- XRP is in a decisive moment that will mark the way to the rest of cryptocurrencies.
- ETH/USD resists consolidating advances and may attempt a bullish escape.
- The BTC/USD is lagging further behind and yielding to bearish pressures.
Yesterday was a day of consolidation in the crypto sphere. This is good news as a broad segment of the market expected a bump to destroy the pump seen on Friday, but that did not happen.
Luckily for all those who go long what we are seeing is a consolidation in the upper end of the current price range. The negative data is that the pattern of behavior is not favorable to breaks when it is consolidating so close to the resistance.
According to the development phases, Ripple is the one that seems to be closer to reaching the resolution point, followed by Ethereum and finally by Bitcoin. If XRP fails, the rest will most likely fail as well.
In the quick analysis of the ETH/BTC pair, I see that it is also consolidating to a few points off the key level at 0.0338 ETH/BTC. Without this break, the market is not going to go higher. On the contrary, if the current consolidation process leads to a loss of bullish strength, we will see it with the loss of the support level at0.0333 ETH/BTC.
The DMI on the 4-hour chart shows a structure that usually evolves towards an upward test of the ADX line by the dominant trend force. If this happens, we would see a bullish break that is probably very unstable.
BTC/USD 240 Minute Chart
The BTC/USD continues to weigh on the market as a whole with its lack of momentum. Late Monday, it lost the support level at the $3,600 price level and is now at $3,556.
Below the current price, the first support is at $3,550 (price congestion support). This level is reinforced by the presence of the SMA200 at $3.533 and the EMA50 at $3.525. If the BTC/USD pair cannot hold above these price levels, the third support level, the fall would accelerate, and we would quickly see price levels around $3.460, where congestion support and the SMA100 converge.
Above the current price, the first resistance is at $3,600 (price congestion resistance), followed by the trend line that acts as the ceiling for the downstream channel at $3,675. The presence of a price congestion resistance at $3,688reinforces the strength and complicates the situation. Above this last level, a large gap would open until the next resistance at the $3,900 price level.
The MACD on the 4-hour chart shows a bearish cross profile but in the positive zone of the indicator. It is the typical consolidation setting that can be stretched over time longer than desirable.
The DMI on the 4-hour chart shows the bulls progressively losing ground, while the bears cheered up yesterday at the last minute and manage to move above the 20 levels of the indicator, which gives them considerable strength.
ETH/USD 240 Minute Chart
The ETH/USD pair is currently trading at the $120.22 price level, just above the $120 price congestion support level. The Ethereum is also in the full consolidation phase, although the development is different from what we have seen in Bitcoin.
Below the current price, the first support at the level is cited above is $120(congestion support). The second level of support is at the price level of $115 and converges on the one level of the price congestion support, the SMA200, and the EMA50. With these components, it is quite complicated for the ETH/USD pair to pierce it quickly, but if it does, the third level of support is at $109.50 and is the confluence of a price congestion support and the SMA100.
Above the current price, the first resistance level is at the price level of $130 (price congestion resistance), then the second level at $140 (price congestion resistance) and the third resistance level at $150 (price congestion resistance).
The MACD on the 4-hour chart points down, but with very little inclination, so a bullish spread cannot be ruled out. However, if the objective of the averages is to reach the zero level of the indicator, the trajectory may take many days if it does not accelerate in the consolidation fall.
The DMI on the 4-hour chart shows the bulls resisting to give up positions, while the bears do not show much desire to dispute their leadership.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.299 price level. The XRP is one of the tees that shows the most advanced pattern. The resolution, in this case, will be seen in the next hours and will serve as an example of what we can see in Bitcoin and Ethereum in the following sessions.
Below the current price, the first support is $0.293 (support for price congestion). The second support level is $0.288 (price congestion support) while the third support level is $0.285 (price congestion support).
Above the current price, the first resistance level is at the $0.302 price level where the SMA100 and the EMA50 converge. The second resistance level is at $0.308(price congestion resistance) which is reinforced by the presence of the SMA200 at $0.314. The third resistance level is $0.334 (price congestion resistance).
The MACD on the 4-hour chart has fully developed the consolidation pattern and already rests on the zero lines of the indicator. This level is the most common to start a new upward stretch.
The DMI on the 4-hour chart shows an absolute balance between bulls and bears, both slightly above level 20. Either side that wins the encounter will emerge strongly from the battle.
Top 3 Price Prediction Bitcoin, Ripple, Ethereum: An undervalued Bitcoin attracts money to the entire crypto board
- Unconfirmed upward breaks attract market attention.
- Ethereum enjoys market support thanks to Constantinople.
