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- The BTC / USD points to a slight rise but has strong hurdles.
- ETH / USD has a simpler scenario but does not seem determined to take advantage of it.
- Also the XRP / USD does not want to take advantage of a positive scenario for the ascents.
This week in the crypto market starts with a scenario opposite to what we had last week. This week, very short-term indicators are pointing to the top. The medium-term situation continues to show a structure that proposes laterality for the next few days.
If the upward movement that emerges from very short-term technical analysis will take place, we will have to be attentive to duration and intensity if it can sufficiently influence the medium-term structure.
BTC / USD 240 min
The BTC / USD is currently trading at the level of $ 6,357. This leaves Bitcoin below the first resistance of the range at $ 6,359.3. Moving averages continue their convergence process, creating a significant barrier that the BTC / USD will have to overcome if it wants to re-raise prices.
Above the current price, the first resistance is at the listed level of $ 6,359 (resistance to price congestion). The second level of resistance is precisely the convergence point of the simple 100-period moving average at the price level of $ 6,367, 200 periods at $ 6,366 and the 50-period exponential moving average slightly above $ 6,375.
Bitcoin will not be easy to overcome this obstacle. If it does, the premium will be almost nil, because it will not be until the next resistance level of $ 6.491 (resistance due to price congestion) that the conditions of a new uptrend will begin.
Under the current price, the first support at the price level of $ 6.295 (support for price congestion). Second support level at $ 6.208 (price congestion support). The loss of this second level of support would open a much more negative scenario that could bring the value of the BTC / USD to $ 5,874 (support for price congestion).
The MACD 240 minutes upward but below the zero line. The current structure suggests attempts to climb, although they may be limited. As long as these lines are above the neutral line of the indicator, it will not be easy to move upward.
The 240-minute DMI shows how bears continue to have control over the situation. The bulls do not give up and took advantage of the $ 6,300 scored at the start of the Asian session to buy intensively.
ETH / USD 240 min
ETH / USD is currently trading at the price level of $ 211.20. Its technical aspect is more favorable than the one presented by BTC / USD. This situation is due to the fact that the moving averages are lower than the current price and can help to support the ETH / USD in case of sales appearing on the market.
Above the current price, the first resistance is at the price level of $ 215 (resistance to price congestion). From here it will be easy for ETH / USD to deal with the second resistance at the price level of $ 223.24 (resistance to price congestion). However, until Ethereum passes the third resistance at the $ 235.76 level, it will not enter a fully bullish short-term scenario.
Below the current price, the first support is at the price level $ 210, which is currently the transition of the 50-period exponential moving average. The second level of support is $ 206.78 (support for price congestion). This support is strengthened by the simple moving averages of 100 and 200 slightly lower, around $ 205. The third level of support is at the psychological level of $ 200, a level that, if lost, would greatly worsen the technical aspect of ; Eth / USD.
The 240-minute MACD shows a neutral profile. The lines overlap and just above the average range of the indicator. In this situation, it does not provide information with which to project future movements.
The 240-minute DMI shows Bears with a small lead over the Bulls. Both sides of the market maintain good levels and do not give up. It is worth highlighting the Bears' bullish trajectory from the 7 November lows, clearly betting to see new annual lows in the ETH / USD.
XRP / USD 240 min
The XRP / USD is currently trading at the $ 0.506 level, just above the first support level at $ 0.504 (price congestion support). The moving averages in the case of Ripple are well below the current price.
Above the current price, the first resistance level is at the price level of $ 0.547 (resistance to price congestion). The second resistance is at $ 0.584 (resistance to price congestion) and the third resistance at $ 0.60 (resistance to price congestion). The XRP / USD will not fully fall into the bullish phase until it will exceed the relative maximum above the price level of $ 0.768.
Under the current price, the first support is at the price level of $ 0.50 (50 Exponential moving average of the period). The second support is $ 0.48 (Simple Moving Average of 100 periods), a bit above the trend line that governs the movement and is at the price level of $ 0.465. The second support is $ 0.48 (Simple Moving Average of 100 periods), a bit above the trend line that governs the movement and is at the price level of $ 0.465. Losing this level of support would be very harmful.
The 240-minute MACD shows a flat profile, just above the neutral line of the indicator. It does not provide any information on the possible future evolution of Ripple.
Even the 240-minute DMI will not help us to propose future scenarios. Absolute link between bears and bulls. This equilibrium situation has continued on November 9th.
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