ETHBTC
  • The price drop in Bitcoin is intended to gain space to attack resistance levels.
  • Ethereum continues to outperform  Bitcoin and ensures upward continuity.
  • XRP is being sold to capitalize profits above 20%.

 

The ruthless crypto market purges the weakest hands of the market –  or perhaps the fastest – and positions are liquidated to take profits after good gains in the short term.

The excuse for Bitcoin’s fall is that it ceases in its effort to stay stuck to resistance lines and probably moves in search of volatility – allowing it to break barriers easily.

The first Bitcoin drop has gone straight to support at $9,800 and then bounced back up. In my opinion, the bearish movement has a further downward trajectory.

The most affected among the Top 3 is XRP, which falls more than 7% in honor of its history of high volatility and uncomplicated lurches.

The technical structures continue to be bullish, but in the logical turning process, there are phases. Once the first moving averages have been surpassed, the movement slows down and markets wait for these fast averages to cross the slow ones upwards. This process is slow and is likely to take a few days.

 

ETH/BTC Daily Chart

The ETHBTC cross is trading at 0.0208 and remains in the green as it has been in the past few days. 

Above the current price, the first resistance level is at 0.0219, then the second at 0.0229 and the third one at 0.025.

Below the current price, the first support level is at 0.022, then the second at 0.0192 and the third one at 0.0186.

The MACD on the daily chart shows that the bullish momentum continues to increase and is already clearly penetrating the positive side of the indicator. The arrival of the slow average at the zero levels may imply a slowdown of the upward movement.

The DMI on the daily chart shows the bulls receding from yesterday’s levels. Despite the loss of strength, it remains above the 40 levels. The bears increase their strength slightly but far from endangering the bulls’ dominance.

 

BTC/USD Daily Chart

BTC/USD is currently trading at the $9,875 price level after touching Asian time support at $9,800. Resistances at the $10,000 level have been too heavy for the Bitcoin, which comes down for fresh money and volatility.

Above the current price, the first resistance level is at $10,350, then the second at $10,700 and the third one at $11,275.

Below the current price, the first support level is at $9,800, then the second at $9,150 and the third one at $8,800.

BTCUSD

The MACD on the daily chart crosses downward and moves away from the zero levels after ten days of unsuccessful attempts to drill upward. The bearish cross may unravel in a few days.

The DMI on the daily chart clearly shows how the bears take absolute control of the pair and quickly drag the ADX line upward. This technical profile augurs a few days of price drops.

ETH/USD Daily Chart

ETH/USD is traded at the $206.99 price level and is once again above the 100 simple moving average. 

Above the current price, the first resistance level is at $207, then the second at $215 and the third one at $225.

Below the current price, the first support level is at $200, then the second at $195 and the third one at $190.

ETHUSD

The MACD on the daily chart retains its bullish profile and is not affected by today’s sales at the moment. Exponential averages are already moving through the bullish zone of the indicator and reinforce the idea of bullish continuity.

The DMI on the daily chart shows the bulls losing trend strength and looking for support on the ADX line. On the other hand, the bears gain trend strength but do not manage to overcome level 20 or endanger the leadership of the bulls.

XRP/USD Daily Chart

XRP/USD is currently trading at $0.2972 and is recovering from the day’s low of $0.286. XRP was accumulating a profit above 20% in two days, so profit-taking was predictable, as I commented on Wednesday.

Above the current price, the first resistance level is at $0.30, then the second at $0.308 and the third one at $0.32.

Below the current price, the first support level is at $0.29, then the second at $0.285 and the third one at $0.271.

XRPUSD

The MACD on the daily chart loses both slope and openness between the lines. Exponential averages are between the bullish and bearish sides of the indicator. This scenario may increase the difficulty of moving higher for XRP in the next few days.

The DMI on the daily chart shows bulls controlling the XRP/USD pair.  Bears do not increase strength despite falls, a decisive point in the short term.

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(Excerpt) Read more Here | 2019-09-19 08:40:00
Image credit: source

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