- ETH/USD brings joy to the market and takes the lead.
- BTC/USD takes positions for continued bullishness.
- XRP/USD plays at absent-mindedness but manages to stay in the game.
The weekly series of technical articles covering the Top 3 Cryptocurrencies begins with the market in a situation that I previously mentioned as possible throughout the week. In several of my pieces, I expressed the sensation that we could see substantial price increases, although I also exposed the necessary conditions so that those increases could be consolidated.
At the end of the American session on Friday, the crypto exchangesgrids were spectacularly painted in green, highlighting the Litecoinwith rises above 35% in some moments. The weekend left the subject on standby and today, in the opening of the Asian market we see profit collection.
For now, we are reaching key support levels in the short term. These are price levels considered “positive” since if they are respected, in many cases, they become levels where stop orders proliferate.
In general, it seems that the consolidation process is going to be slow and at least during today’s day the market may show weakness, but in the middle of the week, we can see again strong bullish activity.
BTC/USD 240 Minute Chart
The BTC/USD is currently trading at the $3,592 price level after leaving the high of $3,707. The current price level is right at a concentration of congestion support price essential for development in the short term.
Above the current price, the first target is at the $3,690 price level (price congestion resistance and downstream channel ceiling). On the bullish side, this resistance is the most important in weeks. Overcoming it would free the BTC/USD from the bearish environment and put it in a much more positive scenario. The second bullish target is at $3,900 (price congestion resistance). The third bullish target is at $4,050 (price congestion resistance). The level from which the movement could accelerate a lot is at $4,200 (price congestion resistance).
Below the current price, the first support level is at $3,590 (price congestion support). Below this support level, we find an accumulation of moving averages (EMA50, SMA100, and SMA200) until we reach the next level of price congestion support at $3,465. Given the strength of the price support, a break down would be a signal of extreme weakness. In that case, the short-term bearish target would be around $3,200 (base of the bearish channel).
The MACD shows a bearish cross profile after Friday’s strong move. It rose quickly and now it is time to normalize things. In these extreme situations, the MACD loses reliability as the price may continue to rise even though the lines are pointing down.
The DMI helps us see the magnitude of the rise we saw at the end of the week. The bulls reached positive levels not seen in more than six months, while the bears went to minimum levels but already seen on each occasion that the market has insinuated upward movements. It is clear that the bears do not bail anything out and that none of them wants to get caught if the bulls take out the upside strength they have inside.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at $108.13, leaving the intraday high at $110.27. The early morning movement of the European session has allowed the Ethereum to surpass the EMA50 and for a moment the SMA100. This is an excellent demonstration of bullish strength.
If ETH/USD manages to close the current candle above the SMA100, the crucial next objective is at the $120 (SMA200) price level, as an intermediate level towards the third level of price congestion resistance at $131.
Below the current price, the first support level is at the EMA50 at $106.65, while the second support level is at $105.5 (price congestion support). The third level of support is at $103 (price congestion support).
The MACD on the 4-hour chart has gained momentum, although the opening between the lines is minimal. It is necessary to follow the evolution carefully to see if it can overcome the 0 levels of the indicator.
The DMI on the 4-hour chart looks much better than the BTC/USD pair. The bulls have managed to surpass the level of the bears and are shooting at levels not seen since late last December.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.302 price level. The achievement of the XRP in Friday’s move is to go past the $0.30 level, which allows it to remain in a potentially bullish zone, but nothing more. In this respect, the XRP’s behavior is disappointing as much more was expected from it. If a few weeks ago I highlighted its strength to pierce upward levels, in this new momentum precisely stands out on the contrary and is the only one among the Top 3 that does not manage to exceed all moving averages.
Above the current price, the first resistance level is $0.308 (price congestion resistance). The second resistance level is at $0.316(SMA200), while the third level is at $0.334 (price congestion resistance). The XRP would enter bullish mode above the $0.39 price level (price congestion resistance).
