- The BTC / USD threatens a new downtrend in the next few hours.
- ETH / USD shows slightly better aspects than Bitcoin but is still at risk.
- The XRP / USD confirms its strength and maintains the price level.
We finished the week of analysis with the main players in the sector in decline. In the 4-hour charts, we see that there is still another stretch down before completing the models on some important indicators.
According to the analysis, at the end of the day in Europe, it can start a new downward movement and should look for new relative lows. In the detailed analysis, I will try to define the price targets.
My work contemplates the risk of predicting movements because if I failed I would be an easy target for criticism.
The movement that shook the market on Wednesday changed the worst scenarios for Bitcoin and Ethereum. Ripple continues in the same scenario although it has lost its bullish momentum.
Do you want to know more about my technical configuration?
BTC / USD 240 minutes.
The BTC / USD is currently trading at $ 5.544 price level, remaining stable after the massive sale. The support zone coincides with an extension of the long-term bearer channel and is related to the June lows.
Under the current price, the internal limit of the channel extension is a $ 5.450. It is quite likely that BTC / USD will lose it. In case of losing this first level of support, the second level of support is a $ 4.927 (support for price congestion). The third level of support is a $ 4,404 (support for price congestion).
Above the current price, the first resistance is a $ 5.70 (resistance to price congestion). The second resistance is a $ 5,595 (baseline of the bearish channel). If the BTC / USD is able to overcome this price level, it will recover the current scenario and the downward crisis could be taken into account.
The 240-minute MACD shows that the indicator is ready to cross the signal line. The statistics tell us that this never happens on the first try. It is one of the most important topics to expect a new downward movement.
The 240-minute DMI shows us that bears maintain a high level of activity. The bulls barely react and remain at minimum levels. The ADX continues at high trend levels and another downward momentum would accelerate rapidly.
ETH / USD 240 minutes.
ETH / USD is currently trading at $ 178.36. He has been in this band since Wednesday, leaving the relatively low level a $ 170.
Under the current price, the first support to the $ 170 price level (price congestion support). The second level of support is a $ 125 (support of price congestion) would be a target for the predictable downward stretch that could occur in the coming hours. The loss of this level of support would bring ETH / USD to the third level of support $ 98 (support for price congestion).
Above the current price, the first resistance is al $ 190 price level (resistance to price congestion). The second level of resistance is $ 194 (resistance to price congestion). If ETH / USD manages to regain this level, it would return to the previous scenario and the bearish crisis could be completed. The third level of resistance a $ 198.21 (50-period exponential moving average).
The 240-minute MACD shows a bullish cut profile. The model tells us that this cut does not occur at the beginning, so we could see a new trait as a "low rejection".
The 240-minute DMI shows that bears are at high and sustained levels. The bulls are kept at the minimum levels and show no interest in increasing their level of activity. The ADX remains at very high levels and a downward movement would accelerate rapidly.
XRP / USD 240 minutes.
The XRP / USD is currently trading at $ 0.469. Despite the strong downward movement on Wednesday, he managed to close above the trend line that governs the movement from the June lows. Yesterday he repeated the move and played all day today with this same trend line which is at the price level of $ 0.481.
Everything will be defined by the fact if there is a closure above or below this very important.
Above the trend line, the XRP / USD would have everything needed to resume the bullish process started in September, with price targets above the relative maximum of $ from 0.75.
Below the trendline, the first support is at the price level of $ 0.444 (support for price congestion). The second level of support awaits a $ 0.429 (support for price congestion). The critical level that would change the scenario is very bearish $ 0.40 (baseline of the bearish channel).
The 240-minute MACD crosses the bottom line but above the zero line. The crossing has a small rise and for now does not threaten major falls.
The 240-minute DMI shows that bears have control over the situation. The bulls do not give up and keep the level above the level that indicates the existence of the tendency. The ADX indicates a slight tendency.
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