Bitcoin, Ethereum, Litecoin & Ripple: short-term analysis

  • Main cryptos surged on Friday, raising up to 10% in some cases, in a kind of movement that tends to happen when the big hands enter the market.
  • Generalized consolidation settings that can favor the appearance of good buying points.

Pleasing weekend for most of the main cryptos, with 3% raises corrected in the early European morning. Most of the assets managed to break key resistances, so the support levels are clear.

On Friday, a sudden, high-volume buy operation took Bitcoin's price from $6,950 to $8,100. This kind of disruptive movement in a news-free environment usually takes place when an operator opens an important position in a narrow market.

Europe's session starts quietly, in an apparently calm situation. Consolidation seems to be the session's goal, with possible low-volume bearish moves.

BTC/USD 60 min

Bitcoin moves slightly above the main support. In the short-term, the 60 min chart shows the price constrained between that support, at $8,060, and the EMA as a resistance at $8,130. There can be fast tests at the 100-SMA at $7,950. There are weak supports at $7,800 and $7,700. Above, it needs to break and exceed $8,300 to come into a price band topped at $9,500 with options to be the price range in the long-term.

The 60 min MACD lays over the 0, with a significant line openness that predicts some volatility.

The Directional Movement Index confirms the retreat, with sales surpassing purchases, although the latter doesn't decrease too much. The D+ is above the ADX, so the current setting can remain all the session.

LTC/USD 240 min

Litecoin moves between two key levels acting as support and resistance. It can move freely between $120 and $135, and as long as it stays in this range, it won't provide any evidence of future movements. The 200-SMA is in the resistance zone, while the 100-SMA moves close to the first support. Right now, Litecoin is above the 50-EMA, at $124,50.

The MACD confirms the consolidation scene, without dismissing bearish walks down to $120. There's still way to go until the 0 line, so the current setting can be prolonged.

The Directional Movement Index shows buyers dominating but having lost some volume since Friday. Sellers have increased and are now closer to the purchasers. The ADX is still in levels of active trend and hasn't decreased. Continuity.

XRP/USD 240 min

Ripple has lost the conquered level of $0.67 and could test moving averages around $0.60, where the 50-EMA stands, with possible decreases to $0.58-0.56. Above, it must get the $0.67 back to keep raising up to $0.77 without any main resistance on its way up. The next key level is at $0.85.

The 240 min MACD shows a profile favorable to retreats in a still bullish setting. Due to the height, the move can provide volatility.

The Directional Movement Index shows buyers still in control, although sellers have increased. The D+ moves below the ADX and hasn't still tested it, favoring the volatility increase due to the apparent contradiction of indicators.

ETH/USD 240 min

Ethereum, like the rest of cryptos, moved upwards. It settled somewhat below $520, but it's the only one that had a successful second test to set new relative maximums and reject the threat of a doji candle. Main support at $485, with moving averages below, 200-SMA at $473 and 50-EMA at $470. 100-SMA is at the next key support at $420. Above, resistance zone between $560 and $585, followed by free way to $620.

The 240 min MACD is similar to XRP/USD's. It doesn't reject a bearish consolidation trend. It also shows a discrepancy with the second bullish move.

The Directional Movement Index also shows buyers keeping control but sellers getting close.

