Top 3 Bitcoin, Ethereum and Ripple Price Predictions: A preparation for new highs or a downfall? It depends on the cryptocurrency
|- Cryptocurrencies are in the red after a week of gains.
- Bitcoin is taking a break and Ethereum is in deep trouble.
- But Ripple is well supported and may be ready for the next move up.
After a week of rises, digital coins are struggling again. A natural correction is normal after a hectic week that saw significant gains. But where does a normal drop end and a new downfall begin?
The Confluence Indicator helps us answer the question.
For Bitcoin, we see that it has some support at $6,386 where we see the convergence of the following technical lines: the Pivot Point one-day Support 3, the Fibonacci 61.8% one-week, the 4h low, and the Bolinger Band 15m Lower.
For the BTC/USD to resume its rises, it must surpass the $6,600 area where we see a congestion that includes the Fibonacci 23.6% one-day, the Simple Moving Average 50-one-hour, the SMA 200-15m, the Fibonacci 38.2% one-month, and the Fibonacci 38.2% one-day.
Ethereum is in deep trouble. It first needs to convincingly overcome $211 where we see the Simple Moving Average one-hour, the Pivot Point one-month Support 1, and the 15m high. Close by, an even stronger cap awaits. $215 is the confluence of the BB one-day Middle, the Fibonacci 61.8% one-week, and the SMA 50-15m.
It doesn't end there: $230 is the meeting point of the Fibonacci 23.6% one-day, the SMA 10-4h, and the Fibonacci 38.2%.
On the other hand, Ripple enjoys favorable conditions. It is well supported at $0.4571 where we see the PP one-day S1, the SMA 10-1h, and the 4h high coverage. Further support is at $0.45. It is the confluence of the PP one-month R1, the SMA 15m, and the BB 4h-Lower and 15-Middle.
Looking up, the XRP/USD has no noteworthy limits at least until $0.52.
See the Crypto Confluences Indicator live
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.