Below the current price, XRP/USD has first level support at $0.30(price congestion support), then second level support at $0.293 (price congestion support) and last level support at $0.288 (price congestion support).
MACD shows a more advanced development than both Bitcoin and Ethereum. It is crossed downwards at a point where it usually happens that it crosses up again. We could see new rises at the end of the week.
The DMI is a reflection of the situation we see in the price. Bears stay above the ADX line, which gives it upside potential. The bulls, on the other hand, seem to dare to stand against the bullish side of the XRP and increase their level of activity.
Has Facebook removed bank deposit currencies of USD, EUR, GBP, JPY from Libra’s whitepaper?
Facebook’s entry into the world of cryptocurrencies has been nothing short of sensational, with several crypto-proponents and mainstream players commenting on what could be the next big thing in the world of digital assets.
A week after the Libra’s introduction by the Mark Zuckerberg-led company, some analysts have spotted some changes in Libra’s whitepaper. Bobby Ong, Co-founder of CoinGecko, revealed that the company has been researching Facebook token’s whitepaper, following which he tweeted,
…it seems like they have removed the bank deposit currencies of USD, EUR, GBP, JPY from their whitepaper. I remember reading it last week when it launched but they are now nowhere to be found in the whitepaper.”
Libra’s whitepaper had stated that it will not always be able to convert the same amount of a given local currency. Rather, it will be converted as the value of the underlying assets, following which the value of an individual Libra will also fluctuate. When Libra was first introduced, it was also said that the Libra blockchain will implement the Libra BFT consensus protocol, a variant of HotStuff Byzantine Fault Tolerant consensus protocol. Facebook also claimed that Libra’s launch will tackle specific areas of interest such as transactions speed and privacy, parameters that will be overlooked by a separate organization called Calibra.
The change in the whitepaper’s details has sparked some debate within the community, with many members claiming that the exclusion of popular fiat currencies for bank deposits would play against the social media giant.
Speaking about Libra during its whitepaper release, Facebook had said,
“When data is stored on the Libra Blockchain, a transaction will be associated with metadata containing the time the transaction was committed to the blockchain and the validator node that added the transaction to the blockchain. Transactions do not contain links to a user’s real-world identity.”
Bitcoin [BTC], NEO, XRP Price Prediction and Analysis
BTC/USD pair has undergone a bullish outlook in the last 24hrs. BTC has moved up by 9.9% since it began trading yesterday at $11135.31 (A) and is currently trading at $13605.96.
Despite BTC having begun trading on a short-term consolidation period from A to B, an uptrend has held with all indicators pointing towards a bullish trajectory.
At around 21:00 a bullish regular divergence pattern is seen that pushed the price momentum up to a high of $12935.58 before it dropped slightly to the current price. The RSI X is seen above level 70 that indicated an overbought market momentum.
Increase in BTC price has led to a positive impact on investor sentiments. The RSI also reflects increase buyouts; this is because the indicator is currently increasing.
A further uptrend is likely to be seen, this is because the 7-day MA is still gravitating above the 21-day MA indicating a bullish signal. New target should be set at $14796.91.
Like BTC, Neo/USD pair has been exhibiting a bullish outlook in the last 24hrs. The uptrend was supported by the 7-day moving average that is trading above the 21-day moving average. Neo registered an uptrend to the tune of 10.01% where it began trading from $17.62 to the current price of $19.50.
The bullish movement was reflected in the pair’s price consolidation trend. The support level was moved up from $17.78 to $18.71 while the resistance level was tested and breached severally.
An overbought market was also encountered at 17:00 yesterday and at 01:00 today this is because the Relative Strength Index was trading above level 70 at that period of time.
The bulls drastically pushed the price momentum up to a high of $20.85 testing resistance level (R). This was followed by a slight dip that placed Neo to its current price.
There is a high probability of an incoming bearish market since the RSI is currently heading south thus indicting increase sellouts. New support level should be stood at $ 19.36.
