Bitcoin, Ripple, Ethereum Update: Resistance lines turned to support and the cryptos are ready to resume the rally – Confluence Detector
|- Cryptos are consolidating the gains seen on Tuesday.
- The technical picture has improved and another leg higher may be seen now.
- Here are the levels to watch according to the Confluence Detector.
Cryptocurrencies took advantage of a technical upside window and moved to higher ground on Tuesday. They then got stuck, but this is not necessarily a bad thing. Apparently, this trading in the trenches allowed for the much-needed consolidation and another upside move may be in the works.
Yet not all digital coins were born equal and there are differences between the assets in both the strength of the technical clusters and the targets.
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD enjoys support at $3,780
Bitcoin, the grandaddy of cryptocurrencies, enjoys support at $3,780 where we see a dense cluster of lines including the Fibonacci 23.6% one-week, the Simple Moving Average 10-4h, the SMA 10-1d, the the SMA 5-1d, the SMA 50-1h, the Bollinger Band 4h-Middle, the SMA 200-15m, and the SMA 100-1h.
If BTC/USD falls below the line, it may find a cushion at $3,573 where we see the Fibonacci 61.8% one-month meet last week's low.
Looking up, substantial resistance awaits at $3,877 which is the convergence of the Fibonacci 38.2% one-week, the BB 15min-Upper, and the Fibonacci 38.2% one-month.
The upside target is $4,005 which is the confluence of the Pivot Point one-day R2, the Fibonacci 61.8% one-week, and the Fibonacci 23.6% one-month.
ETH/USD is supported twice
Ethereum sits just above support at $137.43. At the time of writing, the area includes the Fibonacci 23.6% one-week, the BB 1d-Middle, the BB 1h-Middle, and the previous 4h low.
The second support line for Vitalik Buterin's brainchild is at $135.12 where the SMA 10-1d, the SMA 200-1h, and the SMA 50-4h converge.
ETH/USD has an upside target at $142.50 where the confluence of the Fibonacci 38.2% one-month, the Pivot Point one-day R1 and the Fibonacci 38.2% one-week awaits.
XRP/USD is also OK, but things are more complicated
Ripple has more support than resistance, like the other digital coins, but resistance is close and not negligible. At $0.3176, the BB 15min-Middle, the Fibonacci 38.2% one-week, and the Fibonacci 23.6% converge.
Support is close $0.3140 where the previous 4h-low, the SMA 5-1d, the Fibonacci 38.2% one-day, and the BB 15-min Lower meet to create a minefield for the pair.
XRP/USD has an upside target of $0.3360 which is where the Fibonacci 23.6% one-month meets the price.
Lower support is at $0.3123 that is a juncture consisting of the SMA 50-1h, the Fibonacci 61.8% one-month, and the BB 4h-Middle.
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