After two weeks of minimal movements in the Crypto market, yesterday, at the last minute, the sector returned to life with the appearance of generalised sales. The objective of the movement between the three main protagonists of the sector was the base of the current technical range.
Significant levels have not been lost in any case, although it is possible that they will if purchases do not appear. The best news is that thanks to this movement the indicators come back to life and achieve a certain amplitude that will provide us with valuable information.
Another second technical point to highlight is a large number of technical barriers that have left many days of price compression.
As we can see in our confluence tool, there is a large accumulation of technical barriers just above current prices.
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The BTC/USD leaves the minimum movement just in the segment support line at the price level of $6,208.5. Below this price, the situation would be technically significant, although it would still have a margin on closings above $6,150. Closures below this price level would make a new visit to annual lows possible.
As long as this does not happen, I consider the declines to be healthy and necessary after many days of absolute sluggishness.
On the upside, there are many obstacles that the BTC/USD will have to overcome as shown by the Confluence tool. Only around $6,295, there are up to 18 short and medium-term indicators. If this is not enough, to reach the price level of $6,600, the number of technical barriers increases to an overwhelming number of 50 Indicators!
The MACD at 240-Min tilts down and gains amplitude. The profile is conducive to continued drops, so it will be important to monitor the support level at $6,208.
The DMI at 240-Min shows some bears that have reacted significantly while the bulls are withdrawn without hesitation. The structure also supports the continuity of the falls.
The ETH/USD is currently trading at the $195 price level, having left the lows after yesterday’s drop to $193.95. Closures below $194 would signal a new bearish stretch pointing to annual lows of $169.
In the case of the ETH/USD, it is also overwhelming the number of indicators that are just above the price. Just to reach $215, once very affordable, the number of technical barriers reaches 53!
The MACD at 240-Min leans lower and proposes a continuation of the bearish trend in the short term.
The DMI at 240-Min shows a profile identical to that shown by the BTC/USD. The bears take control with strength as the bulls retreat. The pattern is one of bearish continuity.
The XRP/USD is currently trading at the $0.4447 price level. It has not lost the support line at $0.442. A close below the line would set as a first target at $0.43 and the second target around $0.36.
Thanks to the upward movements of last September, the scenario that is presented to the Ripple is somewhat clearer and has some indicators exerting support. Despite this slightly more positive scenario, the XRP/USD will have to surpass up to 42 short and medium-term indicators to reach the $0.50 level.
The MACD at 240-Min slopes very slightly lower and barely manages to open space between the lines. The most likely scenario given the setup of the indicator is lateral bearish movements.
The DMI at 240-Min reacts strongly and gives all the control to the bears, but unlike the Bitcoin and Ethereum, the bulls take advantage of the falls to relaunch the purchases. Mixed reading for the next periods.