Price Prediction for Bitcoin, XRP and Ethereum: Supports are Restored before Spring Break

Summary

  • Bitcoin (BTC) has the support of the market and makes it noticeable.
  • Ethereum (ETH) shows strength to defend, not to win.
  • XRP disappoints and concentrates market weakness.

The trading week is halfway through, and the crypto market remains in the process of consolidation of the levels conquered in previous weeks. At least this is the case of Bitcoin and Ethereum.

The crypto market has changed its mood after the last upward movements and now shows a positive tone at all times, with visible cash inflows every time the setbacks deepen a bit.

The ETH/BTC pair confirmed at the beginning of the week the lower parallel trend line of the great technical structure that was born at the beginning of October, and that managed to stop the continuous devaluation of Ethereum against Bitcoin that had occurred in the previous six months.

 ETH/BTC 4 Hours Chart

The ETH/BTC cross is trading at the price level of 0.0317 and remains in a bearish sideways position. It remains in a delicate zone, as losing the recent low would be very detrimental to Ethereum and all projects related to its technology.

On the proactive side of the market, these are ideal levels for taking long positions in ETH against BTC, as the proximity of the lows bring the stop levels very close and reduce the costs associated with risk control.

Above the current price, the first resistance level is at 0.0328 (upper parallel trend line), then the second resistance level is at 0.0332 (price congestion resistance). The third resistance level in the ETH/BTC pair is at 0.0340 (second upper parallel trend line).

Below the current price, the first support level is at 0.0316 (price congestion support), then the second support level is at 0.0312 (lower parallel trend line). Below this second support level the situation would worsen very quickly and the crypto market as we know it would be in danger.

The MACD on the 4-hour chart maintains a slight uptrend, but with a little opening between the lines, so it is difficult for us to see significant movements in the next few hours. The averages remain in the negative zone of the indicator, which increases the degree of pessimism in the following hours.

The DMI in the 4-hour chart shows us how bears and bulls maintain parallelism in their movements. The bears lose momentum and get below the ADX line while the bulls also retreat and go deeper into their weakness.

BTC/USD 4 Hour Chart

The BTC/USD pair is currently trading at the $5,200 price level, beating price congestion resistance at $5,100 and the EMA50. Bitcoin enjoys the favor of investors and receives cash inflows at every price drop.

Above the current price, the first resistance level is $5,490 (price congestion resistance), then the second resistance level is $5,620 (long term upper parallel trend line). The third resistance level for the BTC/USD pair is between $6,300 and $6,500 (triple price congestion resistance).

Below the current price, the first support level is $5,100 (price congestion support and EMA50), then the second support level is $5,000 (SMA100). The third level of support for the BTC/USD pair is at $4,550 (price congestion support and SMA200).

The MACD on the 4-hour chart is tilted slightly higher with a little opening between the lines. It remains on the positive side of the indicator confirming the strong support that the Bitcoin retains even in times of sector weakness.

The DMI on the 4-hour chart shows the bulls regaining control of the market in the last few hours as the bears retreat a bit. Both remain above the ADX line, which would allow for a sudden increase in trend strength on both sides of the market.

ETH/USD 4 Hour Chart

The ETH/USD pair is currently trading at the $165.8 price level, recovering the levels seen before the week’s early falls. The active recovery has led the pair to overcome price congestion resistance at $162 and also to overcome averages (EMA50 and SMA100) at $165.

Above the current price, the first resistance level is at $180 (price congestion resistance), then the second resistance level is at $190 (price congestion resistance). The third resistance level for the ETH/USD pair is at $200 (price congestion resistance).

Below the current price, the first support level is at $165 (EMA50 and SMA100), then the second support level is at $162 (price congestion support). The third level of support for the ETH/USD pair is at $152 (price congestion support).

The MACD on the 4-hour chart shows a different profile in the short term that has shown its strength with today’s gains. On the negative side, still being on the negative side of the indicator takes some power away and will require extra effort to get into the full bullish mode.

The DMI on the 4-hour chart shows bears withdrawing quickly and drilling down the ADX line. The bulls, on the other hand, react by improving their trend strength but stay below the bears and the ADX line.

XRP/USD 4 Hour Chart

The XRP/USD is currently trading at the $0.322 price level after failing to pass the SMA200 early in the Asian session. XRP is increasingly isolated from the rest of the market.

Above the current price, the first resistance level is around $0.33, where the SMA200 comes together with a price congestion resistance and also with the EMA50. The second resistance level is at $0.335 (price congestion resistance) and could extend to $0.34 (SMA100). The third resistance level for the XRP/USD pair is $0.367 (price congestion resistance).

Below the current price, the first support level is at $0.317 (price congestion support), then the second support level is at $0.308 (price congestion support). The third level of support for the XRP/USD pair is $0.30 (price congestion support).

The MACD on the 4-hour chart shows a bullish profile that is limited by moving in the negative zone of the market. It expresses deep bullish pressure but is barely used to hold prices while it lacks the energy to try to conquer higher levels.

The DMI on the 4-hour chart shows how the bears continue to maintain control albeit with a minimal advantage over the bulls. Both move above the ADX line, so a change in order flow can cause violent movements.

Featured image courtesy of Shutterstock.

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