XRP/USD pair is up by 2.47% over the last 24hrs. It moved from $0.46771 to the current price of 0.48390. The upward price rally has been buttressed by the 7-day moving average that is currently gravitating above the 21-day moving average.
XRP was seen trading on a sideways price movement where it placed support level at $0.45888 and resistance level at $0.46993.
Yesterday, around 03:00, a bullish engulfing pattern was seen that resulted in a breakout. The breakdown breached resistance level and further raised the price up to a high of $0.49000 before it slightly dipped to close at $0.46990.
The Relative Strength Index is currently heading north which shows reluctance by investors to sell off their XRP holdings in anticipation for better prices.
At the moment, the 21-day MA is acting as the price support at the $0.46730 mark and the 7-day MA is dominantly above the 21-day MA. This signals a strong bullish momentum in the coming days. New target should be set at $0.49942.
Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Next bullish targets after BTC/USD leapfrogs $12,000 as Facebook’s Libra makes waves – Confluence Detector
- Cryptocurrencies seem to have ended their consolidation phase and enjoy another surge.
- The incessant talk about Libra and the renewed interest in cryptos is pushing prices higher.
- Here are the next levels to watch according to the Confluence Detector.
A week has passed since Facebook announced its cryptocurrency project – but the social media behemoth just cannot stay out of the news – in the crypto-sphere and in the broader public.
The incessant chatter helps bring Bitcoin and to a lesser extent Ethereum and Ripple to the spotlight – and to investors’ minds. Digital coins are seeing higher inflows – and this also draws more attention and additional money flowing in.
Facebook – which has been under scrutiny for years due to privacy concerns – may bring much needed regulation to the world of cryptos and perhaps help bring about a Bitcoin Exchange Traded Fund (ETF) which may draw mainstream investors into the digital coin.
How far can BTC, ETH, and XRP go? In the short term, a lot depends on the technicals.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD eyes $13,829
Bitcoin has broken above the round number of $12,000 and enjoys some support at $12,170 which is the convergence of the Pivot Point one-week Resistance 3 and the Bollinger Band 15min-Upper.
Substantial support awaits at $11,538 where we see the confluence of the Fibonacci 38.2% one-day, the BB 1d-Upper, and the BB 1h-Middle.
BTC/USD has its eyes on $12,867 which is where the Pivot Point one-day Resistance 3 awaits the granddaddy of cryptocurrencies.
The next upside target is $13,829 which is the Pivot Point one-month Resistance 3.
ETH/USD targets $368
Ethereum has been on the rise as well and has left $300 behind. It is now eyeing $345 where the Pivot Point one-week R3 meets the price.
Further above, it targets $368 which is where we find the Pivot Point one-month Resistance 3.
ETH/USD has some support at $320 which is a cluster of lines including the BB 1d-Upper, the Simple Moving Average 5-1h, the SMA 10-15m, and the PP 1d-R1.
The next support line is $313 where we find the convergence of the SMA 100-15m, the Fibonacci 38.2% one-day, the SMA 10-4h, the BB 1h-Middle, and the SMA 50-15m.
Vitalik Buterin’s brainchild has a last-resort cushion at $291 where we find a juncture including the previous monthly high, the Fibonacci 23.6% one-week, and the SMA 10-1d.
XRP/USD eyes $0.5250
Ripple has overcome tough resistance, now turned support at $0.4700 which is a minefield of lines including the SMA 5-4h, the BB 15min-Middle, the Fibonacci 61.8% one-day, the PP 1w-R1, the SMA 5-1h, and the BB 4h-Middle.
Further support awaits at $0.4500, where the Fibonacci 23.6% one-week and the SMA 10-1d converge.
XRP/USD faces resistance at $0.5125 which is the where the PP 1m-R1 meets the price.
The upside target is $0.5250 where another Pivot Point awaits the price – the one-week Resistance 3.