Top 3 Bitcoin, Ethereum and Ripple Price Predictions: feeble recovery from weekend losses - Confluence Levels
|- BTC/USD recovers from Saturday lows, but the upside is limited.
- ETH/USD decouples from BTC, $300 within reach.
- XRP/USD gained 3.5%, but bulls seem to be exhausted.
Cryptocurrency market attempts to recover from the lows of the previous week; however, the momentum is weak and patchy as bulls are still wary of entering the market. The total capitalization of digital assets stays close to three month low, while Bitcoin dominance index surpassed 50% threshold for the first time since December 2017.
BTC/USD 1D
BTCUSD is changing hands at $6,470, 2.5% higher since the start of the day. BTC/USD has recovered from the recent lows registered at $6,003 on Saturday and cleared $6,400 handle, which makes the short-term picture a bit brighter, while a relatively small number of strong resistance levels turns the upside into the path of least resistance.
Immediately above the current price, the resistance is created by a confluence of 15 min high, Pivot Point one-day Resistance 1, and one day high. Once it is cleared, the upside may be extended towards $6,700 with Pivot Point one-day Resistance 2, and to psychological $7,000 guarded by 61.8% Fibonacci retracement monthly.
The downside is crowded with support levels. Right below the current price there comes 38.2% Fibonacci retracement monthly, Bollinger Band 15 min - Upper, 1hour high, 4hour high and 15 min low.
It is followed by the areas of clustered technical indicators around $6,350. It includes SMA5 - daily, Bollinger Band 4hour - Middle, 4hour - low, SMA100 - 1hour, SMA100 - 15 min, Bollinger Band 1hour - Middle.
The ultimate support is created by Pivot Point one-day Support 2, last month low and last week low on approach to $6,000.
ETH/USD 1D
Ethereum is trading at $319, lower 1.7% on a daily basis and mostly unchanged since the beginning of the day. The second largest coin by market value touched the new low of 2018 at $304 and managed to recover only slightly, despite Bitcoin's positive momentum.
There is nothing much in terms of support levels below the current price. 4hour low and one day low at $313 may stop the downside for the time being, but the support is too weak to withhold a strong pressure. If it is cleared, the price will slip to $300 with Pivot Point one-month Support 3 right below.
The first resistance area at $320 is created by a confluence of technical indicators, which include:
Bollinger Band 1hour - Middle, 15 min high, 61.8% Fibonacci retracement daily, SMA200 - 15 min, SMA50 - 1hour, SMA5 - 4hour, SMA100 - 15 min, Bollinger Band 15 min - Upper.
Much stronger resistance comes on approach to $330 with Pivot Point one-day Resistance 1, last month low, and last week low. The ultimate resistance is seen at $360 (Pivot Point one-month Support 2).
XRP/USD 1D
XRP is 3.5% higher since the start of the day. The coin has recovered from $0.2865 low touched on Saturday and managed to climb above critical $0.3000 handle, though the upside momentum doesn't look convincing so far.
The first meaningful resistance above the current price is seen at $0.3150. It is created by a confluence of technical indicators, including Pivot Point one-day Resistance 2, last month low and last week low. Once it is cleared, the price will move on higher to $0.3180 (161.8% Fibonacci retracement daily, SMA100 - 1hour, SMA5 - one day, Pivot Point one-day Resistance 2.
There is an uncharted territory above this level with the next resistance seen only above $0.3400 (Bollinger Band 4hour - Upper, 23.6% Fibonacci retracement weekly.
On the downside, $0.3000 support is guarded by numerous strong technical indicators, clustered right under the above-said handle:
Bollinger Band 1hour - Middle, Bollinger Band 15 min - Middle, 1hour low, 38.2% Fibonacci retracement daily, Pivot Point one-month Support 3 and a host of SMAs form different timeframes.
Once it is cleared, the sell-off may be extended towards $0.2750 with Pivot Point one-week Support 1.
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