This market is bullish even when it falls; BTC $11,300, ETH $310 and XRP $0.391

  • Bitcoin resists losing the Bullish mode and can make it to higher ground.
  • Ethereum finally approaches its moment of success.
  • XRP isolates itself from the market and ignores bullish expectations.

 

As in any good suspense film, unexpected twists and turns are essential to maintain tension in the viewer. This induced state of emotional stress manages to distract him from reality and immerse him in the story.

Bitcoin shows its good qualities once again as a scriptwriter and keeps our attention with gains above 10% at the start of the European session. 

The cause and effect, in this order or the inverse, is in the upswing of the ETH/BTC pair. The indicators are in a cross position. Essential resistance lines that provoke bearish rebounds appear and result in the best performance of Bitcoin against Ethereum. 

The two leading cryptocurrencies remain in full bullish scenarios despite the falls and the room for a small maneuver –  which is clearly seen in the daily closings when they both avoided below $10,700 for BTC/USD and $290 for ETH/USD.

It is these technical conditions that trigger excitement. The crypto market must do what has to be done and without losing the current scenario if it wants to end the summer by setting new all-time highs above $20,000.

 

ETH/BTC Daily Chart

 

ETH/BTC is currently trading at 0.0265 after moving above 0.028 yesterday and continues to form a double bottom. The increase in volatility is clear and encourages the idea that a floor is in formation. The MACD analysis will give us more clarity on this.

Above the current price, the first resistance level is at 0.0268 (price congestion resistance), then the second at 0.0278 (price congestion resistance) and the third one at 0.0291 (price congestion resistance and EMA50).

Below the current price, the first level of support is at 0.025 (price congestion support and relative lows), then the second at 0.0228 (price congestion support) and the third one at 0.020 (price congestion support).

 

 

The MACD on the daily chart shows a rejection profile of the first upward cross attempt that has resulted in the market movement today. The structure is even more bullish than yesterday’s, as the pattern marks as very likely a bearish rejection as a condition for a later cross to the upside.

The DMI on the daily chart shows how the bears maintain control and develop a pattern confirming the loss of the ADX line. The bulls, on the other hand, increase their activity but without threatening even the selling side of the market.

 

BTC/USD Daily Chart

 

BTC/USD is currently trading at $11,315 and seems to be struggling to stay above $11.300 – price congestion resistance level. It is important to highlight the fact that in the last two days, Bitcoin has managed to close above $10,650 and stay within the most bullish scenario of all.

Above the current price, the first resistance level is at $14,000 (price congestion resistance and relative maximum), then the second at $17,100 (price congestion resistance) and the third one at $19,608 (historical maximum at daily close).

Below the current price, the first level of support is at $10,670 (price congestion support), then the second at $9,650 (price congestion support) and the third one at $9,174 (price congestion support and EMA50).

 

BTC/USD Technical Analysis Chart

 

The MACD on the daily chart shows how the bearish slope has disappeared and shows a very flat profile. This configuration is very different from the one it presented yesterday and is very positive for the price in the short term.

The DMI on the daily chart clearly shows how the bulls reject the bear attack and move up again. The pattern of behavior indicates that the bulls will most likely give up quickly, and in the next few days, the bears will take control.

There are contradictions between the two indicators.

 

ETH/USD Daily Chart

 

ETH/USD is currently quoted at the $294 price level and remains well above the support level at $290 (price congestion support). 

The news is in the detail that Ethereum does not have the same difficulty as Bitcoin in staying above the level even though it is rising less today.

Above the current price, the first resistance level is at $306 (price congestion resistance), then the second at $317 (price congestion resistance), and the third one at $330 (price congestion resistance and relative maximum).

Below the current price, the first level of support is at $290 (price congestion support), then the second level of support is at $260 (price congestion support and EMA50) and the third one at $250 (price congestion support).

 

ETH/USD Technical Analysis Chart

 

The MACD on the daily chart shows how the bearish cross remains in slope and open between lines. It is a bearish side profile that can quickly evolve to both sides of the market.

The DMI on the daily chart shows bulls above the ADX line, which keeps bullish mode on. The bears, on the other hand, get very close, but in their case, they stay below the ADX line. It is a structure that confirms that ETH/USD can take any direction without difficulty.

XRP/USD Daily Chart

XRP/USD is currently trading at $0.399 and is unable to beat the EMA50. The structure indicates that the current situation may take a few more weeks.

Above the current price, the first resistance level is at $0.41 (price congestion resistance and EMA50), then the second at $0.428 (price congestion resistance) and the third one at $0.441 (double price congestion resistance).

Below the current price, the first level of support is at $0.389 (price congestion support), then the second at $0.367 (double price congestion support and SMA100) and the third one at $0.344 (price congestion support and SMA200).

 

XRP/USD Technical Chart

 

The MACD on the daily chart shows a bearish profile. The slope and opening between the lines indicate bearish strength and moving through the negative zone of the indicator confirms this. However, the XRP/USD remains in the same range as the second week of May.

The DMI on the daily chart shows how the bears remain above the bulls but with a tiny advantage. The selling side of the market also fails to clear the ADX line, indicating underlying weakness.

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