- The technical scenarios provide for an acceleration of the consolidation process.
- Ethereum can offer the best discounts and opportunities.
- Market sentiment falls below the 80 level for the first time in several weeks.
A new session starts in Europe and the cryptocurrency segment is changing direction again. The current consolidation scenario needs increased volatility to do its job – which is to shake weak hands and create a new base strong enough to support the next hike.
Market weakness is starting to take its toll on the mood of crypto traders, and market sentiment levels are worsening – emerging from the zone of extreme greed for the first time in several weeks.
Tuesday’s sentiment indicator released by alternative.me has fallen to the level of 75 and opens the door for a test of 60 in future sessions.
ETH / BTC daily chart
ETH / BTC is currently trading at the price level of 0.0341.
Above the current price, the first level of resistance is at 0.0351, then the second to 0.0368 and the third to 0.0372.
Below the current price, the first level of support is at 0.0333, then the second to 0.0316 and the third to 0.0302.
The MACD on the daily chart shows an increasing line deviation and also a decreasing trend line. The most likely development is a bearish acceleration in the coming sessions.
The DMI on the daily chart shows that the bulls are losing strength as the bears also exhibit a decrease in momentum, but with less intensity than the long side.
BTC / USD Daily Chart
BTC / USD is currently trading at $ 11,577 and seems to give up another attempt at level of resistance to price congestion at $ 12,300 for the time being.
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 $ 11,275, then the second to $ 10,950 and the third to $ 10,600.
The MACD on the daily chart shows an increase in the bearish profile of the moving averages that make up this indicator. The typical development pattern reflects a downward acceleration over the next few sessions.
The DMI on the daily chart shows both sides of the market on a collision course. This development is consistent with a downward acceleration and an increase in volatility.
ETH / USD daily chart
ETH / USD is currently trading at $ 398.5 and moves away from the psychological level of $ 400.
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 $ 355 and the third to $ 315.
The MACD on the daily chart shows an increasing gap between the moving averages. The downward slope of the averages is also increasing, heralding an increase in downward pressure in the sessions to come.
The DMI on the daily chart shows how the bulls rejected the first bear crossing attempt. The distance between the two sides of the market is minimal and the sellers will probably try to take the lead.
XRP / USD Daily Chart
XRP / USD is currently trading at $ 0.283 and is rapidly moving towards the support level of price congestion $ 0.28.
Above the current price, the first level of resistance is at $ 0.29, then the second to $ 0.30 and the third to $ 0.32.
Below the current price, the first level of support is at $ 0.27, then the second to $ 0.254 and the third to $ 0.238.
The MACD on the daily chart shows an increase in the bearish profile, both due to the separation between the moving averages and the increase in the downward slope.
The DMI on the daily chart represents both sides of the market moving at very similar levels. A meeting between the bears and the bulls is inevitable, which will add to the volatility of XRP / USD.