Bitcoin, Ethereum, Ripple Analysis: Contradictory Information Demands The Willingness To Make Decisions

  • Bitcoin opens the gap and overcomes $6,700, although it’s a fragile breakout and we can not take the level for consolidated.
  • Ethereum and Ripple are still waiting and have not accompanied Bitcoin in the conquest of the SMA200 in the 240 minutes frame.

Bullish weekend for prices on the Crypto board. In line with last week’s trend, the rises among the main players in the Crypto market have continued, allowing Bitcoin to surpass, but not consolidate, some significant levels.

BTC/USD 240 Min

The trading week begins with Bitcoin trading at $6,730 and halfway through the strong resistance. It has been barely rewarded for so many days of buying pressure, but it brings the important levels closer, at $6,900, $7,100 and $7,800.

BTC/USD is placed above the SMA200 and this will help a lot in the medium term evolution, although in the short term, a test of the support would be highly recommended. This means going down to $6,600, but it would not be a bad thing if the price stopped above the SMA and turned up again.

First bearish target is at the $6,600 level, with a possible extension to $6,550 and, in an extreme situation, a rapid drop to the SMA100 level of $6,400. In the latter case, a close below $6,550 would undo recent gains and force us to rewrite the scenario in the short term.

The MACD at 240 Min shows weakness, with a very horizontal profile that may indicate a slow bullish continuation as well as a slight drop to regulate deviations.

The Directional Movement Index gives control to buyers with a good advantage over sellers at low levels who do not seem to support further significant declines. It also shows a slight tendency as the ADX is above the 20 level.

ETH/USD 240 Min

Ethereum has not profited as much from the money inflows and has not managed to surpass the SMA200 in 240-min chart. This current ETH/USD scenario agrees with the aforementioned Bitcoin re-test on the SMA200. The Ethereum is trading at $484 in the European morning, just above a support for price congestion and just ten dollars below the SMA200. This is the first resistance to beat, with another resistance higher for price congestion at $521. As a third target, Ethereum should breached $550, which would open a new scenario for it to rise and involve a structural change in the medium term.

Below the current price, the first support at the current price, followed below the EMA50 at $470, a support for price congestion at $460 and the SMA100 at $456.

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The MACD at the 240-min chart is very horizontal, with some bullish potential remaining, but still cross-checking upwards. Upward movement is possible in the short term.

The Directional Movement Index gives control to buyers with a good advantage over sellers, still at low levels, which does not seem to support further significant declines. In this case, the ADX does not yet indicate the existence of a consistent trend force.

XRP/USD 240 Min

The Ripple is today the weakest member of the group, staying far away from the SMA200 and with some indicators that present us a scenario quite different from the ones seen above. It is currently trading at $0.48, just above the EMA50 and SMA100. These two moving averages form a solid support for XRP/USD price. If, despite its strength, it loses this level, it will support the price congestion at $0.466 first, followed by $0.429 and finally, as a last support, $0.40.

On the upside, the main target for price congestion is $0.506, followed by the SMA200 at $0.52. Only above $0.55 could we consider a much more bullish scenario change.

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The MACD at 240-min chart shows a much weaker profile than the one of its fellow cryptocurrencies. Very flat and practically on the line of 0, it does not show any strength at all and it advises us to be cautious with the Ripple.

The Directional Movement Index shows us some buyers totally equaled with the sellers, while the ADX sinks to levels well below normal and usually indicates an upcoming movement of some importance. We do not know the direction of this movement.

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