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Bitcoin (BTC), XRP (XRP) & Ethereum (ETH) price analysis – 19th January


  • The underlying force is bullish, the superficial, bearish.
  • Dogfight in XRP/USD to control momentum.
  • ETH/USD hoping to resume the lead shortly.

 

One of the most commented phrases in any trader’s forum is how boring professional trading is. Moreover, it must be so, since a trader’s main enemy is the influence of emotion on decision making, both positive and negative. Maintaining the ability to make a logical decision and execution means to stay away from emotions.

Well, this market must be the most professional there is on the planet!

A new day is dawning in Europe at the same price range as the last few weeks. During these days we have seen upward attempts, downward attempts, but the price is still here. Indicators compress into useless ornaments that only inform us that there is nothing to report.

So that’s the news, the market is once again in a phase of price compression, and if we look at the obvious, the lack of visibility is overwhelming. That is why in these situations, a trader tends to look for an asset with high correlation and this trend that serves as a compass.

 

ETH/BTC Daily Chart

In my case, the ETH/BTC pair plays this role. This pair continues to maintain a trend structure and remains on the bullish side of the picture. As long as I do not see a downward break in the trend line the market, in my opinion, it continues to look upon the price scale.

BTC/USD 240 Minute Chart

 

The BTC/USD pair is currently trading at the $3,627 price level, moving between two key levels and the 50-period exponential moving average.

The SMA200 is biased towards the upside, and its influence is already beginning to be seen in the other moving averages, which will inevitably end up following the upside. Above the current price, the first resistance level is at $3,658 (EMA50) reinforced a few dollars further up at $3,690 by resistance to price congestion. The second resistance level is at $3,760, where the simple averages of 100 and 200 periods converge. As if that weren’t enough, at $3,800 there is another price congestion resistance. The third resistance zone is at $3,900(price congestion resistance).

Below the current price, the first level of support is at $3,600(price congestion support). Below this level, the second support level is at $3,460 (price congestion support). Below this price level, the BTC/USD pair would go into free fall mode with targets at $3,300 (price congestion support) and $3,240(price congestion support).

The MADC in the 4-hour range recovers a bit of the bullish profile in the last few hours. It also achieves a minimum separation between lines, although given the proximity to level 0 of the scale of this indicator seems too little to cross up this level with ease.

The DMI in the 4-hour range continues to show bears tied with bulls, with neither side of the market showing any sign of strength.

ETH/USD 240 Minute Chart

 

The ETH/USD trades at the price level of $122.83. Yesterday late in the European session there was an attempt to break up the first resistance at the $124 price level (price congestion resistance). The second resistance level is at $127 (EMA50), and the third resistance level is at $130(SMA200 and price congestion resistance).

Below the current price, the first support level is at $115(price congestion support). The second support level is at$109 (price congestion support). The third level of support is at $105 (price congestion support).

The MACD in the 4-hour range shows a slight bullish inclination but with hardly any opening between the two averages that make up this indicator. It does not seem to be the most favorable setup for a cross on the bullish side of the gauge.

The DMI in the range of 4 hours is different from that seen in the Bitcoin. In the case of the ETH/USD pair, the bulls have retreated in the last few days, although the bears have not increased their activity.

XRP/USD 240 Minute Chart

 

The XRP/USD is trading at $0.328, following a pattern of declining highs in recent days. The exponential moving average of 50 periods in the role of moving resistance is the primary cause of this structure.

Above the current price, the first resistance level is $0.335(EMA50 and price congestion resistance). The second resistance level is at $0.345 (price congestion resistance). Above this technical hurdle, there is a confluence zone where the SMA100 at $0.349, the SMA200 at $0.356 and a price congestion resistance at $0.368 unite their influence.

Below the current price, the first support level is $0.32 (price congestion support). The second support level is $0.308(price congestion support), while the third support level is already in the free fall zone, namely $0.282 (price congestion support).

The MACD in the 4-hour range shows a very flat profile with hardly any distance between the averages that make up this indicator. Compared to Bitcoin and Ethereum, the MACD profile of the XRP is the one that seems least prepared for a cross to the bullish zone.

The DMI in the range of 4 hours does not show indecision like the other two members of the Top 3 club. XRP/USD is under a fight to control momentum. In the last six days, up to 4 leadership changes have taken place.

Source: fxstreet

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