- The technical charts are at the limit and with very bad exit scenarios.
- The market is running out of patience and money seems to be too.
- It’s time for Ethereum to pull out the rest of the market.
As it happens in Bill Murray’s famous movie “Groundhog Day”, today I have the feeling that I’m seeing yesterday’s charts, since hardly anything has changed in the crypto-board.
The only highlight of yesterday was halfway through the American session. XRP made a bullish escape attempt that was quickly aborted and returned to the price range of the last few days.
For today, the focus is on the ETH/BTC chart in the 4-hour chart. The price moves at the apex of an upward triangle and playing with the lower support dangerously. What’s more, in the final hours of the Asian session it has closed below the trend line although in the European opening it recovers the level.
ETH/BTC 240 Minute Chart
There is a scenario, with very little probability of happening, in which there would be a bullish break in the next period, and that could trigger a robust bullish pull, with a first target at the level of 0.035 Bitcoins by Ethereum.
Whatever happens, the price will go out of the triangle in the next 4 hours although it doesn’t necessarily have to be a violent exit, being able to prolong the current agony beyond the technical figure.
The MACD in the graph of 4 hours shows a structure that in past moments has given rise to new decreases in the value of Ethereum concerning the Bitcoin.
The DMI in the 4-hour chart shows us that bears have an advantage over bulls that are decreasing in intensity as the hours go by.
Do you want to know more about my technical setup?
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3,846 price level. It remains locked between the EMA50 at $3,851 and the SMA100 at $3,828, looking forward to the arrival of the SMA200 which is now trading at the $3,780 price level.
Below the current price, the first support level is at the SMA200, then the second support level is at the $3,690 price level (price congestion support), and the third support level is at $3,600 (price congestion support).
Above the current price, the first resistance level for the BTC/USD pair is at $3,851 (EMA50), then the second resistance level awaits at $3,900 (price congestion resistance) and the third at $4,050 (price congestion resistance).
The MACD on the 4-hour chart now looks like two overlapping lines, horizontal and slightly negative. The structure of this indicator reflects the drop in volatility and the absolute lack of trend.
The DMI on the 4-hour chart shows bears dominating the market but with a gradual decline in their trend strength. On the other hand, the bulls cling to level 20 and manage to stay just above the ADX line. It is a structure of a bearish lateral market.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at the $132.6 price level. Ethereum has lost the support of moving averages, and its structure becomes more fragile than in previous days.
Below the current price, the first support level is at $130.5 (price congestion support), then the second support level is at $120 (price congestion support), while the third support level is at $115 (price congestion support).
Above the current price, the first resistance level is at the confluence of the three moving averages, with the EMA50 at $134.51, the SMA200 at $134.56 and the SMA100 at $135.2. The second resistance level for the ETH/USD pair is at $142.5 (price congestion resistance), and the third resistance level is at $150.6 (price congestion resistance).
The MACD on the 4-hour chart shows completely overlapping lines, completely no direction and moving in the bearish area of the indicator. A bearish sideways scenario.
The DMI on the 4-hour chart also shows a near-balance scenario between bears and bulls. Both move above the ADX line, so they can react quickly and forcefully if the market starts, whichever direction it takes.
XRP/USD 240 Minute Chart
The XRP/USD pair is currently trading at the $0.3141 price level after yesterday’s breach of the bullish triangle figure containing the price. It is premature to know if this will be the direction in which they break the Bitcoin or the Ethereum, but it is a point in favor of a possible bullish exit.
XRP/USD is moving around a gravitational point created by the confluence of the three moving averages, with the EMA50 at $0.313, the SMA200 at $0.314 and finally the SMA100 at $0.315.
Above the current price, the first resistance level is at $0.317 (price congestion resistance), then the second resistance level is at $0.328 (price congestion resistance), and the third resistance level is at $0.334 (price congestion resistance).
Below the current price, the first support level for the XRP/USD pair is in the projection of the triangle baseline at $0.309, very close to firm support at the price level of $0.308 (price congestion support). The second support level is $0.30 (price congestion support), while the third support level is $0.293 (price congestion support).
The MACD on the 4-hour chart reflects yesterday’s bullish breakout. The lines have split slightly, and now both have an upside profile. It has also managed to enter the positive zone of the indicator. It proposes a slightly bullish scenario.
The DMI on the 4-hour chart shows the bulls with control and also with quite a bit of strength. On the rise, they dragged the ADX so that the movement can continue. On the downside, it should be noted that the bulls have not withdrawn and continue to maintain their threat by moving even above the ADX line.
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