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29 March 2024
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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Yesterday’s falls sow the seeds of doubt in a field rich in fear


  • Yesterday’s heavy fall hasn’t changed anything technically.
  • What happens in the next few hours may be definitive for the next few months.
  • If support lines are respected, the market will gain much confidence.

 

We have witnessed sharp drops in yesterday’s session along the entire crypto board. The downfall has given way to a day with hardly any movement but that does not necessarily indicate calm.

The crypto holders hold their breath thinking about their average purchase prices and feel if they did well by buying at the lows seen at the end of 2018. Traders expecting volatility today surely gave good returns yesterday but today probably keeps them in a position where they come and go from red to green.

Yesterday’s downturns were purely technical. After several weeks of bullish movements, neutral levels were reached. Crossing from a negative to a positive zone is never easy.

The closest support areas were far away but reached in a single day, which from my point of view is positive. The market is in a hurry to confirm the supports and be able to continue the upward trend.

 

ETH/BTC Daily Chart

The ETH/BTC chart is a pretty clear indication of why the market moved down. What’s coming now is pretty easy. If the market stops at these levels, the bullish movement will come out much stronger, and the environment can become very optimistic. If, on the other hand, the different support levels are lost, we will probably see new lows and a unique opportunity to shake weak hands and find bargains.

BTC/USD Daily Chart

BTC/USD trades at the $3,641 price level. Yesterday it dropped sharply to its first support at $3,600 in a move without apparent justification in the form of news or trouble. Today the price has barely moved but surely retains the full attention of all those interested in this market.

Above the current price, the first resistance level for BTC/USD is $3,900 (price congestion resistance). The second resistance level is at the psychological level of $4,000. Just slightly higher it is the third resistance at $4,089 (EMA50).

Below the current price, the first support below current prices is at $3,600 (congestion support price). The second cushion to watch is $3,250(price congestion support). The third level of support is at $2,900 (price congestion support), a level that would mean new cycle lows and cause a fire sale.

The MACD in the daily range is inclined downward after yesterday’s sharp decline and remains below the zero levels albeit only just. Any bearish attempt will accelerate while any bullish tentative attempt will be vigorously opposed.

The DMI in the daily range shows the bears in control, although for now with little strength. The bulls retreat a little but remain above the ADX line, which gives a positive point to the situation.

ETH/USD Daily Chart

 

ETH/USD trades at the price level of $127.33. Yesterday, the bearish movement stopped right at the support level of $125 (price congestion support). Today, like the other leading players in the crypto segment, it stands at the same price, drawing a Doji.

Above the current price, the first resistance level is at $138 (EMA50). The second resistance level for ETH/USD is at the price level of $142 (price congestion resistance). The third resistance level is at $155 (price congestion resistance).

Below the current price, the first support level is at$125 (price congestion support). The second support level is at $110 (price congestion support). The third level of support is at $95 (price congestion support).

 

The MACD in the daily range is crossed downward, although unlike what we have seen in Bitcoin, Ethereum is moving in the positive zone of the indicator. It will be necessary to pay attention to the moment in which the signal lines reach zero.

The DMI in the daily range shows that bears only have a small advantage over bulls. The bears increased their activity quite strongly, while the bulls only decreased it slightly. One may think that they didn’t believe put their faith in the fall.

XRP/USD Daily Chart
XRP/USD trades at the $0.366 price level, with the Top 3 having the best behavior for the day.

Yesterday it went down to the support level at $0.32(price congestion support), performing the same ceremony as its peers. The next support level is $0.295 (price congestion support). The third level of support is $0.270 (price congestion support), already below the December lows.

Above the current price, the first resistance is at $0.345 (price congestion resistance). The second resistance level is at $0.369 (price congestion resistance and EMA50). The third resistance level is a long jump with hardly any resistance on the way and is at the price level of $0.415 (price congestion resistance, SMA100, and SMA200). As we see, an authentic wall is challenging the way forward.

 

The MACD in the daily range is slightly crossed down, although above the zero levels. The profile suggests thinking about a possible upward movement.

The DMI in the daily range shows that bears have a bit of an advantage over bulls. Both sides of the market remain below the 20 levels, so despite yesterday’s jolt, neither side has changed much in their medium-term outlook.

Source: fxstreet

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