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- The BTC / USD rises, leaving the minimum of 4k behind, but its falls can be resumed.
- ETH / USD is going up but the bulls are not very convinced.
- The XRP / USD keeps the bullish scenario, although the risk continues.
The sell-off continues in the Crypto universe. The main cryptocurrencies set new lows during the Asian session, except for Ripple who already performed this procedure.
The well-known economist Nouriel Roubini called "Dr.Doom" kicked off the week by declaring that the initiative of major central banks to launch their own currency based on Blockchain will undermine the future of current cryptocurrencies.
The subject is reasonable from the point of view of the current status quo, and I must admit that it is something that I enjoyed a long time ago. However, I rejected it.
I question the survival of the status quo itself. If one of the arguments a person thinks of accumulating value by buying Bitcoin is the distrust of currencies supported by over-indebted systems, what can change when central banks change paper by bit?
If one day the current financial system collapses in the face of non-repayable debt, what security does the instrument provide that is digital, reliable and decentralized? If that day arrives, I will prefer to have my paycheck in Bitcoin than in a currency that is worth less every day while central banks increase desperation rates.
In my opinion, the fact that Bitcoin or other cryptocurrencies is a store of value, safe, certifiable, fractional and isolated from the current system, has its risks but also undeniable advantages.
I do not deny all the arguments of Mr. Roubini, but I think he forgets to put all the elements at stake.
Do you want to know more about my technical configuration?
BTC / USD 240 minutes.
The 240-Minute BTC / USD is currently trading at $ 4,562 Price level. He touched a new low cycle a $ 4,051.71 and reaffirms the support a $ 4,400.
After these levels, and as I proposed yesterday, it turns into a normal reaction to the sudden falls of the last days.
Above the current price, the first resistance a $ 4.923 (resistance to price congestion) is a necessary challenge to overcome in order to start reassuring the market. The second level of resistance a $ 5.342 (long-term channel base and EMA50) is the most crucial level. Overcoming it would bring the BTC / USD to its previous scenario and could end the sell-off. The chart in the daily range does not support this possibility, but if fresh money appears strongly, it could give a twist to the story.
Below the current price, the first support is a $ 4,400 (support for price congestion). The second level to be observed is at the recent lows of $ 4.051. If the BTC / USD breaks down, the Sell-Off is reactivated actively. The third level of support is a $ 3.919 (support for price congestion). In the case, the BTC / USD loses this level, the last level of protection before the absolute disaster occurs $ 3.272 (support for price congestion).
The 240-minute DMI shows the bears retreating and under the ADX as bulls that overreact to bullish movements.
ETH / USD 240 minutes.
ETH / USD is currently trading at $ 138 price level after having touched the depression of $ 125 twice. The double touch brings strength to the support level, but in turn promises pain if drilled in the coming days.
Above the current price, the first goal is $ 155 (resistance to price congestion). The second level of resistance is between $ 167 is $ 169 (EMA50 and resistance to price congestion). The third level of resistance a $ 180 (resistance to price congestion) is the level to be conquered to reverse the damage caused by Sell-Off.
Below the current price, the XRP / USD has the first support a $ 125 (relative minimum and price congestion support). The second support a $ 94.7 (support for price congestion). Third level support a $ 81 (support for price congestion). The loss of this last level would be disastrous for the long-term future of Ethereum.
@FXSCrypto and our Telegram channel of Trading Crypto FXStreet
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