- Signs of weakness appear while playing at the limit.
- ETH / USD must lead now or suffer for months.
- BTC / USD does not work for both sides of the market.
The growing value at this moment is patience. In a world where everything goes faster than our mind can handle, patience is today a value that is not taught and even less praised.
However, in business, being patient is as precious as money. They are directly related, the lower the patience, the less performance, and vice versa.
As one of our contributors, known as Colibri Trader, he wrote:
Some traders do not realize that it will take time to succeed. They often fall prey to their impatience in the hope of making quick money. It could be a difficult environment, and charts may be difficult to read, so sometimes it's wise to take a step back to avoid costly mistakes. Do not rush things, or try to get into an exchange at all costs simply by following your gut. The market could be quite complicated and often sends wrong signals. Wait patiently for the best opportunities to align and then act mercilessly.
ETH / BTC daily chart
The ETH / BTC couple insists on the patience of testing analysts with their dangerous game on the edge of the bearish landscape. The setup says clearly, perhaps too much, that this point will not be passed and that this is the best point to enter long into the Ethereum.
The MACD in the daily range is spinning rising just above the line that divides the upside of the bearish side of the indicator. The DMI shows the bears with a slight advantage, but the fact that the bulls stay above level 20 adds a bullish potential.
Perhaps too obvious, even if sometimes the market donates money.
Chart BTC / USD 240 minutes
BTC / USD is currently trading at $ 3.505 price level, moving away from $ 3.530 price congestion resistance line.
Below the current price, the next level of support is $ 3,460 (support for price congestion). This price level separates the current and lateral scenario with the openly bearish scenario that the BTC / USD has already visited the first week of December. The loss of this level of support would mean moving quickly to the third level of support a $ 3,300 (support for price congestion).
Above the current price, the first goal is a $ 3.530 (resistance to price congestion). The second level of resistance is a $ 3,600 (resistance to price congestion) and only a few dollars above the EMA50 a $ 3.609. The third level of resistance is a $ 3,690 (resistance to price congestion). If BTC / USD is able to overcome this price level, the strength of the uptrend should be quickly tested with SMA100 to $ 3,708 and then the SMA200 a $ 3,772.
The MACD on the 4-hour chart shows a flat profile that projects an imperfect trajectory towards a cut towards the top. This scheme usually produces bearish scrap.
The DMI on the 4-hour chart shows bears that collect inertia and increase their trend strength. The bulls lose power and move below level 20, confirming the weakness of the side of purchases. The ADX begins to react to the dominance of the bear and confirms the increase in the bearish tendency.
Chart ETTH / USD 240 minutes
ETH / USD is currently trading at $ 117 price level, just below the $ 118resistance level (resistance to price congestion).
Under the current price, the first level of support is a $ 109.50 (support for price congestion). If the Ethereum loses this first support, the next support is a $ 105 (support for price congestion). The third level of support is a $ 97 (support for price congestion).
Above the current price, the first resistance level is a $ 118 (resistance to price congestion). Above this first resistance, the most critical area of the graph is immediately presented, with a second dynamic resistance a $ 122 (EMA50) which would give way to a rock face at the price level of $ 130 (resistance to price congestion) and reinforced by SMA100 a $ 131 and the SMA200 a $ 133.
The MACD on the 4-hour chart shows a profile similar to that of the BTC / USD pair although in this case with a slightly more bullish inclination and, therefore, greater chances of success on the bullish cross.
The DMI on the 4-hour chart also shows the differences from the BTC / USD. Here the bears follow a downward trend while the bulls remain at the same level in the last days.
XRP / USD 240 Minute Chart
XRP / USD is currently trading at $ 0.317 price level, above the $ 0.31 support level. Among the TOP 3 components of the encrypted market, XRP is the one with the best technical aspect.
Below the current price, the first level of support is $ 0.31 (support for price congestion), followed a little lower by the second level of support a $ 0.308 (support for price congestion). The third level of support is a $ 0.296 (support for price congestion), a level that already indicates a return of the XRP to the fully bearish scenario at the beginning of December.
Above the current price, the first resistance level is dynamic a $ 0.327(EMA50). The second level of resistance is a $ 0.335 (resistance to price congestion), followed by an obstacle course for the SMA100 a $ 0.34, a resistance to price congestion a $ 0.345 and another dynamic resistance a $ 0.365(SMA200).
The MACD on the 4-hour chart shows that yesterday there was a small bear reversal. A second attempt at a bullish cross could occur today.
The DMI on the 4-hour chart shows bears in clear decline. The bulls also copy and retreat, which demonstrates a lack of trust on both sides of the market.
Featured image courtesy of Shutterstock.