The crypto market remains locked in a small consolidation, and even though several in the top 10 have been generating profits, they are not relevant enough to take into consideration.
However, the fact of maintaining the gains of past weeks is a positive sign. So while some observe the boring behavior of the ecosystem from afar, others take the opportunity to continue accumulating, hoping that the previous general upward trend will soon resume.
Analysis of Bitcoin, leader of the top 10 of the crypto market
As I was commenting, even though we haven’t seen any really relevant bullish jump in the ecosystem, when the price of Bitcoin maintains gains it generally means that it is just resting before continuing with the previous trend. At the time of this writing Bitcoin is trading at $ 10,775 per unit.
Since Bitcoin contributes the majority of the total capitalization of the crypto market (more than 60%), its power to influence the fluctuations of other cryptocurrencies is very high. For this reason, by analyzing its price chart we already have an overview of the ecosystem.
From the weekly BTC vs USDT chart, we still continue to see a solid medium-term uptrend, product of increasingly higher highs and lows.
This trend is currently being tested; And although the bulls still do not show enough strength to resume it, they are defending it.
Short term trend
In the daily time frame is where we begin to observe the lateral behavior in which the price of Bitcoin has remained.
After reaching the resistance zone around $ 11,200, BTC fell towards $ 10,200, and instead of looking for a new low, the demand found near that price raised the price again.
Now we see a small positive intention capable of breaking immediate resistance. This has generated trend transitions in intraday charts, but in the short term there is still no relevant change.
A good sign of confirmation that the short-term trend has passed into the hands of the bulls is the break in the neighboring supply zone at $ 11,200. At the moment the odds are in favor of this scenario.
Ethereum technical analysis
The second largest in the top 10 of the crypto market, ETH, has been behaving very similar to BTC, locking itself in a narrow price range between $ 386 and $ 316.
The short-term trend in the case of Ethereum is bearish. However, as long as the support at $ 316 is not crossed there is not much to worry about.
In the medium term the trend is solidly bullish, quickly identified with the 200-day SMA positioned below the current price of $ 356.
Ripple technical analysis
Ripple, a 4th place in the ecosystem, is trading at $ 0.24 as it defies the short-term downtrend it is in.
Unlike ETH and BTC, XRP lost the most relevant support immediately, located at $ 0.2359.
Unless it manages to get rid of its short-term downtrend soon, Ripple will be looking for nearby supports. The 200-day SMA is likely to work as strong support.
All our publications are informative in nature, so in no case should they be followed as investment advice.