The market dances barefoot over the limits

  • ETH/BTC is on the signal line with a high risk of a bearish breakthrough.
  • Paradoxically, the market needs a weak Bitcoin.
  • XRP/USD remains in the negative zone with no apparent improvement in the short term.

 

The market is on the edge of the game. With those simple words, we can define the current situation. The Cryptocurrencies market has endured well in the past few days despite showing exhaustion in the leading indicators, but the game has come to an end.

As we can see from the ETH/BTC chart, the situation has reached a support point that if perforated, will lead the market as a whole to a loss of the bullish momentum, followed by a bearish mode in the short term, future consolidation and a new process of a positive turn for the summer. A long winter comes just at the time when spring seemed to have arrived.

Luckily,  the current scenario is still valid at the time of writing this article.

 

ETH/BTC 240 Minute Chart

 

The ETH/BTC crypto pair trades at 0.0344, just above the parallel bullish line that governs the current scenario. To lose this level would be to move towards 0.033 and drag the market down.

Below the current price, the first support is at 0.0343 (parallel bullish line), then the second support level awaits at 0.0340 and the third support level is at 0.0332.

Above the current price, the first target for the ETH/BTC pair is at the price level of 0.0351 (price congestion resistance), then the second is at 0.0367 (price congestion resistance), and the third resistance level is at 0.0381 (price congestion resistance).

 

 

The MACD on the 4-hour chart shows an ambiguous structure, able to steer in any direction without any problems, aligning itself with the price analysis and the limit that the scenario posed.

The DMI on the 4-hour chart also reflects the current uncertainty situation. There is an absolute tie between the two sides of the market, both at level 20 of the indicator and with the ADX at a minimum extreme that will cause a rebound of the tread force.

 

Do you want to know more about my technical setup?

 

BTC/USD 240 Minute Chart

 

The BTC/USD pair is currently trading at $3,989 after one more failed attempt to breach and consolidate the $4,000 level. Technically, this chart does not express the current limit situation as clearly as the ETH/BTC pair.

Below the current price, the BTC/USD has substantial support levels. The first is at the price level of $3,955 (price congestion support), then the second is a very solid confluence starting at $3.936 (EMA50), followed by price congestion support at $3,395, the SMA100 at the price level of $3,380 and finally the SMA200 at the price level of $3,850.

Above the current price, the first resistance level is at $4,000 (price congestion resistance), then the second resistance level is at $4,050 (price congestion resistance), and the third resistance level is at $4,200 (price congestion resistance).

 

 

The MACD on the 4-hour chart shows a profile that can quickly evolve in any direction. It gives the impression of wanting to go up again, but with the information available, now more than ever is the time for certainties and not feelings.

The DMI in the 4-hour graph shows the bulls maintaining a slight advantage over the bears, but moving at close levels that can rotate quickly. The ADX remains high and can enter the trend soon.

 

ETH/USD 240 Minute Chart

 

The ETH/USD pair is currently trading at $138.70, supported by the confluence of the three classic moving averages. The responsibility for remaining in a bullish scenario lies with Ethereum.

Below the current price, the first level of support is formed by the confluence mentioned above of moving averages, starting with the EMA50 at $138.6, then the SMA200 at $137.6 and finally with the SMA100 at $136. The second level of support for ETH/USD is $130.5 and the third level is $120 (price congestion support).

Above the current price, the first resistance level is at the price level of $142 (price congestion resistance), then the second resistance level is at $150.5 (price congestion resistance), and the third resistance level is at $161 (price congestion resistance).

 

 

The MACD on the 4-hour chart shows a slightly bearish side profile. It is just above the 0 line, which provides support and favors a possible bullish turn.

The DMI on the 4-hour chart shows the bulls controlling the market, while the bears, on the other hand, do not make it above level 20 and show weakness.

 

XRP/USD 240 Minute Chart

 

The XRP/USD is trading at the $0.3148 price level, narrowing each day as the range of motion passes and sending volatility to its lowest levels.

Below the current price, the first support level is at $0.3141 (price congestion support), then the second at the price level of $0.308 (price congestion support) and the third support level for the XRP/USD pair is at $0.305 (price congestion support).

Above the current price, the first resistance level is formed by the confluence of the SMA100 at $0.3150, the EMA50 and the SMA200 at $0.316 and a price congestion resistance at $0.317. The second resistance level for the XRP/USD pair is at the price level of $0.3285 (price congestion resistance), and the third resistance level is at $0.3345 (price congestion resistance).

 

 

The MACD on the 4-hour chart is already in negative territory. The profile is entirely horizontal and can quickly change direction, aligning with the macro technical situation of the market.

The DMI on the 4-hour chart shows bears controlling the situation with solvency, while bulls get below the 20 levels of the indicator and make clear their current weakness. The ADX for its part is going to minimum levels, taking to the extreme the lack of trend.

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Crypto Destroyer

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