- BTC/USD takes a breath, paving the way for Ethereum to take the lead.
- ETH/USD Rises Strongly to $400 in the Short-Term.
- XRP also comes out of lethargy with $1 as a target.
Yesterday we saw the first attempt by Bitcoin, the King of Cryptocurrencies, to surpass $8,350 and finally get rid of the bearish trend that contains it since the beginning of 2018.
Bitcoin failed, as I had anticipated expected and explained in my piece because these long-term structures are firm.
The other critical factor that is being played out right now is that the King’s squires are taking the leadership, mainly Ethereum but also XRP is taking a secondary, yet critical role.
Since the last hours of yesterday's session, it became clear that ETH/USD was doing better than BTC/USD, a better relative behavior that is maintained today and that, if the scenario is correct, will last for several days.
ETH/BTC Daily Chart
The ETH/BTC is currently trading at the price level of 0.0286 after hitting a low of 0.025 yesterday. This price level is the lowest since the beginning of 2017, an extreme level.
Today the pair is recovering, and the daily chart presents a structure that fits the scenario of an early bullish phase. ETH/BTC has significant obstacles to overcome on its way up, but if the energy seen in Bitcoin spreads to Ethereum, it will do so quickly.
Above the current price, the first resistance level is at 0.029 (price congestion resistance), then the second resistance level is at 0.030 (price congestion resistance and EMA50). The third resistance level for the ETH/BTC pair is between 0.032 and 0.033 (price congestion resistance, SMA100, and SMA200).
If ETH/BTC breaches the 0.0345 level, it will go bullish, and carry the whole market with it.
Below the current price, the first support level is at 0.0276 (price congestion support), then the second support level is at 0.0268 (price congestion support). The third support level for the ETH/BTC crypto cross is at 0.0248 (channel base bearish trend line).
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The MACD on the daily chart shows a very early bullish cross that still needs time to consolidate. By level and structure, it has much room to go up.
The DMI on the daily chart shows the bulls trying to outperform the ADX line while the bears lose strength and go in the direction of crossing with the bullish side of the market.
BTC/USD Daily Chart
BTC/USD is trading at $7,954, after yesterday's failure to overcome the parallel bearish structure contained in the price since early 2018. The signal level that would end 17 months of the bearish market is at $8,385, a level that is very likely to present a fierce battle.
Above the current price, the first resistance level is at $8,250 (price congestion resistance and upper parallel trendline), then the second resistance level is at $3,835 (price congestion resistance). The third resistance level is at $8,750 (price congestion resistance).
Below the current price, the first support level is $7,750 (price congestion support), then the second support level is $7,600 (price congestion support). The third level of support for the BTC/USD pair is at $7,410 (price congestion support).
The MACD on the daily chart shows a profile that loses a bit of bias from yesterday, while the opening remains in its full range. It shows more possibilities of falls that regulate the excesses than new rises in the short term.
The DMI on the daily chart shows how bulls deepen below the ADX line, while bears go to minimum levels. The possible bearish reaction to moderate the extreme level demonstrated by the bears.
ETH/USD Daily Chart
ETH/USD is currently trading at $230, a price level not seen since October 2018. The strong bullish movement of Ethereum is pulling up the most significant moving averages.
Above the current price, the first resistance level is at $240 (price congestion resistance), then the second resistance level is at $260 (price congestion resistance). The third resistance level for ETH/USD is at $290 (price congestion resistance).
Below the current price, the first support level is at $225 (price congestion support), then the second support level is at $215 (price congestion support). The third level of support for the ETH/USD pair is at $200 (price congestion support).
The MACD on the daily chart shows an upward cross profile with a proper inclination and increasing openness. The current bullish pattern is of negligible size when compared to the late 2017 rises. If structures with similar dimensions are developed, then the growths can be stratospheric.
The DMI in the daily chart shows the bulls increasing their strength and tiptoeing above the ADX line. On the other hand, the bears go to minimum levels, which can cause some fall in the price by regulation of excesses.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.423, setting the day's high at $0.443. The primary target for this swing is $0.55, which is likely to be reached before the end of the week.
Above the current price, the first resistance level is $0.467 (price congestion resistance), then the second resistance level is $0.505 (price congestion resistance). The third resistance level is at $0.5277 (price congestion resistance).
Below the current price, the first support level is $0.413 (price congestion support), then the second support level is $0.391 (price congestion support). The third support level is $0.367 (price congestion support).
The MACD on the daily chart shows how the averages enter the positive zone with an excellent bullish inclination. The separation between lines is reasonable and with much capacity to increase.
The DMI on the daily chart shows bulls at levels not seen since September 2018 or at December 2017 high. There is maximum upside potential in play right now for XRP.
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