- 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.
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.
Crypto Analyst Flips Bullish on Bitcoin Overnight – BTC, XRP, Ethereum Forecasts
The overall crypto market is a mixed bag today, with BTC, ETH and XRP in the red. Here’s a bird’s-eye view from COIN360 at time of publishing.
Crypto analyst Scott Melker of Texas West Capital says he’s just entered a ‘heavy’ position on Bitcoin after spotting a bullish divergence.
A bullish divergence happens when an asset hits a lower low while an indicator such as the RSI or MACD forms a higher low. Melker stresses the high volatility involved in crypto trading and says he’s managing his risk.
Jim Wyckoff, a former technical analyst for Dow Jones Newswires, has a different take.
He says the bears appear to have taken over for now. He expects BTC to keep moving sideways or trend lower in the short term.
“Prices are trending lower from the October high and the bears have gained the near-term technical advantage, to suggest sideways-to-lower price action in the near term. Stay tuned.”
As for Ethereum, Josh Olszewicz of Brave New Coin says ETH may be targeting a rise to $260 this month.
But in order to do so, it will have to rise above resistance at around $190.
Meanwhile, Eric Choe, who won CME Group’s annual trading competition in 2016, says he remains bullish on XRP, despite its drop-off in 2019.
Back in June, Choe said he placed a big bet on XRP in order to shoot for an early retirement.
Since that investment, the price of XRP has dropped from about $0.4049 to its current price of $0.2719.
China Rally 2.0: NEO, VeChain, Ontology Record Double-Digit Price Gains
NEO (NEO), VeChain (VET), and Ontology (ONT) keep surging while China is warming up to crypto.
A bevy of Chinese altcoins is rallying hard once again. According to data provided by cryptocurrency tracker CoinStats, NEO (NEO), VeChain (VET), and Ontology (ONT) are among the best-performing coins at the time of writing after recording double-digit price gains.
image by coinstats.app
Cryptocurrency trader “Paddy Stash” says that NEO has formed another higher high after holding support, which might signal further price gains. NEO is currently the 20th biggest coin by market capitalization with its market cap sitting at $860 mln.
This is already the second China-specific rally in less than a month. As reported by U.Today, the aforementioned coins spiked by more than 40 percent after Chinese President Ji Xinping showed his support for blockchain, the very technology behind the vast majority of cryptocurrencies.
This gave legs to the narrative was the main catalyst for Bitcoin and top altcoins, which also surged hard after President Xi’s U-turn on crypto.
In other news, China’s oldest newspaper had a front-page article about Bitcoin, which shed light on the main peculiarities of the top coin.
TOP 3 Price Predictions: BTC, ETH, XRP — What Signs Will Reveal the End of the Bearish Trend?
- Bitcoin is pushing the cryptocurrency market down again. Will there be a rescue attempt for the altcoins?
The end of the last week was extremely volatile for the cryptocurrency market as Bitcoin (BTC), the most popular crypto, crashed by about $400 in just a matter of hours. However, the altcoins did not follow BTC’s trend. Currently, the top 10 coins are located in the red.
Below is the key data for Bitcoin, Ethereum, and XRP has changed the following way over the last day.
|Name||Ticker||Market Cap||Price||Volume (24H)||Change (24H)|
BTC has followed our earlier scenario, having dropped in price to the $8,600 mark. While the general trend has not switched to a bullish one, the price may shoot back up to the $9,000 mark.
Analyzing the 1H chart, the relative strength index (RSI) indicator shows that BTC is oversold. This means that the price of BTC may rocket upwards in the near future. The Fibonacci retracement is another strong signal that favors an upwards swing in the price. In this particular case, $8,933 (61.8%) is a crucial resistance level that might be achieved soon. 👉MUST READ
Last but not least, the trading volume index shows a significant dominance by buyers against the ongoing drop.
At press time, BTC is trading at $8,711.
ETH is the only other top 3 coin whose rate has increased over the last 7 days. While BTC and XRP have declined by 5.70% and 6.80% respectively, the price of ETH has increased around 1%.
The chief altcoin is showing significantly better price dynamics than BTC. Looking at the hourly chart, one can observe the shadow of a long bearish candle. This usually means an upcoming bullish wave. The trading volume is also at a relatively high level, confirming that bears are running out of steam. In this particular case, traders might expect ETH to hit a price of $188 by the end of the week.
At press time, Ethereum is trading at $186.15.
XRP has not show growth or even slight growth against the downfall of the general market. Since yesterday, the coin has lost 2.73%.
Even with the sharp upswings and downswings, XRP is the only coin whose trading volume has not declined. On November 8th, the price left its support level to a price of around $0.27.
Currently, the situation is almost identical, with the RSI indicator located in the oversold zone. Based on these factors, one might conclude that a resistance level of $0.2750 might be reached shortly.
At press time, XRP is trading at $0.2716.