Top 3 Price Prediction for Bitcoin, Ripple, Ethereum: Bullish Drums Announce Short-Term Cuts
- After upward attempts, it appears that the market is dropping and taking a break.
- XRP appears weaker than its analytical peers.
- ETH/USD does not impose its leadership and the market suffers.
The cryptocurrencies market starts the week with bull drums entering a public frenzy.
As we will see in the individualized analyses, the market is entering a phase of lateral bullish consolidation, and it is probable that we will see some strong rises incited by price reaction. This type of movement usually ends when less experienced traders have bought the short term highs, at the rhythm of the drums. After that, it is likely to consolidate. As far as the bullish end goes, it will mark the consolidation zone.
The minimum prices of December are already far away and with them the most attractive and safe levels. Now, any long-term position must take higher risks, and there are already market positions that rent more than 20% that are tempting to liquidate. It is a scenario that will lead to increased volatility.
BTC/USD: 240 Minute Chart
The BTC/USD is trading at the $3,966 price level after two attempts to break above $4,000 over the weekend. The current scenario on the 4-hour chart shows a developing bullish trend. After two attempts to cross the resistance zone, the first at the end of February and the one that is happening now appears to be draining the bullish energy.
Above the current price the first resistance level is at $4,050 (price congestion resistance), then the second resistance level is at $4,200 (price congestion resistance and relative maximum). If the BTC/USD gets above this level, the price could skyrocket to the third resistance level of $4,574 (price congestion resistance).
The first support level for the BCT/USD pair is at the $3,910 (EMA50) price level reinforced by congestion support at $3,894. The second line of support is at the confluence of the SMA100 at $3,859 and the SMA200 at $3,821. If the price gets below this last price level, it will go straight to $3,689 (price congestion support).
The MACD on the 4-hour chart is cut down within the bullish region of the indicator. This type of structure usually causes lateral movements that end in a violent action when the lines reach the equilibrium level.
The DMI on the 4-hour chart shows the bulls with control of the market. The bears fight to stay above level 20, but they do not succeed and could start a long stretch below the level that indicates the existence of trend force.
ETH/USD: 240 Minute Chart
The ETH/USD is trading at the $138.8 price level after trying twice to break above $142.5 over the weekend.
Below the current price, the ETH/USD has all three moving averages in a very narrow range just below the current price. The EMA50 forms this first level of support at the $137 level, then the SMA200 at $136.7 and finally the SMA100 at $135.4. The detail to highlight is how the 100-period average moves below the 200-period average, which conveys weakness in the structure. The second level of support is at $131 (price congestion support), and the third level of support is at $129 (price congestion support).
Above the current price, the first resistance level is at $142.5 (price congestion resistance), then the second resistance level is at $151 (price congestion resistance) and the third resistance level for the ETH/USD pair is at the level of $161.5 (price congestion resistance).
The MACD on the 4-hour chart is crossed down with much inclination so in case of a break in support levels the price could accelerate quite a bit. The pivot point is possibly at the midline level of the indicator.
The DMI on the 4-hour chart shows the bulls controlling the situation but with less conviction than in previous days. The bears for their part have been increasing their activity in recent hours but remain below the ADX line, so the trend remains bullish.
XRP/USD: 240 Minute Chart
The XRP/USD pair is currently trading at the $0.3164 price level, continuing an orbital movement around moving averages.
Below the current price, the first support level is formed by the three moving averages, starting with the EMA50 at the $0.315 price level, then the SMA200 at $0.314 and thirdly the SMA100 at $0.314. The second level of support is $0.308 (price congestion support), and the third level is $0.305 (price congestion support).
I want to highlight the downward inclination of the SMA100, which although mild and short term, can cause us to see price weakness for a couple of days.
Above the current price, the first resistance level for the XRP/USD pair is at the price level of $0.3175 (price congestion resistance), then the second at $0.328(price congestion resistance) and then the third at $0.335 (price congestion resistance).
The MACD on the 4-hour chart is crossed down, which reinforces the scenario of possible weakness in the XRP.
The DMI on the 4-hour chart shows that there is almost a tie between bulls and bears. Bullish traders have a slight advantage, but both sides of the market are above the 20 level showing strength. The ADX is at shallow levels and reflects the drop in volatility of the XRP/USD pair in the last few weeks.
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