- Sellers are stronger than buyers but have no advantage in controlling the market.
- Market sentiment remains optimistic and diverges from the technical structure.
- Ripple speeds up the consolidation process and leads the way.
The week is drawing to a close and on Friday we see modest increases in major crypto card protectors.
Ethereum is the best member of the Top 3 right now and is making up some of the ground that Bitcoin has lost in recent weeks. The current rise does not seem able to complete the consolidation movement, and we should still wait a few more weeks to see further developments.
Market forces are facing each other, but neither side is opening fire in the technical showdown that all indications are set to take place soon.
The downward movement is in full swing and the bulls are less and less likely to reverse the downtrend.
Market sentiment is now at the 74 level showing a very high level of confidence in which the uptrend will continue without a break. The long-term sentiment level chart shows an area of congestion which usually leads to a sharp drop in the confidence level.
ETH / BTC daily chart
ETH / BTC is currently trading at 0.03411, showing strength and interest in staying above the support level of 0.0333. The 50-day exponential moving average is an important attractor and is most likely a target for lows. This moving average is currently hovering around 0.032.
Above the current price, the first level of resistance is at 0.035, then the second to 0.03675 and the third to 0.0372.
Below the current price, the first level of support is at 0.0332, then the second to 0.0317 and the third to 0.030.
The MACD on the daily chart follows the typical downtrend. The current position – in an area between the high level and the neutral level of the indicator – usually causes small upward corrections.
The DMI on the daily chart shows bears and bulls sharing a level but never touching each other. The market will remain relatively calm until the two sides come into contact – which will add volatility to the price.
BTC / USD Daily Chart
BTC / USD is currently trading at $ 11,394, similar to Thursday’s level, just above the price congestion support level of $ 11,300. The 50-day exponential moving average is at $ 11,000 price level.
Above the current price, the first level of resistance is at $ 12,300, then the second to $ 14,000 and the third to $ 17,200.
Below the current price, the first level of support is at $ 11,300, then the second to $ 11,000 and the third to $ 10,650.
The MACD on the daily chart continues to decline naturally, maintaining the profile both sloping and separating between moving averages.
The DMI on the daily chart shows the bears outclassing the bulls and attempting to move away from them to gain control of the pair.
ETH / USD daily chart
ETH / USD is currently trading at $ 388.12 and follows Bitcoin’s lead by staying above the critical support level of $ 385.
Above the current price, the first level of resistance is at $ 440, then the second to $ 460 and the third to $ 485.
Below the current price, the first level of support is at $ 385, then the second to $ 360 and the third to $ 315.
The MACD on the daily chart shows no change in the bearish profile and suggests that the downtrend is continuing normally.
The DMI on the daily chart shows that the bears are overtaking the bulls but are not gaining much advantage at the moment.
XRP / USD Daily Chart
XRP / USD is currently trading at $ 0.26666 and, standing above the 50-day exponential moving average. If Ripple loses support in this area, a scenario of $ 0.22 would be very likely.
Above the current price, the first level of resistance is at $ 0.271, then the second to $ 0.282 and the third to $ 0.289.
Below the current price, the first level of support is at $ 0.26, then the second to $ 0.253 and the third to $ 0.235.
The MACD on the daily chart is getting closer to the indicator’s neutral level, and it will be interesting to see how XRP / USD behaves like a lead over the rest of the market.
The DMI on the daily chart shows that the bears benefit from the bulls and are very close to reaching the ADX line – the real acid test for absolute control of the pair.