- The hourly chart has the secret of a bullish resolution.
- Technical indicators add to the confusion at the present time.
- Risk of major falls if the bullish window is not exploited in the short term.
The crypto market continues to hold its breath with its eyes fixed on the BTC/USD pair.
The loss of critical support two days ago opened up a new scenario in which the chances of seeing $5,000 on the screens are considerable.
These two days, the price has barely moved, and for now, it is just $400 away from recovering the previous scenario.
Technically, an elegant way out would be to go up today with force, to the $8,000 zone, which would draw a bullish marubazu candlestick after a doji that, being very strict, could go under the "abandoned baby" category.
This figure is infrequent, and it's going to be very difficult to draw today.
If we go down to the 60-minute graphics in search of the stage for today, three things stand out:
- The configuration of the moving stockings shows a clean space between $7,550 and $7,850. The SMA200 marks the superior resistance at $7,931.
- The MACD shows a robust bullish inclination, although it lacks amplitude between lines. It is very close to the zero lines, and its entry into the bullish zone cannot be ruled out in the next few hours.
- The DMI shows an exciting divergence between the price and the direction of capital flow. The bulls have been pushing up actively since early yesterday morning, while the bears are suffering from staying in front of the BTC/USD pair. In the next three hours, both sides will meet, and we will see the resolution.
ETH/BTC Daily Chart
The ETH/BTC was currently trading at the price level of 0.0217 after a slight drop yesterday.
Above the current price, the first resistance level is at 0.022, the second at 0.023 and the third one at 0.025.
Below the current price, the first support level is at 0.021, the second at 0.020 and the third one at 0.0182.
The MACD on the daily chart remains in the bullish zone of the indicator, with a decidedly horizontal profile but crosses down.
The DMI on the daily chart shows bulls fighting to stay above the 20 levels while the ADX line at 21 pushes down. The bears are retreating and show no interest in disputing the leadership of the buyers for now.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at $7,466 as the daily candle green is appearing, something that has not happened in the last four days. At the opening of this article, I am conducting a short term analysis, which may have a significant impact on the medium term.
Above the current price, the first resistance level is at $7,450, the second at $7,650 and the third one at $7,900.
Below the current price, the first support level is at $7,400, the second at $7,100 and the third one at $6,850.
The MACD on the daily chart shows a fully flat profile. Moving averages are crossed down but in a minimal and easily reversible way.
The DMI on the daily chart shows the bears controlling the pair. Bulls keep at minimal, slightly divergent levels.
ETH/USD Daily Chart
The ETH/USD pair is currently traded at the $162 price level and adds to the gains we see across the board in the crypto board.
Above the current price, the first resistance level is at $170, the second at $180 and the third one at $190.
Below the current price, the first support level is at $160, the second at $155 and the third one at $150.
The MACD on the daily chart moves in the negative zone, although the bullish area is very close. A change to a bullish tone is feasible as soon as the market sees fresh money coming in.
The DMI on the daily chart shows bears controlling the ETH/USD pair with an iron fist. The selling side moves above the ADX line, which supports the continued bearish price.
XRP/USD Daily Chart
The XRP/USD is currently trading at the $0.279 price level as it attempts to beat the SMA100 at $0.28. The presence of the EMA50 at $0.277 provides excellent support and will allow us to see new fresh intraday highs during the day.
Above the current price, the first resistance level is at $0.285, the second at $0.29 and the third one at $0.295.
Below the current price, the first support level is at $0.27, the second at $0.265 and the third one at $0.255.
The MACD on the daily chart shows a bearish cross that calls into question the chances of a successful upward move. However, if the bullish momentum consolidates today, the volatility can expand rapidly.
The DMI on the daily chart shows the bulls leading the XRP/USD pair. This advantage of the selling side is limited by the presence of the ADX line just above it, which indicates that the bearish trend is not active. Bulls are kept at high levels and can quickly enter the leadership fight.
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