Main Cryptocurrencies reached meaningful resistance levels, now getting into logical retracements

Despite some short-term dips, the positive technical outlook is still there in the mid-term

Multiple-week highs were reached yesterday at the close of the American trading among the main Cryptocurrencies. Meaningful resistance levels were reached, with some exhaustion technical formations that were forecasted in yesterday's analysis.

These dips are mainly technical retracements after the strong gains of the last days. The magnitude of these large retracements should be attributed to the particular structure of the Crypto markets, with lots of voids in the supply and demand levels, rather than considering a general change of trend in the markets. These are healthy retracements, necessary when overbought levels are reached, as they allow to regulate extreme positioning while setting up the future bullish trades with more guarantees.

ETH/USD 4H chart

Ethereum was able to trade above the bearish mid-term channel, but the general weakness has shown up early in the Asian session has brought ETH/USD back to the inside of the channel.

A typical quick dip has looked for the previous support level, at $625. In the short-term, more bearish movements are not out of the cards, with targets in the 50-EMA (located at $605), another support at $575 and finally at the congested support around the 200-SMA at $525. Don't expect bullish movements to be dominant today, but in such case, the first target to the upside would be at the trendline of the bearish channel, at the $675 mark. Further above, there is a wide resistance area between $700 and $760.

MACD in the Ethereum 4-hour chart is crossing to the downside but with no divergences signaling distribution. In the daily chart, the indicator is trading above 0 and still maintains width and inclination.

Directional Movement Index in the 4-hour chart is showing an increase in the sellers, while buyers retreat but without quitting the bullish range. Sells are just trying to consolidate gains.

BTC/USD 4H chart

Bitcoin overcame the resistance located at $9500 but has not been able to consolidate a breakout. Just as the rest of the market, sellers appeared and returned BTC/USD to the $9400 area.

There is not any meaningful support until the $8900, the level where the last consolidation rested. Below there, we can't find any more meaningful levels until down in the 50-EMA, at the $8770 mark. Further down, there is an extreme target for bears at $8400.

On the upside, first resistance can be found at $9600, followed by the psychological $10000 mark, which is still the main target of the current bullish action.

MACD in the Bitcoin 4-hour chart has not crossed to the downside, so a bullish movement after the American opening is not out of the cards.

Directional Movement Index in the 4-hour chart is not showing any sudden rise in the sellers nor a meaningful retreat in the buyers. ADX is losing some steam but it is still indicating a strong trend.

XRP/USD 4H chart

Ripple is trading inside a range compressed between the $0.81 and the $0.925 marks, both the levels to watch on either side. Today's retracement has touched the 50-EMA at the $0.82 mark, recovering some ground since then.

Besides these levels, Ripple might also target the $0.76 level on the bearish side, with an extreme support at the 100-SMA.

MACD in the Ripple 4-hour chart is showing a completely different structure to the Bitcoin and Ethereum. Here, the dip comes from an attempt to cross to the upside (MACD failure pattern) that opens the door to potential strong gains in the upcoming sessions.

Directional Movement Index in the same timeframe has the sellers above buyers, with a recent surge in the number of selling positions. ADX is descending since last April 20th, but is still around important trend strength levels.