The probability of cryptocurrrency EFTs being finally allowed is giving momentum to the prices. Capital entrances of millions of dollars that would take prices to new maximums are being talked about. The recent bullish move has also been driven by Blackrock’s interest in the Blockchain technology.
Indeed prices have been rising, but they haven’t overlapped a no-return point. The bullish trend is likely to continue, but if not bought at the monthly minimum, it’s better to wait for a confirmation to avoid unnecessary bull traps.
BTC/USD 240 Min
Bitcoin has subjugated the $6,700 level and is on the brink of levels that, if achieved, would change the midterm outlook to bullish. Nevertheless this has not happened yet so now it is time to be calm and wait for the upside breakout to be confirmed before acting.
Bullish Scenario: First test for Bitcoin at the $6,757 level, where a resistance by price congestion blocked the advance this morning. Above this level, it waits for the $6,915 key level that, if BTC/USD can surpass, will bind me to change the short-term outlook to bullish. For now, will say wait to see the Bitcoin moving above the $8,000 to change your forecast to the upside.
Bearish Scenario: If BTC/USD flops to continue moving up, the first downward target is located at the $6,600 price level. Below this support, Bitcoin can found ground between the SMA100 located at the $6,476 price level and the SMA200 that it is now moving around the $6,414 price level.
The MACD at 240 min displays a structure consistent with the continuity of price increases. We can see setbacks today but they will be corrective in nature and will not risk the trend in the very short term.
The Directional Movement Index at 240 min shows us some buyers who somehow lower the level and are below the ADX. This structure supports the possibility of slight corrections during the day. Sellers are not reacting and continue at the lowest levels not seen since mid-April.
ETH/USD 240 min
Ethereum has left the high tonight at $482 to end up closing the candle at $473. Amidst certain tensions over possible interference from the EOS environment on Ethereum’s network performance, ETH/USD follows the general market trend.
Bullish Scenario: Ethereum will find some resistance at $483 price level, the first hesitant block to the significant resistance at $495 that if overcome would change the short-term outlook to bullish. To be able to consider a change of trend in the medium term it will be necessary to see the price of Ethereum above $549.
Bearish Scenario: If the market changes to bearish, Ethereum has the first support in the SMA200 that is currently at $468. If this support does not hold, the following support for the ETH/USD at $460 and very close to the SMA100 and EMA50 at $458 and $454 respectively.
The MACD at 240 min is consistent with a price increase continuation. Setbacks can be seen today but they will be educative in nature and will not risk the trend in the very short term.
The Directional Movement Index demonstrations to us how, in the case of the ETH/USD, the D+ line holds above the ADX despite dropping slightly, so it can still hold upward potential in the short term. Vendors, represented by the D-line, are at minimum levels and do not trust nearby falls.
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