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- Sterile ascents yesterday that failed to change the scenario in the short term.
- ETH / BTC recovers the bullish scenario but does not have the strength to develop it.
- It is a bipolar market that can change mood at any time and in any direction.
The cryptography market recorded a general increase led by Ethereum yesterday at the end of the European session. The ETH / BTC chart followed the planned roadmap and, after having touched the extension of the uptrend, rose sharply to return above the main trend line. It also reached the resistance level at 0.0350 BTC per ETH.
This upward movement is good news for the market as Ethereum's leadership is needed to keep the market moving away from its lows.
The market continues to be in a delicate situation because Crypto's main players are not able to move far enough from relative minimum prices, so that security, which is the basis of optimism, floods the minds of traders.
Chart BTC / USD 240 minutes
The BTC / USD is currently trading at $ 3.645 Price level. Yesterday he left the climax $ 3,708, stopping at short-term moving averages and resistance to price congestion.
Today the BTC / USD is moving slightly lower, and it is very likely that at some point during the day the price will drop $ 3,600 support (support for price congestion). The second level of support is a $ 3,470(support for price congestion). If the BTC / USD were to lose this level of support, it would fall within the minimum relative area with the third objective of the support level in $ 3,300 (support for price congestion).
If the bulls reappear, the first resistance level a $ 3,700 (resistance to price congestion, EMA50 and SMA200) is the most important in the short term and overcoming it would greatly facilitate the bullish continuity. The second resistance level for the BTC / USD is a $ 3.787 (SMA100), an intermediate level on the way to the third resistance level a $ 3,900(resistance to congestion). If the BTC / USD were able to overcome this third level of resistance, it would be without moving averages, which would also support and increase support prices.
The 240-minute MACD shows a bullish profile after yesterday's gain, but continues on the downside of the indicator. The lines must go into the positive zone in order to see continuous increases.
The 240 Minutes DMI shows how after yesterday's rise, the bears and the bulls had similar levels of activity, a draw that today seems to opt for bears but without gaining an advantage over bulls that represent a bearish development.
ETH / USD 240 Minute Chart
The ETH / USD pair is currently trading at $ 128.90 Price level. After yesterday's rally, he failed to break above the $ 130 level of resistance to price congestion, but broke above SMA100. Much better than Bitcoin.
Also the appearance of this morning in Europe seems to support a day of falls, although in this case they could be minimal thanks to the support that you can find in the simple average (SMA100) to $ 126.79.
In the event that the ETH / USD pair loses the first level of support, the second support a $ 115 (support for price congestion) is the next price target. A fall of this magnitude would be technically devastating and would complicate any medium-term bullish development, since it would drag the exponential and simple averages and lower the level of resistance. The third support a $ 110 (support of price congestion), would see the start of a new downward stretch and new relative lows could be seen.
Above the current price, the first resistance level is a $ 130 (resistance to price congestion), followed a little higher by EMA50 a $ 132.80. The third level of resistance a $ 142 (resistance to price congestion and SMA200) is the most important, as Ethereum would be free of resistance by shifting averages that would become support and facilitate increases.
The MACD in 240 minutes shows a bullish profile but still moves in the bearish zone of the indicator. The inclination and the openness between the lines support possible increases, but the intersection of the zero levels of the indicator will make the sales appear.
The 240-minute DMI shows that bears have benefited from bulls at the start of the session after yesterday's match. Both sides of the market show a significant level of strength of the trend, which can lead to greater volatility.
XRP / USD 240 Minute Chart
The XRP / USD pair is currently trading at $ 0.33 price level after leaving the maximum yesterday $ 0.343 to the 50-period exponential moving average. Then he fell and held on top of the $ 0.335 level of support (support for price congestion).
The XRP / USD is currently losing that level, which now becomes resistance and is heading towards the second level of support to $ 0.32(support for price congestion). The XRP should not miss this second level of support, because it would lose all the bullish potential and would enter a strongly bearish environment that would target the third level of support to $ 0.308 (support for price congestion).
Above the current price, the first resistance is a $ 0.335 (resistance to price congestion). The second level of resistance is a $ 0.345(EMA50 and resistance to price congestion). The third level of resistance is a $ 0.36 (resistance to price congestion), but the order of targeting to achieve it, XRP / USD must first surpass SMA100 and SMA200. The maximum difficulty level which, if exceeded, would open a perfect scenario to see substantial increases in the medium term.
The 240-minute MACD shows a transversal profile upward, albeit with a lower inclination towards the top compared to Bitcoin or Ethereum. It also moves on the bearish side of the indicator, so the upside potential is limited.
The 240-minute DMI shows a link between bears and bulls. Yesterday's rise has put the bulls ahead, but the falls in the morning have made them lose their strength, and now the bears are trying to take control of the situation.
Featured image courtesy of Shutterstock.