- XRP sows doubt in its already classic anti-cyclical market behavior.
Friday finally arrives after a boring week on the crypto-board that looks like it’s going to give us some activity and get us out of boredom.
The board has been turning green as the Asian session advanced, and now the market rises timidly but at key levels that can give a sign of a bullish break.
A close at the ETH/BTC above 0.0338 would send a first hint, which would be confirmed by a close above 0.034342. From there, the rise should be generalized among all the main players in the sector, with Ethereum leading the upward movement, followed by Litecoin, Bitcoin and XRP.
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3.578 price level and is heading towards the first price congestion resistance level of $3,600.
BTC/USD moves in the upper zone of the long term bearish channel and can break up the trend line that acts as the channel ceiling at the $3,650 price level. In the event of such a break, the next resistance level is $3,690 (price congestion resistance).
Below the current price, the first support level is at the $3,560 price level (price congestion support). Below this support level, there is a very crowded area where the EMA50 passes at $3,550 and the SMA200 at $3,525 and finally a congestion support price at $3,515, forming a potent area that should offer strong support to Bitcoin.
The MACD on the 4-hour chart presents a quasi-perfect bullish cross profile. The price has broken the short term trend and continues to be slightly optimistic, so it is likely that the bullish cross on the indicator will eventually occur.
The DMI on the 4-hour chart shows that bulls are slightly ahead of bears, but with so little difference that it would be effortless to turn around.
The general aspect is very confident in the short term, perhaps too good aspect, so those who trade in scalp mode would be recommended to adjust the stops as much as possible.
ETH/USD 240 Minute Chart
The ETH/USD is trading at the price level of $122.79, breaking the short term bearish trend line by a few cents. It is a very precarious technical signal that can be easily reversed.
Confirmation of the break would give it a close above the price level of $126.4, the recent high.
Above this price level, the next bullish target is $130.75 (price congestion resistance), then $142 (price congestion resistance) and finally $150 (price congestion resistance).
Below the current price, the first level of support is at $120 (price congestion support), a support that is greatly enhanced by the presence of the EMA50 at $118.65. The second level of support is at $115 (price congestion support), a level also greatly enhanced by the presence of the SMA200 at $115.46. Finally, at $112.5 the SMA100 would be the third level of support.
The MACD on the 4-hour chart does not show a bullish cut profile like the one we see on the Bitcoin, but the lines are very close together, and a bullish cross would be an easy task.
The DMI on the 4-hour chart shows us that bulls are keeping control although at slightly lower levels than in previous days. The bears, for their part, have increased activity slightly in recent hours but fail to threaten the dominance of the bulls.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.3040 price level, narrowly beating the short term bearish line. XRP broke this line a few hours ago, and the movement was rejected. To confirm, XRP/USD must close above the resistance level at $0.308 (price congestion resistance).
Below the current price, the first support level is immediately below the spot price with the SMA100 at $0.3034 and the EMA50 at $0.3032, bringing much strength to the price congestion support level at $0.300. The second support level is $0.2937 (price congestion support), then the third is $0.2886(price congestion support).
Above the current price, the first resistance level is at $0.03083 (price congestion resistance), then the SMA200 at $0.3114 as a key level as this moving average has stopped the last three bullish cross attempts. The third resistance level is at $0.3173 (price congestion resistance), a level that if surpassed by the XRP/USD pair could trigger bullish euphoria.
The MACD on the 4-hour chart shows a very flat profile, lacking any direction or inertia. Any move will require a strong push to get the XRP chart back on track.
The DMI on the 4-hour chart shows bulls retaining control of the XRP/USD pair, although they have decreased in strength in recent hours. For their part, bears have attempted to take control of the moment, but the ADX line rejected it, good news for the bulls.
Bitcoin, Ethereum, Ripple overview: Major coins sliding as market is skeptical about JPMorgan’s JMP Coin
- Major cryptocurrency are rangebound with bearish bias on Friday.
- The excitement about the recovery turned out to be premature, Mati Greenspan warns.
- Not everyone is happy about JPMorgan’s venture into cryptocurrencies.
Major cryptocurrency prices are moving to the South on Friday, extending losses from previous sessions.
Bitcoin is changing hands at $3,570. The first digital coin has been trading in a relatively narrow range for the best part of the week. Also, there is a taste of disappointment in the market as the recovery attempts are effectively capped by $3,600.
Ethereum, the second largest coin with a market value of $12.7B is trading at $121.47, down 1.3% since this time on Thursday. XRP stays unchanged at $0.3025 amid shrinking volatility and low trading volumes.
