Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Levels to watch as Visa, Mastercard consider abandoning Facebook's Libra
|- Cryptocurrencies have been holding up as critical players reconsider involvement in Libra.
- Cryptos need to cross critical resistance to hit higher ground.
- Here are the next levels to watch according to the Confluence Detector.
When Facebook launched Libra in June, it presented its payment partners – Visa, Mastercard, PayPal, and Stripe. These giants are now reconsidering their position. Bloomberg reports that the big four are now wary that their reputation may be tainted by being associated with the project.
Facebook has been until fire from various regulators and also by politicians due to privacy concerns. If these partners ditch Libra, others could follow and it could undermine the potential that it gets off the ground.
Back in June, Bitcoin and other digital coins jumped on the prospects that the social media behemoth will make cryptocurrencies more mainstream. However, cryptos have also cooled towards Facebook's project. Some feared that Libra may drown out demand for existing coins. The fresh news has failed to push cryptocurrencies lower, as the move may turn out favorable for them.
How are Bitcoin, Ethereum, and Ripple positioned?
This is what the Crypto Confluence Detector shows in its latest update:
BTC/USD needs to break above $8,427
Bitcoin is trading around the dense cluster of $8,335, which includes the Simple Moving Average 200-15-minutes, the SMA 50-1h, the Bollinger Band 15-minutes Upper, the Fibonacci 23.6% one-week, and the SMA 5-4h.
The critical level to surpass is $8,477, which is the convergence of the BB 1h-Upper, the Fibonacci 23.6% one-day, and the Fibonacci 23.6% one-month. From there, it has only weak resistance to the upside.
BTC/USD enjoys support at $8,219, which is the confluence of the BB 1h-Lower, the BB 4h-Middle, the previous daily low, the SMA 5-one-day, and more.
Further support awaits at $7,750, which is where the previous monthly low and the previous weekly low converge.
ETH/USD battles $177
Ethereum is battling $177, which is a minefield of lines, including the SMA 10-1h, the SMA 10-15m, the SMA 50-15m, the Fibonacci 38.2% one-week, the previous 4h-high, the Fibonacci 23.6% one-day, the SMA 5-15m, the SMA 5-4h, and the BB 1h-Middle.
Vitalik Buterin's brainchild faces some resistance around $181, where we see the convergence of the BB 1h-Upper, the Fibonacci 61.8% one-month, and the Fibonacci 61.8% one-day.
The upside target is around $191.50, which is the juncture of the SMA 100-4h, the PP 1d-R2, and the Fibonacci 61.8% one-week.
ETH/USD has support around $174, which is the confluence of the SMA 50-4h, the SMA 5-1d, the SMA 200-1h, the previous daily low, and the BB 1h-Lower.
Next, Ether has some support at $167.50, which is where the Fibonacci 23.6% one-week and the PP 1d-S2.
XRP/USD needs to break $0.2515
Ripple needs to break above $0.2515, which is the meeting point of the BB 1h-Middle, the SMA 10-1d, the SMA 100-15m, the previous yearly low, and the Fibonacci 38.2% one-day.
The next target for XRP/USD is $0.2620, which is the confluence of the SMA 200-4h, the previous daily high, and the Fibonacci 61.8% one-week.
Support awaits at $0.2467, which is a dense cluster of lines including the previous 4h-low, the SMA 504h, the SMA 200-1h, the SMA 5-1h, and the BB 15-minutes Middle.
The downside target is $0.2172, which is where the previous monthly low and the previous weekly low hit the price.
See all the cryptocurrency technical levels.
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