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The market is cautious on the increase, but aims at continuity



  • The tone of the market remains positive for today.
  • Bitcoin and Ethereum will do better than Ripple.
  • The duration of the bullish momentum will be decided at the beginning of next week.

Yesterday was good for the bulls. The climbs were consistent throughout the day. Today it rises with a logic of profit collection among the daily traders and with a possible test at the levels won yesterday.

The precise question is whether this will continue. In the short term, the technical configuration continues by pointing towards the top. To have medium-term visibility, we will still have to wait possibly at the start of next week.

The chances are high that the move that started yesterday extends over time. To make this statement I rely on:

– The extreme accumulated overselling. The Crypto market has lost more than 35% of its average value in recent weeks. Restless. Technically it is a very diverted market at the bottom of its averages. This extreme situation makes it difficult to keep moving down and facilitates medium reversion strategies.

– The general belief about the bright future that awaits this market makes it easier for many investors to take advantage of current prices to improve their average costs.

– The short-term ETH / USD chart shows a favorable profile for Ethereum. The only thing missing is a confirmation and the same scenario for higher time intervals. I remember there were no consistent market increases without Ethereum doing better than Bitcoin.

What's wrong with Ripple?

Ripple did worse than Bitcoin and Ethereum for several days. Technically, the corresponding cross-contract chart indicates that the situation will continue. This does not mean that Ripple will not go up if the market goes up, only that it will do less.

Do you want to know more about my technical configuration?

BTC / USD 240 minutes.

BTC / USD is currently trading at the price level of $ 4.183. It is just below the EMA50 and also the 23.6% level of the Fibonacci retracement system of the drop from $ 6,400.

Above the current price, the most urgent need is to recover these two technical levels. If BTC / USD can overcome this obstacle, the second resistance zone is a $ 4,400 (resistance to price congestion). The third resistance zone is a $ 4,636 (38.2% of the Fibonacci recession system) and where SMA100 can be found.

Below the current price, the first support zone is al $ 3.912 price level (price congestion support). The second support zone is a $ 3,466 (relative minimum). The third support zone is a $ 3.263 (support for price congestion).

The 240-minute MACD is right in the transition zone between bearish and bullish indicators. The opening and the inclination suggest that it can reach the cross through the positive side. The upside potential remains intact.

The 240-minute DMI shows the bulls taking control but not above the ADX line. This situation reduces the upside potential and calls into question the coherence of the increase.

XRP / USD 240 minutes.

The 240-minute XRP / USD is currently trading at $ 0.3858 Price level. It failed to close above the EMA50 yesterday, but it has conquered the 23.6% level of the Fibonacci retracement system.

Above the current price, the first resistance zone is a $ 0.395 (EMA50). It will be very difficult for XRP / USD to overtake this area. The $ 0.40 The line is becoming an obsession for a good deal of traders and may appear to be strong sales. The second resistance zone is a $ 0.413 (resistance to price congestion and 38.2% level of the Fibonacci retracement system). The third resistance zone is a $ 0.429 (resistance to price congestion).

The 240-minute MACD is slightly below the intermediate line of the indicator. The inclination and the openness suggest continuity towards the top, but it is a little bit behind the development of Bitcoin.

The 240-minute DMI shows that the bulls are above the bears but retain only a minimal advantage. Both sides of the market show weaknesses that would indicate that neither is bound to a clear move in the short term.

ETH / USD 240 minutes.

ETH / USD prices at 240 minutes for the price of $ 121.34. Yesterday reached the EMA50 and the first resistance to price congestion, but failed to close above these obstacles.

Above the current price, the first resistance zone is a $ 124 (EMA50 and resistance to price congestion). The second resistance zone is a $ 147 (SMA100). If Ethereum manages to reach this area, it would be an opportunity to take control of the market. The third resistance zone is a $ 155 (resistance to price congestion).

Below the current price, the first support zone is a $ 100 (minimum relative level and psychological price). The second support zone is a $ 94 (support for price congestion). The third support zone is a $ l & # 39; 80 (support for price congestion).

The 240-minute MACD is halfway between BTC / USD and XRP / USD. ETH / USD is entering the neutral zone of the indicator with a suitable profile to overcome it.

The 240-minute DMI shows the bulls with a slight advantage over the bears. The DMI + is very close to the ascending ADX, which statistically represents a significant upward improvement.

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