“The effects of the weekend rally seem to be slowly fading, and the crypto markets are oddly mixed. Of course, this is a very moderate decline and can easily be turned around, but looking at both sides of the coin, it could also be an indication the excitement was premature,” Mati Greenspan, senior market analysts at eToro commented.
JPMorgan Chase announced the launch of its own cryptocurrency called JPM Coin. It will be used to settle payments between customers to speed up the transactions and make the process more efficient.
However, the market did not feel enthusiastic about it. The cryptocurrencies barely moved, while some experts came up with critical comments.
“Blockchain and Bitcoin were, of course, initially supposed to allow individuals to send each other cash without any state or company standing in their way. But that dream is now effectively dead, and blockchain is now fully into its boring phase. The latest and most telling evidence of this arrived this morning when JPMorgan (JPM) said it had developed and tested a prototype of a digital coin,” Ben Walsh is a finance reporter at Barron’s writes.
He states that the technology that was meant to reduce a middleman now used to make them even stronger.
Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Collective Capitulation on Valentine’s day
- The word capitulation appears in different sources…something is being planned…
- Volatility may increase towards the end of today.
- BTC/USD may be the first to notice the coming shake.
According to Investopedia:
“Capitulation is when investors give up any previous gain on any security or market by selling their positions during periods of falls. … A market correction or bear market often leads investors to capitulate or panic sell. The term derives from a military term that refers to surrender.”
Have you sold your cryptos in recent weeks?
You haven’t done so but are you tempted to do so several times a week?
You should know that this is the massive thinking among non-professionals, and some professionals, in recent months.
Just as euphoria pushes to buy at illogically high levels, fear pushes to sell at minimums with the firm intention of saving something from the salvageable. Humans are programmed to react in this way to emotionally extreme environments, all of us.
However, some have learned that if they can look at the situation from the other side of the story, they will find it easy to find someone who sells things to them at minimum prices and then repurchase them at maximum rates.
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3.566 price level, resting on a support level of price congestion at that price level. BTC/USD is under the influence of the EMA50 at $3.544 and the SMA200 at $3.527and is very likely to fall to these levels. Even a drop to the next support level of $3,473 (SMA100) is within expectation.
Above the current price, the first target is at $3,600 (price congestion resistance), a resistance level from which it would be likely to attempt to breach the long term bearish channel’s trendline ceiling by $3,650. The behavior of the BTC/USD pair can become explosive from the resistance level of $3,700 (price congestion resistance).
The MACD on the 4-hour chart shows how the lines continue to cross downward but already very close to the middle line of the indicator where it is very likely to turn bullish again.
The DMI on the 4-hour chart shows how bulls and bears have followed opposite dynamics and are heading to a meeting point that will occur late today. This encounter between the two sides of the market will bring volatility to the market, with a high probability that in the case of Bitcoin, we will witness rapid, yet momentary falls.
ETH/USD 240 Minute Chart
ETH/USD is currently trading at the $122 price level, extending the bullish movement that began last Friday. The $120 support level has worked and building on its support Ethereum continues to move higher in the direction of the next resistance level of $131 (price congestion resistance). This price level would be ideal for consolidating the bullish break and waiting for the arrival and regrouping of the moving averages. This move could last a couple of weeks.
Below the current price, the first support level is at the previously mentioned price level of $120 (price congestion support), the second being a confluence zone composed of the EMA50 at $117, the SMA200 at $115.60 and finally a price congestion support at $111. As an extreme support level, which should not be lost in any case, the price congestion support at $105.5.
The MACD on the 4-hour chart shows a slightly bearish profile with a little distance between the lines. It is a propitious structure for the continuity of the current situation.
The DMI on the 4-hour chart shows us bulls with control of the market but in a mild downward trend. On the other hand, the bears do not buy the supposed weakness to the bulls and do not react to the rise.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.304 price level after consolidating support at the $0.30 price level, which is reinforced by the presence at $0.303 of the EMA50 and the SMA100.
The first bullish target is the SMA200 at the $0.3122 price level. It is very likely that after conquering this lead moving average, the XRP/USD pair will propel itself to the next resistance level at $0.317 (price congestion resistance). The following one is $0.328 (price congestion resistance), while the next immediate resistance level is $0.334 (price congestion resistance). Above this level, the XRP/USD is likely to rise very strongly to relative highs around $0.75.
The MACD on the 4-hour chart shows a fully horizontal profile and in the positive zone of the indicator, albeit for very little. It is a stagnant structure that often leads to violent movement.
The DMI on the 4-hour chart shows bulls with control of the market, although closely followed by some bears that in the case of Ripple, they seem motivated to increase their activity. The trajectory of both sides of the market will lead them to collide in the coming hours, which may lead to a significant increase in volatility.