Top 3 Price Prediction Bitcoin, Ethereum, Ripple:Morgan Stanley triggers rally, levels to watch - Confluence Detector
|- Cryptocurrencies are on a roll following the report that Morgan Stanley is getting into derivatives.
- The top 3 digital coins face different hurdles on the way up.
- A lot depends on the ETF request due on September 21st.
According to Bloomberg, Morgan Stanley is planning Bitcoin trading for its clients. MS is a giant in banking and a household names. The New-York based firm is not the first one to jump into cryptos, but its presence will make a difference.
Another financial behemoth, Goldman Sachs, has denied reports that it abandoned plans for a crypto trading desk. There are also reports that Citigroup may be jumping into cryptos soon.
The next known event for cryptocurrencies is due on September 21st, the deadline for the SEC to make a decision on a high-profile ETF. Another one is due on September 30th.
Here are the levels to watch on Bitcoin, Ethereum, and Ripple.
BTC/USD
The price of Bitcoin has exceeded $6,500. The grandaddy of cryptos has always been the more stable one, suffering relatively small losses while the others tumbled down. This also applies to the way up, as it is not enjoying the highest percentage of gains.
The first level to watch is $6,535 which is the Pivot Point one-day Resistance 3 and the Fibonacci 23.6% one-week. The next level of resistance is $6,603 where we see the convergence of the Simple Moving Average 200-4h, and the Fibonacci 38.2% one-month. Further up, we see the $6,707 level with the Fibonacci 38.2% one-week.
ETH/USD
Ethereum suffered more than other cryptocurrencies of late due to some disparaging comments from the founder Vitalik Buterin. However, it also enjoys the most robust recovery.
It has one clear target for the short term: $212. This is the cluster of last month's low, last week's low, and the Pivot Point one-month Support 1.
XRP 1D
Ripple is on a roll as well. The cryptocurrency that was the star in late 2018 was hit hard and never recovered. Is this time different? Similar to Ethereum, it has only one target, but different from the runner-up, it is a zone between $0.2870 to $0.2896. We see here vital levels such as the Fibonacci 23.6% one-week, the Simple Moving Average 10-one-day,
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