis, the less healthy is Bitcoin, which after yesterday's modest rises did not manage to conquer any significant support and now suffers the consequences. The Ethereum did somehow better but did not reach a level that today serves as a support.
For the XRP that was not the case, due to yesterday’s fulgurate rise, in the graph of 4 hours, three levels of support by congestion of the price and two moving averages. It's time to remember that at the end of 2018 the XRP rose for days without Bitcoin or Ethereum following.
The daily ETH/BTC range chart shows a small recovery from lows, signaling a general weakness in the market tone. On the positive side, we see how indicators start to turn shyly upwards, although it is premature to declare even a possible change of trend in the short term.
Do you want to know more about my technical setup?
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3,419 price level, after peaking at $3,472 yesterday but failing to close the candle above the $3,470 level of price congestion resistance.
Below the current price, the first support is at $3,360 (price congestion support). If the Bitcoin reach this level, the statistic says that the next support level at $3,315 (price congestion support), will also be achieved. The third level of support is at $3,240 (price congestion support).
Above the current price, the first resistance level for BTC/USD is at $3,470 (price congestion resistance). The second resistance level is at $3,485 (EMA50), very close to the SMA100 level of $3,551. The critical level for the BTC/USD pair is at the $3,600 price level (congestion resistance).
-636845296773409903.png)
The MACD on the 4-hour chart shows that after yesterday's bullish cross, today is rapidly losing momentum and flattening out quickly. It continues with an upbeat profile but as long as it fails to move up the bullish side of the indicator and trade above $3,600, weakness is the dominant underlying force.
The DMI on the 4-hour chart shows how the bears crossed the downward ADX line, which fulfills an end-of-trend pattern, and is now heading back to a possible bullish cross. Whether this happens or not will be decisive for the next few days. The bulls, on the other hand, managed to surpass the level 20 and for now maintain it, which increases the chances of a bullish continuity.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at the $108 price level after losing the $109 price congestion support level early in the morning. Yesterday, the high was $111.86 (EMA50), and the resistance mentioned above breached, but it is clear that bears dominate the market and do not have much trouble beating the supports.
Below the current price, the second support level is at $105.5 (price congestion support). If this price level is reached, the statistic says that it will be perforated and that ETH/USD will continue its bearish journey at least to the next support level at $97 (price congestion support). The third level of support is at $85 (price congestion support).
Above the current price, the first resistance level is at $109 (price congestion support), slightly below the EMA50 which today passes through the $111.43 price level. A little higher on the price scale, at $115, there is a price congestion resistance that is reinforced by the presence of the SMA100 at $116.92. The key level for the ETH/USD on the bullish side is $130 (price congestion resistance and SMA200).
-636845299025977963.png)
The MACD on the 4-hour chart shows a more bullish profile than that seen on the Bitcoin, but as with this one, today's declines are bringing the lines together and causing it to lose slope. In the case of the ETH/USD pair, as long as it doesn't move on the positive side of the indicator and doesn't breach the $130 price level, we won't be able to end the bearish trend.
The DMI on the 4-hour chart shows how the bulls managed to cross up with the bears put themselves above again. Both move below the ADX, which indicates an underlying sideways situation.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.312 price level after yesterday's high of $0.338 (SMA200). Yesterday's rise was much stronger in the XRP than in the Bitcoin or Ethereum and managed to overcome up to four price congestion resistances in addition to the EMA50 and the SMA100. Only the long-term average of 200 periods managed to stop the advance.
Now that the sales have appeared, it does not seem that the conquered one's yesterday serve as support today.
Below the current price, the first support for the XRP/USD pair is $0.308 (price congestion support and EMA50). The second support level is $0.296 (price congestion support), and the third is at $0.286 (price congestion support).
Above the current price, the first resistance, formed by the confluence of the SMA100 and a level of congestion per price around $0.32. The second resistance level is at $0.335 (price congestion resistance and SMA200) and is the key level for the XRP/USD pair. The third resistance level is at $0.345, where it would enter fully bullish territory in the short term.
-636845301723704877.png)
The MACD on the 4-hour chart clearly shows the difference between the XRP situation versus Bitcoin or Ethereum. Yesterday it managed to cross to the bullish side, and that is very positive. Today it loses inclination and openness between averages, but it is almost guaranteed that it will avoid returning to the negative side of the indicator.
The DMI on the 4-hour chart shows how the bulls reacted violently to the rise, reaching levels not seen since December. Unfortunately, they did not manage to get above the ADX, and that spoils a little the excellent setup it presents.
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