Cryptocurrency market update: Bitcoin, Ethereum and Ripple embrace a healthy consolidation – Confluence Detector
|- The first regulated physically settled Bitcoin futures starting on Bakkt exchange.
- Bitcoin slides under $10,000 ignoring the futures launch.
- Ethereum and Ripple battle to shake off selling pressure after a relatively mundane weekend session.
It is an interesting day in the cryptocurrency space following the launch of Bakkt physically settled Bitcoin futures. The exchange’s futures product goes live roughly a year since then the announcement. The delays were mostly caused by regulatory hurdles. Bakkt was given the go ahead to introduce the first physically delivered Bitcoin futures by the Commodity Futures Trading Commission (CFTC) in the United States.
Read more: Bakkt physically settled Bitcoin futures trading is live: Bitcoin price sluggish under $10k
Confluence levels
Bitcoin market update
Bitcoin is locked under $10,000 despite the launch of the physically settled futures. The price action inclined to the downside after last week’s recovery lost steam above $10,300. The granddaddy of cryptocurrency is valued at $9,915 after the correction from an intraday high around $10,047.
Last week FXStreet reported that Tom Lee among other industry experts believe that Bakkt new product will positively impact the cryptocurrency market. In addition, more institutional buyers are likely to be attracted to the regulated physically settled futures.
Meanwhile, the confluence detector highlights $10,072 as the next significant hurdle holding Bitcoin back. Trading above this level is likely to pave the way for a smooth ride past the weak resistances at $10,385 and $10,485. On the downside, immediate support is seen at $9,866. Other key support areas include $9,763 and $9,350.
Ethereum market update
On the other hand, Ethereum continues to target $200 support area. This comes after last week’s rejection from $225 (September high). The declines were strongly supported at $205 guaranteeing the safety of the $200 critical support area. At press time, the crypto is dancing with $209 while fighting to correct the negative movement.
The confluence detector places the first resistance zone at $210. This also happens to be the only prominent hurdle. Therefore, correction above could see ETH rise to test the next mild resistance at $216 in preparation for an assault on $225 and $230 levels respectively.
Ripple market update
Ripple is most pressed by selling pressure among the top three cryptos. Following a 1.17% loss on the day, XRP is valued at $0.2735. Interestingly, the prevailing trend is growing bullish with an intent to return above $0.30.
However, the largest barrier between $0.2745 and $0.2774 must be cleared for a correction towards $0.3. Moreover, other mild hurdles are highlighted at $0.2859 and $0.2972 respectively. Movement above $0.30 will face the pressure at $0.3058. Interestingly, the downside is well protected starting with the first support at $0.2717. Other key support areas include $0.2632, $0.2575 and $0.2518.
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