- Bitcoin's rises take cryptos to the limit of a new bear market.
- Ethereum reacts and recovers positions saving the match ball.
- XRP comes into play with early morning hikes.
Today, my country celebrates the day of "Sant Jordi," a day of culture in which people give each other books and roses, world-class authors sign books in the streets and florists strive to present the most beautiful roses in the world.
Well, it seems that the main protagonists of the crypto-board are working on a suspense masterpiece, sending the ETH/BTC pair to the limit of an absolute disaster, looking for a base extension level below which there is nothing. Well, if there is something, it will be bad. Like every self-respecting suspense story, the walk on edge has been quick, has brought the right dose of panic and has quickly turned back to a more reasonable level.
The plot has gone through Bitcoin attacking the $5,600 price level while Ethereum did not react, a move we saw on April 2nd as well. After reaching the minimum support, ETH/USD has responded to the upside at the right time to save the situation and is currently moving around $176.Bitcoin$5,600$176
The theory indicates that it is in these tense moments, where emotions rule, it is necessary to act. Overcoming uncertainty has a reward, and now it is peak opportunity. If the market does not firmly defend the current level in the ETH/BTC pair, the consequences will be severe for the ERC20 family and contagious for the market in general.
ETH/BTC 4 Hours ChartETH/BTC 4 Hours Chart
The ETH/BTC pair is currently trading at the price level of 0.0317, after having set 0.0310 as the minimum of the squeeze that has pushed things to the limit. The rapid recovery of Ethereum’s price against Bitcoin allows us to see the green in the current candle, but it is necessary to wait for the closing of the candle to confirm that the match has been saved.0.03170.0310
Above the current price, the first resistance level is at 0.0332 (price congestion resistance and upper parallel trendline). The second resistance level is at 0.0343 (second upper parallel trendline). The third resistance level for the ETH/BTC pair is at 0.035 (price congestion resistance).resistance0.03320.03430.035
Below the current price support options are scarce. The first support level for the ETH/BTC pair is at 0.0316 (price congestion support). The second support level is at 0.0315 (lower parallel trendline), then the third support level, the last of the scenario is at 0.0309 (lower parallel trendline).0.03160.03150.0309
The MACD on the four-hour chart presents a bearish profile, with little downtrend and proper line spacing. It is an ambiguous profile that can both lead to a bullish turn and deepen the bearish moment.
The DMI on the four-hour chart shows bears rising as bulls weaken and go below the ADX line. If this structure is consolidated, the weakness in Ethereum will persist.Ethereum
BTC/USD 4 Hour ChartBTC/USD 4 Hour ChartBTC/USD
BTC/USD is currently trading at $5,546, after hitting an intraday high of $5.632. Bitcoin manages with the movement against the U.S. dollar to overcome the resistance at the price congestion at $5,500 but failing in the attempt to recover the ground of the long-term bearish channel.$5,546 $5.632$5,500
Above the current price, the first resistance level is at $5,616 (base of the long term bearish channel on the daily chart). So the second resistance level for BTC/USD is at $5,870 (price congestion resistance), and the third resistance level is at $6,200 (price congestion resistance).$5,616$5,870$6,200
Below the current price, the first support level is at $5,500 (price congestion support), then the second support level is at $5,240 (confluence of the EMA50 and the SMA100). The third support level for the BTC/USD pair is at $4,740 (SMA200).$5,500$5,240$4,740
The MACD on the four-hour chart shows a remarkable, bullish profile with good line spacing. It is a continuing profile that presents some risk of price falls to regulate extremes.
The DMI on the four-hour chart shows the bulls dominating the situation, while the bears go to minimum levels. There is a risk of price falls to regulate bullish extremes.
ETH/USD 4 Hour ChartETH/USD 4 Hour Chart
The ETH/USD is currently trading at $177 following the bullish reaction to the ETH/BTC disaster.$177
Above the current price the first resistance level is at $180 (price congestion resistance), then the second resistance level is at $190 (price congestion resistance). The third resistance level for ETH/USD is at $193 (price congestion resistance).$180$190$193
Looking down, the first support level is at $170 (confluence of the EMA50 and the SMA100), then the second support level for the ETH/USD pair is at $162 (price congestion support). The third level of support is at $158 (SMA200).$170ETH/USD $162$158
The MACD on the 4-hour chart shows a recent bullish cross just above the neutral line of the indicator. The averages that make up the indicator are barely open or inclined due to their recent formation. The structure is potentially bullish but needs confirmation.
The DMI on the 4-hour chart shows the bulls in control of the situation. The bears are kept at low levels but still above the ADX. It is a potentially bullish structure yet to be confirmed.
XRP/USD 4 Hour ChartXRP/USD 4 Hour ChartXRP/USD
XRP/USD is currently trading at the $0.329 price level, showing some bullish muscle after finding support at the $0.3175 level over the weekend.$0.329 $0.3175
Above the current price, the first resistance level is at $0.335 (SMA100 confluence and price congestion resistance), then the second resistance level is at $0.366 (price congestion resistance), and the third resistance level is at $0.390 (price congestion resistance).$0.335$0.366$0.390
Below the current price, the first support level is $0.317 (price congestion support), then the second support level for the XRP/USD pair is $0.309 (price congestion support). The third support level is $0.30 (price congestion support).$0.317$0.309$0.30
The MACD on the four-hour chart shows a bullish cross structure coming from the negative side of the indicator. It is a figure of possible medium-term bullish development.
The DMI on the four-hour chart shows an absolute tie between bulls and bears. The encounter between both sides of the market occurs above level 20, which would allow the winning side to pick up speed quickly.chart
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